March 2014 Archives

Student loan defaults can spur wage garnishment

Many young Mississippians have taken advantage of the state's colleges, universities and technical schools to further their education. Students generally attend with the hope of obtaining a well-paying job afterwards, although the uncertain economy has dimmed that hope for some. Faced with staggering student loan balances and insufficient income to repay those balances, many students have defaulted on their loans.

Credit card debt increased in 2013

Since the start of the great recession, many Mississippians have struggled to make enough income to cover their expenses. This has been far from easy for many residents though, with an uncertain job market, stagnant wages and a rising cost of living. Many people have had to declare bankruptcy in order to stop garnishment, put an end to creditor harassment, and give themselves a fresh financial start.

Mississippians may not be financially secure

Fifty years ago, President Lyndon Johnson declared a war on poverty. Although federal and state governments have focused on eradicating poverty and improving Americans' financial security, financial challenges are still present throughout Mississippi and the rest of the country. A significant portion of the population must try to keep their financial states afloat and avoid situations like garnishment and foreclosure.

23 percent of Americans consider bankruptcy

As tax-filing season nears, many Mississippians are probably taking a closer look at their financial situation. What they may not realize is that a significant percentage of Americans consider filing for Chapter 7 bankruptcy to get debt relief because of their financial challenges.

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