I know a lot of people are filing bankruptcy on credit card debt. I did this myself and got 35,000 dollars worth of credit card debt discharged. That means my credit card companies lost a lot of money on me. I know my credit is ruined but oh well. Unsecured debt should be more difficult to get. It is still easy to file bankruptcy if one meets the means test. your opinion, please.
The vast majority of credit out there is unsecured. the problem isn't unsecured debt, it's the lender's giving loans and cards to people who shouldn't have been approved. once the approval standards were dropped, that's when the trouble started.
Do you think unsecured credit card debt is bad for the economy?
Posted in 
Tags: 
I see, too late, too often, where people do things like this and they end up securing what was previously unsecured credit card debt, and then it IS hard to get rid of that debt in bankruptcy but that's because the person didn't see an attorney soon enough, not because it's hard, or difficult, or impossible to still file bankruptcy.
The margin of their fee is stunning. Imagine the outcry if credit card companies charged that kind of percentage.
I was fresh out of college and knew that negative marks on my credit score/ratings would be the only risk. I had grown up hearing stories from my father (an accountant) of how he helped a few of his struggling blue-collar clients negotiate their credit card debt debt way down. He always said "pay the State first (sales & payroll taxes), then IRS, then secured creditors (loans, equip, rent, etc) ... then last on the list pay down your unsecured credit card debt".