 With the struggling economy, many people are finding themselves deep in credit card debt. Therefore, consumers are forced to turn to debt consolidation in order to get control of their finances. However, before a person decides to consolidate their credit card debt, they need to be aware of the credit... |
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Living with debt is by no means easy. There’s the constant concern of living paycheck to paycheck and the never ending issue of covering monthly bills and living expenses. While most of us pride ourselves on being self-sufficient, it’s hard to ignore that we all sometimes live well beyond our means.... |
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On October 17, 2005 Congress implemented the new legislation colloquially referred to as the “new bankruptcy law”. Under this law, filing for bankruptcy protection through Chapter 7 became much more difficult for people in Colorado and across the nation. Under the new provisions, in order to declare, one must first take a 90 minute required credit counseling session to see if other bankruptcy alternatives exist that can help. If not and one hopes to file Chapter 7, he or she must first compare their income with the median income of the state. If they fall below it, they can proceed with filing Chapter 7. If not, however, they will have to pass the bankruptcy means test in order to be eligible. To gauge whether you will be eligible you should always consult with a bankruptcy attorney, but to get a rough idea, here are the median income statistics for Colorado: 2-person families: 60,577 3-person families: 64,883 4-person families: 75,775 5-person families: 66,558 6-person families: 64,703 7-or-more-person families: 62,354 Considering how much damage having a bankruptcy on your credit report can be, it rarely makes sense to declare, but it makes even less sense if you are going to forced to pay the debt off through Chapter 13 while taking the same credit hit. Because of these changes many people in Colorado have begun turning to debt management options like consumer credit counseling or debt settlement. Both are great choices for people who are overextended, but are not knocked out and are committed to getting out of debt. To get matched with a debt service simply fill out a form today! If you would like to learn more about the debt issues pertinent to Colorado, feel free to browse these resources: Colorado Consumer Credit Counseling Services Colorado Bankruptcy Laws Colorado Debt Collection Colorado Bankruptcy Statistics 2004: 27,383 2005: 42,173 2006: 9,544 Colorado is another state that saw a huge difference in the number of people filing bankruptcy between 2005 and 2006. When it was all said and done, 32,629 less people claimed Chapter 7 & 13 bankruptcy in 2006 than in 2005, which adds up to a 77.3% decrease. Much to the dismay of overextended consumers, people in need of legitimate relief are being forced into Chapter 13 reorganization bankruptcy plans, where their disposable income is turned over the courts for up to five years. As a result of these tough changes more consumers in Colorado are turning to debt negotiation and consumer credit counseling agencies for help. |
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Credit is a useful tool and when handled responsibly allows us to obtain credit cards, loans for homes, cars and other big ticket items. The better we handle our credit, the better the terms that are offered to us from lenders including higher credit lines and lower interest rates.
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The dismal economy is having an adverse effect on people around the globe with millions facing tremendous amounts of debt. For many, escaping their debt seems like a far off dream but it doesn't have to be! By applying a few simple guidelines to your spending habits, you can begin to reduce credit card... |