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Debt relief Archives

Be wary of debt relief scams warns Senator Lassa

Getting into debt is something that usually doesn't take a considerable amount of time. For most people, getting out of that debt, though, is going to take time. Consumers who are in debt are usually willing to try a variety of options to pare down those debts, but some of the methods offered by companies aren't actually going to help at all. One Wisconsin Senator is warning consumers to be on the lookout for scam artists who are trying to make a quick dime off of your desire to get out of debt quickly.

Tips for avoiding debt

In spite of people's efforts to reduce their debt after the financial crisis in 2008, it is not uncommon for Wisconsin residents to struggle with what they owe. According to information from the Federal Reserve, Americans now owe $3 trillion in outstanding consumer debt. Additionally, American households with at least one credit card carry $15,950 in revolving debt. With an interest rate just shy of 19 percent and only making minimum payments, this amount alone could take a household up to 30 years to pay off.

Bankruptcy of energy company left some creditors with huge losses

Investors in Wisconsin and around the nation are taking note of the ongoing negotiations in the high profile bankruptcy of Energy Future Holdings Corporation. The company is currently in talks with its creditors in an attempt to reach an agreement that will determine how much money they will receive in the bankruptcy settlement.

Debt collectors in Wisconsin engaging in shady practices

Residents of Wisconsin are being warned that some debt collectors are going over the line in their collection tactics and may even be breaking the law in some cases. While personal bankruptcy is an option for those who are struggling with debt, many individuals will attempt to work with creditors first to pay off their debts. However, if creditors are not following the law, people may end up being harassed or feeling forced to pay a debt they do not owe.

Debt managment for 30 to 40-year-olds

The Census Bureau reports that adults who are 35 to 44 years old have 25 percent more household debt than the next closest age range. For more and more thirty-somethings, student loans make up a sizeable portion of that debt and compete with other financial obligations such as buying and maintaining a home or building a family. With the average student loan debt now approaching $30,000, Wisconsin residents who are having difficulty balancing their competing financial priorities may be interested in some helpful hints.

Medical debt is the top cause of bankruptcy

Wisconsin residents may be aware that medical debt is the leading cause of bankruptcy in the United States. According to a recent study by NerdWallet Health that used data from multiple sources that included the U.S. Census and the Centers for Disease Control, a total of 1.7 million people will declare personal bankruptcy this year because of debts related to medical expenses, accounting for about 60 percent of all bankruptcy filings. An estimated 56 million people will struggle with medical payments, 15 million people will empty their savings accounts to pay off medical debt, 11 million will use credit cards to pay and 10 million will have problems paying for basic necessities because of medical bills. The use of credit cards to pay for medical bills often accelerates the accumulation of debt because of their relatively high interest rates.

People who have been foreclosed upon may still owe money

Wisconsin residents who have had their homes foreclosed upon may think that their nightmare is over, but deficiency judgments can be brought against people years after their home has been repossessed. If a home is foreclosed upon, the bank may not be able to sell the home for enough money to cover what was owed on the mortgage. This amount, along with interest, is a deficiency balance. Unless an individual files for personal bankruptcy, the balance owed may follow them and even result in garnished wages.

Error detected in credit rating system

Wisconsin residents who negotiated short sales with their mortgage lenders may be unknowingly suffering a greater negative impact to their credit profile than they initially anticipated. A recent inquiry has revealed that the current credit rating system is unable to distinguish between short sale and foreclosure. Because the system does not include a distinct code for short sales, short sales are often coded as foreclosures.

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