 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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Let’s hope you don’t have an above average income and expect to file Chapter 7 bankruptcy in Maine. As of 2005, Congress revamped the bankruptcy laws to account for Americans’ loss of “shame” when it comes to filing and make it not only more difficult to qualify for, but also a far less appealing option. The most important piece of this puzzle was act’s requirement that people who earn more the median income in their state to pass the bankruptcy means test in order to qualify for Chapter 7. The following is median income information for Maine as of 2006: 2-person families 46,378 3-person families 58,225 4-person families 63,501 5-person families 64,680 6-person families 61,070 7-or-more-person families 51,779 The reason why Chapter 13 is so distasteful to most consumers is the fact that it requires you to devote your disposable income to the courts for a period of up to five years, and even though you are essentially paying back the debt, it is still never considered satisfied and thus can affect your credit almost as severely as a Chapter 7. Bankruptcy Figures For Maine 2004: 4,370 2005: 6,470 2006: 1,238 Maine is a state that has a historically low consumer bankruptcy rate already, but it has dwindled even more so in light of the new bankruptcy laws. Between 2005 and 2006, the number of people declaring bankruptcy in Maine dropped by 5,232 or 80.8 percent. That being said, debt problems do continue to exist in the state. The only difference is debtors have sought out other remedies for debt advice. More Resources For Maine Consumers Maine Consumer Credit Counseling Services Maine Bankruptcy Laws Maine Debt Collection |
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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... |