If you are up to your eyeballs in debt, there’s a fair chance you feel pretty bad about it. You might have grown up to believe that being in debt is a bad thing and that somehow you have failed if you can no longer pay.
If some of your debt occurred due to credit card spending, then take a step back and think about who facilitated you getting to this point.
Credit card companies wanted you to spend more than you could afford
Credit cards don’t make money when you pay off your card on time each month. If everyone did that, it would not be a viable business model. Credit card companies rely on you and millions of others not paying off your debt each month. That, for them, is success. That is when they see their profits rising and their shareholders profiting.
They set you up to fail
While it is possible to use credit cards responsibly, it’s not that easy. The lenders tempt you to spend more. Think about some of their marketing campaigns designed to discourage delaying gratification. Think about how they up your credit limit when you are close to maxing out. Think about how they offer poor young students cards.
Accepting you’ve lost their game may be your best move. To the credit card lender, you were always a calculated risk. They knew you might reach a point where you could not pay. They budget for that and still manage to turn a huge profit.
Getting legal help to examine your bankruptcy options is your chance to start over and benefit from the harsh lessons you have learned.