For all of my life and especially through my financial struggles the assumption that money troubles are tied to morality and that people with debt troubles are somehow morally broken or moral failures and need to repent at their very hour of need, persist. It’s a false belief that haunts nearly every single soul that has fallen into the pit of dark claustrophobic and oppressive debt.

When a debtor is delinquent, most creditors will attempt to collect payment of debts via telephone calls and letters before escalating to more extreme forms of collection methods. Should a debtor continue to provide payment in response to a creditor’s attempt to get payment from him, as a last resort, the creditor could go to court and get a Judgment and then follow-up with a paycheck garnishment.

Some NFL players are borrowing money from friends due to the lockout. Some players are getting payday loans called ‘lockout loans’ provided by lending agents. Lockout loans for more than $60,000 can have interest rates as high as 36%. The NFL Players Association in advance of the lockout advised players to save at least 3 game checks and find additional ways to make money but many did not follow this advice.

After the recent unfortunate recession in the U.S., people are experiencing massive unemployment and wage reduction, due to which they are incurring overwhelming debt. As a result, in order to unburden themselves from the exiting debt they are incessantly enrolling for debt relief program, or declaring bankruptcy.

Gary, My husband and I got married quite young, made some unwise financial decisions and ended up in debt (some credit card, some personal loans) with a grand total of $24,000. My husband has worked very hard over the years, sometimes 3 jobs at a time, trying to make ends meet. We have gone through credit counseling and a consumer proposal. We are the parents of 3 young children and have had to choose between paying our bills, so we wouldn’t go bankrupt, or buying groceries. After many years of trying, we feel that we have no other choice but to file for bankruptcy. We honestly would like to do anything else, but we feel that this is our only alternative. Exhausted in Sudbury