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Smart Financial Decisions Means No Need For A Bankruptcy Lawyer

By Mark Etinger

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Published: 28Jan2012
Word count: 498
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With rising rates in bankruptcy filings, you would think there would be a mandatory class in high schools and colleges teaching young people how to better manage their money. Instead we rely on our parents to give us sound advice or we simply learn from experience and learn the art of good financial judgment on our own. While my own parents taught me some basics about making good financial decisions, it wasn't hard for me to realize that I shouldn't spend more money than I had.

While some of us are simply in a bad financial position to begin with (meaning they simply do not make enough to support themselves), others do have decent jobs, but they just don't know how to manage the money they have. Instead, they make extremely poor decisions and they find themselves deep in debt. There is no real reason a person from the middle class who still has his job should be looking up bankruptcy lawyers. But some of them are. It's so easy for debt to pile up. A few new pairs of shoes here, a big screen television there, and suddenly you're only paying the $20 minimum each month on your credit cards and you can't understand why it's taking so long to pay off.

The main rule to always remember is to never spend more than you have. People feel that owning a credit card means you can afford anything you want. But it doesn't. It's a way to purchase something you need when you don't have the money right away, but you soon will. And I mean soon. The longer it takes you to pay off the credit card, the more interest you'll accrue. And more interest means you're actually paying more than what the item actually cost. Who wants to spend more than it cost?! It's just not logical. It's not financially logical either.

Instead of viewing your credit card as a loan, view it as a second debit card and pay it off right away. Only make purchases that you can immediately pay off so you're not gaining interest but still gaining a good credit history. Also stay away from store credit cards. Most people open them up to save extra money and then cancel them. Not only does it look bad on your credit report to continually cancel credit cards, it's a financial temptress to lure you back to the store. Stick with one or two cards, maximum.

With tons of credit cards bulging out of your wallet, it's easy to fall into financial debt. But just think of how unpleasant filing for Chapter 13 law will be and how much it will cost to hire a bankruptcy lawyer. We all wish we were rich, but we're not. You have to live within your means to avoid the pitfall of debt.

The Law Offices of Adam C. Gomerman specialize in Chapter 7 and Chapter 13 law. Our NY bankruptcy lawyers have years of experience dealing with bankruptcy and loan modification help.

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