When a business is struggling with debt, they may experience a number of hardships every day and have no idea of how to address their financial challenges. Fortunately, there are a variety of debt relief options that can help those who are in this position tackle overwhelming debt and look forward to a fresh financial start. In Salem, New Hampshire, and around the nation, it is very important for any business that is going through this to take action as soon as possible.
New Hampshire residents may have heard about a study released by the Consumer Financial Protection Bureau on March 10. The federal agency claims that around 75 percent of all credit card users are unaware that they are bound to arbitration terms prohibiting them from suing the issuer individually or through a class action in the event of a dispute. In addition, many of those who are aware of those terms do not understand their effect.
Individuals in New Hampshire who are considering filing for bankruptcy may be wondering what happens after the case is completed. Whenever debt is discharged in bankruptcy court, the debtor is no longer legally responsible to repay the debt. However, in some instances, the debtor may wish to voluntarily repay the debt anyways, even though it can no longer be enforced by law.
New Hampshire residents with student loans are among those most likely to make timely payments according to the credit reporting agency Experian. Other states that scored well for student loan repayment in the September 2014 report were Vermont, Massachusetts, Minnesota and North Dakota. However, the credit agency also found that the level of student debt had risen sharply since the 2008 financial crisis, which has led to significant financial challenges for many Americans as they struggle to pay the loans that they took on in college.
During hard financial times, as the last few years have brought for many people in New Hampshire and throughout the country, many people choose to file bankruptcy for debt relief. Mounting debts can be a result of loss of employment, medical bills, divorce or any number of legitimate problems. But most people think of bankruptcy as an option for a person of average or below average income. Surprisingly, even those who make millions may find themselves in the position of needing debt relief.
Many consumers struggle to pay their credit card bills every month. The weakened economy and housing market caused many families, including several in New Hampshire, to rely heavily on their credit cards to make day-to-day purchases. When coupled with rising interest rates and decreased income, the balances on many consumers' credit cards may have become higher than they can afford to pay back. Financial challenges like this can be difficult to bounce back from, but a recent article offered several suggestions on what consumers can do to take control.