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March 2018 Archives

What debt collectors can and cannot do

Most people do not fall into debt on purpose - despite what debt collectors would have you believe. When you are dealing with overwhelming debt, the constant calls and letters from creditors do not help. Instead, they just pile on the stress you already feel.

Bankruptcy's impact on credit is not permanent

Many people in Louisiana find it impossible to make ends meet due to the overwhelming impact of substantial debt. As fees and interest charges mount, it can seem impossible to escape the burden of debt. However, filing for bankruptcy can be an option that allows people to find debt relief, pay off their debts and make their way toward a better financial future. However, a number of widely held beliefs about bankruptcy may inhibit some people from making the decision to file.

Credit card debt creeps near 2007 levels

Residents throughout Louisiana and the rest of the United States have racked up a cumulative credit card debt of more than $1 trillion. In 2017, Americans accrued $92.2 billion in additional debt, which was the most since 2007. It also represents an increase in debt from $43 billion in 2015 and $87 billion in 2016. This surge may be attributed to the fact that banks have loosened their guidelines since the Great Recession as charge-off rates have declined.

Garnishment: Creditors take wages & freeze accounts to pay debts

Garnishment is an alarming prospect for families and individuals struggling to make ends meet. When facing considerable debt and harassing creditors, the threat of wage garnishment compounds the stress of financial hardship. When delinquent debts are not paid, creditors will request intervention from the court system to pay back the debt.