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December 2012 Archives

Seniors experiencing increase in overwhelming debt nationwide

The U.S. economy is heavily dependent upon consumer debt and would likely begin to malfunction if consumers only purchased products and services they truly needed. Many industries in Texas and elsewhere are based upon selling consumers incredibly expensive items that are supposed to bring about happiness. However, this has recently contributed to an increased amount of overwhelming debt among seniors.

People more wary of overwhelming debt from credit cards in 2012

The recent recession is still fresh on the minds of many people, especially in an economy that has not fully completed its slow recovery. One of the main causes of the recession, according to many economists, was overwhelming debt from consumers using their credit cards in Texas and elsewhere. However, there are now signs that consumers are using their credit cards more wisely. The total amount of credit card debt this year will be significantly less than what was previously predicted for the U.S.

man may discharge lawsuit debt with Chapter 7 bankruptcy

Sometimes when family and finances mix, it can create a volatile concoction. This can occur in Texas or elsewhere when a family member is trusted with managing assets. One 54-year-old man recently found this out when he lost a lawsuit against his mother and sister which contributed to forcing him into Chapter 7 bankruptcy. The judgment against the man was for $215,000 for improperly converting $185,182.54 from his mother's checking account during the course of approximately four years.

Consumer state of mind causes overwhelming debt in Texas

It is important for people to properly manage their personal finances. This means that consumers should control spending in order to avoid overwhelming debt. Many times financial experts talk about two different kinds of credit card debt: good debt and bad debt. According to financial experts, what makes a debt good or bad is what a consumer uses the debt for. Generally, an individual's state of mind is what leads him or her to accumulate good or bad debt in Texas and elsewhere.

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