It is reported that a third of American adults have unpaid medical debts that are causing financial anxiety. Michigan residents who are desperate to find a way to manage medical debt may find comfort in knowing that there are ways to go about obtaining possible reduction in charges or extended payment periods. It is interesting to note that it is not only uninsured people experiencing overwhelming medical debt, but also those who have medical insurance.
New rule may save heirs from facing foreclosure of family home
When the loved one of a Michigan family dies, the anxiety of the family could be escalated by the complicated process of passing the property to its heirs. Family members who have had no prior business dealings with the mortgage provider may experience difficulties with the transfer of the property. As a result, surviving family members often lose their homes or face foreclosure.
Chapter 13 bankruptcy may resolve a desperate financial situation
Michigan consumers may agree that most individuals face periods of financial difficulty at some stage of their lives. There are those who manage to minimize the damage by effective debt management or even selling personal assets to free up some funds. However, others end up desperate and despondent when their finances seem to be in a continuous downward spiral. This may be an opportune time to consider the protection offered by Chapter 13 or Chapter 7 bankruptcy.
Improved credit score may positively affect credit card debt
Michigan consumers who are considering applying for credit, such as a mortgage or other loans, will likely realize the importance of a high credit score. There are various ways to improve one’s credit score, though understanding the process is essential. Going about it the wrong way could actually damage the credit score. Care should also be taken to maintain manageable credit card debt while working on increasing the score. A high credit score may ensure better interest rates on loans.
