Category Archives: Getting Out of Debt

Getting Credit Cards After Bankruptcy Easier Than Most Consumers Think

Filing for bankruptcy isn’t something to be taken lightly, but the consequences are not as dire as most consumers think. While many folks worry bankruptcy will be the end of their financial freedom, it could actually be a new beginning. Take unsecured credit offers, for example. It’s a commonly held belief that it will be… Read More »

Credit Card Debt, Student Debt Keeping Younger Generations From Building Wealth

Even though the average wealth of U.S. consumers is on the rise, younger generations of Americans are actually becoming less wealthy. How is that possible? While incomes are finally starting to pick up, workers are saving less – particularly younger workers. According to the New York Times, a recent study found that people under 40… Read More »

Fewer Consumers in Debt, But Those Who Are Have Fallen Deeper in Debt

The good news is that fewer Americans are in debt. The bad news? Those of us with debts owe more than ever. According to new Census Bureau data, the percentage of U.S. households with debt fell to 69 percent in 2011 from 74 percent in 2000. However, households that did carry debt owed 40 percent… Read More »

Forgiven But Not Forgotten: IRS Considers Forgiven Debt As Taxable Income

There are many reasons why bankruptcy may be a better solution to overwhelming debts than debt settlement. And here’s another one: tax savings. Millions of Americans unable to pay credit card debt and other large debts turn to debt settlement each year. But while creditors may agree to discount your debt, that doesn’t mean you’ve… Read More »

New Credit Score System Could Improve Credit for Struggling Consumers

Traditional credit scoring methods such as FICO have long confused consumers. On the one hand, carrying too much debt will hurt your score – even if you can manage to pay it off. On the other hand, not having enough debt also leads to a low score. Now a new credit score system could make… Read More »