Can credit card debt simply be erased? It can, but it rarely happens. If you think about it, a bank is loaning you money, and of course they want to see that back, along with interest. The majority are not just going to give this away. You could file bankruptcy, but new laws were passed a few years ago making it much harder to file bankruptcy now. Some people are even convinced that once you file, life is fine, and within a few years your credit history is erase and you start over. No... it's not. These same people have never filed before. I had a friend to filed bankruptcy many years ago, and he spent many years after that trying to get credit. If it were so easy to just claim bankruptcy and start over, more people would do it. The truth is, it damages your credit and makes it very hard to get a loan in the future. Everything is not just forgotten.
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If you are unable to repay debt, if you are married or have property, the credit card companies can go after this for repayment. Upon death, any assets can also be taken. I am not a law expert, and this is all very detailed in the law, but just because a person can not repay their debt does not necessarily mean all is forgiven. A bankruptcy attorney is the best place to go for advice.
The best way to avoid the nightmare of credit cards is to simply never get one. You don't NEED any credit cards to get through life. I had a friend once tell me that I NEED at least one credit card during my lifetime. Why? No, I don't. Paying bills such as electricity and phones build your credit. Having a large amount of debt is obviously not good. Most people who have a credit card can not afford what they are buying unless it is on credit. Once the item is paid off, the interest paid will be much more than the item was worth. To those who are heavily in debt, a financial plan and mapping out where money goes and how fast the card is paid off is your best choice to get debt free. Always pay more than the minimum as well.
Credit cards are not needed in everybody life. They are nothing but a status symbol for many people, and millions of people are heavily in debt because they want that status of owning several credit cards.
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