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November 29, 2008
Credit card bankruptcy refers to debtors who have filed for bankruptcy protection due to the inability to repay credit card debt. Experts claim approximately 35-percent of bankruptcy filings are caused by overwhelming credit card debt. Nearly two-thirds of Americans admit their main reason for filing bankruptcy was due to poor money management and misuse of credit cards.
The staggering amount of credit card bankruptcy filings caused Congress to enact new bankruptcy laws in 2005. President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act in order to reduce credit card bankruptcy filings
October 31, 2008
Most people want to get out of debt but struggle with making ends meet, let alone paying off additional debts. Millions of Americans are financially strapped. They are in fear of receiving a foreclosure notice from the bank. They are afraid they will lose their job. The wonder if they will be have to choose between putting food on the table, purchasing gas for their car or purchasing a much-needed prescription medication.
If you are attempting to get out of debt because money is stretched so tight you can barely squeeze out an extra penny, it is time to take a long, hard look at your finances. Unless you are living at poverty level, chances are you actually have more money than you realize. Millions of Americans spend thousands of dollars each year on unnecessary items they believe they simply must have. However, if you are drowning in debts, it's time to engage in some soul searching and discover what is truly important to you.