November 2013 Archives

Millennials are struggling with debt and credit

The Millennial generation encompasses those aged 19 to 29. This group is generally lively and equipped to take on life's next adventure, but a recent study shows that they have their own unique struggles, including financial difficulties like credit card debt. This new trend suggests that they may need to rethink their current situations and identify the remedies they can use to improve their finances.

Mississippi garnishment law challenged as unconstitutional

Laws have many different origins. Some laws are "on the books" - they are promulgated and passed by the Legislature. Other laws evolve over time through cases pending before the court system, which is known as "case law." No matter the source, it is often difficult to quickly strike down or change existing Mississippi law.

Retail cards have potential to increase credit card debt

Many financial decisions, such as building savings and buying insurance, are based on worst-case scenarios and planning for unforeseen events. Other financial decisions are based on best-case scenarios. These include making purchases on credit at a time when people cannot really afford it, but with the plan that their future income will make it easy to quickly repay the debt incurred. While this strategy works for some Mississippi residents and enables people to have the things they need when they actually need them, the plan can come crashing down if financial hardship arrives. At that point, credit card debt can become very burdensome and stressful.

Mississippi has some of the highest payday loan rates

Mississippians who are facing financial challenges have a number of ways to combat their bills and get debt relief. There are both short-term and long-term options. Some may find that getting a payday loan is appropriate while others may find that Chapter 7 bankruptcy is a better solution.

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