Sick Person’s Credit Card Deal – Bankruptcy Case?
Read about Credit Cards before You Apply!
It may be hard to imagine but some people contrive to spoil their best ever credit card deal and to go bankrupt not because they are aground but because they have a great potential to do spend initially. The more money they have at their disposal, the easier it is for them to be tempted to spend it. And spend it unreasonably.
The unreasonable and wasteful use of your credit cards or actual money seems to be the most common mistake of credit cardholders leading them to debtor's prison and to bankruptcy eventually. But do not be misled.
A series of researches show that reasons for bankruptcy have changed places and the first position is now occupied by such misfortunes as illness or even slight health failure. The bad luck of becoming bankrupt because of health problems has even more chances to come because of the total tendency to put medical bills on your credit card.
It appears now that it is not your extravagant spending habits actually that make you declare bankrupt but a completely self-sufficient circumstance - your weak health. You may be a smart and rational credit card user, paying your credit card bills duly on time and diligently working to earn best credit card rewards.
You may be cherished by your credit card company as one of their best credit risk client but one day all your effort to gain enviable credit rating and win your lender's favor may have a crash. This day comes when you start to regularly visit your doctor and charge your medical care bills with your credit card.
No one will argue, this country's health care services may cost you a fortune and if you are unlucky to fall ill one day and if you are not that rich to cover the debt you made on your credit card, bankruptcy will not keep you waiting long.
That seems to be the awful defect of our socio-economic infrastructure to make medical care that high-sky expensive, but the creditors have found the right and easy way to make revenues at the price of your health.
If you have never had serious health problems and you do not know how weak health is correlated to bankruptcy, take your time to read what follows.
Imagine you are a successful businessman and your job occupies your mind and efforts almost all day long, keeping you at office till late after supper. You are on a friendly foot with your creditors and own a corporate business credit card as well as a number of personal cards to cover your daily needs and household expenses.
But we are all human beings, weak creatures, easily exposed to inner and outer forces, let's face it. And one day you may just find yourself unable to go to work. What's more you discover an urgent need to go to your doctor instead.
What happens? You lose your daily earnings and your overall income drops. At the same time your medical care expenses rise and you come to the point of being powerless to cover them.
The ratio between the revenues and expenses is growing and credit card debt is eating you up.
It sounds horrible but in fact, credit card debt is still the thing you can fight against and win, unlike bankruptcy. You file for bankruptcy once and the record will remain in your credit report for up to 10 years!
Is the cost of a sudden health failure too high? We do not speak about such urgent and serious cases as surgery for example.
What we suggest under the circumstances is simply to be prepared. If you cannot predict when you are going to fall ill next time, you can try to predict how much common medical care service will cost you.
Think of making a reserved home account, do not give all your trust to your plastic friend - credit card. It is not so powerful a tool yet to buy you perfect health, if only at the expense of making you a bankrupt.
