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January 2020 Archives

Credit cards are holding millennials back

Many millennials in Ohio and throughout the country have student loan debt. However, a study from Northwest Mutual found that credit card debt may be hindering their ability to save for the future. Credit cards can come with interest rates above 20%, which is significantly higher than what a person would likely pay to finance the purchase of a home or car. That is also higher than the interest rate charged by most student loan companies.

Chapter 13 bankruptcy reorganizes debt and protects assets

The problem of overwhelming debts is not limited to people in Ohio with low or no income. People earning higher incomes sometimes get overextended and face difficulty keeping up with debt payments. Bankruptcy law recognizes this scenario and enables relief through a reorganization of debts under the terms of Chapter 13. During the process, a bankruptcy court imposes a three or five-year payment plan designed to fit within the debtor's income without forcing the liquidation of property.

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