Stress over out-of-control student loan debt is hard to escape. Past due notices in the mail. A phone that continuously rings. Routine internet searches displaying targeted ads that promote debt relief services.
If you struggle with burdensome medical debt, know that you are not alone in the struggle. With continuing challenges in the economy and the continually increasing costs of medical care, many Americans carry some degree of medical debt.
In our last post, we briefly described several common bankruptcy alternatives, including debt credit counseling and debt management. As we noted, credit counseling is sometimes done in connection with debt management, which can be beneficial to some debtors. It is important for debtors to realize, though, that debt management plans are not workable for every debtor’s situation, nor is debt management always the most beneficial form of debt relief for every debtor.
Bankruptcy is a serious step in the life of a struggling debtor. The implications of filing should not be blown out of proportion, of course, but they are significant. For this reason, it is important for debtors considering filing for bankruptcy relief to always consider the available alternatives.
Debt can be overwhelming and make life very stressful. If you find that your debt is surpassing your ability to manage it, you may be considering partnering with a debt settlement company to alleviate your financial woes.
Falling into debt is a common problem. First, simply making ends meet every month can be a challenge. But often people find themselves with steep debts caused by medical expenses, a divorce or the loss of a job. And eventually, these debts can have a devastating effect on both your long-term financial prospects and your emotional well-being.
Starting a business requires a generous amount of two things: time and money. While some startups strike it rich (Google),Forbes reports that 90% of startups never get off the ground. Sometimes a failed startup can merely sell off its inventory, shut down its website and hand in the office keys. Other times, a company may find itself in dire financial straits. When your company cannot meet payroll, has no way to pay its vendors and has no idea where to get more funds, it may be time consider declaring bankruptcy.
Those who find themselves in a position to begin considering the possibility of filing for bankruptcy are most likely well aware of what their credit score is, and the impact of credit score on one’s overall financial health. The reality is that one’s credit score does have an enormous affect on one’s financial life.
For struggling debtors, addressing the problem of burdensome debt can be a challenge, not only because of the lack of financial resources, but also because it can be confusing to determine the best way to deal with the debt itself. Certainly, bankruptcy can be an option if thing get bad enough, but bankruptcy is not something to take likely and it is better in some cases to work to avoid it.
As readers are well aware, the holiday season tends to put a dent in everybody’s pocketbook. For many people, a lot of the seasonal spending is put on credit cards. This isn’t necessarily a bad thing, of course, but indiscriminate use of credit cards can obviously result in mounting financial problems.