Michigan families find themselves in credit card debt for a variety of reasons. Impulse buying, unexpected emergencies and overspending on vacation are just a few of the reasons that a family may begin developing credit card debt. Dual incomes no longer shelter families from credit card debt due to rising college tuition costs, health insurance expenses and recession repercussions. Recently, a certified financial planner evaluated four dual-income families and their financial strategies.
The foreclosure fight adds an Ann Arbor software firm
A foreclosure is one of the greatest fears that a homeowner in Michigan faces in today's economy. The loss of a home due to a foreclosure can be a devastating moment, and many families have a difficult time recovering from it. An Ann Arbor-based company is joining the fight against foreclosures by developing a software platform that may revolutionize the loan modification process.
Data suggests consumers wary of credit card debt
Recently released data suggests that consumers in Michigan and beyond are tightening their belts and making wiser decisions concerning the use of credit. In August, U.S. consumer debt grew $13.6 billion. However, the majority of that debt was taken on in the form of government-backed student loans. Consumer debt, such as credit card debt, does not appear to have played a significant role in the increase.
Helpful chapter 7 program may forgive Michigan student loans
Being in debt can absolutely take its toll. Having thousands of dollars in student loans can easily be a burden on someone who is trying to become debt free. Michigan residents may be happy to know that if bankruptcy is on their mind because of student loans there may be hope for loan forgiveness thanks to a program with chapter 7 bankruptcies.
