If you are struggling with credit card debt in central Oregon, understanding how the interest rates and minimum payments affect the amount you owe can help you to determine the best way to pay it off. The Credit Card Accountability Responsibility and Disclosure Act of 2009, or CARD act, was passed to protect you from unfair practices from the credit card company, but the interest rate on your credit card can still be raised in two ways.
July 2015 Archives
Debt consolidation can help some people in Oregon to combine all their debts into one manageable monthly payment. One common method of consolidating debt is through a home equity loan. This method is helpful to those who have good credit and plenty of collateral. However, taking on more debt is a temptation to many who have more income at their disposal as a result of this type of debt relief. In addition, even if a person is able to pay off all debts with a single loan, the length of time required to pay the new debt is usually much longer than that of the original loans.
Recent federal legislation protects you from having hospital bills from Oregon or another state added to your credit report for six months. However, those debts can still be sent to collections if you do not pay them in full by the date specified, even if you are making regular payments. Unpaid medical debts damage your credit and remain on your report for seven years, even after you pay them off. To stop the process before your credit report is affected, you should know what your rights are when dealing with collection agencies attempting to collect on unpaid medical bills.
When people fall on hard times, as many did during the recent recession, financial challenges often lead to debts that are not easily overcome. The sudden loss of an income or a workplace injury can leave a person with no recourse to pay creditors. Although the country is reportedly moving past the economic crisis, across the nation, states have not recovered equally. Based on data gathered on living expenses and employment, Oregon is number two on the top 10 list for worst places in the United States to make a living.
Most people in Oregon may believe that student loan debt is not dischargeable in a bankruptcy. However, the U.S. Department of Education does provide an option for student loan debt relief in some extremely rare cases. These involve situations where the repayment of the loan would constitute an undue hardship on the borrower and dependents of the borrower.