Arkansas residents may be familiar with the rise of student loan debt and its effects on a young person's ability to buy a home. In the last quarter of 2014, 11.3 percent of all student loans were 90 days past due or later, which was up from 11.1 percent in the third quarter of 2014. Overall student loan borrowing was up to $1.16 trillion, an increase of 7 percent in the last 12 months.
Student loan debt an obstacle to home buying
Debt management and negotiating with creditors
Sometimes, people in Arkansas fall behind on their debt payments. In some situations, it is possible for them to negotiate payment arrangements with the collectors that own or have been assigned these obligations.
The impact of personal bankruptcy on an Arkansas business
A business bankruptcy is different than a personal bankruptcy, and Chapter 7 may have different implications based on the structure of the business an individual operates when personal bankruptcy is being considered. If a company uses Chapter 7 to deal with unmanageable debt and financial difficulties, the business will close. However, a personal filing of Chapter 7 does not result in the termination of a business run as a sole proprietorship.
Identifying the best methods to settle debts
Individuals who live in Arkansas may be wondering what the repercussions of debt are and how to get out of debt. People who do not view these outstanding balances as an emergency may not understand that it is a sign indicating that finances might not be healthy, and many Americans view debt as a normal part of life. It is not uncommon for a person to take out a loan on a new car or place daily necessities on a credit card. In fact, the average family has $155,000 in a mortgage, $32,000 in student loans and $15,000 in credit card debts.
