How desperate are many Americans for a short-term loan to cover basic living expenses?
Posts tagged "Personal Bankruptcy"
Many hard-pressed debtors in Arkansas and nationally are, understandably, under tremendous pressure as they attempt to deal purposefully with stark financial challenges.
In our immediately preceding blog post, we noted the "nasty surprise" that can confront many debtors who fall behind on their student loan repayment obligations, namely this: seizure of their tax refund by federal authorities and its application toward their loan balance (please see our March 13 entry).
Here's a quick answer to that headline query posed above: It could be.
Some individuals and families in Arkansas and elsewhere have problems staying financially afloat and paying off their creditors in timely fashion, despite making strong and good-faith efforts to do so.
Although there are of course many catalysts that can fuel marriage-related problems and ultimately lead to divorce, myriad studies supported by a veritable avalanche of anecdotal data indicate that money problems are at the heart of many divorce filings.
Here’s a scenario relating to the divorce process that is far from being atypical in Arkansas or anywhere else in the country. Some readers might find it closely reminiscent of circumstances they are currently facing and thus highly relevant to their personal situation.
Debt is a major problem for many Arkansas families, as it is for people across the United States. Some people may be reluctant to consider declaring bankruptcy. But the federal government provides this legal avenue in order to give people a chance to regain control of their finances.
Many people with crushing debts loads try long and hard to deal with them alone, that is, without enlisting professional help to mitigate their adverse effects.
Although this story comes from Georgia, not Arkansas, it is still an important reminder of how payday lending can quickly turn into debt and serious trouble. And, since Arkansas made all payday lending illegal nearly five years ago, a lawsuit by the state attorney general may be an effective way of combating the risky financial activity here, too.