Useless endeavor if the individual in question doesn’t change their spending habits. Be right back fucked again in a few years.
this post was submitted on 26 Dec 2023
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Why don't you just not buy a credit card? Or do you need it to have a credit score?
The idiotic catch-22 of credit, you need to use credit you don't need in order to prove that you can pay back credit you do need.
Eg good luck getting a car loan or a mortgage at a reasonable rate if you don't have credit history.
Ironically OP could probably absolutely qualify for a loan despite barely being able to pay off debts, because lenders want to make money off of you more than they want you to pay back their loans on time. Late fees and interest 🤑
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Filing for bankruptcy is offloading your responsibility to others who then have to pay with their money for your faults.
It's a cheap way out for people that do not act responsibly.
Bankruptcy? Okay, but then lose all saying in your money spending because you just proved you can't handle it yourself.
It's irresponsible for banks to loan money, they pay many people salaries for risk assessment before loaning it. Also their loan is insured so even if you don't pay it back they write the loss off.
Can you please explain briefly plz bro. I know pretty much nothing about bankruptcy.