Debt collectors are in for a rude surprise. The government is cracking down on how they contact debtors.
Now that the holidays have come and gone, many Mississippi residents are pondering how to get rid of two things: extra pounds and extra credit card debt. After the holiday season, credit card debt may be particularly challenging. Tax season is around the corner and many families may already be struggling to pay the government while also paying back their consumer debt. In addition, credit card debt tends to have notoriously high interest rates and thus the New Year becomes a fitting time for a reassessment of one's financial situation.
As some De Soto County residents likely know, credit card debt has a unique way of spiraling out of control. Unlike educational debt, one generally doesn't go into credit card debt in the hopes of earning a lucrative income afterwards. Unlike mortgage and automotive debt, credit card debt often involves items that can't be sold for much value if money gets tight. Finally, the easily-accessible piece of plastic sitting in most Mississippians' wallets is all too tempting when cash is not at hand.
Being a single parent is almost always financially tougher than making ends meet with a partner. Despite Mississippi's relatively low cost of living, the economy is still far from fully recovered. At the same time, divorces and separations that happen, regardless of economic circumstances, can certainly have an economic impact. Pew Research has noted that there were 8.6 million single mothers who were acting as the sole or primary earner in their families in 2011.
The Great Recession taught Mississippians many things: secure employment is something to be sought-after and appreciated, cars and homes should be affordable in light of one's income and expenses and credit card debt is something to be maintained very carefully. Still, despite the newfound credit lessons related to the recession, some data show that Americans may be getting into credit card debt yet again.
Many Mississippi residents already know that their financial outlook would be brighter without certain debts. Burdens like student loans, auto and home loans and credit card debt can come together to paint a picture of overwhelming debt. Still, while many know that they must pay down debt in order to secure a more stable position, the question is often how, to tackle that debt in a way that helps rather than harms one's credit.
Once thought to be mysterious and difficult to comprehend, credit scores are now the focus of countless educational initiatives. Knowledge is power, and those who know more about how to increase their credit score are apt to have not only more borrowing power but more peace of mind later on.
One of the most harrowing experiences of any adult Mississippian's life is dealing with debt that has gone into collections. When someone who owes a debt, whether the dollar amount is small or staggering, the debt can go into collections if no payment is made for a certain amount of time and attempts to reach the debtor are unsuccessful.
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.
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.