Credit card debt is a problem that is sweeping the country. Studies have shown that there are over 640 million credit cards in circulation which account for somewhere in the ballpark of 1.5 trillion dollars in consumer spending. Recent studies have shown that the average American family has around 8000 dollars in credit card debt, and over 115 million Americans carry a monthly credit card balance. The average credit card debt has more then doubled over the past ten years. [Read More!]

Bankruptcy is a legal declaration of the inability to repay debts. Bankruptcy should be viewed as a last resort. It will have a severe impact on a credit rating and will remain on a credit report for ten years. Furthermore, bankruptcy is not a solution in all cases. Federal student loans, Federal tax debt and child support are exempt from bankruptcy protection. Bankruptcy agreements vary but there are two types of agreements that most people choose: Chapter 7 and Chapter 13. In Chapter 7, all unsecured debts are liquidated; in chapter 13, there is reorganization where the filer will pay back a portion of his or her debts to the applicable creditors.....
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