Is Your Pink Wig an Embarrassing Credit Card Accessory?

Is Your Pink Wig an Embarrassing Credit Card Accessory?

If you're thinking about using a pink wig to get ahead of your creditors, then think again. If anything, pink wigs are more of a sign of bankruptcy to your creditors. If you have a bankruptcy on your credit report, lenders will automatically be concerned with your state of financial affairs. In other words, pink wigs could mean big trouble for you in the future. Let's discuss why this is so.

Financial literacy protects you, your property, and on a larger scale, your livelihood. The reasoning behind this fact is rather obvious. What's crazier, wearing a pink wig and being bankrupt without having any assets? I'm going to answer both questions for you.

If you are a woman who has declared bankruptcy, chances are the only assets you have are your pink dresses. That's right, ladies, it's not uncommon for women to declare bankruptcy due to the insurmountable debt they accumulated from buying pink electronics, designer clothing, and accessories. This type of situation is common among women of all economic statuses. Not only is this extremely stressful financially, but it is extremely stressful emotionally.

The stress of dealing with pink wigs that cost thousands of dollars is even worse. Let's face it; ladies, you've had it with shopping. It's human nature to seek instant gratification. When you are in debt, you need to seek immediate relief, not spend additional money on pink wigs to cover the redness.

In addition to the emotional stress caused by your pink wig addiction, financial stress is causing unnecessary stress on your partner. It's hard enough to deal with a personal bankruptcy, but add on having to re-establish a line of credit because you can't afford your pink wigs. The stress caused by credit cards being maxed out also needs to be addressed. If you have maxed out your credit cards, do whatever you can to get them reset so you can pay off those creditors.

A good way to avoid bankruptcy altogether is to make your mortgage payments on time. If you've declared bankruptcy recently, the lender may be lenient and give you an extension. If you're still in financial trouble, you may need to file for a home equity loan. Utilize whatever resource you can to improve your situation. If you can't work something out with your lenders, contact consumer credit counseling agencies and ask them for assistance. It may be able to help you negotiate a better payment plan with your creditors.

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