May 22, 2024

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Using Credit Cards on Vacation Can End Up in a Bankruptcy Filing

While a family vacation can be a fun and memorable time, the people who overindulge in credit card spending can find themselves in a bankruptcy filing before they know it. Over the last 40 years, consumers have become obsessed and addicted to using credit cards, especially during the summer vacation. Many people that should be filing for bankruptcy right now will take the attitude that they will have one more great five star vacation and file next year. In today’s society there’s a high priority on spending more than someone can afford. In the past, the attitude was that it was the time spent together as a family vacationing, not how much the trip costs. Most parents buy their kids just about everything they ask for nowadays and this even applies to the lavish trips that families take. In the past, parents used to save up for years and take that vacation to Hawaii that they always dreamed of. Now, why wait when you can charge it on their mileage plus card and bring the whole family too. When the housing market was red hot, many Americans were borrowing on the equity in their home to live like rock stars and travel the world. By now just about everyone in the world knows how this current lifestyle ends and it’s not good.

The good news is, filing bankruptcy might be just what the doctor ordered to put these mistakes behind. Filing Chapter 7 bankruptcy will wipe out all of that credit card debt that has been built up over the years. No longer will one have to worry about creditors calling them for minimum payments. We as a country are in huge trouble as the government continues to run on a deficit. Currently, the US has a $1.1 trillion deficit each year that is continuing to rise. As they preach to us about not charging and saving, they continue to spend frivolously putting our grandchildren in debt. Right now, the US debt has now surpassed $16 trillion and going up every day. Our politicians need to live by example and stop spending so much. Those individuals that are tired of being in debt should consider speaking with a bankruptcy attorney to see if a bankruptcy filing can be their way out.

There is nothing wrong with filing bankruptcy as long as we learn from our mistakes. That’s what it was created for and many corporations exercise their right to file bankruptcy every year to restructure and eliminate bad debts from the past. Americans need to get back to the values or grandparents taught us of saving and not living beyond our means. Sometimes it takes filing bankruptcy to wake us up and make us realize of the danger that credit card debt brings.