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Credit card debt can become an inescapable trap

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...

Debt settlement has costs

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...

Credit card debt forgiveness is rarely a panacea

Credit card debt forgiveness may seem like an attractive option to Michigan residents who are struggling financially, but they may find that pursuing this course of action is futile because debt collectors expect a sizeable upfront payment before agreeing to forgive...

Credit card delinquency rate rises worryingly

Many consumers in Michigan and around the country are having difficulty meeting their financial obligations despite low unemployment, rising wages and sustained economic growth according to figures from the Federal Reserve Bank of St. Louis. The bank says that the...

Bankruptcies increase among elderly Americans

An increasing number of elderly people in Michigan and across the United States are filing for bankruptcy, especially as wealth inequality continues to deepen. Several studies have indicated that older Americans are suffering from escalating financial problems....

Obtaining a car loan during bankruptcy

Michigan residents who have filed for bankruptcy may be able to get a car loan after doing so. Those who have filed for Chapter 13 bankruptcy could be allowed to take on an auto loan during the course of their repayment period. Most who are seeking a car loan during...

Tax debts and bankruptcy

Some Michigan consumers who feel overwhelmed by their financial obligations might consider filing for bankruptcy. Most types of unsecured debt can be discharge, but people should be aware that most tax liabilities cannot be. Generally, it is not possible for a person...