Practical guidance on debt, bankruptcy, and the financial decisions that matter most. Written by OVLG attorneys.
One of the average debtor’s greatest fears is that they will lose all of their treasured possessions along with their home and car simply because their financial situation has led them to face the possibility of Chapter 7 bankruptcy. However, this is not the case. In the United States, Federal law controls most of the laws dealing with any type of bankruptcy, ...
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Did you know, on an average, each American has a credit card debt of around $8,000? And this burden is growing bigger in every minute. Life is very frustrating once you are knee deep in debt. So, how to get out of this problem? Some may say that bankruptcy is the best way out of debt while others may say that consolidating debt is a better option. Or should you go for ...
Read moreThe executive director of the U.S. Organization for Bankruptcy Alternatives, the Houston-based trade group representing the debt settlement industry, said that, debt settlement has helped many people become solvent and come out of debts, who might otherwise have filed for bankruptcy during their financial crisis with no other alternatives. Debt settlement companies ...
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Do not consolidate credit card debt with a home equity loan/line. It can be tempting --- the rates are usually lower, and the interest may be tax deductible. However, home equity loans are secured debt, while credit card debts are usually unsecured. If you do not pay an unsecured debt - you have a bad credit rating. That is not good, but it is not permanent. If you do ...
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As with any other problem or addiction, the first step towards curing credit card debt problems is simply admitting that they do exist. Even if the debt is the result of a situation beyond ones control, such as an illness, job loss, divorce, or other crisis, one still needs to admit that he is in trouble before actually it can be resolved. This is however, the first ...
Read more1. If you fail to pay your credit card bills, what are the consequences and how long will your credit score be affected.If one fails to pay their credit card bills, the lenders will report the payments to the major consumer Credit bureaus like Experian, Equifax, and Trans Union. After 5 to 6 months, debts are discharged, but that does not mean that the debtor does not ...
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Credit cards can prove to be of great help during financial crisis, but if used in the wrong way can put anyone into a never ending distress in terms of credit rating. The Colorado society of CPA’s highlights the most common credit card mistakes and how to avoid them. 1. Credit card terms and rates change very frequently, so it is a must for the debtor to keep a ...
Read moreA news report suggests that there is a decline in the charge off on credit card debts, but the rate of people with more than 30 days overdue are increasing day by day. A financial recovery is required as the nation is suffering from a shaky economic balance. One of the reason being the rising level of unemployment which had led to the high and still rising cause of ...
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