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April 2015 Archives

Will higher credit limits lead to more consumer debt?

When lending institutions make it easier for Americans to take out credit, the move is seen as evidence of an improving economy. Banks in Washington, D.C. and throughout the rest of the nation often hold back on making loans and credit offers when they fear that consumers will be unable to pay back their obligations. When getting loans becomes easier, however, it usually means that lenders have faith in the country's financial health.

In some cases, Chapter 7 bankruptcy is better for debtors

At some point, many consumers who are swimming in debt and have little real chance of ever paying it off begin to think that bankruptcy is their only real solution. They may already know, or soon discover, that several bankruptcy options are available under the federal Bankruptcy Code. At first glance, the differences are not clear, but ultimately many decide that either Chapter 7 or Chapter 13 may be right for them. The question then becomes, which one will leave them better off?

FTC settlement forces marketers out of debt-relief services

As many Washington, D.C., area residents know, debt is sometimes unavoidable when there is an emergency -- when a breadwinner loses a job or a medical emergency arises that demands quick payment by credit card. Although not quite as bad as a few years ago, these issues, job loss and medical expenses, remain the most common reasons why people find themselves barely treading water financially. Many end up seeking some form of debt relief. With literally scores of local and regional firms offering to help consumers move out of debt, the chances are that some of them may simply be scams.

Navigating the process of Chapter 7 bankruptcy

The burden of debt is a heavy one. If left unchecked, forms of debt such as credit card debt, medical bills and personal loans can quickly compound and pile up, creating a financial situation that can be extremely stressful. Unfortunately, these debts can reach a breaking point where eliminating them in a traditional manner becomes unlikely. In such situations, filing for Chapter 7 bankruptcy can sometimes be the answer.

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