On March 10, 2005, the Senate passed President's Bush's Bankruptcy Abuse Prevention & Consumer Protection Act of 2005— the biggest rewrite of U.S. bankruptcy law in a quarter century— by an overwhelming 74-25 margin. Simply stated, instead of having obligations—credit card charges, medical bills and more— erased in bankruptcy court under the law, many debtors will have to work out repayment plans with approved credit counseling agencies for at least six months before they can file a bankruptcy case.
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Financial Freedom
It's the American way—charge now, pay later. We are endowed with certain inalienable rights—among these are Life, Liberty and the Pursuit of Happiness. This translates into charge, charge, charge! With this “right” comes a certain amount of cockiness—especially among the young—that credit and charging is not a privilege, but an absolute entitlement.
Somewhere, something goes wrong with the American psyche—the average American is $25,000 in debt—and soon this “entitlement” becomes a handicap bringing about credit card abuse. Knee deep in debt, unable to maintain even minimum monthly payments, the philosophy continues with, “Oh, well! They can’t get blood from a stone.”
“They” are the credit lenders who have graciously empowered you with a product (department stores) or service (school tuition, rent, utilities etc.) and extended these to you immediately in return for your promise to pay them back in the near future (usually in 30 days).
Extending credit (banks, credit card companies, mail-order catalogs) is a dollar amount advance which comes with interest attached to the original amount granted. For example, paying the minimum each month on an advance or credit of $1,200 soon turns into $1,404 within a year with interest. If you miss paying a month, the interest compounds and before you know it, you’re drowning in debt.
As quickly as you became king of the hill, you’re suddenly a fugitive from collection agencies— not opening mail except from family and friends, screening your calls and quite often even disguising your voice. From the dizzying heights of charge, charge, charge, the tumble from the top finds you on the bottom of the bills, bills, bills heap.
There is a way to get out from under the heap with debt consolidation. Debt consolidation combines all of your unsecured monthly bills—credit cards, rent, telephone and utility bills, federal and state income taxes, property taxes, fuel bills, tuition, alimony and child support—into one lower monthly payment at a lowered interest rate.
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