Many people do not realize how crippling debt can be until they find themselves dodging phone calls from creditors and ignoring electronic and snail mail demand notices. There is even a misconception that individuals who cannot pay their financial obligations are irresponsible and living beyond their means. While that may be true for some, debt is a significant problem for many Metro Detroit and Ann Arbor households.
Many Michigan residents fall into inescapable debt when they use their credit cards to cover basic expenses after suffering a financial setback. According to the U.S. Federal Reserve, revolving debt in the United States increased by 1.5 percent to $1.037 trillion in July despite a thriving economy and historically low unemployment figures. Consumers sometimes take out payday loans or let their credit card accounts fall into arrears when money is tight, but experts warn that doing so can have dire financial consequences.
There are many ways in which Michigan residents can choose to defend themselves against a criminal charge. In some cases, it can be best to tell the truth and hope that the jury is sympathetic to that person's story. Of course, it is generally not in an individual's best interest to lie. Therefore, any story told to a jury must be based on the facts in the case.
Parents in Michigan who are delinquent in paying child support may find it difficult to obtain a loan to purchase a home. Delinquent child support is classified as a derogatory credit event and can lower the likelihood of getting approved for a loan. However, there are ways parents can address their overdue child support to get a loan.
For Michigan consumers who are struggling to pay their credit card debts, it can feel impossible to catch up. In some cases, the balances outstanding are simply too high to pay down, and the cardholder might want to pursue debt settlement. Settling credit card debts is a legitimate process, but there are potential downsides that the cardholder should consider.