"Credit Cards And Bankruptcy"

I filed bankruptcy in 2007. I had always associated filing bankruptcy with failure, but I found the experience to be a relief as well as a positive step in the right direction.

My life prior to filing was full of stress about how I was going to make the payments each month. I found that I was having to borrow from one credit card to make the payment on another to stay current. What ended up taking place was a cycle that only got worse over time and compounded the problem even more.

Before long, the credit card companies began to increase the interest rates which became the icing on the cake. There was no way I would ever be able to get the account paid down because the interest rate was so high.

After careful consideration, I visited with an attorney to find out what my options were. The first task at hand was to analyze my finances and identify what my monthly expenses and net income was. It was determined that my expenses, including my debt was higher than my income and that the only option for me was to file bankruptcy.

My first thought was what a failure I was. I am college-educated and an intelligent person? How could I let this happen? But I soon realized I was making an informed and responsible decision that would lift the burden of debt and give me a fresh financial start.

Looking back, it was probably one of the best decisions I have ever made.

I now realize the importance of managing my finances and living within my means. Everything I purchase now is on a cash-only basis and requires advanced planning on my part to budget for items such as vacations.

If you are considering bankruptcy or do not have any alternative, take pride in knowing that you are making a sound financial decison and that you are not a failure. Take it as a lesson in life and learn from the experience to ensure a brighter financial future. 

Contributed by Mark from Texas