 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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In case you have not heard, the bankruptcy laws were drastically modified in 2005 to adapt to Americans changing attitudes toward debt. The goal was to deter people from declaring bankruptcy with the same readiness, and Congress did this by making the process of filing much more difficult and unattractive. The major difference between the new and old bankruptcy is that consumers can no longer choose which chapter they want to file, at least in some cases. Under the new bankruptcy rules, consumers who bring in more money than the median income of their state, in this case Oregon, can be required to file Chapter 13 bankruptcy, which is essentially a reorganization of the what they owe, not a debt or loan elimination as is often the case with Chapter 7 bankruptcy. Since Chapter 13 usually means the debtor is required to pay off part of them at the very least, most consumers try to do anything in their power to file Chapter 7 instead, especially for credit card debt and unsecured bills. Detailed below is the median income information for Oregon as of 2006: 2-person families: 51,762 3-person families: 58,033 4-person families: 64,832 5-person families: 59,787 6-person families: 59,687 7-or-more-person families: 54,815 Not so sure that bankruptcy is in your best interests? Let PayingPaul.Com match you with a debt advisor for a free, no obligation consultation about the various choices available to you. Fill out a form today! You can also check out these resources about credit debt in Oregon: Oregon Consumer Credit Counseling Services Oregon Bankruptcy Laws Oregon Debt Collection Oregon Bankruptcy Stats 2004: 23,603 2005: 31,527 2006: 7,284 Oregon, like every other state, witnessed a major drop off in the number of bankruptcy cases filed in 2006 versus 2005. When it was all said and done, the total filings declined by 76.8%, which amounted to 24,243 less cases than the year prior. Evidently bankruptcy reform was a whopping success, at least from the standpoint of creditors and legislators. For consumers, it is another story. With new laws making Chapter 7 more difficult to file and attorney fees rising to account for the more complicated nature of bankruptcy law, more consumers are seeking the help of credit card debt consolidation companies to alleviate their financial problems. |
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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... |