Showing posts with label financial problems. Show all posts
Showing posts with label financial problems. Show all posts

Saturday, October 22, 2022

How to Stay Financially Buoyant During a Divorce

Divorce can lead to financial hardship and even bankruptcy if you aren't prepared. If you are going through a divorce or expect a divorce soon, you need to take these steps to protect yourself financially.

Here's how to stay financially buoyant during a divorce, so you don't have to start over with nothing.

Hire a Divorce Attorney


An experienced divorce attorney, like those at John D Wieser Esq, PC, can help make sure you get to keep the assets you've worked so hard for. You may not get to keep every last dime, but your lawyer can help negotiate a fair, better deal in court.

Learn to Be Frugal


You may be tempted to treat yourself and kickstart your life as a single person, but now is not the time to go crazy buying expensive clothes, beauty treatments, vacations, and dinners out. Save your money if you need to purchase a new home or vehicle after the divorce.




Get Financial Advice


An accountant or financial advisor can help you tremendously during this time, especially if your spouse has been the only one handling the household finances. You need to learn the basics of money management so you can succeed on your own.

Downsize


After your divorce, you may not be able to afford the mortgage payment on your large home. You may need to buy a smaller house to accommodate your new income level. 

Selling stuff, you don't need and reducing expenditures is also a great way to save money and simplify your life during this hectic time.

Lean on Friends and Family


If you've been kicked out of your house, you may want to ask a friend or family member for a place to stay instead of booking an expensive hotel. 

This is only temporary until you find a new home or apartment, but it can save you thousands. It can be hard to swallow your pride and move back in with mom and dad, but your wallet will thank you.

Determine Your New Budget


One of the most important things you should do when you get divorced is determining your new budget. Since your household income will be reduced, your expenses will also have to decrease. 

Cut out unnecessary expenditures and create a new monthly budget that includes the costs associated with your divorce.

Going through a divorce can be a long, arduous process. You may not come out completely unscathed, but by following these tips, you can keep your finances in order and end your marriage without going broke.



Friday, June 25, 2021

How to Stay Financially Secure After Losing Your Job


If you have been laid off because of the COVID-19 pandemic or any other reason, coping with the sudden change can be depressing. Rethinking how to foot your bills and replenish your income will require sobriety. 

Despite the anxiety, remember the next steps you take should be strategic and reasonable to help you manage the harsh season. Below are significant financial moves you should make to stay financially secure after losing your job.

Control Your Emotions


The emotional toll of job loss can affect your mental health significantly. If you do not devise ways of renewing your sense of purpose, you may become an emotional wreck sooner than you think. 

The disadvantage of becoming emotionally and mentally drained is that you may make poor financial choices that might affect you in the long term. If you feel overwhelmed, find a bankruptcy attorney and share your issues. 

Do not rush to pull all your IRA or 401(k) money out without seeking advice from an expert. Instead, use the money you saved for emergencies to sustain yourself as you plan on the way forward.

Check Your Eligibility for Various Relief Programs and Unemployment Benefits


Cutting down your expenses after losing your job will help you a lot as you pursue other courses that could earn you some money. Usually, if you can prove that you did not resign or get fired, you may be eligible for unemployment insurance, among other unemployment benefits. 



Also, your employer may decide to give you a severance package as you go home. Should this happen, consider reviewing the contract before signing on the dotted line. If need be, involve a benefits attorney to help you understand any ambiguous information. 

Rushing to sign a legally binding agreement can be risky because you never know; the devil may be hiding in the details.

Protect Your Taxable Assets


You should act swiftly and apply for state unemployment as soon as you lose your job. Although it is taxable income, the state can defend you if your employer claims a reasonable cause. 

Also, if you withdraw your 401(k) funds, ensure you return it or take a rollover within 60 days, or else you may be penalized.

If you have a mortgage you are refinancing, try to negotiate and ask them to reduce your monthly payments. If you don’t own a home yet, talk to your landlord and negotiate fairer terms. They may consider you because finding new tenants can be tricky sometimes.


Friday, November 20, 2020

The 2020 Quick Guide To Solve Debt Quickly




Struggling with debt has reached epidemic levels in America. According to recent data, there is massive growth in consumers' ratio approaching credit card companies to declare a debt settlement. 

The majority of these consumers have been facing many problems because of non-response from their credit card companies, making them more pessimistic about trusting banks and lenders.

Where To Turn?


Today, the U.S. economy has a severe problem, with millions of families facing many issues due to their increased dependency on lines of credit. However, they are facing financial issues and a lot of mental and physical stress, due to which they have resorted to bankruptcy

With this, it is a common practice among consumers to choose debt settlement programs because this process of debt elimination can help them avoid many problems in the future.




Now, if you consider these facts, you will see a clear picture. Debt settlement programs are a legitimate solution to these issues, and consumers can easily avoid many financial problems, such as having precious personal items repossessed. 

These programs help consumers consolidate their loans into a single loan amount that can be manageable and paid down quickly, which can be done by approaching a legitimate relief service.

Who to Trust?


First of all, do your homework and know which companies are sincere and yet another parasite out for your blood. That might be dramatic, but it's shocking how many of these companies prey on struggling families and individuals.

Not only will a lot of credit card or lending companies refuse to negotiate or settle a debt with you, but a lot are also unwilling to deal with individual debt relief companies as well. This is because of their dubious dealings in the past. 

It's crucial that you study up on these companies. Read any reviews you can online, look them up in the Better Business Bureau, and ask any friends or colleagues if they have dealt with any companies like this in the past.

There are also simple red flags to look out for. Like promises or "guarantees." Debt settlement companies can't promise to settle all of your debt for a certain reduced percentage (no one can). There is no "new government program available" that helps bail people out of their credit card debt. 



It would help if you also were wary of any company charging fees before they settle any of your obligations. This is important because you shouldn't have to pay anything until you reach a deal that you agree to. They also can't stop all debt collection phone calls or lawsuits. And a reputable debt collection company will never tell you to stop communicating with all your creditors.

What Can Debt Relief Companies Do For Me?


Once you do settle (so to speak) on a company you know you can trust, they can help you sort out exactly what you need and don't need depending on your specific situation. They should know which loans or debts should be tackled and which should be left alone (for now).

When consolidating what you owe, a company may be able to get your interest waived altogether, reducing your principal balance, having monthly payments reduced into a single payment that you can manage, and only have you pay off a fraction of the total amount you owe.

While some drawbacks can include your credit score is affected and possibly getting approved for credit in the future, the positives most likely outweigh these. You can avoid filing for bankruptcy and the looming prospect of repossession. Not only that, but did you know it also costs you money to file for bankruptcy? 

You can save thousands or tens of thousands of dollars that you otherwise would have had to pay not only in your balance but in interest, and you also get the added benefit of ending those harassing phone calls and emails every month or every few weeks.

The burden of debt settlement can be a long and scary road, but these are things you can do and avoid to make the journey easier. Remember that your debt does not define you, and you can always take your debt back into your hands and settle it the way you need to.




Monday, June 8, 2020

4 Emergencies to Budget for with Your Family



An emergency can happen to any family at any time. Some family emergencies can be expensive to manage, and you can prevent a lot of stress and financial trouble if you are able to budget ahead and establish an emergency fund. 

Here are four types of emergencies to budget for with your family.

Loss of Job


Loss of a job is a big financial emergency. The COVID-19 pandemic has resulted in more than 22 million Americans losing their jobs as of April 2020. Unemployment takes a while to kick in, and not everyone qualifies for this compensation. Consider having six months' worth of living expenses saved in case of a job loss.


Car Breakdown or Accident


Most people need a car to get to work. If your car breaks down, not only could you find yourself out of a job, but you also have to come up with the money to arrange for an unexpected car repair. According to Legacy Auto, a provider of car repair services in Boulder, CO, it is a good idea to have a maintenance and repairs fund for your car. 




As cars get older, they are more likely to need pricey repairs, such as new brakes. If you are in a car accident, you could also be subject to a deductible before your coverage kicks in. Consider budgeting so that you have at least the amount of your deductible available for a car emergency.

Medical Emergency


Medical emergencies are one of the most common reasons why people go into debt. Many people have high-deductible insurance plans that only kick in when they reach a large out-of-pocket threshold, such as $10,000 or even more. Even if you do not have a high-deductible plan, a medical emergency can still be catastrophic to your finances. 


If possible, the budget for your out-of-pocket maximum expenses. You could have this money in a tax-free FSA or HSA. Some of these plans allow you to roll over the funds you do not use in a given calendar year.

Major Household Repairs


Major household repairs can take a big bite out of your bank account. If your furnace or heat pump suddenly fails, you could be looking at a $3,000 to $6,000 replacement cost. A sewer line failure or burst water pipe could cost thousands of dollars to repair. 


A sudden crack in your home's foundation might necessitate extensive repair work costing tens of thousands of dollars. Masonry and electrical repairs are also essential and expensive. If your home needs a new roof, you could be looking at a $5,000 or more expensive. 



A failure of your refrigerator or oven could also be pricey to handle. Several websites list the average lifespan of different parts of your home and home appliances, and you can use that information to plan when they will need to be replaced. 

Some emergencies might be partly covered by your homeowner's insurance, such as a hailstorm that damages your roof. However, you will need to have the cash on hand for the deductible. Insurance companies also factor depreciation when compensating you for covered losses.

Other Minor Emergencies to Consider


Above are four major emergencies that you should budget for as a family. However, a series of minor emergencies could also have a considerable impact on your budget, explains U.S. News and World Report


If you had to take an emergency trip out-of-town for a funeral, travel, and lodging could be pricey. A sudden move can also be expensive. Perhaps your landlord decided to sell the house you're renting, or maybe your job decided to relocate you to another city. Maybe you have to take in a niece or nephew, grandchild, or parent. 

The cost of living increases can also impact your finances, especially if your health insurance or car insurance premiums, rent, or utility costs go up without a corresponding increase in your paycheck. You also need to have a budget and plan in place for these situations.

These are not the only emergencies that could impact your household, but they are common. It is wise to expect the unexpected and have a plan in place for anything that might happen. Planning and budgeting give you some peace of mind that you can weather an emergency without having to go into a lot of debt.

Friday, May 25, 2018

4 Financial Steps to Protect Yourself from Bankruptcy



Dealing with overwhelming debt can be a serious burden. Dealing with bankruptcy, however, can often be just as frustrating. Bankruptcy can do a number on your credit, after all. If you want to safeguard yourself from all of the stresses of bankruptcy, these financial tips can be highly effective and useful.

Work on a Budget


Assess the amount of money you use on a monthly basis. Set up a budget that can keep you accountable and focused. Tell yourself that you won’t go over your designated budget no matter what, too. 

If you want to take charge of your monthly spending patterns, maintaining a budget can make a strong foundation. You can handle your spending by using cash for anything you get. You can do so by throwing all of your credit cards away as well.

Say Goodbye to Frivolous Purchases


Viewing your purchases in a totally new light can help you steer clear of bankruptcy. Refrain from buying anything you absolutely do not need. If it’s not rent money or food, then there’s a strong chance that you can cut it out. 





Say goodbye to eating out at restaurants. Say goodbye to cigarettes, costly cable television packages, movie theater trips, spa pampering days and more as well. 

You can even save money by cancelling your fitness center membership. Jogging at the park can be just as effective.

Reach out to a Bankruptcy Lawyer


Attorneys who have bankruptcy expertise can supply you with comprehensive insight that can potentially help you keep filing at bay. 

If you want advice from a legal professional who knows all of the pitfalls that get people on track to bankruptcy, a lawyer consultation can be a superb idea. Book a consultation with a bankruptcy lawyer who possesses a blue-chip track record.

Put Your Property up for Sale


Putting property up for sale can often help people who want to stay far away from bankruptcy. If you have a vacation home that no one occupies, you can think about selling it. 

If you have a vehicle that you rarely use, you can consider putting it up for sale, too. Contemplate any and all items you may have with high value. Selling rare antiques may help you dodge bankruptcy filing.

The thought of bankruptcy shouldn’t make you lose your cool. If you’re calm, you may be able to think your way out of a scary debt situation. The answer is to think things through rationally.


Saturday, July 22, 2017

4 Common Financial Mistakes to Avoid in Your 50s



When you enter your 50s, you likely start thinking about life differently. If you have had kids, they are likely out of the house, and if you have built a career, you might be thinking about retirement. 

There are many things that could be on your mind, but it is important not to get overwhelmed and to stay focused on your most essential responsibilities. One of these is the financial well-being of yourself and your family. 

Unfortunately, many people in their 50s are more financially stable than ever, but they may also be vulnerable to silly mistakes.

Retaining your family’s security and avoiding financial missteps is easy when you simply know what to look out for. Rather than handling your money mindlessly, consider the following four errors that middle-aged people commonly make, and determine to avoid them at all costs.

Not Establishing a Will or Trust


According to the AARP, more people in their 50s are choosing to establish trusts over wills, but no matter which you choose, it is essential that you draft a document indicating how your assets and property should be divided after your death. 

It is understandable that many people do not want to do this—it is unpleasant, after all, to consider your own passing—but failure to do so can put your family through the massive hassle of navigating probate and debating over who receives what part of your estate. Invest in professional estate planning now.

Failing to Research Investments Wisely


Entrepreneurs such as Donald Gayhardt have made a name for themselves by fostering a portfolio of diverse and lucrative investments. Indeed, many people start thinking about the stock market for the first time when they are in their 50s. 

One of the biggest mistakes you can make, though, is failing to research your investments wisely and make financial decisions accordingly. According to Investopedia, taking bad advice is often costly, and there is no shortage of bad advice floating around. 

Consult with a knowledgeable professional before you dive all the way into the world of investing and trading stocks.

Burning Through Funds Set Aside for Retirement


It might seem like no big deal to dip into your retirement savings to help cover big and small expenses in the meantime. Perhaps your kid needs some assistance or maybe the car needs repairs. 

No matter what the justification is, though, the result is the same: you may wake up one day and realize that your savings have evaporated. Financially successful individuals such as Donald Gayhardt have proved that it is possible to become wealthy in your 50s and beyond—but you won’t accomplish it by slowly depleting the savings you have accumulated towards retirement.

Planning Poorly for the Future


The future is scary, and nobody would blame you for maintaining a live-in-the-now philosophy. As you enter your 50s and beyond, though, it is never more important to consider how your financial future will play out. 

Will you remain at home for the rest of your life? Do you still have debts to pay off? If you plan to reside in an assisted living facility, how will you finance the cost? 

These are questions that you should think about and begin formulating answers to. If you put them off for too long, somebody else may answer them for you.

Financial planning is essential at every stage in a person’s life, but it is particularly imperative when you are in your 50s, 60s, 70s and beyond. 

Even if you have not invested in any professional financial advice, it is not too late to do so, and this decision could save you and your family from considerable stress in the future.


Friday, October 17, 2014

How To Stay Calm And Make A Plan During An Unexpected Financial Crisis

No matter how good you are at setting up your finances, a crisis could come along and make life difficult for a while. During those times, it's important to keep calm and have a plan. While dealing with difficult financial situations can be stressful, it is possible to overcome them quickly and stay out of debt. These six tips will help you develop a plan to help you deal with your money troubles: 

Set Small Goals


When you're dealing with complicated financial issues, it's easy to get caught up in try to get through it all. However, small, attainable goals are the way to stay on track when things get overwhelming. Set daily savings goals and weekly objectives that will get you to where you want to go. Some ideas including using coupons, stop eating out and putting more in your savings account. Your long-term goal can quickly become overwhelming if you don't have small milestones you can check off the list along the way. 


Cut Daily Costs


In financial matters, every little bit counts. Look for for ways to cut a dollar or two out of your expenses each day. Meals, vehicles, and utilities are great places to look for unnecessary expenses that can be trimmed. Make it a point to write down a list of items you need when you go to the store and don't get one thing that's not listed. Many people overspend simply because they buy things they think they need or use, but don't.


Pay Off Small Debts First


Normally, it's a good idea to pay off your highest interest debt first. However, since you don't see a monthly benefit to paying off debt until the balance is gone, start with the smallest balances instead. That way, the extra money you save each month will help you weather your current financial storm.


Speak With The Experts


If money is tight, the last thing you want to do is spend more of it on financial advice. That said, experts will be able to plan an individualized path and a budget to get you through your current issues. The upfront cost is well worth it in terms of strategic planning and peace of mind. Financial experts can advise you on the best solutions to your financial issues, like credit card debt, bankruptcy and more strict budgets. 

Sell Unnecessary Items


A financial crisis is a great opportunity to simplify your life. There are likely a number of valuable objects in your home that you no longer need. Consider selling jewelry, televisions, and even second vehicles if they aren't truly necessary. You can do this at a garage sale, or through your local classifieds online. For items that are worth more, don't be afraid to wait for a better offer. Getting your money's worth on a car is often more important than selling it quickly to a first bidder. 

Ask Family For Support


No one likes to ask their extended family for a loan. Your family and friends are probably worried about you though, and are a great resource when financial times are difficult. Just remember--if you feel uneasy about asking them for help, just be sure to help them when the situation is reversed. You don't always have to ask for money to get support though. Consider staying with relatives for a short while if you can't afford rent, or let them provide more dinners for your family.

A financial crisis is a difficult, frightening event that no one wants to experience. While it can be scary, these tips can help you overcome your financial issues and get back to normal life in no time.

Informational credit to Paddon & Yorke Inc.

Thursday, May 15, 2014

Staying Ahead of Financial Problems

In today’s economy, financial stability is far from a given. And as more Boomers approach retirement age, the pinch is being felt. When living on a fixed income, how can you make moves to keep yourself ahead of the game, and not having to go back to work in your retirement years?

Plan Ahead


Take a look at your monthly budget. See how much your bills equal, and how much you have coming in a month. Is it just social security or a pension? Try to put a little bit away whenever you can, and figure out what expenses you can cut out of your spending. Figure out cheap ways to go on vacations or visit your kids. There are lots of ways to cut down on travel expenses on the internet. The important thing to realize is that putting a little forethought into things can save big money in the future.

Stay Within Your Means


If planning ahead is the best way to keep you out of financial trouble, this is the easiest. Don’t spend what you don’t have. It’s just that simple. Only bringing in 500 bucks a month and relying on your savings? Don’t spend 550. Can’t pay for something with cash? Don’t pay for it with a credit card. Of course, things aren’t always so cut and dried. Sure, you’re going to need to over extend every once in a while, a home repair or a car repair. Look for senior or AARP discounts. Just make sure that if you do use credit cards, you’ll be able to pay down the balance in a timely manner.

Take a Look at Your Assets


Do you have stocks? Maybe an old 401(k)? Or a structured settlement from an accident? Keeping an eye on these assets can be a good way to stay ahead when financial instability comes nipping at your heels. Stocks are easy to sell, call a stock broker. 401(k)s have a few more rules. There are two kinds, the traditional 401(k) and the Roth 401(k). Each has different withdrawal rules. With a traditional, there are penalties if you withdraw your money too early. There are no penalties with a Roth, but you can’t withdraw until you’ve had the account for five years. If you have one, selling a structured settlement or a portion of it may be the way to go. 

 Instead of receiving your money in timed payouts, you can receive a lump sum to help you out of any financial difficulties you may find yourself in. By selling only a portion of the structured settlement, even a portion of the timed payouts, you can continue to have checks come in while also receiveing the lump sum. In retirement, every bit of income counts. Companies can help you sell your structured settlement quickly and painlessly, and all costs can come out of what ever the lump sum ends up being, so nothing has to come out of pocket. 

Just Pay Attention


This may seem like a simplified way of summing up the above points, but it cannot be overstated. Pay attention to what’s going on in your finances. If something looks out of the ordinary, follow up on it. If you see something on your bank or credit card statements doesn’t belong there, make a phone call. It’s up to you to make sure that you know what’s going on with your money. Talk to a financial manager, take time to go over your finances monthly, and you should be able to stay ahead of the game.

Thursday, July 18, 2013

Top 5 Financial Issues To Address In 2013

There are many financial issues present in our world in the year 2013. Here are the top five financial issues that need to be addressed this year.

Health Care


Health care is a huge financial concern in 2013 as more and more people who are unemployed, underemployed, or self employed aren’t getting the health care they need, often because they can’t afford to obtain it on their own. Due to the rising cost of health insurance many employers cannot afford to offer it to their employees. Government programs designed to make healthcare more accessible to everyone are facing opposition from certain groups of people within society.

Credit Reform


Companies that offer credit are coming under fire for offering to people who either can’t afford it or abuse it. There is also an issue with companies not having standards they are forced to adhere to. Credit reporting companies are being criticized for not meeting certain standards anymore. This is causing a lot of tension when it comes to credit companies and people are calling for reform that, so far, is not happening.

Jobs


While unemployment levels are dropping this year, it is only because people are so discouraged and disgusted with the job market that they have simply stopped trying to find a job in the first place. Some people blame politics for the lack of jobs while others say the lack of jobs could be fixed by each community doing what they can to create more jobs.

Congress


Many people are blaming financial problems on the government because government employees keep getting raises, meaning states have less money for other expenses. Some people blame the general public for voting for government officials that simply don’t care about individual people. It is believed that strong leadership could fix all the current financial problems America is facing. People are very frustrated at the way in which the government has dealt with the country’s financial problems.

Housing


The housing industry has suffered a lot in recent years and is now recovering, but the recovery process is going very slowly. Many people had to foreclose on their houses this year because of the actions from banks throughout the country. Financial experts are saying that the best way to deal with the housing crisis is for the banks to try to help people who have gone through foreclosure to get their houses back.

These five issues are the main issues we are facing as a nation in 2013. Each issue has been tackled separately but it has been a long and hard road to fix these issues. Most Americans are still not satisfied with the financial state of our country and many of them are blaming President Obama for this. Only time will tell how well we manage to clean up all these problems and help people out of their financial troubles. The government will have to play a part in making this happen.

Amanda Spencer is the mastermind behind this article. She recommends http://www.cambist.co.za/ for high returns.



Tuesday, May 14, 2013

How to Successfully Overcome Financial Issues

As society has evolved to accommodate more and more comfort, security and pleasure seeking, our fears have also evolved accordingly, and at the top of them is our fear of financial insecurity. The fact is that every endeavor we undergo is to some extent connected with our desire to reach a level of financial security where day to day life no longer comes with the burden of needing to find other ways of making ends meet. 

It is also understandable that in today’s financial climate, the anxiety about not having enough to cover basic needs is top concern for the majority of the world’s citizens, no matter which country or continent. And when the biggest fear we’ve faced our entire lives greets us at the door as we are served with an eviction notice, lose our jobs or find ourselves buried under a mountain of debt, it seems we can’t fight the feeling of being overwhelmed. 

Step 1: Access your Income and Beware of Debts


The truth is that it really lies in your control that you get out of debt. While general recommendations like creating plans for reducing the debt or increasing your income are certainly welcome, the idea is to systematically go through a set of steps that will bring you closer and closer to your desired goal.

The most important thing is to realistically assess your steady income and then determine which of that is being spent and on what. This means listing not only fixed expenses like gas, telephone or electricity bills, but also those that vary (such as recreation, clothing, gifts, entertainment). After having made your list, prioritizing and tracking what you have spent will come much easier. 

Step 2: Seek Advice from Professionals


The next step is to consider seeking financial advice from a reputable credit or financial counselor. There are many programs that offer lists of certified advisers. He will need to receive all the information you have gathered thus far, from your expense lists, to bills, debt lists, financial assets and anything you consider relevant to your situation. Then set a goal that you and your credit adviser wish to reach. Usually this is establishing a reasonable budget that can allow you to get your finances under control and reduce your debt all at the same time. If such an adviser is not within your reach, check out debtconsolidation.com.au where you can find countless information and tips on how to create such a plan yourself. 

Step 3: Make a Payment Plan


Contacting your creditors to set up a reasonable payment plan which is manageable is the next step you need to take. The home mortgage is the priority in this case. Many Americans for instance are unable to play their mortgage- but contacting the lender right at once will help you avoid foreclosure.

You will be surprised to see that many of them are open to cooperation when they see the situation is temporary and that you are actively involved in resolving the situation as fast as possible. There is the possibility of reducing the monthly sum by extending repayment periods, suspending payments for a determined period or not needing to pay additional amounts when resuming payments. With car loans, since a creditor is allowed to repossess the car at any time after the payments have stopped, the reasonable measure is to sell the car, pay back the debt and avoid added costs of repossession and negative credit reports. 

Step 4: Successfully Manage Your Debts


Debt consolidation through a second mortgage or other types of equity lines of credit may help you sink the cost of your credit but at the price of your house as collateral. There are positive and negative aspects related to these types of credits, you can obtain great tax advantages that are usually unavailable with other kinds of credits but you can end up paying “points” (a point is 1% of the total amount you borrowed).

Conclusion

As an absolute last resort, filing for personal bankruptcy may be an option if everything else has failed but the consequences will haunt you and are severe. The idea behind it is that it is decided in court that you are no longer mandated to repay certain debts but this information remains in a credit report for 10 years and this might make buying a home, getting another credit, and even getting a job difficult.

It is important that you maintain a positive attitude in this situation that would indeed turn any man’s nights into restless and full of doubt. In most cases the doubt situation is resolved and with a revised payment plan you are well on your way to getting back on your feet.



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