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Many consumers in Texas ashamed of overwhelming debt

There is a stigma attached to not being able to pay debts. Many people try to hide their overwhelming debt from their family and loved ones. Texas consumers who are buried in debt may feel embarrassment regarding their situation. Often the first time these people will discuss their credit card debt with anyone is when they call a credit counseling service for help.

However, anyone in this situation should realize they are not alone in their experience of staggering credit card debt. Approximately 15 percent of card holders owe more than $10,000 on their account. Although this statistic does not solve the problem of poor financial decisions, it can help those drowning in debt to not feel isolated. It does no good to ignore a problem, because it will not go away by itself. Eventually, the credit card companies will come collecting and may even file a lawsuit for breach of contract.

Although it may cause some embarrassment and even shame, it is important to communicate about one's credit card debt problems. This can be especially important in a marriage. Many marriages end because one spouse is hiding financial problems and bad spending habits from the other spouse. Additionally, bad financial habits may stem from a more serious problem, such as depression. Let people know if you are feeling overwhelmed, and consider talking to a counselor about your situation and the stress that it brings.

After communicating about overwhelming debt problems, one will have to decide what to do about the situation and then take action. Following an assessment of the debt owed, many people in Texas may decide they can negotiate a settlement with their creditors. However, other more serious situations may require filing for personal bankruptcy. Once an individual's debt load outpaces their ability to pay it off, bankruptcy may be the most responsible solution.

Source: The Street, "Don't Let Embarrassment Keep You In Debt," Aug. 2, 2012

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