It may seem hard to believe, but over the next month, parents with college-aged children will soon be seeing them packing up their rooms, loading their cars and heading back to campus for the start of the fall semester. This means that the weeks ahead will be filled with seemingly innumerable shopping trips and other preparations designed to facilitate both a comfortable existence and, more significantly, academic success.
Looking back, one of the more shocking aspects of the not-so-distant subprime mortgage crisis was that billions of dollars in loans were ultimately thrown out by courts in collection actions owing to the fact that lenders simply couldn't provide the necessary documentation.
Chances are good the last time you bought anything -- from that tank of gas on the way home yesterday to that cup of coffee on your way into work this morning -- you paid for it with a credit card. Chances are also good that you had multiple card options from which to choose, perhaps combing through your wallet to find some preferred plastic.
This coming weekend, most people will understandably be preoccupied with all things Fourth of July from hosting backyard barbeques and pool parties to attending parades and finding a good spot for fireworks.
It's a truly exciting time of the year for young people throughout Florida and across the nation. That's because many will be -- or perhaps already have -- marched across a stage to receive their college diploma, the culmination of years of hard work and, for many, a major financial commitment.
According to the Federal Reserve Bank of New York, the total amount of household debt here in the U.S. at the end of 2016 was $12.58 trillion. If this seem like an incomprehensible number, consider that just last week this same branch of the Federal Reserve released a report indicating that this number grew to $12.7 trillion during the first three months of 2017, surpassing 2008's pre-recession levels.
Earlier this week, the Supreme Court of the United States handed down a decision in a fascinating case -- Midland Funding LLC v. Johnson -- examining whether debt collectors who attempt to collect on expired debts during the bankruptcy process are violating the Fair Debt Collection Practices Act.
If asked to identify the leading source of money woes for Americans, chances are good that people would list everything from mortgages and student loans to car payments and, of course, credit card debt.
It can prove to be a truly glorious day when an individual who has filed for Chapter 13 bankruptcy makes the final payment under their repayment plan. That's because they are now only a few relatively simple steps away from securing a discharge, meaning released from all of the debts covered by the plan and free from the watchful eye of creditors.
Recently released data from the Federal Reserve reveals that the default mode of payment for most Americans remains their credit card.