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September 2016 Archives

Americans are no strangers to credit card debt

Credit cards may have gotten many people in Long Island through a tough financial time, when an unexpected expense arose that they otherwise could not pay for. It may have been a medical bill, a car repair, a new water heater or any other number of expenses. Unfortunately, these expenses can add up, leading to unmanageable credit card debt.

What options do you have if you can't pay your medical debt?

Per the Kaiser Family Foundation, 26 percent of adults in our nation reported that either they or someone they live with has had issues paying medical bills in the past year. Therefore, it is no surprise that outstanding medical debt can be a great source of stress for families both in Long Island and nationwide. If you are facing medical bills that you cannot afford to pay, there are some steps you can take to address the issue.

Bill could help reverse mortgage homeowners facing foreclosure

For senior citizens in New York who are struggling financially, getting a reverse mortgage on their home might seem like the answer to their financial challenges. However, what they may not know is that even with a reverse mortgage, their home could still be foreclosed upon. It is for this reason that lawmakers in the New York legislature introduced a bill to protect consumers in such situations.

What is a credit card charge off and how does it affect you?

Long Island residents facing substantial credit card debt may wish that someday it could just be wiped away altogether. And, should they face a credit card "charge off" they may think their problems are over. However, a credit card charge off could have numerous repercussions on a person's credit.

Tackling unmanageable debt through Chapter 7 bankruptcy

Perhaps it is credit card debt combined with high interest rates that has become unmanageable. Or, perhaps, a major illness has resulted in ever-mounting medical bills. Or, maybe a job loss has made it impossible to pay your mortgage or utility bills. No matter how you got into debt, when it becomes utterly overwhelming, it may seem as if there is no way out.

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