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Michael D. Hart, P.C.
Helping You Move Forward Free Of Financial Problems
540-627-6520
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November 2018 Archives

Credit card debt on the rise

People in Louisiana and across the country are facing increasingly high levels of household debt. In the second quarter of 2018, household debt increased for the 16th consecutive reporting period, reaching close to $14 trillion in collective debt. While $9.43 trillion is classified as housing debt, usually in the form of home mortgages, consumer debt is also on the rise. Credit card debt is increasing, but statistics indicate that default rates are still on the decline.

Buying a car after a bankruptcy

Filing for bankruptcy may have many consequences for those who file in Virginia or any other state. Anyone who files may see their credit score go down, and individuals who file for Chapter 13 protection generally have to make payments to creditors over three or five years. One other consequence of bankruptcy is that it can be harder to purchase a vehicle. This can be true whether a person is filing for Chapter 7 or Chapter 13 protection.

Tips for paying off debt

Women in Virginia might carry more student loan, credit card and other types of debt than men. According to Comet Financial, women have over $6,000 more in student loan debt, over $1,000 more in credit card debt and over $1,500 more in auto loan debt. This may in part be due to the wage gap between men and women.

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Michael D. Hart, P.C.
19 Church Street Southwest
Roanoke, VA 24011

Phone: 540-627-6520
Fax: 540-342-7655
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