For years, Arizona workers have used payday loans to meet unexpected financial challenges that cannot wait until the next paycheck. The loans are readily available from check cashing agencies or finance companies but come at a high cost, particularly when the loan is not paid when it is due. For some borrowers, the costs of [...]
Events leading to the simultaneous collapse of the real estate and mortgage markets in 2008 and 2009 left many homeowners with new financial challenges created by an economic recession, high mortgage balances and declining home values. Some homeowners who needed to stop foreclosure and obtain manageable payments were able to obtain the fresh financial start [...]
Many Arizona citizens are familiar with the general concept of bankruptcy, but are not sure exactly what the process entails. Federal law includes two different statutes that allow consumers to receive debt relief by filing for bankruptcy. These are called Chapter 7 and Chapter 13 bankruptcy. A person's credit report will be affected for 10 [...]
Homeowners in Phoenix who are underwater on their homes might be interested in a few tips about whether foreclosure is a good option for them. The truth is that going through a foreclosure can have consequences for years, just as a personal bankruptcy does. When prices of homes and incomes were rising, investing in a house [...]
Tax season comes every year, but the real work for the IRS begins as April 15 creeps closer and the flood of last-minute tax returns hits the system for processing. Arizona taxpayers who file an error-free return should get a refund within 21 days. There might be a delay in processing the refund if the [...]
When Arizona residents file for bankruptcy, one of their first concerns is how to repair their credit rating. One of the main goals of personal bankruptcy is to get people out of a bad financial situation, and eliminating debt can give people a clean slate. This is why it is essential for people to check [...]
Arizona residents who are looking to modify their mortgage may have experienced difficulty getting a loan modification even after filing for Chapter 7 bankruptcy, which recognizes that people have unsecured debts and discharges them of those debts. However, people may still file Chapter 13 after they have already filed Chapter 7. Chapter 13 bankruptcy has [...]
Those who are struggling to pay medical bills in Arizona may be interested in a study showing that those who have credit card debt sometimes put off having medical care, which could slow their medical recovery or make their medical conditions worsen. In these tough economic times, people are charging a lot on their credit [...]
Arizona residents may have discovered during the recession that, in difficult times, it can be easy to accumulate credit card debt. In an online poll, one in five Americans said that they believed that having a balance on a credit card every month was a responsible way to manage finances. However, if a debt is [...]
U.S. Census Bureau data indicates that the age group carrying the highest debt load in America is those aged 35-44. In fact, the group has a median debt of $108,000, 25 percent higher than the second highest most indebted age group. Because of this large debt load, many Arizona residents may be considering taking a [...]