According to State Senator, Jennifer Shilling, Wisconsin, comes in at 10th place across the country for the number of debt-ridden college students. An estimated 67 percent of residents who have graduated from four-year colleges have student loans to pay off. Further, student loans currently hold second place in the nation as the largest consumer debt.
Most people struggling with debt agree that fielding the many collection communications is one of the most distressing aspects of their debt. In truth, constant phone calls, emails and letters can actually shift the debtor's focus away from paying their bills. Instead, as the calls and letters get more and more hostile, most debtors simply want to make those communications stop altogether.
Just as with other important decisions in your life, bankruptcy should never be entered into lightly. If you think of bankruptcy as a quick fix or as a way to simply wipe out your debts without trying to pay them, this solution may not be for you.
Debts can be emotionally draining and often lead to a vicious cycle of borrowing and unaffordable interest rates. You may have got to a point where you feel as though taking out one more credit card will only be a drop in the ocean when it comes to the debt that you have already accumulated.
It is not a surprise to learn that debt relief is on the minds of many Wisconsin residents. Overwhelming debt remains a nationwide problem and most people would grasp at anything that seems like a solution. Debt settlement companies offer plans and programs that seem foolproof, but one financial columnist with NerdWallet cautions people to think twice before succumbing to the allure of debt settlement without careful consideration.
If you are struggling with overwhelming debt, we want to assure you that you are not alone. Many of our neighbors in Appleton and other areas of Wisconsin are in the same boat. One thing you and these people probably share is a desire to find debt relief and start a new chapter in your life.
Have you ever made a mistake, known instantly that you did and felt that gut-wrenching frustration that goes along with it? When you do that with your debt, it can really be problematic, and you must know what mistakes to avoid.
In 2012, a group of debtors filed a class action lawsuit against a Santander Consumer USA Holdings Inc., a Dallas-based debt buyer specializing in auto loans. Santander had bought the debtors' loans from other holders and was attempting to collect them. The debtors claim Santander was violating the Fair Debt Collection Practices Act by bypassing some debtors' attorneys and by misrepresenting how much some debtors owed.
MC Sports, a retail store selling sporting goods, apparel, firearms and other such items, has declared bankruptcy. The company is using Chapter 11 bankruptcy, and reports indicate that part of the process will include liquidating stores.
Even people with good jobs get trapped in debt. One study found that about 33 percent of households with an income of at least $75,000 per year -- and often more -- still lived from one paycheck to the next. Other studies have found that most Americans -- 73 percent -- don't even have $1,000 saved up, and the average credit card debt stands at a comparatively staggering $16,000.