Texas residents who have a lot of consumer debt may be able to find relief through debt consolidation if they are serious about and dedicated to improving their financial situations. In a debt consolidation, a person's high-interest debts are consolidated into one payment at a lower interest rate.
Once the bankruptcy process is complete and you are debt free, it is not time to rest easy. Of course, filing for Chapter 7 bankruptcy will put your burdens behind you and allow you a fresh start. Your next goal is to stay on the right financial track.
Consumer spending in Texas and around the country was subdued in August according to a report released recently by the U.S. Federal Reserve. Total consumer debt in the United States increased by $17.7 billion in July according to the central bank, but only $13.1 billion was added to the nation's debt total in August. However, a closer scrutiny of the figures reveals a potentially worrying increase in credit spending and a sharp decline in student and automobile loans.
Texas consumers who are struggling with debt may already be aware of the protections conveyed by bankruptcy. Those who are considering filing a bankruptcy petition should take into account at least three considerations as they make their decisions. First, it's important to be aware of the different types of bankruptcy available. Second, individuals should know about the cost of filing and other costs associated with the process. Finally, knowledge of the limitations of bankruptcy protection is important.
Texas residents may be interested in an important change Equifax made to its credit reporting policies. The change may impact thousands of customer's credit scores if they have filed for Chapter 13 bankruptcy.