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January 2018 Archives

Bankruptcy doesn't mean giving up all of your property

Overwhelming debt means much more than just cutting back on non-essentials to pay bills. For many people in Kentucky, the reality of their debt is much more dire and may involve avoiding harassing creditor phone calls, watching unpaid bills pile up on the counter and deciding between groceries or the paying for essential medical care.

Experian reports small gains in credit scores across age groups

The consumer credit reporting agency Experian has released its annual State of Credit report. The company's analysis of consumer debt showed small improvements in credit scores in 2017 compared to 2016. The report also highlighted the challenges faced by consumers that some in Kentucky might recognize.

The pros and cons of a hardship withdrawal

Kentucky residents who have an urgent need for emergency cash may be able to take out a 401(k) hardship withdrawal. This may be available to make repairs to a home, pay emergency medical expenses or cover other emergency expenses such as rent or utility bills. To qualify for a loan, individuals cannot have access to other methods of covering those expenses. However, it may not be necessary for an employee to prove this.

Out of sight, out of mind: Can you hide your car from creditors?

You, like many other Kentucky residents, likely rely on your vehicle for many needs. Whether you are trying to get to work or run errands, your car can make it much easier to reach your destination as needed. You may wonder what you would do without your car, and you may begin to worry that losing it could be a real possibility if you fall behind on your loan payments.

Americans have more spending power along with more debt

The Consumer Financial Protection Bureau has good and bad news for Kentucky residents. Americans have more credit available to them now than they have for the past two years. Logically, credit card debt has also gone up, but the really bad news is that delinquency rates have also increased. That means too many people are not paying their credit bills on time or at all.

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