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3 misconceptions about debt

It is not unusual for people struggling with debt to feel shame or embarrassment. These feelings can make it difficult to ask for help and take steps to address an overwhelming situation. However, if you are in this situation, know that you are not alone. In fact, as noted in this Washington Post article, roughly one-third of Americans have debt currently in collections.

As such, the notion that debt only affects a tiny population of people is incorrect. In this post, we will clear up a few other misconceptions about debt in an effort to make it easier for those who are struggling to reach out for help.

  1. Debt is the result of irresponsible spending. While there are people for whom this might be the case, many people who struggle with debt do so as a result of unexpected and significant financial events. This can include divorce, job loss and medical expenses that lead to unmanageable bills and expenses.
  2. You just have to live with it. There are numerous debt relief options available, which means you don't have to struggle with debt on your own or forever. Depending on the details of your debts and your situation, you might pursue a repayment option through Chapter 13 bankruptcy; you might also opt for Chapter 7 bankruptcy to liquidate your eligible debts. These and other debt relief options can help you address your debt so you can move forward.
  3. Bankruptcy is worse than debt. Filing for bankruptcy can be an intimidating process, and it will affect your ability to buy a home or take out a credit card in the future. However, these downsides are temporary. People can rebuild their credit and obtain new lines of credit in a matter of years; in the short term, filing for bankruptcy can shield your home from foreclosure, stop creditor harassment and alleviate your financial burdens.

We hope that clearing up these misconceptions makes it easier to accurately assess your situation and options if you are dealing with debt. For additional questions or support regarding debt relief strategies, including bankruptcy, you can consult an experienced bankruptcy attorney.

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