Due to the terrible economic situation these days, many people are considering filing for credit card bankruptcy.
Actually, numerous people have already filed for it.
It's understandable considering what people are now experiencing.
To many, filing for bankruptcy may be the only solution.
However, before considering filing for bankruptcy, maybe you should consider several things first before making up your mind and before making bankruptcy your only way out of the trouble you are in.
The best thing to do first is to get a spreadsheet.
List down all your monthly expenses, even to the last cent, if possible.
The expenses you should consider are your basic necessities, other sudden and impulsive buys and spending and of course all your credit card bills and loans.
Consider your past expenditures, leave out unnecessary expenditures and try to check if you can manage to pay the minimum amount required on your bill.
If you still can, then filing for credit card bankruptcy is still not necessary.
One way to help you more with your bills is to avoid unnecessary spending such as eating out, trips and other trivial things.
Every month, try to make a budget for all the necessities that you have to spend for, such as food, transportation, shelter and your basic utilities.
Getting rid of your cell phone to reduce your bills may be out of the question.
However, one good example is changing your monthly plan for your cell phone bill, switching to a lower one that you can still manage with considering your lifestyle.
You can probably give up one thing in your life such as cable TV or other luxuries that you can live without.
Channel the amount you pay for your cable TV into payments for your credit card bills.
That way, you will be securing your financial situation rather than worsening it.
Try to have a talk with your family and decide which things are necessary and which are not.
This can help a lot with your budget, reduce expenses and get rid of the idea of filing for bankruptcy in the end.
You can also use your properties and valuable items as collateral to pay off your credit card bills.
Your home, car, and jewelry can be used as collateral.
They can help pay off your debt.
Reselling them is also a good way.
But, what may be the best way to cope with your credit card bills and debt is a change of lifestyle; avoiding unnecessary spending and getting out of debt.
In the end, you will never have to consider filing for bankruptcy.
Although filing for credit card bankruptcy can be considered an easy way out, it would drastically affect your credit standing which would be important to you most of your life.
Furthermore, there is an attached social stigma that is hard to live with.
So, before making that decision, weigh things and make the best decision possible given the options that are viable to you.