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Should You Feel Bad About Going Bankrupt?

Should You Feel Bad About Going Bankrupt?
"""Bankruptcy is a fairly negative consequence of a person's financial situation. It is sad to hear stories of people committing suicide or abusing alcohol because of money, but it occurs daily, particularly during this period of economic instability. Why are so many individuals who file for bankruptcy regarded as failures? They are solely responsible for acquiring more than they can afford to repay. A little irresponsible, you might think, and you'd be correct, but by no means a total waste of someone's life.

The manner in which credit was extended by lenders across the globe was inflated. Credit cards, loans, and mortgages were issued to millions without verifying their ability to make regular payments. Therefore, there is irresponsibility on both sides, but the reality is that banks and credit card companies earn less when consumers make regular payments. They typically target vulnerable individuals who must go to great lengths to make the repayments and frequently neglect the due date, triggering late payment fees.

I propose that we stop punishing individuals for choosing the bankruptcy route and instead examine how lending has been handled in recent years. I believe that bankruptcy is the only option for some individuals; in a society where people are assessed by their possessions, it is only natural that when we face a difficult financial situation, we go to great lengths to rectify it.

I am not advocating bankruptcy; if you can be responsible with your borrowing, I believe you should. However, individuals are different, and some, despite earning a respectable income, do not know or understand the real repercussions of owing too much money and fall into the credit trap. Others rely on credit cards and loans to meet their daily financial obligations, such as paying for groceries and utility expenses. For these individuals, I believe bankruptcy could be an option for a debt-free existence.

Therefore, if you choose to file for bankruptcy, do not worry that society will reject you. On the contrary, society will applaud you for standing up to the irresponsible banking system that has wreaked havoc on our economy, making it impossible for some people to obtain the appropriate employment to be able to pay for those debits in the first place. There is something terribly wrong with our society and the way the financial system has been managed, and bankruptcy is just one of the repercussions. We can only hope that irresponsible institutions and borrowers learn a lesson.""

" - https://www.affordablecebu.com/

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"Should You Feel Bad About Going Bankrupt?" was written by Mary under the Finance / Wealth category. It has been read 91 times and generated 0 comments. The article was created on and updated on 01 June 2023.
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