National statistics show that U.S. college students and graduates owe more than $1.2 trillion dollars in student loan debt. This mindboggling figure has raised red flags among many economists who are concerned about many borrowers’ ability to repay these debts. For people with student loan debt, one of the common beliefs is that student loans cannot be discharged in a…
In March of this year, statistics showed that the average revolving debt on credit cards was $16,048 for households in America. When adding those without revolving debt into the picture, the average drops to $5,700, and the median is even lower, at $2,300. However, for people who have retired, this type of debt can be very problematic. People often assume…
Earlier this year, Forbes released a report that contained some troubling statistics about the precarious financial situation that many Americans today find themselves in. According to Forbes, an estimated 54 percent of U.S. adults “have less than $1,000” in their bank accounts and are essentially living paycheck to paycheck. At some point or another, many Cincinnati residents will face financial…
“Bankruptcy.” The word alone may send shivers down your spine. No one wants to go through bankruptcy, but sometimes, it is essential to a person’s livelihood and well-being. But why does bankruptcy make people cringe? Why does the thought of declaring bankruptcy immediately make people fear what their life will be like after the bankruptcy? Part of this fear is the concept…
The holiday season is coming up, and that means that many families will cram into their local shopping centers and malls to buy their loved ones gifts. After many of these purchases, the customer will end up swiping a credit card through the card reader, and in doing so racking up some serious debt that they will have to deal…