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February 2018 Archives

Millennials less likely to have credit card debt

Though there are varying age ranges, millennials are typically defined as those individuals in Florida and anywhere around the country who were born from roughly 1980 to 2000. Trend watchers often cite how members of this demographic are having a profound effect on many businesses. People in this age group are not as likely to read hard copies of newspapers or magazine or shop in actual stores. Also, millennials are not as likely to incur credit card debt as some members of other generations.

How the home foreclosure crisis affected Florida

The mortgage crisis affected many Florida families, with the market plummeting 10 years ago. Many residents lost their jobs and were unable to pay for their mortgages as their incomes were drastically cut. As a result, home foreclosure levels increased significantly. A recent article reflected on the impact these foreclosures had on the state.

Consumers willing to take on credit card debt for certain items

Many Florida residents and others around the nation have different mindsets when it comes to paying for big ticket items. While some consumers would never consider going into debt to pay for certain things, others are willing to incur some credit card debt to cover the expenses. A consumer finance website lists the various expenses for which some people will use their credit cards.

Which cities in the country have the most credit card debt?

Many Florida residents and others throughout the nation are struggling with all types of debt. Trying to make ends meet is often a challenge in a difficult economy. Credit card debt is frequently an issue for consumers, with the total for the country topping $1 trillion in 2017. While credit card problems can occur anywhere, a recent study was conducted by an online financial website that revealed which cities had the highest levels of credit card debt.

Servicing company in lawsuit over loan modification practices

Loan servicers in Florida and elsewhere around the country handle many activities in the mortgage lending process. Since many lenders do not service the loans they make, servicers often collect the principal, interest and escrow payments from those who have obtained a mortgage loan. While many servicing companies are reputable and are even sponsored by government agencies, others have questionable practices. A homeowner in another state recently complained that his servicer violated several statutes during his loan modification process.

Make a plan to reduce credit card debt

The Federal Reserve recently released statistics that reflect an increase in confidence regarding the economy. That is good news for Florida residents and others around the country. With greater confidence, many consumers are more willing to spend money. However, this may create problems for some if credit cards are used to make purchases. If balances are not paid in full, credit card debt can quickly become a burden.

How to avoid home foreclosure

Despite positive indicators in the economy, there are many homeowners in Florida and around the nation still struggling to pay their mortgages every month. Some fall behind in payments due to loss of job, medical emergencies or other unforeseen difficulties. Regardless of the reason, facing home foreclosure and the potential loss of a home is a frightening prospect. However, since the foreclosure process does not happen immediately, there are some actions to take that could provide protection.

Wage garnishment issues remain after issue with credit card debt

Many Florida residents and others throughout the country have difficulties paying their credit card balances each month. Unfortunately, some cardholders find themselves in situations where they are unable to make their payments at all. A collection agency may get involved, and a consumer may face wage garnishment in efforts to satisfy the payments. A woman in another state is striving to get garnishment stopped now that a debt she owed has been paid in full.

Good strategy for getting credit card debt under control

Building a good credit history is the goal of many Florida residents and other consumers around the country. Most believe that an effective way to achieve good credit is to not incur any credit card debt by paying balances in full each month. Some people may go so far as to pay for any purchases immediately after they are made, thereby never even having a balance. This practice, however, may not result in an improvement to one's credit score, according to financial experts.

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