Credit cards may be used for a variety of different reasons. Some people use credit cards to build credit and help get better rates on loans for larger items after they have a higher credit score. Others use credit cards as a way to supplement income to buy things that are needed or wanted. Unless credit cards are used in smart ways, many people find themselves buried with credit card debt, and being harassed by a credit card company for money they cannot pay.
When a person finds themselves with debts that cannot be paid by the assets and money they currently have, they may choose to file for bankruptcy to give them a chance to start over. Filing for bankruptcy may help a person in Oregon to recover financially and avoid negative contact with creditors. At times, the person may not have control over the circumstances that created their financial challenges.
When a company ends up with debts that they are unable to pay, they may choose the option of filing for bankruptcy. Although filing for bankruptcy in Oregon may cause the company to close, it could provide relief from debt and stop creditors from pursuing the company for money owed to them. Bankruptcy can also give a corporation a chance to shed some extra debts and get back to a profitable situation.
Many people in Oregon know what it's like to have credit card debt. When you don't have to pay for an expense right away, it can be easy to let debt build up. When this happens, you may end up facing a huge bill at the end of the month. If this happens month after month, you could be stuck under a mountain of debt unsure of how to pay it off -- especially if you have other debts to settle. Fortunately, a recent article in Forbes offers a few tips on using credit cards and paying down debt.
Last week, singer Dionne Warwick -- who has won five Grammy Awards in her lifetime -- filed for Chapter 7 bankruptcy. Although the 72-year-old makes at least $15,000 a month, her bankruptcy filing shows that she spends almost as much as she earns. In addition, she is nine years behind on taxes.
Imagine that you're in a serious car accident and need emergency medical care. After getting treatment the day of the crash, your doctor tells you you'll need surgery to completely recover. After undergoing surgery, you need to go in for a follow-up visit to make sure everything is healing properly. As you're finally starting to feel better, your first medical bill comes in the mail. Depending on your health insurance plan, an ambulance ride and treatment in the emergency department could cost you thousands of dollars -- and this is only your first bill.
As we've discussed in previous blog posts, credit card debt is an issue that plagues people - -young and old -- across Oregon and throughout the country. While some people are able to at least make minimum payments to keep creditors off their backs, others simply cannot. When this happens, however, creditors are likely to come calling. And this could mean you end up facing a lawsuit. Should this happen to you, it's important to know how to handle it, and a recent article from Fox Business offers a few tips.
We all know that our country is plagued by student debt. Many people in Oregon have racked up tens of thousands of dollars in loans that must be paid back. Unfortunately, even when the debt has become too much to bear, these people most often do not have the option of filing for bankruptcy to find relief. However, there may be a solution on the horizon.
Many people in Oregon and throughout the U.S. are saddled with medical debt and know what a burden it can be. The cost of health care is extremely high and even if you have good insurance, you can be left to pay thousands of dollars out of pocket. So how can you prevent this from happening again or for the first time?
Two weeks ago, we posted about the trouble recent graduates in Oregon and elsewhere can find themselves in if they are not careful with their credit cards. Getting into substantial debt when you're young can mean years of trying to work your way out of it, but what happens if you're close to retirement and still have thousands in credit card debt?