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January 2013 Archives

Experts predict Americans' credit card debt will increase in 2013

Some Wisconsin families may not be surprised to learn that the Federal Reserve Bank of New York issued a year-end report showing that Americans' credit card debt rose nearly $2 billion in the third quarter, despite the fact that total debt decreased by $74 billion. The primary reduction in overall debt came from a decrease in mortgage balances. However, as Americans are putting more money into paying off their homes, they are running up other debts. In addition to credit card debt, car loans increased by $18 billion, while student loan debt increased by $23 billion.

Southeast Wisconsin counties show fewer foreclosures in 2012

The housing market shows signs of slowly improving, as foreclosure filings declined for the third year in a row in 2012 in southeastern Wisconsin. According to court documents, filings dropped more than 2 percent from 2011, with about 10,500 foreclosures in seven counties. In some cases, Chapter 13 bankruptcy, which allows for debt reorganization, could have contributed to the decline.

Responsible credit card use for students

College students are increasing their credit card debt as the average student has about $2,500 in debt. Once students graduate, they struggle to pay back that money. They believe they can easily find a job when they finish school, but that may not be the case. A combination of factors, such as low salaries, costly living expenses and student loans, mean that the repayment of credit card debt can be put on the back burner.

Authorizing credit card users can avoid debt issues

For savvy credit card users, authorizing a child or spouse to use the card instead of opening their own account can help family members avoid credit card debt in the case of a death or bankruptcy. However, there are also pitfalls to this practice that both the authorized users and the original cardholder should take into consideration.

Contact Our Milwaukee Law Firm

Reach Miller & Miller Law, LLC, online or call us at 414-326-9231 to schedule a free initial consultation. Our law office also provides Spanish language services. Se habla español.

To schedule an initial consultation, call 414-326-9231 or contact Miller & Miller today.

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Milwaukee Office
633 W Wisconsin Ave, Suite 500
Milwaukee, WI 53203

Phone: 414-312-6581
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