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Bankruptcy is a process...Not the end.

Psychology of Debt in Rhode Island

How Debt and Bankruptcy May Affect You

This page is not a personal psychological evaluation, but is instead a reflection on the emotions that many clients feel when they file for bankruptcy.

By the end of 2009, the average in-debt American household had $15,519 in credit card debt alone. When you include all other debts, such as student loans, mortgages, and home equity, the average in-debt American household had $54,000 worth of debt. In 2008, American credit card debt totaled $972.73 billion. These numbers are staggering, but are not as surprising as they maybe should be.

Credit and debit cards make borrowing money easier because it is easier to lose track of how much you spend. Often, even those of us who stick to our budgets get sidelined by an illness, accident, or job loss, and wind up mired in debt. If you are completely overwhelmed by your debt and do not think you are able to pay it off, you will need to discuss your options with a Massachusetts bankruptcy attorney.

Psychology of Debt and Bankruptcy:

In 2009, 1.4 million Americans filed for bankruptcy. When the Constitution was written in 1783, the Founders gave Congress the right to establish bankruptcy laws because they believed that there are some situations in which debtors should be able to discharge their debts. Thomas Jefferson knew firsthand how much stress chronic debt caused; indeed, he spent much of his adult life in debt! Bankruptcy was instituted as a way to keep citizens and the country as a whole financially healthy, as constant debt hurts individuals, their families, and the economy.

If you are considering filing for bankruptcy, you may feel ashamed or guilty. These feelings are completely normal, but at least partially misguided. There is no shame in working to fix your financial situation! It would be much worse to do nothing, avoid your creditors, and allow your debt to continue growing. Furthermore, feelings of guilt indicate that you feel accountable, and recognizing your responsibility for your current situation is the first step to forming a healthier financial future.

Even if you do not think bankruptcy is the right option for you, it is understandable if you have some of these feelings, and the same advice applies. Action is always better than inaction when it comes to debt! Often, clients who meet with Attorney Gail Balser do not end up filing for bankruptcy. During the consultation, she is able to review their financial situation and suggest alternatives to bankruptcy.

Contact a Massachusetts and Rhode Island Bankruptcy Attorney

Attorney Gail Balser works with clients throughout Massachusetts and Rhode Island. If you feel paralyzed by debt, contact a Massachusetts and Rhode Island Bankruptcy Lawyer today. Debt relief is possible.