If you're paying off credit card balances using money you've taken from your retirement account or received from a home equity loan, you're entering dangerous (financial) territory. Let's take a look at this.

Do you have a realistic chance of paying off those credit card accounts in full in the reasonable future? If the answer is "No", then you're simply throwing good money after bad in the unreasonable hope that it will all work out later.

Do you really want to spend your retirement-fund money – money you worked hard for, money that receives tax benefits, money that is protected if you file bankruptcy – to pay on those credit card accounts?

Do you really want to put your home at risk to make payments on those credit card accounts?

If you're reading this article, then possibly it applies to you. If so, I urge you to take a new and realistic look at your financial situation.

One alternative is to choose bankruptcy as a financial tool to put your credit card debt where it belongs in importance in your life, way behind your retirement accounts and home equity.

I urge you to consult with a qualified bankruptcy attorney in your area. For people in the San Francisco Bay Area, click here for a free consultation with me.

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Other articles you may be interested in:

Save your assets. Don't wait too long!
Are you too proud to consider bankruptcy?
Can you afford to keep paying on your credit cards?

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