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How to Deal with Wage Garnishments and Bank Account Freezes

If you start to fall behind on your debts, there is a chance your creditors could attempt to freeze your bank account or begin garnishing your wages. The garnishment process involves a certain sum of money being automatically withdrawn from your paycheck to be put toward your debt. Nobody wants to have these financial penalties… Read More »

How to Avoid the Pitfalls of Borrowing Money from Relatives to Pay Debt

Almost everyone can think of a time when they were in a financial pinch and they needed some help quickly. If you are saddled with a lot of debt and it is causing you stress and anxiety, you believe that getting a quick loan from relatives will give you a bit of breathing space. However,… Read More »

Life After Bankruptcy — How to Get Back on Track Financially

Declaring bankruptcy is never a fun process, but it is often the most responsible option when it comes to resolving outstanding debt. A bankruptcy will remain on your credit report for ten years. Initially, your credit score will be lower than you’d like it to be, but with a bit of diligence and discipline, you… Read More »

What’s Your Backup Plan for an Unexpected, Large Expense?

If you were hit with a big financial emergency, what is your backup plan for taking care of it? Do you have a sufficient emergency fund or will you have to turn to loved ones for help? Do you have relatives who could help you if you asked? Bankrate has released a new report that… Read More »

Consumers Beware: Avoid Debt Elimination Scams with Due Diligence

If you are experiencing financial difficulties, the last thing you need is to be taken in by a scam. Unfortunately, debt elimination scams are an increasingly popular way for fraudsters in Illinois to take advantage of people when they are most desperate. One of the most important things to look out for is the general… Read More »

How to Stop Living Paycheck to Paycheck — 5 Tips to Getting Back on Track Financially

Despite the news of economic recovery from the Great Recession, 43 percent of U.S. households would be unable to pay their bills if they went just one month without a paycheck, according to the Springleaf Financial Strength survey. These households are just a paycheck away from financial disaster. If you are part of one of… Read More »

Bankruptcy and Why You Shouldn’t Be Relying on Your Tax Refund

If you’re like many Americans, you’re looking forward to using your annual income tax refund to make a once-per-year payment on your debts. It’s always a positive step to pay down debt, but it’s a big mistake to treat your tax refund like some sort of “annual bonus.” Your tax refund is not a bonus;… Read More »

Bankruptcy and Retirement — How to Create a Sound Financial Future

Many baby boomers are struggling with credit card debt, most likely because their income is much lower than when they were working, but their expenses may not have decreased much. They may be facing high prescription and medical care costs, and any financial emergency seems magnified when you are living on a fixed retirement income…. Read More »