At the end of July, the Governor signed a bill into law that will protect Illinois residents who are dealing with debt collection agencies. The consumer protection bill does not stop debt collectors from doing their jobs, but it does offer those in debt a bit of relief. Here is what Illinois residents need to know about it.
For some time now, younger adults -- those labeled millennials -- have done a better job than their older counterparts when it comes to staying out of debt. According to a recent report, that is no longer the case. Numerous 18 to 29-year-olds in Illinois and across the country have begun taking on significant amounts of credit card debt. What is behind this new trend?
There are a lot of things in life that can affect one's mental health. Numerous people may not really think about it, but debt is one of those things. When money is tight, when creditors are calling, when it seems like there is no relief in sight, it can all take a toll on one's mental well-being. The results of a new study regarding this topic were just recently released, and the findings may be of interest to some Illinois residents.
National holidays are plentiful, and it seems that more pop up every year. In March alone, there is National Pi Day, National Mom and Pop Business Day and National American Diabetes Association Alert Day -- among many others. Most people do not even know that all of these national holidays exist. There is one in particular that is relevant to this column that many Illinois residents have probably never heard of, and that is National Credit Card Reduction Day.
Numerous Illinois residents have debt. In today's economy, it can seem nearly impossible to avoid, but avoiding debt can benefit a person in a number of ways, and not just financially. According to a recent report, credit card debt is a big romantic turn-off. Yes, being in debt may prevent a person from entering into a healthy and lasting relationship.
Money, money, money -- it is something everyone needs and some find they have in short supply. Illinois residents who lack funds to meet their financial obligations generally end up going into debt just to pay to live. According to a recent article, one particular age group struggles with debt more than any other age group. Who would that be?
Numerous Illinois residents depend on their credit cards to get by financially. Many of them carry balances that they struggle to pay off and they are not alone in that. It was recently reported that the average American household is drowning in credit card debt. How bad it is, exactly?
The holiday season is all about family and giving. Unfortunately, many Illinois residents may go into serious credit card debt during this time of year. This can be avoided by being careful about spending. Those who have dug themselves into a hole too big to get out of on their own can turn to legal counsel for debt relief assistance.
Numerous Illinois residents are self-employed or jump from job to job. Their incomes may be far from steady, which means they may need a little help to make ends meet. Enter credit cards. Those with unsteady income often have more credit card debt than individuals who have steady income.
What do baby boomers, Gen Xers and millennials all have in common? Debt. Credit card debt, mortgages, auto loans and student debt -- most people have some sort of debt and many of them are struggling to pay it back. What can Illinois residents who are struggling with debt do?