November 2019 Archives

Why American household debt has increased significantly

According to a report from Clever Real Estate, Americans have twice as much credit card debt as they did in 2000. Households in New Jersey and throughout America have an average of $31,420 worth of debt, which is more than the average American salary in 1950. In that year, the typical American household had $533 in debt. Researchers say that credit cards are one of the three primary factors for such a significant increase over the past 70 years.

How to enjoy the holidays without going broke

Traditionally, retailers in New Jersey and throughout the country offer deep discounts and other deals to shoppers in the days after the Thanksgiving holiday. While shoppers may enjoy hunting for deals, it is important that they create a plan prior to making any purchases. This can help them acquire quality gifts for their loved ones without going too deep into debt. Ideally, individuals will create a budget and spend time researching their purchases before completing any transactions.

More older Americans going to bankruptcy court over medical bills

Bankruptcy was once rare among older adults, but now people 65 and older account for 12% of personal bankruptcies compared to just 2% in 1991. Medical debts produce much of the financial hardship among older people in New Jersey as they grapple with dwindling incomes and depleted savings. Among those 65 and older who filed for bankruptcy, 60% of them cited high medical bills as their reason for seeking a discharge or reorganization of debts.

Understanding how extended bouts with debt could affect your life

It may come as no surprise that dealing with the trials of financial strain can be a stressful and intimidating experience. Unfortunately, debt can come in various forms and fashions, each of which could have a lingering impact on your life and leave you in search of advice on the available options for relief.

Homeowners look to bankruptcy for escape from debt

New Jersey homeowners facing financial difficulties could find themselves suffering even greater losses as a result of a tax break that expired. Since 2008, people who had their mortgage debt forgiven through a foreclosure or short sale could claim an exemption from being taxed on the forgiven debt. They could exclude up to $2 million in forgiven mortgage debt from their taxable income. However, this exemption, like other temporary tax breaks, expired at the end of 2017 and has not been extended. Therefore, a homeowner who was unable to pay the mortgage until ending the situation with a foreclosure or short sale may be taxed on the amount of the forgiven debt.

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