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January 2017 Archives

What you should know before retaining a credit repair company

As household debt in the U.S. soars to record highs and bankruptcy filings are on the increase, credit repair companies continue to thrive. While claiming to have all the answers, many outfits pose more questions for consumers victimized by their unethical and illegal tactics.

5 points about filing for bankruptcy

Losing your job because of illness or injury sends you into a downward spiral. Your income stops when you lose your job. In some cases, workers' compensation payments help, but they usually aren't what you need to cover the basics. Add in the medical bills that you might have coming in and the situation can get dire. If you are facing a sea of debt, you have options to consider. Bankruptcy is one of those options.

Chapter 7 bankruptcy: Escape debt early in professional career

Have you been out of college for a few years? Have you found it a challenge to remain on the right financial track? For example, you may feel bogged down by mounds of student loan debt, other bills, and of course, a low starting salary.

Student loan debt and a not-so-safe safety net

When you think of the student loan debt crisis, the image of the struggling young college student trying to start their career often comes to mind. However, recent findings show that former students eligible for Social Security benefits are quite a bit older. In fact, many are eligible for Social Security benefits because of their age.

Top New Year’s resolutions for getting out of debt

With the recession in Pennsylvania lifting, many people are under the impression that getting out debt will now be simple and easy. Unfortunately, for many Americans, this may not be the case. Time magazine recently reported that, while borrowing on credit cards has dropped since 2008 and is nowhere near its peak, it is still very high. In fact, gradual financial recovery seems to have slowly increased national numbers of debt, with the total amount owed to credit card companies sitting at $935.6 billion nationally.

Understanding the difference between Chapter 13 and Chapter 7

If you've been living paycheck to paycheck for years, debt can accumulate quickly. It's far too easy for the average Pennsylvanian to reach a point where their level of debt is simply unsustainable. A single event, like a car accident or a medical issue, can make maintaining your payments impossible. Even those who have worked for years in the same field may find that cost of living increases simply aren't enough to cover their ever-expanding debt.

Debt management explained

Debt is something that many people struggle with in Pennsylvania. It is very easy to get into, but not quite so easy to get out of. There are options available, though, that can help people pay down or eliminate these issues. One of these is debt management, which is the process of negotiating with creditors to get payment amounts, interest rates or other changes made to an account to make it easier for a person to pay the debt off.

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