Ohioans who have experienced a severe drop in their income have a few options to manage their debts. The first step is to speak with a certified credit counselor. These professionals can help people in a dire financial situation understand their options and give...
Debt Relief
Arbitration clauses: A potential issue for credit card users
Many Ohio residents make use of credit cards, but a large number of these individuals may be unaware of arbitration clauses that restrict their ability to sue in the event of alleged wrongdoing by the company. According to the Consumer Financial Protection Bureau,...
Debt relief
There are many services in Ohio that can be used to deal with debt. Two of the most prominent of these types of services are credit counseling companies and debt settlement companies. Although both of these services are intended to accomplish the goal of debt relief,...
Unsecured debt and home ownership in Ohio
Collection methods differ from secured debt to unsecured debt. A secured debt creditor can seize the asset that is collateral for securing the debt. An unsecured creditor does not have that option unless they take a debtor to court, which involves a debt collection...
Avoiding debt scams in Ohio
Roughly a million Americans file for bankruptcy each year, and others are struggling with high levels of debt. This has created a demand for credit repair and credit counseling services. Those who need help may find that some service providers are scams that attempt...
What to think about before declaring bankruptcy
Filing for bankruptcy is not something that should be done on a whim. A bankruptcy can remain on an Ohio debtor's credit report for up to 10 years, which may make it difficult to get a loan or even get a job in the future. Prior to deciding on bankruptcy, it may be...
Tax on forgiven debt could be a surprise for Ohio consumers
Anyone who has settled a debt that was owed to a creditor, such as a credit card company, by payment of less that the total amount owed should be aware that the IRS could consider the difference to be taxable income. For example, if a credit card debt balance is...
How to prioritize and effectively manage debt
Some debts are effectively good debts while others are bad. People in Ohio could benefit from knowing which debts to prioritize first; in certain situations, it may be handy to invest extra money instead of paying off consumer debt. Debt that comes with a high...
How older Ohio residents can deal with debt
According to the Federal Reserve in New York, two million Americans over the age of 60 have an outstanding student loan balance. Overall, the amount of student loan debt owed by those over 60 is $43 billion. This is up from just $5 billion in 2005. Statistics from a...
Dealing with debt collector lawsuits
Ohio residents who encounter debt may be interested in ways to deal with debt collector lawsuits. According to the Federal Trade Commission, about 60 to 95 percent of debtors who are sued never show up in court. This may result in a default judgment against the...