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September 2013 Archives

American credit card debt drops, but many still struggle

A new report from the Federal Reserve shows credit card debt amongst Americans dropped for the second month in a row. In July, credit card debt dropped $1.8 billion to around $850 billion. The fall comes after a $3.7 billion decrease in credit card debt in June. Economists suggest Americans may still be hesitant to use credit cards to make discretionary purchases, and instead are reserving their use only for necessities. Weak job growth and minimal wage gains have also led many to forego using their credit cards. While this is a promising statistic, many Americans still have difficulty managing their Credit card debt.

Former political powerhouse files for Chapter 7

Most Colorado residents do what they can to live within their means. On occasion, however, medical emergencies may arise, business deals may go south or any number of other circumstances may occur that leaves a person struggling with debt. In these situations, it may be necessary for the person to file for Chapter 7 bankruptcy.

Former NFL player's shoes sold off in bankruptcy

When Colorado residents make the decision of whether or not to take on additional debt, a main consideration in the decision is how much assets they have at the time. Individuals who have more assets may feel comfortable, and more able, to take on an additional loan or debt payment. Of course, when the person's assets become outweighed by the debt, the individual may need to consider different options for debt relief, including filing for bankruptcy.

Many spouses share assets and debt

For many Colorado spouses, sharing finances is a way of life. Spouses become used to sharing joint bank accounts, as well as signing documents important financial documents, like mortgages, jointly. When these spouses accumulate significant amounts of debt they may wonder whether the debt impacts both spouses, particularly if it is only in one spouse's name.