Category Archives: Bankruptcy
For Young Americans Trapped Under Crushing Credit Card Debt, Bankruptcy Can Be Saving Grace
Youth isn’t always what it’s cracked up to be, at least not these days. According to a recent study, U.S. consumers in their 20s and 30s have more credit card debt than any age group. Not only that, but they’re also slower to pay off debt and more likely to ultimately die in debt when… Read More »
Homeowners Rushing to Refinance Mortgages Often Overlook Drawbacks
With mortgage rates hovering at record lows, many homeowners are scrambling to lock in savings by refinancing – in some cases, multiple times. According to new data, nearly 2.2 million homeowners have refinanced a mortgage at least twice since 2009. Many of these borrowers are being lured in by lenders offering to waive some or… Read More »
New Foreclosure Settlement to Distribute $8.5 Billion to Millions of Eligible Borrowers
For the second time in two years, U.S. banks have agreed to pay a major settlement to homeowners who were improperly foreclosed upon. As to whether it will be more effective than the first agreement, only time will tell. USA Today reports that 10 of the nation’s largest banks claim they will shell out $8.5… Read More »
As Paychecks Shrink and Debts Grow, Bankruptcy Becomes a Viable Solution for More Americans
Lawmakers may have stopped us from going over the dreaded fiscal cliff, but the deal reached on Jan. 1 isn’t a perfect solution. The agreement hammered out just in the nick of time will extend many tax cuts that were set to expire this year, from the Mortgage Forgiveness Debt Relief Act of 2007 to… Read More »
Household Debt Hits New Low, But Expiring Tax Cuts Could Obliterate Savings
U.S. consumers had more money in their pockets this year. Unfortunately, those fatter wallets may not last long. The household debt service ratio, which looks at the amount of mortgage and consumer debt in relation to disposable personal income, fell to its lowest level since 1983 – nearly 30 years ago – in the third… Read More »