That diploma feels great in your hand, but the student loan bills that follow? Not so much. If you're one of the roughly two-thirds of college graduates facing student debt, the idea of paying it all back can feel pretty daunting. The good news is that you have more options than you might think, whether you’re just starting repayment or struggling to keep up.
When debt becomes overwhelming, Chapter 7 bankruptcy, also known as liquidation, can feel like a potential lifeline. The process involves turning most of your personal property over to a court-appointed trustee. This trustee then sells the property and uses the money to pay off some or all of your debts. While you can keep certain exempt property, hanging onto secured assets like your house or car requires a big commitment.
There’s no denying it—credit cards are incredibly convenient. They let you buy things online, reserve a rental car, or handle an unexpected expense without carrying a wad of cash. But if you’re not careful, that convenience can become the single biggest obstacle to your financial goals. To make credit cards work for you, not against you, you need to understand how they really operate.