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July 2014 Archives

Medical debt and credit reports

Residents of Washington, D.C., who follow financial news and information may be interested in some findings about bankruptcy. While many people associate personal bankruptcy with credit card debt, studies have found that 60 percent of bankruptcies in the country are related to medical expenses. Medical bills can cause a financial crisis for a person or family even if they have good income and an excellent credit rating.

How a small debt can affect the credit rating

Many residents of Washington, D.C., know how important it is to protect their credit rating. However, there is a common belief that only large debts can cause problems on a credit report. This may be inaccurate, as recent reports indicate that small debts may trigger collection efforts, sometimes entirely without the debtor's knowledge. These irregularities are sometimes discovered at critical moments and derail plans for home purchases, personal loans and other credit-based activities.

Young people in debt might face more health risks

Washington, D.C. residents who have debt may be interested to hear that new research has found a link between high amounts of debt and negative health effects in young people. Researchers from Northwestern University and McGill University assessed data from the National Longitudinal Study of Adolescent Health, and the participants in the study ranged from age 24 to 32.

Taking steps to avoid foreclosure

Individuals in Washington, D.C., who are having difficulty making mortgage payments might be interested in a recent article discussing different ways to avoid foreclosure. While the process of losing the home may seem inevitable after a creditor issues a Notice of Default, it could still be possible to enter into negotiations with the lender.

Increased credit use may not be good news

Readers in the Washington, D.C., area may be aware the use of revolving credit is on the rise. In fact, there was a surge of slightly over 10 percent in consumer debt during April. This is a large spike after many years of decline and modest increases in the years since the housing crisis. Some experts feel this is good news that will create an economic boom, while others feel it may actually lead to another credit bubble.

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