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chapter 13 bankruptcy Archives

How to properly raise a credit score

Ohio consumers are likely some of the roughly 43 million Americans who carry a credit card balance in an effort to improve their credit score. This was one of the takeaways of research conducted by CreditCards.com. However, carrying a balance will not improve a score, and in some cases, it can actually harm it. Furthermore, carrying a balance on a credit card could result in paying additional interest. On average, an American carries $6,375 in credit card debt at an average interest rate of over 16 percent.

Filing for bankruptcy earlier can help avoid financial problems

For people in Ohio facing serious personal debt, medical bills or other unrepayable financial demands, bankruptcy can be an important step to protect their financial future. At the same time, the process can also be personally and emotionally challenging for many people. As a result, they may wait until the last possible moment to file bankruptcy, which can have ongoing effects on their finances. In fact, according to one 2018 study, the longer that people wait to finalize their bankruptcy filing, the more difficulties and struggles they face during the process.

Buying cars while in Chapter 13 bankruptcy

Ohio residents who file for protection under Chapter 13 of the bankruptcy code will be required to repay a portion of their debts during a repayment period that lasts three or five years. Due to the length of the repayment period, it is possible that the debtors may need to purchase vehicles before their bankruptcy cases are completed.

Why cardholders are late on store credit card payments

According to Equifax, the delinquency rate on store credit cards reached 4.65 percent, which is the highest it's been since 2011. There are many reasons why this is the case, such as the fact that interest rates on store cards tend to be higher than with other credit cards. The average interest rate in Ohio and around the country is 25.5 percent for a store card compared to 16.73 percent for all others.

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