An insurmountable debt is something that every American suffers from. In fact, there were over 40% of American taxpayers who have filed for bankruptcy within the last two years in order to pay their debts. These debts include credit card debts, federal taxes, mortgage and other consumer debts. It is important to pay off your debts otherwise you will suffer having a bad credit rating. This is the reason why it is so important to repay your debts otherwise you will end up suffering from a bad credit rating. However, when your debt amount is very high, your judgment gets clouded thus you end up doing things that will not help you alleviate from your problems.