To incur debt is not a bad thing but if you not repay it, it will certainly become a bad thing because this money belongs to other people which you must repay.
But what will you do when you don't find any resources to finance your massive credit card debt due to recession? You will certainly consider yourself helpless and start thinking to move towards bankruptcy.
But bankruptcy will not solve your problems, in true sense it will increase your problems and you will never be able to get the credit again throughout your life time because your credit scoring is lowered, also you family members have to suffer a lot.
Your relatives and friends will try to avoid you due to your financial constraints, also your assets will be at stake and you have to wait for the court decision.
So, it is not advisable to declare as a bankrupt because still you can get benefits from this recession which will enable you to repay your debt very easily.
The recession made it easier for you to trim your credit card debt.
Yes, it is true because the large number of debtors reached at the bank of bankruptcy, which in turn increased the chances of financial institutions' foreclosures, the government compelled to provide the bailout package in order to enable consumers to repay their debts by getting help from the debt relief programs.
If you have a massive credit card debt and you are facing difficulties in its repayment, you can contact your creditor and tell him about your genuine problems and the creditworthiness.
You also tell him that you are very serious in repayment of your debt but your financial constraints are not allowing you to repay it.
You have to negotiate your debt so that your debt will be reduced more than half and the remaining balance you have to pay in lump sum or in installments with lowered interest rates but in very affordable installments.
The recession now made it easier for you to trim your credit card debt more than half by negotiating your debt with creditors and getting the most favorable terms.