There are many ways debt can be accumulated, and there are also many ways to obtain debt relief.
Many people look at debt in a very linear way.
They think that the only way out of debt is bankruptcy.
This isn't true.
There is debt relief without bankruptcy.
Bankruptcy provides a way to get out of accumulated debt.
However, it isn't a free pass.
Bankruptcy will destroy your credit rating.
Any loan you get after bankruptcy will have much higher interest, and you won't even be able to get some types of loans.
Everything that involves credit becomes more difficult.
It's possible to get your credit scores up after bankruptcy, but it's a long process.
This is why debt relief without bankruptcy is much better.
Finding debt relief without bankruptcy can seem overwhelming, but it's not that hard.
All it takes is careful budgeting and saving.
You budget so you don't spend money on anything that's unnecessary.
All savings are then devoted to paying off bills.
This takes sacrifice, but it's much better than declaring bankruptcy.
Many people get into debt by using credit cards.
After they've built up a huge mountain of debt, they panic.
They ignore bills, and continue spending.
This has the effect of making the problem much worse.
One of the most important things to do is realize you're in debt, and spending more money won't make it go away.
While bankruptcy might make it go away, it's a temporal solution.
It doesn't cure any bad habits, and there are some credit card companies that will give a credit card to someone who recently declared bankrupt.
This creates a vicious cycle of spending and bankruptcy.
A much better way to take care of debt is to realize it exists, and budget.
You can spend all of your excess money paying bills, and eventually, it will all be paid off.
This way your credit stays healthy, and you will be free from debt.