The Risks of Filing for Credit Card Debt Bankruptcy

One of the many mistakes of people today owns multiple credit cards. Some people are simply drowned in debt because of credit cards. Have you seen movies about women (mostly) dodging collectors because they can’t handle their debts anymore? Those movies are not hyperboles. Those really happen.

The question is: is it happening to you, too? You don’t have to answer that question out loud. You’re here reading this. That can possibly answer the question. If you’re not in debt, though, and you still want to use credit cards excessively because you’ve found out that you can actually file for credit card bankruptcy, you should continue reading this.

Saying “NO” to Impulsive Spending

I was once that person: the kind who comes home with a lot of bags from boutiques and stores. Those bags are a result of both planned and impulsive buying. Of course, when I fall in line for that new shirt (the love at first sight kind), I get too excited; I can’t wait to wear it. But of course, when I got home and placed all the bags on my bed, reality comes to sink in, and I start regretting why I let my impulses dictate me. That, however, is not the tragic part of the story. Basically, the regret felt instantly dies and withers as I walk into the mall the next day. All the hallelujah choruses come alive again when I see new gadgets, my favourite restaurant, or a piece of clothing.

SAVINGS START HERE. We all know that when you want to save, you better start learning how to say NO to impulsive buying. I know. It hurts to hear the truth, but you’ve been hurting your pocket for the past years. It’s time to pay attention.

The million dollar question now is: how do you say NO to that sweater displayed on that shop you like? Or that new gadget you just can’t wait to buy? If you cannot control your urges to buy, you better start saying goodbye to a lot of things, like long and short term goals, a happy retirement, a convenient future, etc.

Loans for Privileged Seniors

People who are over 60 has the privilege to get a loan which uses a part of the home's equity as collateral, where you can get the principal amount either in lump sum amount or as revolving line of credit or as monthly pay out for a number of years. 

Basically, this is still a lending process but the home title remains with the owner.  This implies that you are still entitled whatever you wish with your property only that it will be encumbered by the amount of the reverse mortgage.