Credit card debt is becoming one of the most significant financial problems in the U.S.
CNN reported on Friday,
“Americans are drowning in debt. Consumers have racked up more than $2.2 trillion in purchases and cash advances on major credit cards in just the last year. And it's become a habit for them to spend more than they have. The overall credit card debt grew by 315 percent from 1989 to 2006, according to public policy research firm Demos.”
American's increasing indebtedness to credit card companies threatens to destroy financial freedom for millions of Americans. Americans need to stop their dependence upon credit cards. Many American families are in danger of owing their souls to the credit card company.
Tennessee Ernie Ford popularized the song “Sixteen Tons” in 1955. This song tells the tale of a coal miner's lament;
"You load sixteen tons, what do you get? Another day older and deeper in debt. Saint Peter don't you call me 'cause I can't go I owe my soul to the company store.”
The coal miner was trapped in a debt spiral that kept him trapped in the mine, working hard and risking his life just to pay his debts. Many Americans should heed the lesson of “Sixteen Tons” and free themselves as soon as possible from the credit card trap.
My great-grandfather worked in a mine in Montana. My great-grandmother saw the death and danger of the mines, accidents and Black Lung disease, and left with the kids for Chicago. My great-grandfather missing his wife and family, escaped the mines and left for Chicago to meet them. He got a fresh start and was able to raise a family of children who went on to get college educations, start careers and build families. The sons of my great-grandfather were not trapped in the life of the mines. He got a chance to free his soul from the mines and the company store.
Chapter 7 bankruptcy used to provide an escape valve from overwhelming credit card debts for many people. However, as a result of the credit card companies successful effort to limit the protections traditionally provided by bankruptcy, a Chapter 7 clean slate is no longer an option for most working Americans.
Do not get trapped by credit card companies. Learn about your rights. Learn how you can negotiate with credit card companies. One of the best ways to learn is to meet with a consumer protection lawyer. Consumer have new options today to deal with credit card debt. Bankruptcy remains an option for some. Others may be helped by credit counseling or dent settlement programs. If you are retired or disabled, you may be able to effectively protect your assets and therefore become “judgment proof” from credit card debt lawsuits. Before, you decide which option is best for you. Contact a consumer lawyer to learn about your rights.
Comments