Should You Feel Bad About Going Bankrupt?

Bad - Should You Feel Bad About Going Bankrupt?

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Bankruptcy is a pretty dark consequence of an private state of finances. It is pretty sad to hear stories of people committing suicide, or hitting the bottle because of money, yet it happens every day especially in this financially unstable moment. So many people filing for bankruptcy are often regarded as a failure, but why? All they are guilty of is borrowing more money than they can afford to repay. A minute irresponsible you might think and you would be right, but still far from manufacture somebody's life a total waste.

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Lenders nearby the globe have exaggerated in the way credit was given. Due cards, loans and mortgages were given to millions without the checking appropriately weather quarterly re-payments could be made. So there is an irresponsible behavior from both parties, but the truth is that banks and credit cards clubs do not earn as much when customers meet they quarterly payments. They commonly target weak individuals who have to go to extra distance to meet the repayments and often miss their deadline, activating interests for late payment.

What I am suggesting is to stop victimizing people for selecting the bankrupt route, but start looking at the way the lending has been handled over the up-to-date years. I feel that bankruptcy is the only way to go for some people, in our society where people are judged by the possessions they have it is natural that when we are facing a difficult financial moments we tend to go to extra distance to put the situation right.

I am not advocating bankruptcy, if you can be responsible with your borrowing I think you should, but people are different, and some, despite earning a decent whole of money don't know or understand the real implications of owing too much money and they fall in the credit trap. Other people rely on credit cards and loans to meet daily money requirements like paying for food shopping, pay for utility bills Etc. Etc. And it is for these people that I feel bankruptcy could be the selection for a life free of debit.

So if you happen to go down the route of bankruptcy, do not feel like the society will reject you, the society will praise you for standing up to the irresponsible banking system that has tortured our economic system, manufacture impossible for some people to get the right job to be able to pay for those debits in the first place. There is something highly wrong in our society and the way the financial system has been handled and bankruptcy is just one of the consequences. Let's just hope that irresponsible banks and borrowers learn their lesson.

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