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June 2017 Archives

What would happen to credit card debt in a recession?

The Federal Reserve conducts an annual stress test to determine if banks would have sufficient capital should certain adverse financial scenarios surface. The analysis from the most recent review shows that the nation's largest bank holding companies would survive should a recession occur. However, the stress test also revealed that credit card debt is a cause for concern for Florida residents and others around the country.

How to deal with medical debt

If you find yourself choosing between putting food on the table for your family or paying your medical bills, you are one of many people in Florida struggling to pay their bills. Increasing medical costs and stagnant incomes are just a few reasons why medical debt may be forcing you to seek bankruptcy protection.

Get credit card debt under control

Many consumers in Florida and around the nation utilize credit cards as part of maintaining their budgets. However, the average family in the county now owes more than $8,000 in credit card debt. The total of this debt for the nation has now increased to over $1 trillion. Experts strongly recommend that individuals reduce the amount of credit card balances. Advisers from a national financial television network offered suggestions on how to eliminate credit card debt.

Florida home foreclosure rates continue to improve

Being ranked number one on a list is often cause for celebration. However, Florida once topped a list where many officials were not very pleased to see the state's name. In the past, Florida was first in the country for home foreclosure activity. However, a recent report shows that Florida has made improvements in this area.

Debt consolidation one way to reduce credit card debt

Many Florida residents and others around the country often use the equity in their homes to get a debt consolidation loan. Interest costs can be considerably lower, and proceeds are frequently used to pay down mounting credit card debt. While paying down debt is important, experts from a consumer financial website don't recommend using funds from a home's equity to do so.

Credit card debt a problem for many Florida consumers

For the average Florida consumer, credit cards are fairly easy to obtain. Companies send offers through the mail; department stores offer them with almost every purchase. While the offers may be enticing and the benefits attractive, credit card debt can prove to be a financial problem for many individuals.

Chapter 13 bankruptcy and other filings up in May 2017

Deciding to file for bankruptcy is a decision made by some Florida residents and others throughout the nation to get a fresh start. There are two main options for consumers seeking relief: Chapter 7 or Chapter 13. While Chapter 7 bankruptcy filings primarily deal with the discharge of certain debts, Chapter 13 bankruptcy is focused on debt consolidation and repayment plans. According to recent reports, total filings for the country have increased since last month as well as the previous year.

Helpful tip to better manage credit card debt

Many consumers in Florida and around the nation use credit cards every day for various financial transactions. Analysts from a financial planning website acknowledge that the use of credit cards is not a bad thing. However, credit card debt is a growing problem in the country. Experts offer advice on how to reach financial goals more quickly and how credit card usage may affect those goals.

Woman faces home foreclosure after Extreme Makeover renovation

Extreme Makeover is a reality television show viewed by many Florida residents and others around the country. The show chronicles the renovation of an existing home for a deserving family. Nine years ago, a woman in another state watched as her home was completely redone on television. However, she now faces home foreclosure and must leave her residence.

Rules to keep credit card debt under control

Many households in Florida and around the country have a least one credit card utilized for a variety of reasons. While credit card debt in the nation is growing at an alarming rate, it is vital to be informed on how to most effectively use this common financial tool. A consumer financial website has offered advice on how to wisely make the most of the credit cards someone has.

Paul Urich
Orlando Office

Law Office of Paul L. Urich, P.A.
1510 East Colonial Drive
Suite 204
Orlando, FL 32803
Phone: 407-896-3077
Fax: 407-896-3041

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