A credit score affects many financial decisions. Do you want to buy a home, refinance one or rent an apartment in Illinois? Do you want to purchase a car? Are you planning to go back to school? Do you want to open a new line of credit? Which type of cellphone plan do you want?
An entirely unscientific poll of friends and family recently found that medical bills cause more stress than any other type of debt. Student loans come in a close second, but medical bills carried a little more emotional weight. College may have prepared you for a more rewarding work life, but the doctors and nurses at the hospital actually saved your life. And, while it is hard to say no to school, it is much, much harder to say no to, say, giving birth or having your appendix removed.
The Federal Reserve Board defeated office pools nationwide this week with the decision not to raise key interest rates. For the time being, the most favored borrowers will continue to enjoy rates in the 0.0 percent to 0.25 percent range, but Fed Chair Janet Yellen has not ruled out raising the rates next month. Pundits anticipate the increase will be incremental. Yellen's remarks may move officemates to focus wagers on which news outlet will report that interest rates have doubled … to 0.5 percent.
In our last post, we talked about bankruptcy and the light at the end of the tunnel. Bankruptcy can help you find your way through a mountain of debt to financial stability. Your obligations can be manageable thanks to a Chapter 7 or Chapter 13 bankruptcy.
Stark and image-laden metaphors often seem to centrally define the landscape for individuals and families in Illinois and across the rest of the country that are confronting intractable financial problems.