Pennsylvanians will be at an immediate disadvantage when they graduate from college with substantial student loan debt. This can affect every decision they make from where to live, what job they should take, whether they should get married or not and more. Credit card debt is also a problem for many as they frequently need to use credit cards to purchase necessities when they are short on cash. This leads to a rising tide of debt. For those who think student loan debt is worse than credit card debt, new information is contradicting that narrative.
Pittsburghers and people across Pennsylvania will be well-acquainted with debt no matter their situation. Even those who have a good job and have a commensurately good salary will have various debts. For those on the lower rungs of the economic ladder, it is often necessary to accrue debt to attend school, purchase a home and make ends meet. However, various expenditures -- credit card debt, student loans and mortgages -- are increasing. It is at the point that people are unable to save significant money in bank accounts or make investments, if they can do that at all. As debts rise and problems come up, it can leave debtors in desperate financial straits.
Debt is nothing new for college students in Pittsburgh, throughout Pennsylvania and across the nation. While much of the focus today is on student loan debt with legislators and lenders considering ways to ease that financial burden young people face, another issue that is gaining greater attention is the amount of credit card debt students accrue. When stacked on top of the student loan debt, people can find themselves overwhelmed by debt even before they have framed their college diploma and started looking for a job in their chosen career. Understanding this problem is step one. Finding a strategy to address it often requires legal help.
When Pittsburghers are in credit card debt or are facing other financial struggles, it can cause problems in every aspect of their lives. Personally and professionally, the fear and trepidation as to what the future holds will seem to be never ending for these individuals. A common concern is the number of calls and other methods of contact creditors and debt collectors make to try to get some or all the payments they are owed. There are certain limits to the number of calls these creditors can make and when they can be made based on the Fair Debt Collection Practices Act (FDCPA). Keeping track of the law and potential changes is important for debtors to be shielded from creditor harassment.
Pennsylvanians who find themselves struggling with credit card debt and other accruing expenses will oftentimes listen to any advice to try to get into a better situation without filing for bankruptcy. There are many reasons why people avoid bankruptcy, including a belief that they are not upholding a responsibility, as well as a failure to understand exactly how beneficial bankruptcy can be. It is only after they have made a series of mistakes with popular debt solutions that they find they are not solutions at all. After that, they might consider other, time-tested strategies. To successfully utilize these strategies, individuals often turn to legal professionals.
Pittsburgh residents who are in debt and behind on their credit card payments will undoubtedly be accustomed to the constant calls and letters they receive reminding them of what they owe. While there are protections in place to keep debt collectors from being overly aggressive and making harassing contact, they still push the envelope as far as they can while staying close to within the lines of the law. Those who are facing these issues often don't know where to turn.
With companies downsizing and more and more Pittsburgh residents facing diminished or even a complete loss of income, aggressive debt collection is a growing problem. People who are already overwhelmed and worried about how they will make ends meet will have these fears exacerbated by a debt collector calling constantly. Fortunately, there are strategies that a debtor can use to handle debt collectors. Understanding how to do this often requires legal advice.
Pittsburghers who find themselves in overwhelming credit card debt they are unable to pay might be under the impression that they have put themselves in that position and they deserve whatever punishment they get. That can include simply accepting debt collectors calling at all hours and harassing them. However, simply being in credit card debt does not mean that a person should be subjected to abuse and face legal violations. Understanding what debt collectors are not allowed to do regarding a debt based on the Fair Debt Collection Practices Act when communicating with the debtor is imperative to put a stop to the behavior and a legal professional experienced in helping people with their debt problems is key to this.
Facing bankruptcy is a difficult time for anyone. It becomes even more stressful when there are dependents involved. You may be watching your disposable income run low and fear for the future—how do you keep food on the table when there just isn’t any money left?
Imagine that after you graduate from college, you carry a massive amount of student debt into your professional life. But that's okay to a certain extent -- because you are able to find a job relatively quickly in a good industry that pays very well. For years, you are able to keep up with your debts and payments, building a life that you enjoy. This is the ideal life that many people would want.