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Tag Archives: debt

Late Payments More Danger Than Bankruptcy

Generally, people spend their whole lives avoiding bankruptcy as a last resort. Bankruptcy is viewed as a public filing and has a stigma of shame behind it. Some people would rather continue to suffer through late payments on their accounts than face a real solution to the debt. A late payment can be very dangerous Continue Reading

Your Credit Card Balance Can Impact Your Future

Credit card companies are great at sending you promotions where low interest rates are offered for cash funds or for offering low interest rates to transfer a credit card balance. The low interest rates can sometimes be as low as 0%. It may seem like you aren’t paying for your purchases for a while by Continue Reading

Today’s Household Debt

Household Debt Composition Today Looks A Lot Different Than The Past Household debt has reached higher levels than before the Great Recession, but today’s debt has new characteristics that make it much more different than pre-recession times.  Home mortgages were a major factor in the debt crisis of 2007-2008.  Mortgage default in the following years Continue Reading

Credit and Debt Tips For 2017

Managing and building credit and debt can be one of the most important aspects to pay attention to in adult life. Many times, we are thrown into a life of debt management immediately after graduation from high school or college. Student loans might be the first interaction with debt, but our relationship with debt will Continue Reading

A Closer Look At Chapter 7 Bankruptcy

Chapter 7 bankruptcy is also sometimes known as “liquidation” bankruptcy. Most or all of your debts are cancelled and your non-exempt property is sold, or liquidated, to satisfy some of the debt you owe to creditors. Many people who file Chapter 7 bankruptcy do keep all of their property but it can be completely dependent Continue Reading

Paying Off Holiday Credit Card Debt

Using credit cards to make your holiday purchases may not be the wisest thing to do, yet on average, it adds nearly $1000 to the balance of many credit card holders. At an average interest rate of about 13.93%, that means you will pay an extra $350 for those purchases. Higher interest rates, of course, Continue Reading

Student Loans and Older Americans – Is This A Growing Demographic?

When the term “student loan crisis” is brought up, the image that most often comes to mind is that of a young person who still has their best earning potential ahead of them. While many of those very people do indeed struggle with student loan debt, it now seems that older Americans, particularly those aged Continue Reading

A Closer Look At Chapter 13 Bankruptcy

Chapter 13 bankruptcy is also known as reorganization bankruptcy. Unlike Chapter 7 bankruptcy, you can possibly keep all of your property, but you also will have to repay all of the debt you owe, or at least most of it, over the course of up to five years. Some of the debt that must be Continue Reading

Statute of Limitations on Debt

Did you know that there is a legal limit to the number of years that a creditor has the legal right to sue you? Whether it’s credit card debt or medical bills, that debt becomes “time-barred” if the statute of limitations has passed. Creditors can still attempt to collect the debt by the usual means, Continue Reading

Median Household Income Has Fallen Behind Cost of Living Since 2003

Are You Wasting Too Much of Your Income? Household income on average is currently lower than the cost of living as the graphic shows below. Living in a pattern where spending is more than income can only lead to one thing: DEBT. This statistical data shows average levels of income and average levels of costs Continue Reading