The number of Americans filing for consumer bankruptcy increased by nearly 40 percent in 2007, according to the American Bankruptcy Institute.  In a report released Thursday, the ABI said that the number of overall consumer bankruptcy filings reached 801,840 last year, compared to 573,203 in 2006.

“The roughly 40 percent spike in consumer bankruptcies during 2007 presages] even higher filings this year, as the heavy consumer debt load is made worse by the home mortgage crisis,” predicted ABI Executive Director Samuel J. Gerdano.  A statement echoed by others in the industry.

However, the report also showed that the number of bankruptcy filings declined 7.5 percent in December from November. And Chapter 13 filings - those available to individuals with regular income whose debts do not exceed specific amounts - also showed a decline from November to December.  It appears that bankruptcy has become a method of doing business.

So the world of low interest rates is finally starting to catch up with me. Because of the low rates over the past few years I kept applying and getting approved for every new “low rate” introductory offer available. Now a year later all the interest rates are jacked up and I really have to figure out how to get my credit cards in order, or find someone that offers 0% credit cards! The best way to keep your finances healthy and your credit card debt affordable is to do credit card comparision shopping, find the lowest rates that last longer than 3 months.

So, let me tell you. Being a student is a lot of fun, parties, girls, interesting classes and did I mention girls? The one thing that can really get you down is paying tuition because getting good grades is so important I don’t want to be weighed down with working too much. Getting and carrying a student loan can be a stressful experience. Consolidation of credit cards and other debts has become a popular way of managing a high debt load and it really works well as it applies to student loan consolidation. Some of the main advantages are, low fixed interest rates, no prepayment fees, no credit checks, deferment benefits and more. Even if you are a student make sure to borrow smart.