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July 2011 Archives

Ohio ranks 32nd in nation for consumer credit

Recent analysis by a credit card website ranks Ohio 32nd in the nation in credit card habits. Ohio is the seventh most populous state in the nation, according to the U.S. Census Bureau. The actual analysis was an attempt to determine the "10 Best and Worst States for Consumer Credit." The website conducted the analysis.

Some experts believe decline in foreclosures may be short lived

Recently this blog reported Ohio ranks 13th in the nation for the rate of foreclosures. The RealtyTrac data indicates that the overall number of foreclosure filings across the country declined by 29 percent during the first six months of this year, when compared to foreclosure filings in 2010. During the second quarter, foreclosure filings continued to slow. Second quarter filings decreased 32 percent from the same time period in 2010.

Credit scores and the fresh start of bankruptcy, Part 2

Yesterday, this blog began a discussion on credit card use and credit scores. The average consumer in the United States that uses some form of payment card, such as credit cards, debit cards and prepaid cards holds a total of 3.7 cards, according to the Federal Reserve. It only stands to reason that some consumers have a higher than average number of open credit card accounts. The higher the number of cards a consumer holds may allow for some flexibility in managing debt if a crisis arises.

Credit scores and the fresh start of bankruptcy, Part 1

The Federal Reserve recently published a report showing that roughly 72 percent of American consumers carry at least one credit card. The average consumer holds three or more credit cards. In some instances carrying more credit cards can help a consumer's credit score. However, credit scores are complex animals.

Ohio State study says youth gain esteem from debt

A new trend in how debt is viewed seems to be emerging among America's youth. Research conducted at Ohio State indicates that young adults in the country appear to gain a boost in self-esteem when they turn to credit to finance their lifestyle. The researchers say young adults from poor and middle-class backgrounds tend to find a temporary but powerful rise in self-esteem from taking on more debt.

Fed urges national foreclosure process standards

Despite recent news that a decline in foreclosure filings has occurred in recent months, there can be no question the foreclosure crisis has not reached its end. Many homeowners have received Ohio foreclosure notices during the economic downturn. The housing market still has left a large number of Ohioans, and people across the country underwater on their mortgage.

Federal Reserve announces new credit score disclosure rules

Congress passed the Dodd-Frank financial reform law after the economic meltdown. The measure was signed into law last year. The law involves, in part, requirements lenders must follow when denying a credit application. Wednesday the Federal Reserve issued new rules regarding credit disclosure in light of the mandate created under the Dodd-Frank Act.

Data shows bankruptcy filings down in first half of year

The latest report from the American Bankruptcy Institute suggests Americans are paying down their debt. Some experts say there is an overall pull back in the consumer debt industry. Tuesday the ABI announced that United States consumer bankruptcies have showed a decline this year from the numbers posted in the first six months of 2010.

Avoiding pitfalls in bankruptcy cases, Part 2

In the last post, this blog began a discussion of a few of the avoidable potential errors and omissions that can disrupt a bankruptcy case. The discussion left off with the effect the means test may have on a person's ability to file for chapter 7 relief.

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