If you are an Ohio resident struggling to deal with debt, you might be wondering how your neighbors are faring so well. According to a survey by GOBankingRates.com, the top source of debt for people in Ohio is mortgage debt, and residents of 41 other states also reported that mortgages are the biggest source of debt. People who reported stated that their av... CONTINUE READING
The Federal Reserve Board (FRB) keeps talking about raising interest rates, and if it does, it sets off a chain reaction of events affecting everything from how many people have a job to what they pay for groceries. If you have a credit card or savings account, are invested in stocks or bonds, invest in a 401(k), or you’re thinking about buying a home or car, changes in interest rates can cost or save you money. It’s important to understand why and act accordingly. What the Federal... CONTINUE READING
Good Debt vs. Bad Debt To manage your finances wisely, it's crucial to understand the difference between: Good Debt: Investments that can build wealth over time (e.g., student loans, business loans) Bad Debt: Spending on items that lose value, especially with high interest rates (e.g., excessive credit card use) Debt as a Financial Tool: Understanding When It's Good vs. Bad Debt ca... CONTINUE READING
If you’re self-employed and considering filing for bankruptcy in Ohio, you can file either a Chapter 7 or a Chapter 13 bankruptcy, just like anyone else. However, before you can file you need to complete a “means test” to determine and prove your average income for the prior six months. This requirement can be tricky for the self-employed. The skilled and seasoned Ohio bankruptcy attorneys at... CONTINUE READING
The holidays bring wonderful times with friends and family, but it’s all too easy to wind up in debt for the New Year. Well-meaning people often equate the spirit of the season with how much money they spend, but that mindset can lead to financial trouble. An annual national survey on holiday spending by the American Research Group found that the average planned spending for 2015 was $882, and tha... CONTINUE READING
Medical bills, like any unpaid debt, can do major damage to your finances and your credit score. Nearly 3 in 10 Americans, even those who had insurance, had an unpaid medical debt sent to a collection agency, according to a recent Consumer Reports survey. According to the National Consu... CONTINUE READING
When you find yourself swamped with bills you can’t pay, even if it’s not your fault, you are probably feeling embarrassed, depressed and hopeless -- but you’re not helpless. Even if you’re being harassed by a debt collector or faced with legal action, there are things you can do to help get back on track. 1. KNOW THE FACTS ABOUT YOUR CREDIT. You’re entitled to see the three credit reports from Equifax, Trans Union and Experian for free once a year. This will give you a pi... CONTINUE READING
What happens to your debts after you die? Do your debts die with you, or will your family wind up getting harassed by creditors and debt collectors? The answer is complicated, because when people die, their estate goes into probate, and the estate owes the debt. If there isn't enough money in the estate, it typically goes unpaid. But there are exceptions to this rule. It all depends on the circumstances. According to the Federal Trade Commission (FTC), family members usuall... CONTINUE READING
You’re getting married, and it’s wonderful to focus on celebrating your love; but are you also marrying your spouse’s past debts? You need to also think about what happens after the wedding so you don’t get stuck with debts you didn’t run up yourself and wind up with a negative credit score. Dealing with the issues now can strengthen your relationship so that debts don’t become a burden your marriage can’t survive. Money is one of the major issues that can cause conflict in a... CONTINUE READING
After bankruptcy, you want to fix your financial situation as quickly as possible. Bankruptcy can remain on your record for up to 10 years and may cause your FICO credit score to go down into the 400's. Still, there are steps you can take to rebuild your credit and increase your FICO score, and if you can get it to 650 or above, you will probably be eligible to apply for credit for vital purchases. The experienced bankruptcy attorneys at Fesenmyer Cousino Weinzimmer can help you find practic... CONTINUE READING
Debt keeps rising in the United States, especially in certain age brackets. If you’re wondering how your household debt stacks up against that of others in your age group, taking a quick look at the numbers can help you see where you stand on the national scale. The skilled and season...
