No. of Recommendations: 0

"This is what they SHOULD do. "

I too think people jump to bankruptsy too quickly.. I mean did they really need the latest big screen tv or the 50 new games for the playstation? (seen people who were contemplating bankruptsy have more toys than anyone would ever really need.) Bankruptsy should be the last resort..

However, I think in some cases, we should point the fingers at ourselves just as much as we point the fingers at the credit card companies. Several years ago, I walked into a financial advisor's office to roll-over a 401k to an IRA and one of the first things we talked about was how much money I had set aside for emergencies (nearly zero at the time), and how much I should have for emergencies. 3-6 months of money to live off of in case of emergency. I couldn't believe my ears.

When we buy things on credit and spend the cash we have on interest and then emergency one the furnace breaks.. we borrow more.. and then emergency two we lose our job? Who's really at fault?

this is one person who's between 20-50k in debt and is working to pay off his debts.. Except I have several 3-5k in emergency money so I can deal when the car breaks down, instead of borrowing from peter to pay paul.


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