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The burden of medical debt

Whether for routine care or emergency treatment, going to the doctor is an essential part of staying healthy for patients in Maryland. The related medical bills are rarely good for patients’ financial health, though. Medical debt places an enormous burden on people’s daily lives and sometimes even prevents them from fulfilling other life goals.  Is medical debt a big problem?  A survey from LendingTree sought to find out just how much impact medical debt has on people in America. Of those who responded saying they had medical debt, 72% said it interfered with achieving other milestones. Some of the more common…

Facing wage garnishment? Here’s what you need to know

Facing the possibility of having your wages garnished can be a frightening experience. Creditors generally do not use wage garnishment as a first attempt to recover owed debts, though. Instead, this approach usually only comes when someone in Maryland is significantly behind on payments. What kind of debts can lead to wage garnishment? Creditors can use wage garnishment to recover any number of different debts. For example, it can be used for past-due student loans as well as personal loans. Other common types of debt that may eventually be subject to garnishment include: Back taxes Past child support Court case…

Can I discharge my student loans in bankruptcy?

For a lot of people in Maryland, finding a secure, stable job usually means getting a college degree first. Attending college is not cheap, though, and student loan repayments often outpace people’s initial earnings. This often results in stressful financial situations. For some people, bankruptcy could be the solution. Bankruptcy and student loans A common myth surrounding bankruptcy is that it is impossible to discharge student loans. While it might be a challenge, many people have successfully had their student loans discharged. According to one researcher, student loan discharge might even be more common than in the past. In 2007,…

Spending on vices may lead to bankruptcy

Maryland consumers might find themselves living with too much debt for all kinds of reasons. For some, debt can come from a single, unexpected event. For others, it is more of a slow accumulation that leads to debt. Regardless of how one finds him or herself in a financially strapped situation, bankruptcy can offer reprieve. Struggling with spending habits According to a survey from MagnifyMoney, 70% of adults admitted to splurging on their favorite vices during 2020. Of the 1,550 people who participated in the survey, 38% said they had taken money out of their savings specifically to cover the…

Improving your credit score after bankruptcy

You do not want to struggle with your finances for the rest of your life, but maybe you are not sure whether taking action will really improve your situation. However, life after bankruptcy is not only possible, it is wholly realistic. Here are the steps you can to improve your financial status after filing for bankruptcy in Maryland. What about my credit score? Improving your credit score is important for accessing new opportunities in the future, such as favorable interest rates for car loans and mortgages. If you are ready to file for bankruptcy then you are probably already struggling…

I’m behind on my mortgage — should I do a short sale?

Learning that one might face foreclosure can be disheartening. Foreclosure occurs when a homeowner falls behind on his or her mortgage payments, usually for three months. It is not unheard of for some lenders to wait as long as six months before starting foreclosure proceedings, although it is not as common. There are alternatives to foreclosure though, and Maryland homeowners might want to explore all their options before accepting their fate. One such option is a short sale. A house is sold off during a short sale, for less than what the homeowner still owes on the mortgage. This might…

Does age matter when it comes to debt?

Owing money is not necessarily an indication of poor financial decisions. Indeed, most people in Maryland would not be able to purchase a vehicle home without borrowing money to do so. Reasonable amounts of debt can quickly spiral out of control, though, and people of different ages borrow for different reasons to roughly 33% of this debt, with the other two-thirds tied up in non-housing debts. While consumers of all ages carry mortgage debt, those between the ages of 40 and 55 — Generation X — have the most, with the average Gen X homeowner owing $238,344. Generation Z —…

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