Rising debt. Growing tax bills. College tuition. Loans. If you sometimes feel like you're drowning in financial stress, you're definitely not alone. Money is a common source of stress, says a 2017 report from the American Psychological Association. Sixty-two percent of Americans say they worry about their finances, making monetary anxiety the second most common source of stress acr... CONTINUE READING
If you are struggling with mounting debt, you are not alone. Too many Americans are faced with debt that they cannot meet, and much of this is due to problems posed by our society. Nationwide, data reported by the Urban Institute in a new national map of indebtedness, shows that 33 percent of Americans hold debt that is currently in collection, with a median amount of $1,450. Being in debt can ca... CONTINUE READING
Student debt is a major burden for individuals, but it also can have a negative effect on economic growth. The debt to pay for education was nearly $1.38 trillion at the end of 2017, with 11 percent of borrowers being 90 days or more delinquent, according to the New York Federal Reserve. All this debt damages the economy, so Jerome Powell, the... 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 on your own may cost you. Between filing and court fees and the possibility of making mistakes that will void your bankruptcy altogether, you may save nothing. You could wind up actually paying more or even have your bankruptcy end without having your debts discharged. To avoid... CONTINUE READING
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 bank... CONTINUE READING
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 America and found that all the states in the top ten list were either in the South or in the indu... CONTINUE READING
If you need a car but don’t have the credit score to qualify for a regular auto loan, you may be tempted to take out a subprime auto loan instead. This could prove to be a mistake, as the chances of financial problems resulting from these loans are growing, even to the point of endangering the economy. According to data from the Federal Reserve Bank of New York, delinquencies for subprime loans are nearing crisis levels at auto finance companies. The Fed report stated that the more than 23... CONTINUE READING
When you file for bankruptcy in Ohio, you want your debts to be discharged -- eliminated -- so that you can receive a fresh financial start. However, there are times when situations change, and you no longer wish to continue with the bankruptcy, or you made mistakes or have problems, and your case winds up being dismissed and ended without discharge by the court. If your bankruptcy case is dismissed, it will still appear on your credit report. A bankruptcy will typically stay on your credit re... CONTINUE READING
Finally, Equifax is going to do something to change its unfair policy that has been making it more difficult for Chapter 13 filers to remove the red flag of bankruptcy from their records. For a long time, Equifax has been keeping bankruptcies on credit reports for 10 years, while the other two major credit rating agencies, Experion and TransUnion, removed them after 7 years. The federal Fair Credit Reporting Act allows a bankruptcy to remain on credit reports for up to 10 years, but the credit... CONTINUE READING
You work hard at your full-time job, so you figure you should be able to pay your rent and put food on your table. Guess again. Some people making minimum wage in Ohio, are not going to be able to rent a median two-bedroom apartment without heading toward bankruptcy. According to new research by the National Low Income Housing Coalition, you would have to make more than twi... CONTINUE READING
We may be past the worst days of the COVID-19 pandemic, but the financial hardships that it has caused for so many Ohioans continue. Debt collections after COVID-19 in Ohio are in full force for some. While some COVID-19 debt collection restrictions are still in place, others have subsided. If you a...
