Dealing with credit card debt

Here’s a market Watch article with advice on dealing with credit card debt now that new bankruptcy laws make it more difficult for people to start over.

Basically, people can try to deal directly with creditors, use a credit-counseling agency, or work with a debt-settlement company. From the article, none of these 3 options sounds appealing as each has major drawbacks. I still say it’s shameful that the new laws punish people who have fallen on hard times due to illness and subsequent job loss.

Really it just goes to show you that having a job is rarely the way to financial freedom. For most people losing their job means losing their way of life. For business owners and investors, a job isn’t necessary. For example my main business is network marketing and I am a professor at Cathoic University. I do this because i believe I can help students, not because I ned the money.

When the university decided to replace all non-tenure track professors who had been with the university more than 3 years in order to save money, several of my colleagues realized they were in trouble. I felt bad for the students since the university is saving money at their expense but I’m not worried about my own situation.

Anyway, my point is that employees are not well looked after in America or in most other countries and when hard times come it’s the employees who suffer. The business owners and the investors tend to come out all right so why not join us?

Carefully picking the right credit cards for your personal needs, by picking from the various credit card offers out there, can help keep you out of debt by making sure you have the best credit cards you can get.

One Response to “Dealing with credit card debt”

  1. Arun Doshi says:

    James,
    I’ve been following your blog for a little while now — though this is the first time that I’ve posted here. As a young academic, I’m trying to make a transition into a position similar to yours — wherein I teach on the side and earn my living elsewhere.
    I wonder if I might be able to send you an email and seek out some advice; alternatively, might you be able to contact me at the email linked to this post?
    thank you