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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.

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.

You can get a credit card even after seeking debt relief

If you are facing a significant amount of debt, you may wonder whether you will ever qualify for a credit card in the future. Many experts say that those who have sought debt relief in the past actually may be surprised at the variety of cards they may actually be eligible to use. Although your debt load is important when describing your financial challenges, it is not the end-all when it comes to deciding your credit future.

Debt relief may be slow in coming for Washington slide victims

What would your finances look like in the wake of a serious natural disaster? That is the question that scores of Washington residents are now facing, after they suffered major property losses because of the Snohomish County mudslide. Although one community bank is offering debt relief by canceling uninsured debts, larger financial institutions are not being so generous. The Coastal Community Bank has pledged to help patrons whose insurance will not help with their property loss woes. Questions still abound for others who did not use Coastal as their lending institution.

Creditor harassment easier in the digital age

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.

Is debt relief for homeowners a thing of the past?

Did you know that forgiven debt - including that related to mortgages - can be considered income and taxed by the Internal Revenue Service? In recent years, struggling homeowners have been provided with a tax break that could save them from additional charges related to forgiven debt, but that program apparently expired shortly before the new year. Now, some Washington residents could find themselves in significant financial trouble even after seeking debt relief for their mortgage woes.

Debt relief needed for young, overtaxed families

Scores of young Americans are suffering from financial burdens including student loan debt, mortgage and car loans, and even overdue medical expenses. Even though the economy appears to be on the upswing, it can still be difficult for young Washington residents to make ends meet, especially when they have been spending above their means. For these individuals and families, debt relief is a critical topic that can make the difference between a bright future and one fraught with financial instability.

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