Some Common Questions About Marriage and Bankruptcy Bankruptcy comes with a lot of myths, and some of the biggest involve how it might affect your spouse. Here are some answers to think about in the case of couples who are considering bankruptcy and are not separated or divorced: Do both spouses have to file for [...]
Archive of posts filed under the Credit category.
Bankruptcy vs. Credit Counseling
If you’ve considered alternatives to bankruptcy, you may be confused about the credit counseling option. Credit counseling can be a great resource. The right non-profit organization can offer you invaluable help in managing your budget, setting realistic spending goals, and paying off debts responsibly. Unfortunately, though, most people don’t get credit counseling early enough to [...]
Voting on the Economy in Tennessee
Well, Super Tuesday is over, and as you probably know by now Rick Santorum won the Tennessee primary. Exit polls from The Associated Press report that voters based their decisions first and foremost on the economy. Even with recent fights over foreign policy and social issues, the state of the nation’s finances still have center [...]
The Danger of Cash Back Credit Card Rewards
Cash back rewards look awesome from a distance. On television, credit card companies show you how – if you use their card – you will receive free money and soon be swimming in dollar bills. But of course they don’t tell you some of the dangers of using cards that offer cash back rewards. First, [...]
One Way Out of Student Debt
Student: Did you know that you can live off of student loans? Professor: No, you can’t. Student: Yeah. All you do is just keep going back to school, and they’ll pay for everything. Professor: But eventually you’ll have to pay them back. Student: Not if you die. Overheard in Louisiana (from overheardeverywhere.com) Related PostsIf I [...]
Credit Unions – What are they and what do they offer?
In recent weeks, banks like Bank of America have announced new fees, including charging for debit card use. The charges generally affect those people who don’t keep large balances in their accounts. In other words, the fees hit lower-income individuals the hardest. In response to these changes, a lot of people have begun talking about [...]
What Is Arrearage?
Transcript: What Is Arrearage? Well arrearage is just simply a term that means the amount of your mortgage that’s in default, and that just means the amount of unpaid mortgage payments. Let’s say that you had a mortgage payment of $1,000 a month, and you had missed three months of payments. Well, your arrearage is [...]
Memphis Poorest City in America (And What You Can Do)
In case you haven’t seen this news, Memphis now ranks as the poorest large metro area in the nation by far, according to new census figures. Our poverty rate is at 19.1%. That’s 246,265 people living below the poverty line of (approximately) $22,100 for a family of four. In particular, rates of poverty skyrocket for [...]
College Graduation, But Then Bankruptcy
The Institute for Financial Literacy recently uncovered a new, fast-growing group of bankruptcy clients: college graduates. According to The Washington Post, the Institute’s report reflects changes in consumer debt. Bankruptcy clients are increasingly more educated and seemingly well-off. They have bachelor’s degrees and live in affluent neighborhoods, but with the crushing costs of student debt [...]
Could Student Debtors Find Relief?
Currently both houses of Congress have legislation pending that might affect the student loan community, including one bill sponsored by Memphis area Representative Steve Cohen. These new laws working their way through Congress would allow you to discharge overwhelming private school loans through bankruptcy. Up until bankruptcy laws changed in 2005, privately-backed student loans were [...]
