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Teaching Kids About Math Not Money is the Key to Keeping Them Out of Debt

Much has been made following the last economic recession about how to educate consumers and prepare them to avoid debt. More than 43 states have mandated some form of financial readiness courses at the high school level, and efforts are being made to increase that number. However, studies suggest it’s not money skills that prepare… Read More »

Naperville Mom Pulls Gun on Repo Man

Last August, the Chicago Tribune reported that a mother of two got herself into a bit of trouble when she pulled a gun on two men who were repossessing her nine-year-old minivan. The incident occurred around 7:30 pm close to the Naper Trails apartment complex where 29-year-old Katherine Reccord lives. She was charged with two… Read More »

How to Get Debt Collectors to Stop Calling

These days, many Americans have fallen behind on some or all of their bills. People tend to believe that through hard work, budgeting and sacrifice, they will be able to get back on track and get the debt collectors to stop calling. In some cases, this may be true. For many others, however, no matter… Read More »

How to Deal with Medical Debt

According to a study from the American Journal of Medicine, medical bills caused 62 percent of all bankruptcies in 2007. Notably, 80 percent of all people who filed bankruptcy from medical debt that year had health insurance. Clearly, medical debt can be a major problem in America, and it’s often impossible to predict. If you… Read More »

Strategies for Avoiding Student Loan Debt

The price of a college education is constantly increasing — and at a much higher rate than the income of the average American. For incoming college students, future debt from loans might seem to be an inevitability. However, there are ways you can avoid at least some of the debt to relieve the financial burden… Read More »

The State of Consumer Debt in the United States

The term “consumer debt” refers to money owed on the purchase of consumable goods. In the United States, the most common form of consumer debt is credit card debt. The following are some statistics illustrating the state of consumer debt in the U.S. as of May 2015: The average credit card debt for all indebted… Read More »

What is a Debt Reaffirmation Agreement?

After you file for bankruptcy protection, you might decide you want to pay back a specific debt, or you might be asked by one of your creditors to repay a debt. If you pay a debt that would have otherwise been discharged in bankruptcy, you are required to sign a debt reaffirmation agreement and file… 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 »

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 »