ewoods's blog

A large credit card issuer has a marketing campaign whose television commercials end with the question, “What’s in your wallet?” No doubt, you have seen one of these commercials. Credit cards are big business. As of June 30th, the total amount of revolving debt carried by Americans exceeded $1 trillion.

I recently read an article in the New York Times about the incidence of bankruptcy filings among older Americans.  I know from my own practice that I’ve seen more older clients in recent years than I did early in my career. Maybe this is a result of what the article discussed, or maybe not. At any rate, it’s an interesting topic.

A recent CNBC article reports that a large percentage of millennials regret buying their home. Currently, about 40% of millennials (ages 21-34) are home owners according to a recent Bank of the West survey. Yet, 68% of them feel buyer’s remorse. This figure is about double the rate of Baby Boomers in the same circumstance.

If you are facing a money crisis, you are probably one of the millions of Americans getting phone calls and letters from debt collection companies and law firms. Too often, these phone calls and letters are rude, abusive, and threaten actions against a consumer that cannot be lawfully taken.

I remember when cell phones were a novelty. The only people who had a cell phone were the very wealthy and perhaps a handful of very busy business people. But now, the cell phone is ubiquitous. And this means that we’re all accessible 24/7. That’s great when you need to communicate with your family, friends, and co-workers or call for help when needed.

In a month or so, many high school seniors will be walking across that stage to get their diplomas and mark the milestone in life that is high school graduation. Moms, dads, grandparents, siblings, family and friends will be there to cheer on their high school seniors and offer their warm congratulations and best wishes. Many of those graduating seniors will be college bound come the fall.

According to the Federal Deposit Insurance Corporation, the level of debt for consumers who are behind on their credit cards increased in the fourth quarter of 2017 by $11.9 billion. That’s an increase of 11 ½ percent.

The attorney general of Georgia recently reached a settlement with the debt collection firm of Williamson & McKevie, LLC. The $8.8 million settlement resolved charges against the debt collector which violated the Fair Debt Collection Practices Act and the Georgia Fair Business Practices Act.

Through my consultations over the years with individuals and families who are struggling with debt, I’ve come to learn about a formidable foe to those individuals and families. That foe is procrastination. I get it. You are overwhelmed with money and financial problems. You may be facing a downsize at work, unemployment, divorce, or an unexpected illness.