I have never counseled a client to reaffirm a credit card debt. Unlike a loan for a car, where you are trying to keep the car, credit cards are typically unsecured debts, and there won’t be any collateral that you’ll want to keep.
Reaffirming a debt means that you will pay bills that bankruptcy would normally wipe out. Instead of reaffirming, consider trying to pay cash for items would normally buy with credit cards. Eventually, you’ll be able to get a new credit card that won’t come with a huge unpaid balance.
If you do reaffirm a credit card debt, at least try to negotiate a lower balance, no interest on the balance, or a reasonable interest rate on any new credit.
Some credit cards, like those for department stores or furniture stores, might be secured. The store might try to persuade you to reaffirm by telling you that if you don’t, they’ll repossess whatever you bought with their credit card. It’s usually more trouble than it’s worth for a store to repossess used furniture, and they’re likely to spend more on getting the property than they will get when they sell it.
But that doesn’t mean that they won’t. You have to think about how important the item is to you, and whether you can live with it or replace it cheaply.
Another thing to consider is that they probably won’t tell you that they’ll give you a new credit card in a few months even if you don’t reaffirm. After all, how risky is it to lend to someone who can’t file Chapter 7 for another eight years?