 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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The dramatic changes to the bankruptcy laws in 2005 did not go unnoticed in New Hampshire, especially not for those who are overwhelmed with their debt and earn more than the median income in the state. What are we referring to? We are referring to the provisions in the bankruptcy laws that require debtors who earn more in than the median income in their state to pass the means test in order to qualify for Chapter 7. Higher earners can still file Chapter 13, but there are a number disadvantages to doing this. Among them: 1) you have to pay off your personal debt over a period of three to five years from your monthly disposable income. Even worse, in many cases your disposable income is determined by national & county expense averages, not your actual living expenses. 2) your credit is still severely impacted for a period of up to seven years. In light of the fact that there are so many debt help options available for consumer debts that do essentially the same thing without the same long-term credit consequences, why would anyone dealing with credit card debt choose this over their other alternatives? Good question. The following is median income information for New Hampshire as of 2006: 2-person families 61,746 3-person families 70,722 4-person families 87,396 5-person families 83,594 6-person families 64,142 7-or-more-person families 94,828 If you want to avoid bankruptcy, PayingPaul.Com can help! Fill out a form today for a free, no obligation consultation from a debt company! NH Bankruptcy Data 2004: 4,493 2005: 5,511 2006: 1,707 New Hampshire has a reputation of being a state where the number of bankruptcy filings is limited, and in 2006, it lived up to that standing. From 2005 until 2006, bankruptcy filings in New Hampshire dropped by 2,804, or 69 percent. Underlying this trend was the new bankruptcy legislation that aimed at making it more to difficult to qualify for Chapter 7 (the favored type of bankruptcy). So where are people turning to who are buried in credit card debt? Many are seeking the help of a debt negotiation or credit counseling company. Or for more information about some other credit & debt issues pertaining to New Hampshire, read these articles: New Hampshire Consumer Credit Counseling Services New Hampshire Bankruptcy Laws New Hampshire 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.
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