The Debt System is Failing You and Millions of Americans
The Debt System in America, the system of borrowing money from those who are wealthier and repaying it with interest, creates financial stress for everyone. It is a broken system.
It is a broken system because it unfairly favors big banks, credit card companies, large corporations, and billionaires, and allows them to profit from everyday people who have far less money and power. Knowing about your bankruptcy rights is a powerful tool every consumer should have to combat that system.
Americans had $13.9 trillion in consumer debts in 2019. This includes credit card debt, auto loans, student debt, payday loans, and mortgages. These loans accrue billions of dollars in profit for lenders through high interest rates, fees, and penalties for late payment. These trap many people who are unable to ever get out of debt.
40 to 60 million people became unemployed during the pandemic. The $1200 or $600 in help that many received from the government just doesn’t cut it for the vast majority of people struggling to get through this unprecedented time. Many are facing the worst financial crisis of their lives, losing their job and healthcare while the rent or mortgage, medical bills, and student loans, and credit card bills are all still due.
Under these circumstances, we believe that your debt is not your fault.
Lenders and creditors profit from your financial stress and loss, and intend to keep doing so, even during the pandemic. There is no incentive for them to stop. Our job is to stop them when they go too far.
Fortunately, the United States Constitution and our laws provide rights that protect against the unchecked power of lenders and creditors. These laws can provide help. The most powerful of those rights is bankruptcy. It can relieve you of debts that you cannot afford to pay. In many cases, this can mean a release of all your debts.
These rights only work if you stand up and exercise them.
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