Years ago bankruptcy was only used by businesses to obtain relief from debtors. Today 1 out of every 7 people has filed bankruptcy and walked away from thousands of dollars of credit card debt.

With aggressive marketing tactics used by credit card companies to lure in consumers it is very easy for credit card debt to be accumulated at a young age. Kids 17 years old are now starting to receive credit cards in the mail because the credit card companies know that when the bill comes the parents can always cover for their kids.

Credit card companies today offer credit limits that can easily be over extended considering the circumstances surrounding how the cards are used. Most families use credit cards as a crutch in order to supplement their income. The first time maybe its a vacation then a water heater and tires for the car. Without adequate savings and planning most of these expenses can be guaranteed to go directly onto credit cards with the intentions of repaying over time.

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