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Michael D. Hart, P.C.
Helping You Move Forward Free Of Financial Problems
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October 2019 Archives

Credit card debt is on the rise

Many Virginia consumers struggle to make ends meet. They may rely on credit cards to cover expenses, and the result is a growing amount of debt. At the end of 2018, people across the country owed around $900 billion in credit card debt. This marks an upswing from 10 years before, when Americans owed $792 billion to credit card companies. According to the Consumer Financial Protection Bureau, people owe major cards like Visa, Mastercard and American Express $793 billion, while they owe $91 billion to retailers with their own credit cards.

The cost of bankruptcy

Many people living in Virginia and around the country struggle with high levels of debt. While most people genuinely want to pay their creditors, the level of debt could be out of control, and an individual or couple may not be able to ever repay what they owe. In such cases, bankruptcy is an option.

Millennials are facing overwhelming debt. Is there a way out?

When a Virginia reader is dealing with debt, he or she may decide to take a look at the budget, perhaps get a second job and focus on paying down the balance for a few years. Sometimes, this works, and a person can get rid of his or her debt through discipline and hard work. For others, however, an overwhelming amount of debt can be completely beyond their abilities to pay, even with years of budgeting and timely payments. 

Bankruptcy may be right for some people

For some Virginia residents, filing for bankruptcy can be a drastic step. For others, though, it can be a tool that will help them get back on their feet and start over with a clean slate. In addition to finding out if a person actually qualifies for bankruptcy, there are other things to consider when deciding if this is the right choice.

Knowing when it's time to file for bankruptcy

Bankruptcy could be an effective way for individuals in Virginia and elsewhere to get a handle on their finances. However, there are many factors an individual should consider before doing so. For instance, the type of debt a person has may determine if bankruptcy is right for that individual. If a person is unable to cover basic expenses each month, it may be time to file for protection from creditors.

Student loan debt can be crippling

Debt seems to be a way of life for many Virginia residents. In a perfect world, it would be better to first earn the money before spending it, but there is a general concept of what is considered "good" debt. A mortgage on a home, for instance, falls into that category because it is a long-term investment that not only is tax deductible but may be instrumental in earning money if the house appreciates in value over time. Student loan debt is also typically a positive debt but not if it becomes overwhelming to the debtor.


Michael D. Hart, P.C.
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Roanoke, VA 24011

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