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October 2017 Archives

Recent hurricanes cause of home foreclosure increases

Over the past several weeks, two major hurricanes caused catastrophic damage to areas in the country. Hurricane Harvey affected many areas in other states, while Hurricane Irma wreaked havoc to several Florida communities. Given these disasters, the level of non-current mortgages and home foreclosure numbers rose significantly for the month of September.

Take control of credit card debt

Many Florida residents and others around the nation use credit cards for emergency purposes or even for routine expenses. However, a recent survey showed that roughly 40 percent of consumers use their cards for a variety of non-essential expenses. The survey also shows that over half of the survey respondents carry a significant amount of credit card debt. Experts have offered several suggestions to break the cycle and get the debt under control.

Debt consolidation may be good option for consumers

Credit card debt for Florida consumers and others throughout the country is at its highest level in almost 10 years. While many cardholders are carrying higher balances, interest payments are steadily increasing. It is difficult for some to get out of the seemingly unending cycle of trying to pay down balances and get out of debt. Financial experts suggest that debt consolidation may be a valid option for some consumers.

Over 25 percent of consumers in the nation carry credit card debt

Millions of Florida residents and others around the nation use credit cards each day. While some may use them for a special trip or large purchase, others are using them for everyday expenses or for an emergency. Regardless of the reason for their use, credit card debt is on the rise in this country. In fact, roughly 28 percent of consumers now carry a balance each month on their cards.

Man sentenced to 8 years in prison for home foreclosure scam

Homeowners in Florida and in other states around the nation sometimes find themselves in financial difficulty. One of the largest expenses for most families is a mortgage payment. However, it is critical that this payment be made in order to stay in a home and avoid home foreclosure. Recently, a man was sentenced to prison after he made false promises to homeowners in a loan modification scam.

Interest rates for credit card debt at all-time high

Many Florida residents and others around the country frequently use credit cards for household purchases. While some consumers only use the cards for large items to earn points, others must use them for everyday expenditures. Still others might need them for emergency situations. Regardless of the type of usage, a recent report from the Federal Reserve shows that credit card debt in the country has now surpassed $1 trillion.

Debt relief in the face of national crisis

According to some analysts, the time may be approaching when the financial bubble will burst. In other words, the financial stability many are feeling may disappear. Some may already be experiencing it locally as major retailers close their doors. If a nationwide event occurs, it may result in widespread job losses, stock market crashes and a slowdown in the housing market. Many in Florida who already struggle to pay their debts may be looking for debt relief when their own efforts at reducing their debt fall short.

Short sales help those who are behind on house payments

Florida residents who frequent any of the many beaches may know what it is like when the tide is high and the waves are rough. Swimmers -- or even waders -- may feel as if they have complete control, and then a wave bowls over them. That feeling of being unable to breathe and at the mercy of the current is where financial experts get the term "underwater." Homeowners may feel this way if they owe more on their house than it is worth, particularly if they are behind on house payments.

Learn to manage credit card debt

Many consumers in Florida and around the country like to charge their purchases. Whether for convenience or necessity, households in the nation now carry an average credit card debt of around $16,000. The Federal Reserve reports that as a country, there is a debt over $1 trillion. Financial advisors recommend getting control of the debt before there is serious damage to someone's finances

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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