Category Archives: Bankruptcy
Large Debts and Bad Credit Preventing More Americans from Buying Homes
Home prices are low, mortgage rates have hit rock bottom – and yet owning a home is more out of reach than ever for a growing number of Americans. Why? Chalk it up to all that debt we carry. Last year, the average credit card debt for a U.S. household was $7,194. However, if you… Read More »
For Borrowers Relentlessly Hounded by Debt Collectors, Bankruptcy Can Bring Peace and Quiet
Falling behind on debt payments is stressful enough as it is. But for all too many borrowers, the situation is made even worse by harassing debt collectors. Collection agencies are paid by creditors to help persuade delinquent borrowers to pay up. For their work, they often receive a fee or percentage of any repaid debt…. Read More »
As College Costs Rise, More Borrowers Delay Student Loan Payments on Growing Debts
More than half of student loans in the U.S. are going unpaid due to financial hardship, according to recent data. As of last spring, 51 percent of education loans were in deferment or forbearance – periods in which borrowers are able to temporarily delay payments during times of unemployment, underemployment or other financial difficulty. As… Read More »
Credit Card Debt Making Retirement Savings Impossible for Growing Number of Americans
Americans are scrambling to find money to pay the bills – and for some, that now means dipping into retirement savings. According to a new study by HelloWallet, one in four consumers have raided a 401k to help cover a mortgage or credit card payment. But while cashing in that IRA early may seem like… Read More »
New Rules Mandate Banks Must Do More to Help Troubled Homeowners Avoid Foreclosure
Homeowners struggling to stay current on mortgage payments may soon have an unlikely ally: big banks. Last week, the Consumer Financial Protection Bureau debuted a new set of rules requiring U.S. banks to start evaluating defaulting borrowers for all possible loan assistance options, from programs available via mortgage giants Freddie Mac and Fannie Mae to… Read More »