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The emotion of fear

While the sales side of the credit industry likes to emphasize the freedom and joy of using their product, with vacations, new cars, new homes and anything else that creates an emotional state of euphoria that induces people to buy, buy, buy.

There is another side to the credit industry, and they don't advertise it as much. But it also creates a strong emotional response. For the collections side of the industry, euphoria and joy are of little interest. Their business is fear. 

They want you to believe that if you don't pay them their full balance at that very moment, you will never get another loan or credit card. They want you to believe they will come to your house and take your possessions, your car and even your home.

They want you to be afraid. Very afraid.

Of course, if like many people in Wisconsin in that position, you may have lost a job. Or been involved in an accident or suffered a healthcare crisis. Or have been divorced and attempting to put your life together.

And you may not have the money to pay that bill, or any bill.

But they want to intimidate and scare you and make you believe that your life will be utterly destroyed if you don't pay their bill.

That is where the bankruptcy code comes in. If you cannot pay, bankruptcy can offer a fresh start to your financial life, allowing you to eliminate most of those debts. Timing is important and discussing your situation with a bankruptcy attorney is a good way to determine if you have other options, or if bankruptcy offers the best solution to your financial crisis.

Don't let their fear win. You can begin again and with luck and discipline, it is likely to be far less stressful that being harangued over the phone by bill collectors. And one more thing to remember; a bankruptcy filing will stop those phone calls.

Source:, "What one woman learned from declaring bankruptcy after taking on $20,000 of debt," Libby Kane, July 21, 2015

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