“Don’t ever file bankruptcy over credit card debt.”
That is a misconception that people need to get over. More of an ego thing.
If you do not file, and you can’t pay off the debt. You will have your wages garnished. Not only for the debt that includes all that jacked up interest, late fees and overage fees. But, court costs, lawyer costs and additional interest. On top of the possibility of leans. Also, the debt you are being garnished for will show up as a negative on your credit history for years. Cash going out to pay these debts off means no money to establish new credit. If you choose to go that way.
IT WILL prevent you from establishing new credit for years, it taking years just to get it payed off.
Bankruptcy will save you thousands of dollars and it will all be over in a few months.
Also, it is a Constitutional right.
And a bankruptcy on your credit history is not a bad thing. It is seen as NO DEBT. AND, you are a safer risk because you can’t file bankruptcy again for 10 years. A good bad thing.
Also, within two years your credit will be back up to normal. Where the other option, you will still be 25% less of income from the garnishment.
I have “discovered” for the most part you do not need credit. Credit cards are all scams.
Live within your means, and only spend money you have.
Never a lender or borrower be.