You can run, but you can't hide -- from debt collectors, that is. With the advent of high-tech computer systems, creditors are more likely than ever to have almost instant access to information about Washington borrowers. Used correctly, this information can help establish a positive working relationship between borrower and lender. However, some companies abuse the information and cross into the realm of creditor harassment. Borrowers who are facing financial challenges may not realize that creditors have access to such a vast amount of information. Much of that data is provided by the consumers themselves.
Filing bankruptcy with only modest amounts of debt
Washington residents who are facing financial problems may wonder if bankruptcy is the right option for them. In some cases, Chapter 7 bankruptcy may provide an important fresh start for consumers who are wanting to stop creditor harassment. One woman asks whether she should consider filing for Chapter 7 bankruptcy if she is facing $12,000 in debt and a job loss.
Debt relief may be coming for victims of student loan fraud
Washington residents may believe that trade school is the answer to their financial woes. Individuals throughout the country say that they have sought assistance from cosmetology schools and other establishments, all in the hopes of pursuing a more lucrative career after graduating. However, scores of those students never even set foot in a classroom. The reason: The institutions they paid to attend shuttered their doors, making off with thousands in student loan money. Now, victims of this fraud are suffering and in need of debt relief -- all because they were duped by unscrupulous con artists.
Credit card debt builds when used as 'emergency fund' alternative
What would happen to your finances if emergency struck? If you said you would rely on credit cards to save the day, you are not alone; a growing number of Washington residents and other Americans are relying on credit to help out in the event of a major problem. Although amassing more credit card debt in the wake of an emergency may not seem like such a big deal, experts say that the practice can be detrimental to financial health.
