Living Out Of Debt

In the US there are essentially two ways to go through a personal bankruptcy. These two proceedings are known as Chapter 7 and Chapter 13 Bankruptcy and they are significantly different from each other.

Credit card default rates are at 10% the highest ever. Banks who issue credit cards may have to greatly increase the amount of cash reserves to cover these debts thanks to a proposed accounting standard change. More money for reserves means less money for lending.