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January 2013 Archives

Washington area foreclosure rates plunge

Foreclosure rates throughout the nation have been stabilizing or even dropping, providing a more positive financial picture after the recent recession. Still, some areas such as Maryland are experiencing rises in foreclosure rates, largely because of policies that slowed the execution of the foreclosures in the immediate aftermath of the housing crisis. Even though Washington, D.C., foreclosure filings appear to be diminishing, Maryland has seen a 19 percent increase because of its statewide financial policies. Maryland is the only state in the region to see an increase in filings, according to experts.

Americans plunge into savings accounts to pay current bills

Financial observers have noted an emerging trend: An increasingly large number of consumers are beginning to accumulate debt and dipping into their 401(k) accounts to pay avoid taking on even more debt. A shocking one in four Americans has dipped into a retirement account to pay bills, with many tapping into IRAs and other funds simply to pay credit card bills and avoid personal bankruptcy.

Foreclosure settlement may not provide much relief

Many Americans are still struggling under the burden of foreclosure, unaware that a massive relief effort has just been approved to help those who lost their homes. The deal, which was announced on Jan. 7, will provide extra money for those who were forced out of their houses as a result of foreclosure, though critics posit that the banks may end up the real winners in the financial game.

State delegate reportedly declared bankruptcy before election

The general public may think that politicians and corporate leaders generally have their finances in perfect order; after all, those people are required to manage public money. Recent bankruptcy cases show that politicians are no different from the average American citizen who is struggling with various types of debt. Even if representatives are excellent money managers at work, they may find themselves in financial crises that require personal bankruptcy action. Luckily, the American bankruptcy system allows people from all walks of life to seek relief through debt forgiveness.

Avoid 'get debt-free' scams by following simple tips

The recession that has plagued the country in recent years has taken a big toll on Americans' financial health, according to experts. As a result, many are saddled with untenable credit card and loan debt, and they are seeking debt relief that can help them expunge their crushing financial responsibilities. Thousands have turned to unscrupulous debt management companies that fleece consumers of their valuable money while failing to resolve debt problems. This has left a large group of Americans in even worse debt with fewer options.

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