Debra Booher & Associates Co., LPA
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June 2017 Archives

Debt to increase after Federal Reserve raises interest rate

Ohio residents who have credit card debt or mortgages with variable interest rates might want to consider the quarter-point interest rate increase made by the Federal Reserve on June 14. This increase affects loans with variable interest rates since they are based on the short-term rates set by the Federal Reserve. Because the Fed increased the interest rate, monthly payments on mortgages with adjustable interest or credit cards with variable rates may rise.

Seven ways to discharge student loan debt

Student loan debt is a growing issue in Ohio and across the United States. Individuals are struggling to pay back loans they incurred to cover education costs, many of them paying significant portions of their income to loan companies every month. For those who are looking for ways out, there are seven options for discharging student loans.

Using home equity loans to pay credit card debt

Many Ohio residents suffer financial distress due to high credit card balances and other forms of unsecured debt. High interest rates normally accompany the credit card balances or personal loans, leaving the borrower with repayment terms that damage the monthly budget.

Modification of a Chapter 13 plan

A ruling made by the U.S. Bankruptcy Court for the Western District of Arkansas may have an impact on Ohio debtors. It held that a couple could modify their Chapter 13 plan by returning their vehicle to the lender and treating a deficiency as an unsecured claim. While bankruptcy law does permit changes to an existing plan, some observers believed that it took a major change in circumstances to allow one.

Good reasons to pay down credit card debt

Ohio residents who have high credit card debt may be causing numerous financial problems for themselves. Perhaps the most obvious impact is that payments can take money away from an emergency fund or retirement savings account. On average, an American household has about $5,700 in credit card debt. If it takes seven years to pay off that debt at an annual interest rate of 20 percent, an individual will pay $5,000 in interest.

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