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Category Archives: Debt Relief

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What to Look for in a Credit Counselor

By Nowack & Olson, PLLC |

Many indebted consumers try credit counseling in an attempt to get on top of their debt. Although credit counseling is not a silver bullet, it can sometimes help consumers who need a little bit of time to whittle away at their financial obligations But not all credit counselors are the same. In fact, there… Read More »

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Money

How to Keep Medical Debt from Affecting Your Credit Score

By Nowack & Olson, PLLC |

The United States is still a long way off from providing health care for all of its citizens. Even if you have health insurance, you might have a sky-high deductible or a very-low reimbursement rate. It is not unusual for even insured people to have tens of thousands of dollars in medical bills, and… Read More »

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Consumer Credit Grew in August

By Nowack & Olson, PLLC |

According to a recent Federal Reserve report, consumer credit grew in August 2018 at the fastest pace in several months. Consumers added $20.1 billion in credit in August, bringing their total to $3.94 trillion. This represented a 6.2% growth rate. Non-Revolving Credit Grows the Most According to the report, nonrevolving credit grew by 6.4%…. Read More »

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Credit Card Debt Continues to Get More Expensive

By Nowack & Olson, PLLC |

If you carry a credit card balance, you probably regularly check your monthly statement. You might have noticed something surprising over the past year—even though you are regularly paying your debt, your balance does not seem to be declining as fast as it should. There is a simple reason—your interest rate has probably been… Read More »

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Americans’ Debt Load Soars, but Experts Don’t See a Problem

By Nowack & Olson, PLLC |

As reported by the Federal Reserve earlier this month, the debt loads for Americans have once more surpassed their peak before the Great Recession. However, few experts are worried since consumers should have a much easier time managing this debt. Over $13 Trillion in Household Debt The new high of $13.3 trillion, reached in… Read More »

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DebtColl3

How to Boost Short-Term Income

By Nowack & Olson, PLLC |

When a person’s expenses exceed their income, it is natural to feel stressed. Getting out from under debt—or even buying this week’s groceries—might seem like an impossible task. Nevertheless, there are some simple ways to earn extra money that do not require that you go get a four-year college degree. Instead, try one of… Read More »

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Changes in Consumer Credit 10 Years after the Great Recession

By Nowack & Olson, PLLC |

TransUnion’s recently released Industry Insights Report provides a helpful window to compare the state of credit 10 years after the start of the last recession. The report provides optimism that consumers are in a much better place today than they were a decade earlier, and therefore are much better equipped to handle a financial… Read More »

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Best Way to Pay Off Your Debts

By Nowack & Olson, PLLC |

As summer turns to fall, many Floridians are assessing their financial situation. Having splurged on a summer vacation with the kids, you might be shocked when your credit card bill arrives in the next few months. Fortunately, many Americans pull themselves out of debt each year without the help of a debt management firm… Read More »

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How to Discuss Bankruptcy with Your Spouse

By Nowack & Olson, PLLC |

One feature of the bankruptcy code is that married consumers can file for bankruptcy with their spouse. Of course, not everyone should file with their spouse. And even if you choose to file as an individual, your bankruptcy will affect your spouse and your future together. All of this is to say that married… Read More »

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Want to Avoid Debt? Build an Emergency Fund

By Nowack & Olson, PLLC |

Many consumers have no intention of ever falling into debt. They don’t use credit cards irresponsibly, and they don’t live luxurious lifestyles beyond their means. Nevertheless, millions of people will fall into debt whenever an emergency strikes. To avoid this situation, you need to build up an emergency fund. Unexpected Expenses The purpose of… Read More »

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