I know this is probably the third or fourth thing I've said was the BIGGEST thing wrong around us, but the credit industry is a pretty significant force of negativity in our world today.
A really interesting study by law professor Katherine Porter recently revealed that, while the credit industry is villifying bankruptcy petitioners as deadbeats who game the system to irresponsibly run up bills and then walk away without paying, those same bankruptcy filers are being targeted by those same credit companies at a rate nearly three times the rate at which non-bankrupt families are targeted. That's right--if you've filed for bankruptcy, you're three times as likely to get pre-approved credit offers as someone who hasn't filed bankruptcy.
In addition, if you've filed for Chapter 7 bankruptcy, which eliminates most unsecured debt outright, you'll be eligible for more credit--and sooner--than if you filed for Chapter 13 bankruptcy and repaid some of your debt over time.
This video presents a great tongue-in-cheek warning about credit and debt in the U.S.: Ruin Your Credit Now!
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