- How Debt Is Divided During Divorce in Michigan
How debt is divided in a divorce in Michigan follows the principle of “equitable distribution,” meaning debts are divided fairly but not necessarily equally. Courts consider several factors, such as the financial situation of each spouse, their roles in acquiring the debts and the overall contributions during the marriage. Marital debt, which is debt accumulated… read more…
- 5 Strategies for Properly Managing Debt
While debt can be useful in certain situations, it can quickly spiral out of control. To pay off your balances and get back on track, the right debt management strategies are key. Depending on your unique situation, the methods you use might vary, but everyone can benefit from creating a plan and understanding the options… read more…
- 5 Ways to Pay Off Debt Faster
If you’re dealing with piles of debt, you’re not alone. Together, Americans have more than $17 trillion in household debt, an increase of $184 billion in the first quarter of 2024 alone. While debt is sometimes helpful, it can also keep you stuck. And the longer you hold onto your debt, the more it’ll cost… read more…
- How Debt Consolidation Programs Work
Debt consolidation programs are designed to help individuals manage multiple debts by combining them into a single loan or payment plan. This process typically involves working with a debt consolidation or management company or taking out a new loan to pay off existing debts, allowing the borrower to focus on one monthly payment instead of… read more…
- Debt Consolidation Programs vs. Loans
Debt consolidation is a financial strategy designed to simplify debt repayment by combining multiple debts into a single payment. There are two main approaches: debt consolidation programs and debt consolidation loans. A debt consolidation program typically involves working with a credit counseling agency that negotiates on your behalf to lower interest rates and create a… read more…
- Am I Responsible for My Spouse’s Medical Debt?
Dealing with medical debt can be daunting, especially when it comes to understanding your responsibility for your spouse’s medical expenses. Whether you’re married or considering marriage, it’s important to know how medical debt is handled under state laws and joint financial agreements. Are you responsible for your spouse’s medical debt? The answer depends on several… read more…
- How Debt Is Divided During a Divorce in Texas
The divorce process in Texas requires a thorough understanding of the legal framework that governs the dissolution of a marriage within the state. The Texas Family Code provides detailed guidelines on everything from filing procedures to the division of assets and debts, including the nuances of “no-fault” divorces and the specific grounds required for filing.… read more…
- Are You Responsible for a Deceased Parent’s Debt?
You are not responsible for your parents’ debt. This is true regardless of whether you inherit assets under their estate. However, a parent’s estate must settle any debts before you can inherit. And children often share financial responsibilities with aging parents, often medical and housing costs. This can end up feeling like you are responsible… read more…
- What Is the Truth in Lending Act?
In the world of finance and lending, transparency is key. The Truth in Lending Act stands as a vital piece of legislation designed to ensure just that. Its provisions ensure that borrowers have access to clear and accurate information about the loan or credit they’re seeking by requiring lenders to make specific disclosures. If you… read more…
- How The ‘No Surprises Act’ Affects Your Medical Bills (and Possibly Your Care)
Most Americans have heard stories about surprise medical bills that can cost unknowing patients thousands of dollars for what they may have thought were simple or necessary procedures. However, the practice of surprising patients with medical bills may soon be a thing of the past. The federal No Surprises Act, passed last year, went into effect… read more…
- What Is a Recourse Loan?
In borrowing, there are two types of debts, recourse and nonrecourse. Recourse debt holds the person borrowing money personally liable for the debt. If you default on a recourse loan, the lender will have license, or recourse, to go after… read more…
- How Much Should You Spend on an Engagement Ring?
There’s nothing like falling in love and finding the person you want to spend the rest of your life with. But when it’s time to shop for rings, it’s easy to get discouraged by the price tags. Just how much… read more…
- 5 Frugal Ways to Celebrate Your Debt Successes
One of the lessons I’ve learned as I continue to work my way out of debt is that you need to treat yourself and celebrate your little successes along the way so you can avoid debt fatigue down the road.… read more…
- Bad Debt vs Good Debt
It’s almost impossible to get through life without taking on debt at some point or another. Between using student loans to go to college, taking out an auto loan for your first car or qualifying for a mortgage your first house, debt seems to be a part of most people’s lives. That’s not to say… read more…