Bankruptcy is a matter of choice!


In this consumer-centric era, there is something for everybody. A trip down memory lane reveals otherwise. With regard to loans, you could either be a good prospect or a bad one. There was nothing in between. If you had a speckled history, no lender would ever oblige your loan request. One county court judgment, one freak instance of loan default, or simply the lack of a sound profile (employment or income) would mean you could only beg and not borrow. Attribute it to market changes or the generous dose of competitiveness infused by forward-thinking economists, the relaxation in eligibility criteria has made a significant difference in the lives of many.

Loans are being marketed like hot cakes today. If home, auto or high-interest long-term personal loans are proving out of reach for those with a “poor history”, the short term unsecured options are bridging the gap. It is hard to ignore the banner, on a random website you’re visiting, that screams “bad credit loans in 24 hours”. Another lender feels your county court judgment history has little significance, since they have a CCJ loan to offer. Yet another says the period between paydays isn’t always cash-less. Payday loans, as they call it, have an interesting concept. If you are running short of cash, apply for a payday loan, and find your account replenished in no time. What’s the catch, though? The high interest rates, of course.

Bankruptcy, paradoxical though it sounds, is a matter of choice today; a decision between repaying a third of the amount borrowed as interest along with the principal, and staying cashless yet debt-free. People are unwilling to compromise their present day financial stability for a glorious, no debt future. Who cares about a westward destination when a simple eastward tilt of the sails can save the ship! With options galore, caution might sound old-fashioned. Perhaps, it is!

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Also read “Payday Loans