Debt is extremely common, and nearly unavoidable, in many households in Long Island, New York. For decades, debt levels throughout the country continued to rise, which created significant problems for many people and families when the economic recession hit. Since the economy has begun recovering, people have attempted to reduce their debt loads where possible, but many people continue to struggle with debt and seek bankruptcy or some form of debt relief workout.
Even though the recession has technically been over for a while now, residents of Long Island, New York, continue to deal with the fallout. Homeowners who find themselves struggling with financial challenges often face the risk of foreclosure, especially when they are unaware of debt relief options or banks are unwilling to work with them. Unfortunately, foreclosure is a result that benefits no one. New York residents who find themselves in this situation should investigate their options for foreclosure defense, both for their own benefit and the benefit of their neighbors.
Financial considerations are often foremost in the minds of New York residents who seek to keep moving ahead economically and enjoy a stable lifestyle. When unexpected circumstances occur and debt levels rise, many people feel the pressures in the form of financial stress, harassment from debt collectors, falling credit scores, and worries about bankruptcy. Because credit has become more and more important in American society and can affect everything from getting a cell phone or electricity to securing a mortgage, many people may look to a debt workout or settlements in an effort to prevent further damage to a credit score. Fortunately, changes to the credit score calculation formula are likely to benefit a number of people throughout the country.
Many people assume that only people with low incomes struggle with financial problems. However, the truth and reality is that anyone can find himself in financial trouble if something unexpected occurs or if he lives above his means. The availability of credit cards have increased the risk of ballooning debt that becomes unmanageable because it gives people access to money at nearly all times. Due to the ease of obtaining credit cards, many people use them to finance a range of things, including businesses, which can lead to some significant levels of credit card debt.
Since the recession and financial crisis began in 2008, many New York residents have faced a wide range of financial challenges and setbacks. People have experienced job loss or reduced hours and extended unemployment, which frequently cause difficulty in paying bills. Homeowners have had to worry about losing their homes when the mortgages become too expensive and their homes are no longer worth what they were when they bought them. Foreclosure was a real and imminent concern for many people.
There are plenty of New York residents out there who have dealt with immense medical bills that have changed their lives almost as much as the medical condition that afflicted them -- and caused them the bills in the first place. Medical procedures and surgeries are very expensive, even if you are insured. This debt can absolutely cripple an individual or a family, leaving them in a difficult position with their finances.
It's a hypothetical situation that almost everyone dreams about but very few actually act on: could I simply not pay my debts? What's the worst that could happen if I ignore all of the collection attempts, phone calls and letters?
Let's say that you are older and have retired, that you have some sort of disability that hampers your work, or that a work injury has made it impossible for you to work for a period of time. In any of these scenarios, the individual could receive Social Security payments, may they be supplemental income payments or disability payments or other income from a pool that you have paid into over many years.
One of the major issues of our time is the rise of college costs and the resulting debt that many graduates leave school with. Tuition, supplies, living costs -- these are just a few of the major financial burdens that are placed on young people and their families, looming over them and causing them stress all while they are trying to study and get an education.
Credit card debt has always and will always be an issue for people all around the country. There are plenty of Long Island residents that have struggled with credit card debt before, and there will plenty more in the future. It's just the way credit works, unfortunately. Thankfully though, there are effective strategies to get out of debt for those in need.