photo credit: Nexeus Fatale What is a debt spiral? This is when the interest/repayments on loans reduce your available income so that you have to borrow more and more each month to keep up. It is a downward path that leads to serious financial problems and even bankruptcy. Example A family has a monthly income [...]
Continue reading about Beware the Start of a Debt Spiral – It Can Seem Like a Happy Day
3 years ago I was deep in debt and unable to see a way out. I was being called at home by debt collection agents – I dreaded the phone ringing. Every day I received threatening letters. Stress was making me ill and having to admit my situation to my wife was putting my marriage [...]
The cost of bankruptcy will hit you in a number of different ways. There is the actual cost of filing for bankruptcy, the legal and counseling fees that you will probably have to pay and the increased cost of credit and insurance premiums over an extended period after your bankruptcy. Cost of Bankruptcy – Filing [...]
