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Inmate Central Inmate Central, where civil and family-friendly discourse about off-audio topics (other than religion and politics) is welcome. |
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In Reply to: Money talks posted by Goober58 on December 2, 2024 at 08:23:58:
"If folks don't have a good credit rating and they are paying on burdensome debt they are fools not to declare bankruptcy. A good credit rating is over rated. If burdened by heavy debt and only capable of making minimum payments folks should seriously consider bankruptcy."
Declaring bankruptcy is more serious than you think. Unless a person has a good bankruptcy lawyer and has their assets out of reach of creditors, it's a dumbass way to "avoid" paying off debt. First of all, your credit rating will suck for several years. Secondly, creditors can seize your assets. For the "average Joe" (not Joe Biden), bankruptcy is a last resort tactic.
As long as a person is able to pay down and eliminate the debt, declaring bankruptcy should not even be on the table. However, eliminating that debt should be a top priority. With banks charging as much as 25 to 30 percent interest, eliminating that monthly interest charge can save a significant amount of money every month from then on.
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Follow Ups
- RE: Money talks - Inmate51 08:43:54 12/02/24 (1)
- Yes - Goober58 09:25:56 12/02/24 (0)
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