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Posts tagged "consumer debt"

Is increased credit card debt good for the economy?

Washington residents may be surprised to learn that, on average, credit card debt for American households is $15,611 for those households who have debt, while the Federal Reserve and other government sources indicate statistics show a balance of $7,283 for the average household's credit card indebtedness.

Should you choose a debt consolidation mortgage?

If you are considering consolidating your credit cards and related debt into another mortgage, you might want to think twice. Experts say that although credit card debt may be addressed by debt consolidation mortgages, the terms have become far more conservative in recent years. Washington residents should know that lenders are now requiring homeowners to maintain as much as 20 percent of the equity in their homes before cashing out the mortgage.

Why so many people are weighed down by credit card debt

Those no-good credit card companies -- they are always trying to cause problems for borrowers through nefarious and underhanded tactics. Many Washington residents who are suffering under the burden of credit card debt may have gotten into their current situation through little fault of their own. One of the main culprits: the pre-approved credit offers that tempt them into spending too much.

Overall credit card debt has dropped nationwide since 2013

Credit card debt among American households has dropped since 2013, with the average consumer carrying about $3,600 in debt during the first quarter of this year. However, some states have seen consumer balances rising again, with borrowers once again making big purchases on their lines of credit. Although it does not appear that Washington residents are carrying higher amounts of credit card debt, some other regions may be cruising for more financial difficulties because of their high individual rates.

Are you required to pay your parents' debt after their death?

Are you responsible for the debts of your parents? For many adult children who inherit their parents' estates, this can be a real concern. Financial experts say that there may be less danger than you think -- in most cases, a Washington estate is responsible for paying its own debt. In other words, it is rare for the debt to be passed on to the next generation; that only happens when certain conditions are met.

Ashamed of your credit card debt? You're not alone

Did you know that most Americans are more embarrassed about their credit card debt than their weight? A new poll from the National Foundation for Credit Counseling suggests that many Washington residents are bashful about their credit score. In fact, about one in three people say their amount of credit card debt is more embarrassing than their weight, bank balance or credit score. To be fair, there may be a good reason; nationwide, the average household carries about $15,000 in credit card debt.

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.

How do you know whether debt discharge is the right choice?

Washington residents may not always know whether they should seek bankruptcy protection. When is debt discharge preferable to attempting an individual fix? Although bankruptcy is often unfairly stigmatized, it can be a good solution for those facing overwhelming consumer debt. Bankruptcy exists for a reason, and it is designed to help those Washingtonians who are truly in need of debt relief.

Dishonesty over debt leads to bankruptcy rejection

For most people filing personal and business bankruptcy, a general court proceeding is all they need to discharge years of damaging debt and begin rebuilding their credit. In some cases, though, debt is not so easily excused, especially if the filer is accused of criminal financial acts. One Illinois man is facing a bleak situation after his bankruptcy was effectively negated to promote creditor protection in his case.

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