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Cheers to all those Fools who have gotten out of debt through painstaking processes that require diligence, determination, discipline and self control. Average consumer debt numbers astound me and the numbers of people filing for bankruptcy have been increasing. I know of a few people in their 20's and 30's who were in 40-80K in CC debt and opted to file bankruptcy, thinking it was the easy way out. With their salaries, there was just no way they were able to pay it off, let alone want to! Unfortunately, it's obvious they haven't taken any responsibility for their actions and don't believe there's anything wrong with their extragavant life styles and spending habits. I am beginning to think that this is a popular notion and that there should be some sort of reform to make consequences of filing for bankruptcy more severe. A friend of mine is considering to absolve her 60K pure CC debt in this way.

Any Fools out there know of people who have (un)managed their debts in this manner (and I am not intending to flame those in special situations or ones with bad breaks- ex-spouses leaving you in debt, unpaid loans, etc.)???
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