Category Archives: Getting Out of Debt

Despite Common Belief, Many Debt Plagued Homeowners Can File for Chapter 7 Bankruptcy

For thousands of deeply indebted Americans, Chapter 7 bankruptcy has been a saving grace. But thousands more consumers are missing out on the opportunity for a fresh start because they mistakenly believe they can’t file for Chapter 7 due to their status as homeowners. It’s a common myth that homeowners must file Chapter 13 bankruptcy… Read More »

Credit Card Debt Exceeds Savings for an Increasing Number of Americans

It looks like 2013 may be the year the U.S. economy finally regains some strength. Unfortunately, the same probably can’t be said for consumer finances. Nearly one quarter of Americans have credit card debts that exceed their savings, according to new data from Just 55 percent of those surveyed had more savings than debt…. Read More »

Crushing Credit Card Debt Causing More Workers to Postpone Retirement

Traditionally, the stereotype of a consumer with too much credit card debt has involved a young person – perhaps a recent college graduate with student loans or a young couple with a mortgage. But new data suggests that older Americans are struggling just as much – and sometimes more – than their children and grandchildren…. Read More »

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 »

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 »