Sometimes bankruptcy is the best choice

Suze O is not the only financial advisor who will tell someone that sometimes bankruptcy is the best choice.

Harvard Professor Elizabeth Warren puts it this way:

If you can’t pay in a timely manner, then consider filing bankruptcuy.

I wouldn’t trust any financial advisor who eliminates bankruptcy as a solution.

It makes sense if you are drowning in CC debt with loan shark interest to get out from this crushing debt. The CC co’s piled that loan shark interest on because they saw a person as a high risk to default. What they are saying is:

Pay us FAST, or we will keep you in debtors prison with this loan shark interest and we will pile on more fees, like over the limit fees, NOT because you are spening, but because the high interest is making you go over the limit. Some will even lower your available credit so they can make sure you get the over the limit fee tacked on.