Bankruptcy is relatively easy. Over a million people file for personal bankruptcy every year. (In 2001, the number was over one and a half million.) For some people, it’s the sensible option. If a medical crisis kept you out of work or left you with extraordinarily high medical bills; if an accident or disease has left you with a disability that reduces your ability to earn an income; or if a divorce has left you with high debts, child care responsibilities, and a reduced income, your debts may be beyond your ability to repay.

But a large and growing number of people who file for bankruptcy are doing it for the second time. For people who’ve arrived at bankruptcy as a result of careless spending and a casual reliance on credit, bankruptcy can be seen as a quick fix that will solve a chronic debt problem. It’s not. Bankruptcy doesn’t get at the underlying root of a debt problem. Only you can do that. If debt spending is your problem, the only way to solve it is through a long-term commitment to debt reduction. It’s your money behavior that needs to change.