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America's rising debt: A $14 trillion problem

Today, credit is something that most people have. Many people carry thousands of dollars in debt on their credit cards. In total, the United States population owes $14 trillion between mortgages, credit cards, student loans and auto loans.

Debts rose by around .7% in the third quarter of 2019, according to a report from the Federal Reserve. This debt increase isn't necessarily bad, because it indicates that there is low unemployment and confidence among consumers. The problem is that this heavy debt could come back to haunt people if they are in over their heads and unable to make their payments due to unexpected circumstances.

Expenses you shouldn't place on your credit card

If 2020 is going to be the year you get your credit card debt under control, it's essential to look at just what expenses you're using your cards for. These days, we can use credit cards to pay for just about everything. However, it's not wise to do that.

When you charge expenses to your credit card, it's easy to forget about them -- particularly if you've signed up for automatic payments. If you have a budget you're working to stick to, it's best to use cash or your checking account to pay for your expenses. This makes it easier to track them. Further, you feel the financial "pain" of the expense immediately.

What are the different kinds of personal bankruptcy?

It is never easy to concede that it might be time to declare bankruptcy. The American dream seems to be open only to people not weighed down with unmanageable personal debts. But this is far from the case. Bankruptcy is supposed to be a fresh start that lets people find their way back to financial health.

How do I choose which kind of personal bankruptcy to consider?

Don't let medical debt ruin your chances of financial stability

If there is one thing that America is known for, it's high medical debt when people seek medical care. Medical costs are enormous, and many believe that they are out of control.

Did you know that 137 million Americans are struggling with some kind of medical debt? On top of that, high health care bills are a reason for individuals filing for bankruptcy or taking money from their retirement accounts early.

How to spend less this holiday season

If you're already dealing with credit card debt, this can be a frightening time of year. Virtually every time you log on to your computer or turn on the TV, you're inundated with ads for everything from pet toys to luxury cars. So how do you avoid going into the new year with even more debt than you already have?

The site Nerdwallet offers a number of suggestions. Let's look at a few.

What should you expect during your 341 meeting?

If you're considering filing for Chapter 7 bankruptcy, it's essential to know what the various steps are in the process. One of the most important ones is the 341 meeting. The name refers to a section of the bankruptcy code.

This meeting is held with your court-appointed trustee. It's typically about a month after the filing, once the bankruptcy trustee has reviewed your paperwork and financial documents. If you have an attorney, they'll attend the meeting with you.

Why more hospitals are suing patients over medical debt

Many Americans are dealing with medical debt they simply can't pay off. Even people with health insurance often have substantial deductibles, co-pays and large amounts of their bills that their plans don't cover.

As medical debt increases, hospitals are more frequently taking patients and their families to court to get their money than they did in the past. Major hospitals (including nonprofit facilities, university-affiliated medical centers and children's hospitals) are filing hundreds, and in some cases, thousands of suits every year. Many of these are accompanied by wage garnishments.

Tips for completing Chapter 13 bankruptcy

If you are at the point where you are considering filing for bankruptcy, you have likely found yourself in a significant amount of debt that you believe you cannot overcome without help. The good news is that bankruptcy may offer a way out, irrespective of your financial situation.

Those with a steady and dependable income may find that filing for Chapter 13 bankruptcy is the best choice for them. Chapter 13 bankruptcy involves the pausing of all creditor action, meaning that debtors can reorganize their debts and use their disposable income to repay them over time without having to worry about additional fines.

Two popular methods for paying off credit card debt

What's the best strategy for paying off (or at least significantly paying down) credit card debt on multiple cards? Where do you start? Two popular strategies are the "avalanche method" and the "snowball method."

Let's look at how these two winter-themed methods work and which one might be best for your particular situation.

Why you need to avoid 'zombie foreclosure'

If you don't understand exactly how foreclosure works, you're not alone. Most homeowners don't think about foreclosure until it becomes a possibility after they get behind on their mortgage payments.

If you receive a foreclosure notice from your lender, it's essential to understand that this is simply the first step. The foreclosure process includes a mandatory waiting period that allows owners to take steps to avoid losing their home.

McBride Law Firm

McBride Law Firm
301 Jackson Street Suite 101
Alexandria, LA 71301

Phone: 318-625-0471
Phone: 318-625-0471
Fax: 318-445-8066
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