 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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| Utah |
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When Congress reformed bankruptcy in 2005, Utah was one state that it had in mind. Notorious for being a state with one of the highest personal filing rates in the country, the new bankruptcy law aimed at curtailing some of these sobering trends. The new bankruptcy has a wide array of differences from the old one, but perhaps the most important change has to do with the fact that having the choice of which chapter of bankruptcy one wants to file is no longer always available. Under the new law, one must earn less than median income in Utah or pass a special income and expense examination, known as the means test, in order to file Chapter 7 bankruptcy. The means test basically looks at a debtor’s disposable income to establish whether paying part off the balances owed is realistic. Listed below is the median income information for Utah as of 2006: 2-person families: 50,155 3-person families: 56,671 4-person families: 63,586 5-person families: 64,213 6-person families: 68,699 7-or-more-person families: 76,557 Not wanting to claim bankruptcy? Let PayingPaul.Com match you up with a pre-qualified debt management company for a free consultation. You can cut your debt and get out of debt faster than you would believe possible! Here’s some other resources to consider that relate to owing debt in Utah: Utah Consumer Credit Counseling Services Utah Bankruptcy Laws Utah Debt Collection Bankruptcy Figures in Utah 2004: 20,362 2005: 21,476 2006: 5,215 Debt advisors have been trying to figure out Utah’s high bankruptcy rate for years. Historically and particularly in recent years, Utah has been one of the leading state’s for bankruptcy filings by population. Since 1998 it has been in the top five “worst states” in terms of this statistic, and the reasons vary from high home prices relative to income, increasing credit card debt, fiscally irresponsible citizens, declining personal savings and an increase associated with bankruptcy. Despite the willingness of some Utah consumers to file bankruptcy, more consumers since the passing of the new law in 2006 have begun seeking out debt management advice for help. |
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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... |