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September 2018 Archives

The difference between unsecured and secured debt

Texas residents who are looking to borrow money will take loans that are labeled as secured or unsecured. A secured loan is one that is backed by an asset such as a home or a car. If a borrower fails to make a payment on a secured loan, the lender has the right to take back the asset linked to the loan. For instance, if a person fails to make payments on a car loan, the lender can repossess the car.

Millennials carry large debt load in San Antonio

Of all American cities, San Antonio is where millennials have the highest median debt. Those between the ages of 22 and 37 who live in San Antonio have a median balance of $27,122, according to LendingTree. While student loan balances make up the majority of that debt nationally, auto loans are the largest source of debt in San Antonio. On average, car loans make up 43 percent of what is owed to creditors.

What individuals and companies should know about bankruptcy

When a person or business in Texas cannot pay debt, bankruptcy may be an option. This process allows for some or all debts to be discharged either through liquidation or through a repayment plan. Those who file for Chapter 7 bankruptcy will use the money obtained after selling non-exempt assets to pay off creditors. Debtors will likely need to take a means test to determine if they can afford to pay off some of their debts.

Medical debts can create headaches for patients

In a recent study, more than 2 percent of credit reports had a medical debt of less than $200 sent to a collection agency. The study, which was published in the journal Health Affairs, looked at 4 million credit reports from 2016 to come to that conclusion. While these medical debts may seem small, they can turn into major issues for Texas residents who have them sent to collection.