 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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| North Dakota |
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The bankruptcy law changes were felt across the nation, and North Dakota, although a state with historically low filing rates, was no different. Thanks to the modifications to the bankruptcy laws in 2005, filing is now more expensive, time consuming, and difficult to qualify for, particularly for Chapter 7. Add these factors together and it’s also a lot less appealing too. For people in North Dakota who earn more than the median in the state, it ultimately means that you may be forced into Chapter 13 bankruptcy. Under this plan, a court-appointed trustee takes your monthly payment for a time frame of three to five years, distributing it to your creditors until the debt is either paid off or discharged. Meanwhile, your credit report is still scarred with a bankruptcy mark. The following is median income information for North Dakota as of 2006: 2-person families: 48,511 3-person families: 59,607 4-person families: 67,560 5-person families: 65,494 6-person families: 63,817 7-or-more-person families: 58,969 Due to the changes in the law, more consumers are seeking innovative alternatives to bankruptcy like credit card settlement & negotiation services to get out of debt. To learn more about your options, submit a form and PayingPaul.Com will match you with a debt professional for a free consultation. North Dakota Bankruptcy Filings 2004: 2,203 2005: 3,444 2006: 711 North Dakota also had a surprising reduction in the number of filings in 2006. When one takes into consideration the passing of the new bankruptcy laws in 2006, the 79.3% fall makes a lot more sense. The bankruptcy changes basically made declaring Chapter 7 difficult to qualify for if you earned above average income. With Chapter 13 the only other option available, more consumers decided to seek out other debt solutions for help. For more information about North Dakota debt matters, check out these pages: North Dakota Consumer Credit Counseling Services North Dakota Bankruptcy Laws North Dakota 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... |