People are often concerned with their credit scores, particularly when they are facing serious debt problems. All too often, credit scores are lowered not because of legitimate issues, but because of sloppiness or fraud. A new move by the country's three credit reporting agencies is designed to address this problem. As a result, your credit score could go up.
The cost of medical care is high and getting higher. In the United States, people spend more on healthcare than in any other country in the world. In fact, Americans spend more than 10 times the global average on healthcare. It should be no surprise that many are left struggling with medical bills, with many falling into debt because of a health condition.
It is no secret that medical bills are one of the most common sources of debt in this country. The cost of medical treatment is high, and many struggle to cover it. According to an article from CNN Money, a study showed that the percentage of families having trouble with medical debt declined at the inception of the Affordable Care Act (ACA).
Being in debt is stressful enough. Getting repeated calls at all hours of the day from debt collectors only makes matters worse. An article from Money magazine details just how much of a problem calls from harassing debt collectors have become.
Repossession agents, commonly known as repo men, are often painted as the bad guys. Their job is to sneak in and take back cars, boats and other assets on behalf of creditors. The reality, of course, is that these are just people who have a job to do. An article from the Washington Post shows that they are not always the bad guys, and in fact there are some who will go out of their way to do the right thing.
It's that time of year when people start looking at where they are in life and thinking about where they would like to be instead. Often, these thoughts involve money. Were you hoping that you would be financially stable at this point in your life? Were you hoping to be debt-free? Now is a great time to take steps toward that goal.
When people think of bankruptcy, they typically think of Chapter 7. However, it is important to know that there are options available to fit a variety of circumstances. When it comes to consumer bankruptcy, people may be able to use either Chapter 7 or Chapter 13. Here is a brief overview of some of the distinctions between the two options:
With $1.2 trillion in federal student loan debt, there is no question that this is a serious problem. 7.5 million borrowers are severely behind in their payments, with few options for overcoming this financial burden.
In a recent blog post, we answered the question "Will I lose everything if I file bankruptcy?" by explaining exemptions. Exemptions protect most, if not all, of the property that most people fear they will lose if they file bankruptcy, including the family home, car and personal property. There are two sets of exemptions: state and federal.
Although it may surprise some, the top reason for filing bankruptcy isn't due to credit card debt or mortgage troubles, it's medical bills. An estimated two million people are expected to file in a recent year, largely due to health issues. Whether they have health insurance or not, and whether they ultimately choose bankruptcy, it's estimated that 20% of adults between the ages of 19 and 64 have trouble keeping up with their medical bills. In order to keep health insurance premiums affordable, many have chosen high deductibles, which means big bills even before coverage kicks in.