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Tag Archives: credit card debt

Can a Bank Actually Garnish Your Paycheck?

If you’ve gotten behind on your credit card payments, you’ve got to be frustrated about the high late fees and the increased interest rate your bank has hit you with. But that may not be the worst of your troubles. Did you know that your bank could go straight to your employer and force them… Read More »

Is Chapter 13 Bankruptcy the Right Way to Eliminate Credit Card Debt?

Credit card debt has overwhelmed many families in the United States. While credit cards are really only intended to be used in limited situations, they have become a way of life. People use their credit cards for many or all of their purchases, often with no way to pay those debts back. Until recently, credit… Read More »

When Delinquent Debts Sneak Up on Consumers, Bankruptcy Comes to the Rescue

More than one third of Americans have delinquent debts, according to a new study – and the only thing scarier than that statistic might be the fact that many don’t even realize they have debts in collections. A recent Urban Institute survey found that 77 million people, or about 35 percent of U.S. adults with… Read More »

Many Americans Worse Off Than Before the Recession, Says New Survey

Nearly seven years after the Great Recession reared its ugly head, a new economic report paints an unpleasant picture of American finances. According to the Fed’s Report on the Economic Well-Being of U.S. Households, 34 percent of survey participants are either” somewhat worse off” or “much worse off” financially than they were back in 2008… Read More »

Watching Out for Sneaky Credit Card Traps to Avoid Debt, Bankruptcy

Most consumers rely on credit because they think it’s convenient – but the reality is that, for most folks, credit cards are anything but. Sure, when you can’t afford a purchase, plastic will help buy you time until payday. But when you make paying with credit cards a habit, you’ll ultimately pay the price. What… Read More »

Helping Your Adult Child with Debt – Without Compromising Your Own Finances

Young adults are drowning in debt – and often times, their parents are getting pulled in with them. The average 25- to 29-year-old carries more than $35,000 in debt, according to PNC Financial Services. And while the student debt crisis has been highly publicized as of late, it’s not the only source of overwhelming debt…. Read More »

Student Loan Debt Taking Psychological Toll on Today’s Grads

We all know that debt is hard on the bank account. But now it appears it’s also hard on the psyche. Struggling under the weight of student loan debt and credit card debt, today’s young adults are stressed and unhappy. It’s estimated that 7 in 10 college seniors now graduates with some level of student… Read More »

4 Financial Tips for Young Adults Overloaded with Debt

Never has it been more expensive to be a young adult living in America. These days, the average 20-something is living paycheck to paycheck while dealing with massive debts in the form of student loans and credit cards. With a busy schedule that can include jobs, family and school, folks in their 20s frequently put… Read More »

Middle Class Americans Living Paycheck-to-Paycheck Find Relief Through Bankruptcy

Earning a good salary, owning a home and having a retirement account – all these things used to be indicators that you were in good financial shape. But according to a new report, today’s middle-class Americans are far from comfortable. In fact, most are living paycheck-to-paycheck. A recent study presented by the Brookings Institution claims… Read More »