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September 2017 Archives

Consequences of ignoring credit card debt

The Federal Reserve says that Americans collectively hold more than $1 trillion in credit card debt. Each household has $8,377 in credit card debt. While some may advise debtors to not pay their bills, it may be better to acknowledge the issue and make a plan to resolve it instead of ignoring the debt. Massachusetts residents who may think that they will miss a payment should reach out to their creditors immediately.

Medical debt reporting reforms help few people

Only a few people in Massachusetts who have medical debt will be affected by a reform in reporting this debt to credit bureaus. Under the new regulations, which go into place on Sept. 15, before debt appears on a person's credit report, there will be a waiting period of 180 days. Furthermore, if health insurers pay medical collections, those debts will be deleted from the report.

Evaluating the costs of filing for bankruptcy

Massachusetts residents may be able to either discharge or restructure debt by filing for bankruptcy. It will either be considered as a liquidation or a reorganization, and bankruptcy laws that are created by Congress apply to everyone in the country. The cost of filing for bankruptcy depends on the type of protection sought as well as whether an individual chooses to hire an attorney.