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.
When a person makes the momentous decision to retire after spending 30-40 years in the workforce, they understandably envision embarking on a new lifestyle that is largely stress-free. Indeed, they may see the years ahead as being filled with new hobbies, dream vacations, family visits and, of course, days of leisure.
While most people would prefer not to think about it, the simple truth is that many are deeply in debt. Indeed, a recent survey by NerdWallet determined that the average U.S. household owed $132,529 at the end of 2016.
In the weeks leading up to the holiday season, our blog spent some time discussing a few simple steps that consumers could take to avoid credit card mishaps. Now that the last of the cookies are gone, the ornaments are packed away and everything else associated with "the most wonderful time of the year" is officially behind us, it's time to assess how you did.
It may seem hard to believe, but there are now less than two weeks left in the holiday shopping season, meaning stores -- both brick and mortar and online -- will be slowly but steadily increasing their prices in an attempt to capitalize on the desperation of last minute shoppers.