Creditors are always saying that people who file for bankruptcy are just trying to find any easy way to get rid of their debt. This type of thinking has been going on for over a hundred years. The problem is that the credit card companies have been pushing nearly everyone to get a credit card.
They try to sweeten the deal by saying you will save money on gas or groceries. Yes, that's fine if the person getting the credit card can make the payment at the end of the month. When the credit companies are getting them into the hands of high school students and low-middle income level households it present a problem.
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The credit companies should be the ones at fault for even offering certain people credit cards but they don't care if you struggle to pay your balance because all they care about is earning interest off of you. Recently the Administration Office if the United States Courts said that people between the ages of 18 and 25 are one of the largest growing groups of people that are filing for bankruptcy.
This all comes back to the creditors lending people money that don't have any money. They encourage things like using credit advances to pay off credit card bills! You may be wondering why these companies continue to push cards on people that will ultimately end up abusing them and in debt. The truth is that credit card lending business is extremely profitable. Bankruptcy filings have increased 17 percent since 1997 and the profits that these companies make has risen 163 percent.
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