The U.S. Household Debt Problem is Steadily Getting Worse

If you are having problems managing your household debt, you are not alone. November 2017 statistics from the Federal Reserve Bank of New York showed that household debt rose by $116 billion, or 0.9%, to $12.96 trillion in the third quarter of the year. The most rapid increase in debt was seen in credit-card debt, which rose by 3.1%. Other gainers were mortgage, student and auto debt. Increasing debt is a big problem, but there are answers. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that even the most well-intentioned… CONTINUE READING

A Rule of Thumb for Retirement Savings

In order to live comfortably in retirement, we have to save during our working years.  What we don’t know is how much we need to save to have enough during retirement and how much we can withdraw from our savings so that we can enjoy our “golden years” while making sure our money lasts as long as we do. The skilled and seasoned Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to even the most well-intentioned people. We believe that it pays to be knowledgeable in order… CONTINUE READING

Americans Spend More After Retirement

Should people entering retirement cut their spending to make their money last, or spend more to make the most out of life?  It depends on circumstances, but more than half of taxpayers are spending more during the first three years after they start collecting Social Security. According to a report based on tax data and analyzed by economists at the Investment Company Institute and the IRS, those most likely to spend more are people who have lower incomes. Middle-income earners spent about the same, and the higher-income earners spent somewhat less than… CONTINUE READING

Avoid These Mistakes to Improve Your Credit Score

Your FICO credit score is something you may not think much about until you need it for making a big purchase, but it affects you in more ways than you think. In fact, according to new data by LendEDU, an online marketplace for student loan refinancing, one in five Millennials have never even checked their credit score. This is a big mistake. Your credit score comes into play not only when you want to buy a car or rent an apartment, but in areas that include the interest rates you… CONTINUE READING

Household Debt Reaches a Record High

Americans are getting back into the bad habit of thinking they can get whatever they want with borrowed money – the very thinking that caused major problems during the Great Recession. According to the August quarterly household debt and credit report by the New York Federal Reserve, Americans' debt rose to a new record high in the second quarter. There was an increase in every form of debt -- from mortgage, to auto, student and credit card debt. As of June 30, 2017, total household indebtedness was $12.84 trillion, a… CONTINUE READING

Economic Trends That Could Impact Your Wallet in 2018

It’s a new year, the perfect time to evaluate your finances and determine whether you are on the right path to financial solvency. While there are personal things that you should do, such as creating a budget and sticking to it, there are also some economic trends you should be aware of that may help you make decisions for the coming year. The skilled and seasoned Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to even the most well-intentioned people. We believe that it pays to be knowledgeable… CONTINUE READING

Poverty is Skyrocketing Among Millennials

Millennials are having problems making ends meet. About 57 percent of them named poverty and economic inequality as their top concern in a survey conducted this spring by the Center for Marketing and Opinion the latest studyfrom WalletHub, Americans are piling on credit card debt at levels that rival the heart of the recent financial crisis, and the average household with debt now owes $7,941 to credit card companies.  In addition to credit card debt, millions of people are struggling with debts that include debts for mortgage, medical, and student loans.… CONTINUE READING

Does the American Dream no Longer Include Home Ownership?

Owning a home has always been a big part of the American Dream.  Children of hard-working parents grew up believing that if they worked hard to get ahead, they could have a better life than the previous generation, and that included having their own home. However, recent statistics show that this dream has been starting to crash. According to a new study from Pew Research Center which analyzed Census Bureau housing data, more United States households "are headed by renters than at any point since at least 1965." Americans are not renting… CONTINUE READING

Which is More Dangerous — Credit Card Debt or Mortgage Debt?

Getting credit is easy in the United States, so it’s tempting to use credit cards and loans to make purchases you otherwise couldn’t afford.  When you use debt wisely, it can be a positive way to build wealth.  But too many people are sucked into taking on the wrong kind of debt, the dangerous kind that starts to lead to financial problems and having their credit ruined. The skilled and seasoned Ohio bankruptcy attorneys at Fesenmyer Cousino Weinzimmer understand that even the most well-intentioned people can take on debts that become… CONTINUE READING

Debt Relief or Bankruptcy?

If your bills and debts are becoming overwhelming, you may be tempted by advertisements that offer the promise of debt relief.  Before you plunge into solutions that may actually worsen your debt situation, you should be aware of the advantages, disadvantages, and the long-term effects of each. The skilled and seasoned Ohio debt-relief attorneys at Fesenmyer Cousino Weinzimmer understand that financial problems can happen to even the most well-intentioned people.  We offer a free consultation to evaluate your entire financial situation – your income, your debts and your goals -- and… CONTINUE READING

If you are considering filing for bankruptcy, you are already having trouble paying your debts, so the last thing you need is attorney fees that are unaffordable.  However, trying to avoid fees by filing bankruptcy…

If you are having problems managing your household debt, you are not alone. November 2017 statistics from the Federal Reserve Bank of New York showed that household debt rose by $116 billion, or 0.9%, to $12.96…

Filings for bankruptcy abound in Ohio – the state has the 10th highest rate of personal bankruptcy filings in the nation, according to a recently released analysis from Nerdwallet.com. The study examined bankruptcy filings in 587 counties across…

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