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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.

Is medical debt leaving you unable to pay your other bills?

The modern American healthcare system is incredible in what it is capable of doing. Individuals with severe trauma such as brain injuries, as well as those with formerly fatal diseases like cancer, can seek care and treatment that can extend their life or even completely resolve their medical issues.


Why do millennials have so much credit card debt?

If you're in your 20s or 30s and dealing with a significant amount of credit card debt, you're not alone. A study just published by Morning Consult and Business Insider found that over 51% of millennials (defined as people between 23 and 38) have credit card debt. The survey polled almost 2,100 people of all ages about their earnings, debt and overall financial situation. Of those, 670 were millennials.

The amount of credit card debt reported by millennials varied significantly.

  • Over half (54%) owed under $5,000.
  • Almost a quarter (24%) owed between $5,000 and $10,000.
  • The remainder owed $10,000 and up. Of those, 4.5% said their credit card debt was over $30,000.

Bankruptcy is not punishment, it's a tool to get back on track

The thought alone of filing for bankruptcy is enough to kick your mind into overdrive. If you begin to listen to others, such as those who are opposed to bankruptcy, you'll face additional stress and challenges associated with the process.

Bankruptcy is not a punishment for something you did wrong. Instead, it's a tool for getting your finances back on track so you can live a better life in the future.

Be careful what information you give collectors over the phone

Debt collectors can be persistent and intimidating. Sometimes, they lie. Receiving a call from one can make you flustered and nervous.

However, regardless of what tactics the debt collector uses, it's essential to stay calm and be very careful about what you say. Let's look at a few examples of things you should never say on a call with a collector.

Which types of debts are the most stressful?

If you're finding yourself dealing with a significant amount of debt, you know how stressful it can be. However, some kinds of debt have a greater impact on our quality of life than others.

A study published by The Motley Fool found that 83% of people without debt reported that they were satisfied with their lives -- compared to just 70% of those with debt. When they broke it down to the type of debt people had, they determined that five types of debt most impacted people's quality of life. Let's look at the findings.

Stop harassing calls with these helpful tips

One of the worst parts about falling behind on payments is the number of phone calls you'll receive about it. Whether it's from the creditor or a collection agency, it can be frustrating to get calls at all hours.

There is no question that calls from debt collections are annoying and even downright intimidating. You might have thought about changing your phone number or blocking the calls to get some peace and quiet. Those actions won't help much, though. Fortunately, you can stop the calls in other ways.

Violations of your automatic stay by creditors: What can you do?

Two of the most important things that Chapter 7 bankruptcy does is allow you to discharge many of your debts and stop creditors from trying to collect on debts during the pendency of the bankruptcy proceedings.

The latter is accomplished by an automatic stay. Under the law, if a creditor violates a stay, they can be sued for damages as well as for reimbursement of legal costs. Typically, these violations aren't deliberate. The creditors may not be aware of the bankruptcy filing or be unfamiliar with the law.

Tips for decreasing online shopping temptations

These days, you can purchase just about anything online from the comfort of your bed, sofa or anywhere you happen to be. You don't even need your computer. Just a few taps on your phone can get a package delivered the following day from Amazon. The ease of online shopping has caused a dramatic increase in impulse purchases.

In a recent survey, five out of six people said they'd engaged in impulse buying. Almost a third said that they made most of these impulse purchases online.

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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