If you are like one of the many Wisconsin consumers who are currently dealing with overwhelming debt, you know how overwhelming this situation can be. From facing threats of foreclosure to fielding phone calls from creditors at all hours, being in debt can be stressful for every member of the family.
Now that we are well into the holiday season, people all across Wisconsin are scrambling to get many things done. There are events to attend, gifts to buy and trips to take. While the logistical complications of all these tasks can be hard enough, it is the financial obligations that come along with them that can put people over the edge.
Many Wisconsin residents have debt of some sort, whether it is mortgage debt, credit card debt, student loan debt or medical debt. But for some individuals, the debt spirals out of control and becomes unmanageable. When this happens, bankruptcy may be the only option.
In our last post, we discussed a U.S. 6th Circuit Court of Appeals decision that could afford consumers more rights when facing debt collectors. Essentially, the decision further tightened a Fair Debt Collection Practices Act requirement that debt collectors verify the legitimacy of the debt being sought.
The U.S. 6th Circuit Court of Appeals recently decided a case that could afford consumers more rights in debt collection cases under the Fair Debt Collection Practices Act (FDCPA).
Government officials are warning that many debt settlement companies are beginning to take advantage of Americans with hefty student loan debt.
Most people were overjoyed when they qualified for a mortgage and found out that their dream of owning a home was coming true. However, that dream can easily turn into a nightmare if mortgage payments become unmanageable.
According to a columnist with the Wall Street Journal’s MarketWatch, the Great Recession was the eventual result of wages for the middle class flattening out around 1980. In the years after, the middle class took on more debt to purchase homes, buy cars and make other purchases.
Even though it is against the law for so-called debt relief companies to charge consumers up front before providing any type of service, this is still happening in many areas of the country, including Wisconsin.
Debt negotiation is a popular option for Wisconsin residents who are facing debts that they can't afford to pay back. Ultimately, this process involves negotiating with a creditor to lower a debt amount.