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June 2014 Archives

Beware of unsuspected medical debt damaging credit scores

Michigan residents may be interested to learn that failure to pay medical debt can negatively affect their credit reports without them even being aware of the debt. Because medical debt is not like a loan where an individual knows in advance what his or her commitment will be, it is quite possible for an unsuspecting patient to be unaware of separate amounts that are charged. A man in another state recently related his predicament when he applied for a credit card, responding to a zero percent interest offer. The application was declined because of an outstanding medical debt that dated back to 2012.

Shopping mall bankruptcy converted from Chapter 13 to Chapter 7

A dormant Michigan shopping center, The Village at Knapp’s Crossing in Grand Rapids, filed for Chapter 13 bankruptcy 10 months ago. However, the owner of the property failed to draft a reorganization plan to the court’s satisfaction, and the judge converted the application to a Chapter 7 bankruptcy. The development was intended to be the area’s first lifestyle shopping complex, but reportedly failed from the start.

Overwhelming credit card debt? Debt settlement may offer way out

Michigan consumers with mounting debt may not know how to resolve the situation. Those with overwhelming credit card debt may want to consider negotiating debt settlement with their creditors. The services of companies offering to arrange settlements are available, but the fees for the service is typically substantial, and positive results are not guaranteed.

Medical debt arrears may negatively impact credit scores

Michigan consumers may be aware that research suggests that one in every three Americans is having difficulties in paying medical debts. With medical debt in collections affecting credit scores, many consumers find it almost impossible to secure loans, or credit for buying large items such as cars. Even once medical debt is settled, if it was in collections, it still has a negative effect on an individual’s credit score.

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