Reply #5: Absolutely not

[bbinacan]

I used to be a financial advisor for a major Wall Street investment bank. In 1999, I had a good year, became an Associate Vice President, and bought a BMW. The market tanked as well as my income. I ran up 40K in high interest credit card debt. Instead of disavowing my obligations by declaring bankruptcy, I entered a debt management program. I will have this debt paid off in a little over a year. I also sucked it up and changed careers. I'm currently in the best income situation of my life.