Chicago Bankruptcy Lawyer Blog

Would you turn down an opportunity to get money back on a purchase? More than 83 percent of consumers wouldn't - that's how many people in a recent study said they look for rebates when shopping.

But the problem is, rebates aren't what they used to be, say Chicago bankruptcy attorneys. If you don't read the fine print and follow spending directions for your rebate, you could miss out on an opportunity to save money - and that's no small change when you're struggling with debt or other financial issues. In times like these, most of us could use every discount we can get.

Continue reading "Rebate Cards Don't Always Provide Chicago Consumers with Advertised Savings" »

Memorial Day weekend is here, the kids are almost out of school, the temperature is rising - but for some Chicago residents, that summer vacation is on hold.

But dealing with debt doesn't mean you have to forgo your warm weather getaway - at least, not if you use some strategic planning to snag the most affordable travel rates for the best-priced destinations. Remember, a vacation is about getting away - it's about rest, refreshment and relaxation. Nowhere in that definition is there anything about spending big bucks. So how can you make it happen?

Continue reading "Bankruptcy Can Make Affordable Summer Vacations Possible By Lowering Debt" »

When you see a penny on the ground, do you pick it up? Most folks don't bother.

One percent of a dollar might seem like small change, but when it comes to saving money for retirement - or for getting out of debt - one percent can be huge.

It can take a lot of motivation to start a savings plan when times are already financially tough. That's why starting in small increments can make the process more manageable. Worried that saving several more dollars from every paycheck won't be enough to make a difference? Just take a look at this nifty calculator tool from the New York Times. A little bit here and there really does add up in the long run.

Continue reading "Saving Just a Little More Can Make a Big Difference for Chicago Residents With Debt" »

For Chicago shoppers looking to save a buck, the finance bill passed by the Senate this week offers some pretty intriguing speculation.

Free credit scores, the elimination of mortgage prepayment penalties, and a consumer financial protection agency are just some of the possibilities.

Here's a brief rundown of the potential ways the new finance bill could help you save money. But since we won't know for sure until the bill is finalized sometime in the future, remember that it really is just that: speculation. If you want to increase your income and get rid of debt, you don't have to wait for Uncle Sam - you need to take action today.

Continue reading "Finance Bill Could Offer Opportunities for Chicago Consumers to Save" »

You might think the easiest cure for a shopping addiction would be having less money to spend - but you'd be wrong.

That's like saying someone addicted to gambling will stop pressing their luck when they start losing - ain't gonna happen. Much like gambling, overeating or smoking, spending can be a compulsion. And sometimes the more things spiral out of control, the more an addict clings to her compulsive behavior. Because of that, some folks actually spend most carelessly during a recession.

If you're consistently living paycheck to paycheck, you may want to ask yourself the following questions.

Continue reading "Curing a Spending Addiction Can Relieve Debt for Chicago Shoppers " »

Wouldn't it be great if the government paid you to go to school? Maybe that's why a growing number of Americans are falling for college scholarship scams.

Chances are you've noticed the online advertisements claiming the government is giving grants to folks who earn less than a certain amount every year, to stay-at-home moms, to job seekers- by the looks of it, to just about everyone. Or maybe you've received a phone call or e-mail from someone claiming to work for the Department of Education - and who's willing to replace your existing student loans with government grants. If so, be wary.

Sure, the idea of free money might sound tempting, but are you willing to risk your financial solvency for it? Upwards of 350,000 people fall for scholarship scams every year, costing Americans $5 million, according to Investopedia.com. You're not going to save money by forking it over to scam artists. However, you can save money by using common sense.

Continue reading "College Grant Scam Ads Put Chicago Students in Debt" »

Would you give up your paycheck to get paid earlier? Doesn't make sense, does it?

But millions of Americans do just that by taking out payday loans.

When you're strapped for cash and payday is days away, a short-term loan can look like a quick solution. Get the money now, pay for it later. But the problem is short-term loans mean high-interest, and interest rates don't get much higher than at payday loan centers, where paying $100 for borrowing $300 is not uncommon - and annual interest rates can exceed 500%. Makes your credit card APR look cheap, huh?

If you're not already in debt, relying on payday loans is a sure way to get there. Here's why.

Continue reading "Payday Loan Scams Are Putting Chicago Workers in Debt" »

Ever found a not-so-pleasant surprise when you opened your wireless bill - and saw some unexpected cell phone charges? Those days might be over, according to Chicago bankruptcy attorneys.

This week the Federal Communications Commission announced it was looking into a plan to notify wireless customers when they are ringing up cell phone fees not covered by their plan, like roaming or data usage charges.

For phone customers, it can only help. But is it really needed? The truth is, you don't have to wait for a bill to find out how much you're spending. All you have to do is make an effort to keep better track of your money.

Continue reading "Keeping Track of Cell Phone Charges Is Key to Lower Wireless Bill" »

Don't be surprised if you see an unfamiliar site in your mailbox soon - credit card offers.

That's right, after many months of tightening up credit, banks are on a mission to lure back customers they hope will start spending again as the economy picks up. And that means more credit card pitches, according to Chicago bankruptcy attorneys.

It's a good sign for the economy. But it can be a bad sign for careless consumers. As always, using a credit card to spend more than you earn can quickly land you in debt - and with a host of new fees, these new cards can make it harder than ever to climb back out.

Continue reading "Chicago Consumers Might Notice An Increase in Credit Card Offers As Banks Loosen Up Credit" »

Cutting back on your credit cards is a good thing - cutting up credit cards, on the other hand, might be going too far.

With many folks becoming more cautious about taking on debt, it's become popular to forgo plastic for cash or debit - or to at least to cut back on the number of credit cards in use, according to Chicago bankruptcy attorneys. Some cardholders have even taken it to the extreme, cutting up credit cards or canceling accounts.

But sometimes not using a card can be almost as bad for your credit as using it.

Continue reading "Unused Credit Cards Can Cause Problems for Chicago Cardholders" »

All work and no play might make for good finances - but it doesn't make for much fun.

Fortunately, Chicago consumers are realizing that they can loosen the purse strings a bit and still run a tight economic ship, according to Chicago bankruptcy attorneys - and a recent story on Msnbc.com.

If you've been scrimping and saving these past couple years, you've hopefully built up some emergency savings, contributed to your retirement and - best of all - paid down some of that annoying debt burden (maybe you were lucky enough to receive a tax refund to boot). The good news? You probably have room for a splurge now and then. The key is to monitor the size and amount of those splurges so you don't end up back where you started - stuck with a large amount of debt.

Continue reading "Chicago Consumers Start Spending on Splurges After Months of Saving" »

A few years ago, most people thought of cutting coupons as a hobby for little old ladies.

This year, we're realizing those little old ladies were onto something. Call it a silver lining to the recent recession: after coupon use decreased for several years straight, it skyrocketed a whopping 27 percent in 2009 -- the second-largest increase ever, according to The Nielsen Company.

Coupons make sense - when used correctly. It's a pretty simple formula, really. If you need to make a purchase, then using a coupon to do it can save you a lot of money with very little effort. Be careful, though - if you use coupon clipping as an excuse to buy what you don't really need, you might end up adding to your debt.

Continue reading "Cash-Strapped Chicago Shoppers Start Clipping Coupons to Save Money" »

When you pay a lot of money each month for a service, you expect to get something back in return, right?

Yet millions of Americans are blowing hundreds of dollars a year on stuff we don't use enough to get our money's worth - like cable service, say Chicago bankruptcy attorneys.

Maybe you watch TV, but do you really watch all 300 channels (and if so, how do you find time to do anything else)? Realistically, you probably keep returning to the same few to watch your favorite shows. Maybe it's time to ask yourself: is it really worth a bill that, for many folks, totals more than $100 a month? Think of what you could do with an extra $1,000-plus a year.

The good news is you may be able to lower your bill without forgoing your favorite shows.

Continue reading "Small Changes Like a Lower Cable Bill Can Help Relieve Debt for Chicago Residents" »