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February 2014 Archives

How Texas residents can deal with excess debt and taxes

It's common for people to be overwhelmed with debt. Under these circumstances, lenders may forgive or cancel excess debt owed. Due to the debt cancellation, many Texas residents are required to report this as taxable income. With the Mortgage Debt Relief Act, cancellation of debt on someone's residence may be excluded from taxable income.

Economists disagree on meaning of overwhelming debt in Texas

Economics is not an exact science and many times economic data can be interpreted to mean a variety of different things. This is why economists will debate with each other vehemently regarding the meaning behind the numbers concerning consumer credit card use in Texas and other states. Some believe overwhelming debt weakens the economy, while others believe debt to be a sign of improved consumer confidence.

Choosing between Chapter 7 and Chapter 13 bankruptcy in Texas

Anybody may find themselves facing financial challenges, including overwhelming debt. This is especially true in an economy that has been mostly slow to recover from the recent recession in Texas and everywhere else in the nation. Many people who have run out of options will decide it is time to file for bankruptcy. However, one will still have to decide whether to file a Chapter 13 or Chapter 7 bankruptcy.

Study shows generational differences regarding overwhelming debt

Each generation has its own quirks and characteristics which are unique to that particular generation. Recently, researchers released a study showing the differences in credit card debt between four different age groups. The study revealed that some generations fare better than others in avoiding overwhelming debt from credit cards in Texas and other states.


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