Student loan debt is a known problem that sets many young people back as they enter the workforce. With debts of $30,000 and more, the monthly payment on these loans can make or break a budget, which limits spending power, increases the dependence on credit cards, and has other wide reaching effects on personal budgets and the greater economy. The payments last for years, which makes it feel as though no end is in sight.
New Yorkers will undoubtedly be aware of the number of debt settlement companies who advertise and say they can help people facing financial challenges to get a fresh start. While this is a tempting proposition, there are certain dangers with getting involved with these companies and not using a qualified lawyer who can assess all the alternatives, give the positives and negatives of consumer bankruptcy vs. debt settlement and help with all aspects after a decision has been made.
Long Islanders who find themselves deep in debt are not necessarily in that position because of job loss or due to spending beyond their means. One of the most common reasons for filing for bankruptcy to have a financial fresh start is through medical debt. Medical expenses can arise for a multitude of reasons and those who are dealing with it must be aware that they have options to move on with their lives.
When it comes to addressing overwhelming debt, most New York residents will likely examine all possible options. The first steps might include establishing a strict household budget and sticking to it, while paying as much on the debt as possible each month in an effort to bring the balance down. If that doesn't make a dent in the debt balance, some people may try other options, like reaching out to creditors to explain the circumstances of a temporary hardship, hoping to structure some kind of relief from payments or interest charges.
By most indications, the national economy is on the upswing. That should be good news for everyone, including businesses in New York. But, unfortunately, there are still many companies that have significant financial difficulties to face. For some, Chapter 11 bankruptcy could be used to workoutsome of those concerns.
Our modern world contains many ways to create debt. Whether due to a loss of income, a serious medical event, or the collapse of an investment plan, Long Island residents may find themselves with an intimidating amount of debt. When credit card companies or debt collectors come calling, even financially sophisticated people can feel like running to hide. The Better Business Bureau is a national consumer protection organization. It provides information to the public on a wide variety of financial issues. According to the Long Island and Metro New York regional office of this organization, consumers struggling with debt repayment should be aware of some important information
Many people in Long Island who wanted to go to college, but were unable to afford to do so, took out student loans to finance their education. These loans have made the dream of a college degree a reality for many students. Unfortunately, upon graduation, they also leave people deeply in debt. According to one source, on average, a person who took out student loans to finance college now owes $31,000.
Crowdfunding is a popular way to raise money these days as it allows people in Long Island and nationwide to reach out to family, friends or strangers with the help of social networks and the Internet. For example, those who are facing steep medical bills, due to a serious illness or injury, often reach out to others via crowdfunding to raise the money needed to afford their care. However, is crowdfunding the best way to deal with medical debt ?
Winter weather is right around the corner, and many in Long Island may be looking forward to the silence and stillness that a peaceful, new snowfall brings. But, for some individuals in Long Island struggling with debt, it may feel like they are caught in a financial blizzard that they cannot see their way out. Fortunately, there are two nods to the season that could help debtors wrest control of their finances: a "debt snowball" and "debt avalanche."
Debt consolidation may seem a bit counterintuitive at first. Can a person in Long Island really borrow to pay off his or her debts? While not everyone can make it work, there are those who find that debt consolidation provides them with a more feasible means of paying off their debts in a manageable way. By transferring the balance of one's credit card debt to a card with a lower interest rate, individuals may find they have lower monthly payments.