Letters to the Editor
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Credit isn't an "asset"
I remember receiving my first credit card in my 20s and caressing it. I had money, I thought. Hundreds of dollars that I wouldn't have to earn until later.
Credit isn't an asset. It isn't even a thing. Solid financial footing is based on balance sheet living - that means money in savings is an asset, not available credit.
Bankruptcy is a very good option for many people. Contrary to myth, Congress didn't take it away in 2005. It doesn't "torpedo" the credit of a person who is already living beyond her means -- sadly, lenders prefer a bankrupt consumer, who can't file again for a period of years. http://news-releases.uiowa.edu/2007/august/081407bankruptcy.html
Two excellent organizations for the Maxed Out consumer to find help are the National Association of Consumer Bankruptcy Attorneys (http://www.nacba.org) and, when there have been fraudulent lending practices or harassing and deceptive collection practices, the National Association of Consumer Attorneys (http://www.naca.net). Good luck.