Virginians often have to turn to financing to accomplish their goals in life. Whether it is buying a house or a car, going on vacation, or even paying other debt like medical expenses, many individuals have to take out one or more of a variety of loans to ensure they can make ends meet. Although personal loans have become easier to obtain, they can pose a financial threat to those who are on unsteady financial footing.
Financial difficulties can befall individuals of any age or economic class. The sudden loss of a job, the onset of an unexpected medical condition, or other major life events can throw an individual into financial despair. These individuals may struggle to get by, sometimes going to extraordinary measures to avoid bankruptcy, even though bankruptcy may be able to provide them with the debt relief they need.
Payday loans were once a popular option for individuals in Virginia looking to bridge the financial gap between a difficult financial situation and their next paycheck. On its face, the intent behind these loans seemed fair. After all, businesses providing these loans claimed that they were short-term in nature and were meant to address challenging financial situations such as unexpected car repairs or medical expenses. The problem, of course, is that many people who turn to these loans end up facing triple-digit interest rates, and many of these borrowers find themselves in a revolving door where they constantly need to take out these high-interest loans.
A lot of Virginians find themselves financially struggling at one point or another. While many of these individuals are able to climb out of debt or easily manage it, others find themselves completely overwhelmed. While many people in the latter category make an ambitious attempt to claw their way back to financial stability, this isn't always possible. These individuals may want to consider their debt relief options rather than wasting time and money on an effort that likely won't resolve favorably.
Health care has been a focus of the political world for decades. With the passage of the Affordable Care Act in 2010, many were hopeful that more Americans would be able to obtain the medical care they needed at a fair price. Sadly, though, a recently released study conducted by the Consumer Bankruptcy Project found that two-thirds of bankruptcy filings were spurred by unaffordable medical expenses and lost income caused by a medical condition. This number is in-line with bankruptcy statistics that pre-date the Affordable Care Act.
A vast portion of the population is struggling to find a way to cope with student loan payments. Some of these individuals feel cheated, since they felt that higher education was necessary to achieve a better financial outlook, only to be saddled with burdensome debt for years to come. This is especially true for those who find themselves on hard economic times, whether due to an unexpected medical condition, a lost job or wages that don't live up to expectations.
If you are facing serious financial challenges, then you're likely open to all debt relief options. One of the most effective ways to wipe out debt is to file for Chapter 7 bankruptcy. However, before doing so you should do your best to fully understand the process, its benefits and its disadvantages. This week we hope to give you a little clearer sense of part of the process and one of its biggest advantages.
A trend has been happening here in the U.S. lately that credit card users may not be thrilled about. This trend is a general increase in credit card rates.