 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... |
|
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.... |
A more complete debt settlement calculator
|
|
| North Carolina |
|
Considering bankruptcy? You may want to think again thanks to the new bankruptcy reforms mandated by Congress in 2005. Under the changes, filing bankruptcy is not only more difficult to qualify for but also a lot less attractive of an option. Of course they did this intentionally to encourage more consumers to seek credit & debt assistance by being more self-disciplined, budgeting better, or enrolling in debt management services. Under the new bankruptcy consumers who earn more than the median income of their state are obligated to prove by detailing their income and expense information for the courts. If you fail this examination, known as the means test, you will be required to file Chapter 13 bankruptcy, which forces you to pay off at least part of the debt off over a period of up to five years. Below is the median income information for North Carolina as of 2006: 2-person families: 47,895 3-person families: 53,961 4-person families: 61,420 5-person families: 58,172 6-person families: 53,067 7-or-more-person families: 51,322 North Carolina Bankruptcy Declarations 2004: 36,118 2005: 42,402 2006: 16,838 North Carolina is a state that has historically low bankruptcy rates. This can be due to a number of factors, many debt experts attribute it to the fact that North Carolina law prohibits wage garnishment for consumer debt like credit cards, medical bills, and unsecured personal loans. The bankruptcy rate dropped even lower in 2006, however, as more consumers sought out debt relief in response to the harsh restrictions imposed by new bankruptcy laws in October 2005. Overall, there was a 60.2% decrease in the number of filings in North Carolina from 2005 to 2006. Check out these articles for more information about debt & credit in North Carolina: North Carolina Consumer Credit Counseling Services North Carolina Bankruptcy Laws North Carolina Debt Collection |
Featured Articles
|
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... |