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July 2019 Archives

Study finds many millennials have credit card debt

While some Texas millennials might be burdened by student loans, far more are likely to carry credit card debt. According to a report from, only 37% of millennials around the country said they had student loan debt compared to 67% who had credit card debt.

Bankruptcy could improve an applicant's financial future

Personal beliefs often motivate people in Texas to avoid bankruptcy even if the struggle to pay debts becomes overwhelming. However, bankruptcy can be a positive decision that gives applicants a second chance. The process could include financial counseling that helps people eliminate bad money habits and avoid debt in the future.

What to expect in a Chapter 13 case

Individuals who are struggling to pay their bills may decide to file for protection from creditors. Those who want to keep their Texas home or other property will want to file for Chapter 13 bankruptcy. In a Chapter 13 case, debtors make payments to creditors over a period of three or five years. Child support, back taxes and alimony payments are considered priority debts, which means that payments are applied toward those balances first.

Ask for proof of debt when a debt collector files a lawsuit

People in Texas may have options for defending themselves when sued by debt collectors. If a debtor takes no action to respond to a lawsuit, a judge will side with the plaintiff, who is the debt collector. The resulting judgment could give the collector the right to garnish the debtor's wages or seize his or her assets. To potentially prevent this default judgment, a debtor could demand that the plaintiff show documentation that proves the right to sue in the first place.

Understanding your debt-to-income ratio

If you are like many of your friends and relatives in the Houston area, you work hard every day to support yourself and your family. Unfortunately, though, with rising housing and other costs, making ends meet can be difficult. If you have a credit card, you may rely on it to help you make up the difference. 

Pros and cons of having multiple credit cards

Many people in Texas have around three or four credit cards. A study by The Ascent found that, on average, millennials have three credit cards while baby boomers and Gen Xers have four. In all age groups, 1 in 10 people said they had six or more credit cards. There are advantages and disadvantages to having multiple credit cards.