Let's be honest. Did you overspend in 2013? If the answer is "yes" you are not alone. American consumer debt rose 1.1 percent to $11.28 trillion in the third quarter of 2013, according to the Federal Reserve Bank of New York. That's the highest increase in household debt in more than five years!
Letting debt overwhelm your finances is bad news no matter when it happens in your life. But for those 50 and older, it's even more important to rein in the negative side of your balance sheet and get a handle on paying it down while you're still in a relatively strong earning position.
Laws govern what debt collectors can do if you fall behind on an unsecured debt. If a debt collector sues you, you will be notified of the lawsuit via a summons, which tells you why you are being sued and for how much, who sued you, and when you must appear in court. Get in touch with a consumer law attorney if you receive a summons. The attorney may be able to negotiate a settlement with the debt collector, which would bring an end to the lawsuit and mean that you avoid the costs of a trial. If the negotiations are unsuccessful, the attorney can represent you in court. Trying to defend you is foolhardy.
The reasons for your financial problems may be a result of any number of things; the economy, unexpected medical bills, or out of control spending. When life gets to the point where you are unable to sleep and you're constantly worried about the state of your financial future, your best option may be to consult with Las Vegas bankruptcy lawyers.
Although there is obviously no ‘magic formula’ that can be applied to stop the rise of NPLs, the Cypriot banks will need to employ innovative approaches that can provide short and long-term solutions. These approaches are mostly new and outside the ‘normal’ banking processes. Operationally, the banks have not had the experience of dealing with what is a very large portfolio of NPLs – both as a percentage of assets and as an absolute amount.
Consumers across the country report that they're getting telephone calls from people trying to collect on loans the consumers never received or on loans they did receive but for amounts they do not owe. Others are receiving calls from people seeking to recover on loans consumers received but where the creditors never authorized the callers to collect for them. So what's the story?
The average U.S. household has $15,270 in credit card debt, according to NerdWallet. That’s almost a third of the annual median household income in the U.S.
In addition, 76 percent of Americans are living paycheck to paycheck, according to a 2013 bankrate.com survey. This means if they have an employment disruption or a major expense, they’re going to start skipping monthly bill payments.
For many of us, February is a financial wake-up call. The holidays have come and gone and the excitement of the New Year has waned. Reality hits as credit card statements arrive, forcing us to face our holiday overspending. Many Americans set lofty financial resolutions for 2014, but how many have already fallen short just two months later?