If you are up to your eyeballs in debt
If you are up to your eyeballs in debt and don’t know what to do, there a few options you can consider to bring yourself some relief. First, you can go bankrupt. But that comes with a 7-year credit curse you don’t need. It’s a losing proposition. Secondly, you can just do nothing at all. Like in the first option, both sides will lose. The bank will take the financial beatdown; however, you’ll get labeled as a deadbeat. The only difference here is, for the bank it is just a cost of doing business and it doesn’t harm their image. However, the effect can be very embarrassing on your side. Creditors will be calling your all times of day and you won’t be able to stop collection calls until you pay up. Plus, prepaid cards and “buy here, pay here car lots” can become difficult to get and if the situation is bad enough you will have a hard time even just getting a checking account.
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