 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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| Kentucky |
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In 2005 Congress dramatically overhauled the existing bankruptcy laws to make it more difficult for Kentucky consumers (and all Americans) to file. The biggest change that they made is that it is now much more difficult to declare Chapter 7 bankruptcy, which was generally the preferred type of bankruptcy for most people. Specifically, consumers who earn more than the median income in Kentucky will be required to pass an income and expense examination, known as the means test, in order to qualify for Chapter 7. If not, they will be forced to file Chapter 13 bankruptcy, which involves paying off debt over three to five years on a court-approved payment plan. |
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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.
If, however, a... |
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... |