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In life, circumstances arise that we cannot avoid - struggling with a mounting debt, stopping a foreclosure or garnishment, problems with your marriage or battle over child custody, support or visitation. These situations can have a profound effect on our lives. During these difficult times, you need someone by your side who can care effectively for your legal needs as well as providing you with personal service to best provide support for you during these incredibly personal and private crises.

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Ridgeland Bankruptcy Law Blog

Taking a look at payday loans: boon or curse for most consumers?

As a discerning consumer, you might call a loan with repayment terms mandating an annual interest rate of 500 percent a lot of things.

It is unlikely that you would call it, as does one spokesperson for a large lending company, a “viable credit option.”

According to a media analysis of payday loans, things generally work out as follows regarding such financial instruments.

First, a consumer in dire need of instant cash approaches such a lender (note: there is certainly no scarcity of such lenders; they dot the landscape in every state, including in Mississippi). Typically, a payday loan is needed to cover expenses of a few hundred dollars at most. Borrowers customarily hand over a check marked with a future date, in an amount that covers both principal and a fee.

That certainly sounds simple. The complexity -- for many consumers, the unraveling -- comes when, as that future date approaches, the borrower realizes that he or she can’t make the payment.

Auto title loans: If at all possible, just steer clear

When it comes to auto title loans, that method of securing quick cash enabling a borrower in Mississippi or elsewhere to pay off immediately pressing debt can be a godsend -- for the lender.

For the borrower, unfortunately, obtaining a loan secured by a vehicle often results in a truly rough ride. In fact, and as we note in an article on our website entitled “Auto Loans Can Lead to Financial Disaster,” a loan secured by a vehicle as collateral often turns out to be a major headache for a borrower.

Here’s why.

If the economy is better, why are so many Americans stressed?

The so-called Great Recession hit the United States with a vengeance in late 2007, resulting in near-unprecedented job losses, home foreclosures and myriad other financial challenges for millions of Americans across the country.

Mississippians were far from spared from the carnage, with many state residents suffering major dislocations and, like high numbers of other people across the country, still clawing back from personal losses.

Still, and notwithstanding that the stark recessionary times of recent years are just now fading into the background, there has been a steady stream of positive economic news to buoy the national spirit. A persistent drum beat of upsides is sounding regarding job growth, company spending, lowered unemployment and other salutary developments.

What gives, then, with the continued pessimism being expressed by high numbers of people across the country?

Credit card debt again rising: a reason for concern?

When it comes to the topic of credit card debt, arguments in the debate over the repercussions -- if any -- of what consumers across the nation cumulatively owe spill both ways.

On the one hand, commentators on the subject can argue with conviction and a good deal of truth that rising card use after a period of retrenchment points to positive things. Increased card purchases signify enhanced consumer confidence again, following several fears of angst and outright fear concerning the economy. Higher outlays equate to more goods sold, which, in turn, brings about job creation.

On the other hand, though, there certainly comes a telling point when too many consumers begin to owe too much on their cards. Moreover, troubling signs arise when evidence points to card use growing for purchases of goods and services required for daily life, such as food, shelter, health insurance and so forth. When a high number of consumers begin to test the dollar limits of their card offerings, meaningful monthly payments become a truly worrisome issue.

A common medical debt scenario plays out often across the country

“Righteous indignation” might be a phrase that comes immediately to mind for many readers hearing about the situation reportedly faced by millions of American consumers

Here’s the gist. Imagine you sought medical services for treatment of an illness or other debilitating condition. You checked with your insurance company prior to doing so, getting its go-ahead to proceed. You duly produced your insurance card and related information to your health care provider.

And then, following the care you received, bill processing bogged down, as it typically does in millions of cases across the country. Information sent from your care provider’s billing department to your insurer seemingly went into a black hole. Months went by, with successive bills from your provider arriving in your mailbox demanding payment from you for services that were clearly to be compensated for by your insurance company.

Consumer-driven society: a special challenge to impulse buyers

If you sometimes feel that your purchasing decisions are not routinely well-considered and that impulse rather than need is the primary catalyst driving up your credit card balances, rest assured that those concerns are widely shared by other people, as well.

In fact, notes a study cited in a media article on debt addiction, as many as 20 million people across the United States might have a debt-related problem that owes centrally to undisciplined buying of consumer goods.

That equates to about seven percent of the nation’s population.

Bankruptcy can be a solution to overwhelming credit card debt

The Great Recession that began in the last decade was a wake-up call for many Americans. We were relying heavily on credit and debt, which was fine in a booming economy but could be disastrous during leaner years.

As a result of the recession, credit card use seems to be on the decline. Some Americans are simply going without credit cards, while many others are trying to carry less credit card debt. Unfortunately, reining in your use of credit cards and reducing debt is not an easy thing to do. In fact, there are probably plenty of people still paying off debt they accumulated prior to the recession.

Survey says: top consumer fear, anger inspired by debt collection

Many Mississippi residents likely join millions of other consumers from across the country in a similar response to a report citing debt collection as the predominant consumer complaint in the United States.

Their reaction: lack of surprise.

That ho-hum response is undoubtedly inspired at least in part by this statistic, furnished in a recent media account and report on consumer debt and collection efforts: Nearly 15 percent of all American consumers are reportedly being targeted by collection companies for delinquency-related problems regarding one or more accounts.

Extrapolated, that comes to a whopping 30 million adults nationally who are dealing with debt collectors.

Bankruptcy basics: Differences between Chapter 7 and Chapter 13

When it comes to filing for personal bankruptcy in Mississippi, there are two common types that many hear about: Chapter 7 and Chapter 13. While each is different, both of these aim to give the filer a fresh financial start by either eliminating their debt or making their debt more manageable. 

At The Rollins Law Firm, our attorneys provide education and assistance when filing for bankruptcy, including Chapter 7 and Chapter 13. In this post, we will discuss these two types of bankruptcies at a rather high level, to merely give our readers a basic idea of the differences between the two. 

You filed for bankruptcy; now mend that wounded credit score

It’s no secret that a bankruptcy filer’s credit score takes a hit.

And it’s no secret that the so-called FICO scores of filers in Mississippi and elsewhere across the country can rebound sharply from downward spikes in the months and years following bankruptcy, provided that they take purposeful steps to rebuild their credit histories.

A recent article detailing some of those steps reminds filers of Chapter 7 and Chapter 13 bankruptcy that they can take a proactive stance in rebuilding credit by focusing on a few core considerations.

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