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March 2013 Archives

Payday loans a poor choice for those with financial challenges

In this struggling economy, many Floridians will resort to payday loans as a way to help them take care of unpaid bills and other expenses. Whether online or in-store, a payday loan might seem at first glance to be a quick and easy way to get some debt relief, but many consumers don't realize the problems that a payday loan can cause. Astronomical interest rates and a vicious lending cycle are the most common complaints stemming from payday loans in a recent report by Pew Charitable Trusts.

Florida residents urged to save and cut back spending

What will you do with your tax return when it arrives? You may be tempted to spend it, but if you're like at least three quarters of South Floridians (according to a poll by dealnews.com), you'll be using your tax refund to pay down the balances from credit cards and other debt, or adding it to your savings account. With $2,803 being the average tax refund in 2012, your refund has the potential to make quite a dent in either your credit card debt or your savings plan - maybe even both.

Should you file for Chapter 7 or Chapter 13?

With many Florida homeowners continuing to experience financial challenges, filing for bankruptcy might seem like a good option to provide them some debt relief. Chapter 7 and Chapter 13 are two main forms of bankruptcy that may allow consumers struggling with debt to get back on their feet. Which type of bankruptcy to file for depends on several factors, including the amount of debt and home equity a person has.

Slow Florida foreclosure process can delay home price increases

Florida remains the leader in the nation's foreclosures, and is also the state where home repossession takes the longest, lingering the court system for an average of 31 months. Some consumer advocates say this lengthy process is meant to benefit homeowners who are struggling with financial challenges.

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