Liz Weston, L.A. Times financial writer, walked a room full of bankruptcy attorneys at the Sacramento Valley Bankruptcy Forum through the impact of various credit events on your credit score last weekend.

She recounted how, after meeting some debtors as she worked on stories, she no longer saw debtors as deadbeats. She saw the challenges in their lives and the soundness of electing bankruptcy.  Her candor about the change in her world view was refreshing.

Having written a book on credit scoring, she naturally was caught up in the interface with bankruptcy.  But I as one who is frustrated by the fixation of those drowning in debt on their credit score, I wanted to stand up and shout:  Ruin your credit score, not your life!

The financial media sounds a drum beat that one’s life and worth is wrapped up in that credit score, something we don’t fully understand and based on credit reports which are notoriously inaccurate.  Life will end, we’re told, if our credit score declines.

That fear keeps American consumers struggling to pay debt that they can never, in this life or the next, repay.  They appear to consider a lifetime of minimum payments rather than a fresh start in bankruptcy to preserve their credit score.

As Liz pointed out, the credit score is dynamic:  it is constantly changing, and heals over time.  My call is to fix your balance sheet. Get rid of dischargeable debts.  Save for retirement.  Live beneath your means.  Don’t walk the financial tightrope.