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May 2017 Archives

Millions lost in phony Florida debt consolidation companies

Many consumers in Florida have experienced financial difficulties in the past few years since the economic downturn. Certain residents considered debt consolidation loans as a means to improve their financial position and repair their credit. Unfortunately, three men from South Florida created even more problems for the people that were already in financial trouble through fake debt relief companies.

Credit card debt continuing to increase in United States

Financial industry experts report that the economy in Florida and around the nation is steadily improving since the recession in 2008. One indicator of this improvement is a willingness to lend money to consumers again after years of strict guidelines. While this is a sign of a strengthening economy, levels of credit card debt and other consumer debt are increasing for many households.

Consumers need more emergency funds than credit card debt

Many Florida residents and others around the nation maintain an emergency savings account to help them when unforeseen expenses occur. However, a financial services company recently reported that nearly half of all consumers have more credit card debt than money in their emergency funds. While roughly 17 percent of people in this country have no credit card debt, it was determined that they have no emergency account. Analysts are concerned that many in this situation face the real possibility of experiencing high-interest debt should an emergency occur.

Home foreclosure rates improving for Miami-Dade County

After the mortgage crises, many indicators reflect improvement in the financial situations for homeowners in Florida and throughout the country.  Many measures are maintained to demonstrate performance of the housing market. While many improvements are being made, reports from a national real estate and property data provider show that one Florida county still has the room to improve when it comes to home foreclosure.

Chapter 7 bankruptcy discharge violated by wage garnishment

Florida residents may seek bankruptcy relief to regain control of their finances. Many see it as an opportunity to have a fresh start. In fact, in a typical a Chapter 7 bankruptcy, the borrower's debts are discharged after assets have been liquidated and funds are paid to the creditors. However, a couple in another state recently fought attempts to have wages garnished after their discharge.

Avoid this mistake when paying off credit card debt

The consequences of overspending can prove costly for Florida families. For many, overspending can result in a large amount of credit card debt. In the short term, it may mean that a consumer has less money to use for current needs since there are fees and interest to be paid. For the future, someone would likely be left with less money for investment. While reducing or eliminating credit card debt is often a goal for consumers, approaching it the wrong way can lead to a negative impact on finances.

Remedies exist to prevent credit card debt causing insomnia

Although it is true that money cannot guarantee happiness, it can certainly provide peace of mind to most people in Florida and elsewhere. However, when things like credit cards are not handled responsibly, sleepless nights may follow. An interesting new study shows that more than 65 percent of consumers who suffer insomnia also have money problems that -- in many cases -- include credit card debt

Mortgage lender faces federal charges of illegal home foreclosure

Ocwen Financial Corporation is one of the largest mortgage servicing companies that are not related to any bank. The Consumer Financial Protection Bureau recently filed a lawsuit against the company in a federal court in Florida, alleging it made mistakes, took shortcuts, caused financial losses, and even caused many borrowers to face home foreclosure. Court documents indicate that the defendants instituted improper foreclosure proceedings on about 1,000 homeowners and even wrongfully sold some properties at auctions.

Ways to reduce credit card debt

Many families in Florida and around the country have managed with one income for a period of time, either by choice or necessity. However, there are times when both parents are in the workforce again. An issue then arises on how best to manage an increased income for the family. A personal website addresses financial situations such as saving more, spending less and paying off credit card debt.

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Paul Urich
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