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Tag Archives: last resort

Am I Wrong to Think Bankruptcy Should Be Our Last Resort. – Sarah

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“Dear Steve, 35,000 credit card debt spread across 7 cards with APRs ranging from 4% to 17%, $750 month mortgage payment, $800 month cc payment, $60,000 student loans on low-income repayment with $0 payment. Adjusted gross income $24,000, monthly take-home fluctuates between $2000 and $4000 , but usually on the lower range. My husband is self-employed. My husband and I ... Read More »

Bankruptcy Should Be the Last Resort Many Say. But That’s Just Not True.

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There they go again, “bankruptcy should only be considered as a last resort.” We’ve all heard that rumor or authoritative statement, many times. You even read it again and again in mainstream media. But here is the problem with that statement, it’s just not true. There are plenty of times when bankruptcy should be considered the first resort, not the ... Read More »

What Do You Do When Your Creditors and Credit Counselors Say There Isn’t Anything They Can Do to Help? – Elle

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Elle “Dear Steve, What do you do when the credit card company and the credit counselors say they can’t do anything to help? I have a solid income, good credit score and have racked up $37,000 worth of unsecured debt. I called Bank of America to ask for a lower interest rate, I’m paying 18.99%, 21.99% on two cards. Credit ... Read More »

Worth Reading – New Tack in Default Battle: Cutting Mortgage Principal

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Reducing the principal on mortgages is “a last resort,” says Paul Koches, executive vice president at Ocwen Financial Corp., a West Palm Beach, Fla., loan servicer that has shrunk the amount owed on 10,884 delinquent mortgages as of Sept. 30. That is 23% of all the loans modified by Ocwen so far this year. Ocwen estimates the company’s foreclosures result ... Read More »

Debt is Number-One Problem for People in Wales

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Debt is number-one problem for people in Wales WalesOnline, United Kingdom - 43 minutes ago And while credit card debt enquiries across England and Wales as a whole have dropped by 4% in the past year, within Wales alone the CAB has seen requests ... Read More »

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