Michigan residents may be aware of reports stating that the majority of bankruptcy filings stem from medical debts. In many cases, medical debt is brought about by emergencies such as car accidents and/or unanticipated and unavoidable surgical procedures. When those medical debts are handed over for collections, many people work very hard at getting them paid off over time. However, realizing that the record of the debts in collections will remain on your credit history -- even if settled in full -- may be demoralizing.
Michigan medical debt can be misunderstood
Although medical debt is often unanticipated and out of the control of the patient, bills still arrive and have to be paid. Medical debt remains a significant concern for many residents of Michigan who have to face the consequences of their medical treatment while trying to recuperate. There are some misconceptions about medical debt that may adversely affect consumers.
How can I avoid foreclosure if I am falling behind in payments?
Michigan consumers who are having trouble keeping their mortgage payments current may experience anxiety over losing their home and how this will affect their families. The best way to tackle such a dilemma is to be proactive. As soon as you fall behind with mortgage payments, you may want to explore the different ways to resolve the issue. Many consumers choose to obtain the services of a foreclosure attorney who will be able to explain the different options, and after assessing your unique situation, he or she will suggest a way to proceed.
Credit card debt? FICO 9 may positively affect your credit score
Michigan consumers may be aware of the imminent changes to the grading requirements of FICO that allocates credit scores to consumers. There are three significant changes that may be to the advantage of many consumers. However, it will not solve credit card debt issues, and consumers may want to continue sensible credit card use.
Warning about Michigan scam that leads to more credit card debt
Every now and then, the financial stability of consumers is threatened by scammers who aim to separate consumers from their hard earned money. The Better Business Bureau issued a recent warning to Michigan consumers in Michiana after a consumer reported a new scam. Anything that sounds too good to be true is probably is just that and could bring about unanticipated credit card debt.
