Chicago Bankruptcy Lawyer Blog

By now it's no news that filling your cart with generic goods rather than name brands can save money. But, despite persisting tough times, some Chicago customers are still holding out.

Sure, there are some generic brands that don't hold a candle to the real thing - scratchy toilet paper is a notorious one. But many are identical with the exception of the name on the package, say Chicago bankruptcy attorneys. There's nothing wrong with being a brand snob - at least, if you don't mind spending a few extra thousand bucks a year on household goods. But if you're looking for some extra money to pay down debt, you might consider rethinking your shopping strategy.

Continue reading "How Buying Generic Can Help You Get Out of Debt" »

When it comes to making decisions about our purchases, sometimes habit trumps common sense.

That would explain why I recently plunked down $100 on insurance for my new cell phone. I've always purchased the insurance plan before, so I didn't think twice about doing it again - never mind that I have yet to lose or break a phone.

But according to Consumer Reports, I could save big bucks by forgoing my wireless provider's insurance policy - and some other common financial products - next time around.

Continue reading "Save Money By Avoiding Some of the Biggest Financial Product Rip-offs" »

The same principle that makes credit cards convenient also makes them dangerous. With plastic, there's no amount of cash holding you back from making a purchase. At least, not until now.

MasterCard recently announced a new program that could revolutionize budgeting for those of us prone to retail weakness and other forms of overspending. With inControl, consumers can place monthly credit limits on certain kinds of stores or purchases. Once the limit is reached, your card stops working - and, in theory, you start saving.

Continue reading "Could New Program Keep Chicago Credit Cardholders From Overspending?" »

How often do you think, "If I just had a little more money, I would be so much happier?" If you're like most folks, you do it quite frequently.

But there's a new theory floating around these days, say Chicago bankruptcy attorneys. Money can help you pay the bills and it can help you put more in your shopping cart. But apparently, the old adage is true - money can't buy happiness

Continue reading "How Less Money Can Equal Greater Happiness for Chicago Consumers" »

Telling Americans they need to save money right now is a bit like preaching to the choir - most of us are already scrimping and saving because we have no choice. But the truth is, even the most frugal among us are probably missing out on some good savings opportunities, say Chicago bankruptcy attorneys.

Sure, canceling big costs like cable or an unused gym membership is a no brainer, as is cutting out luxury goods like new clothes. But if you're still struggling to pay off your credit cards and lower debt, consider taking a look at the smaller expenses hidden right under your nose.

Continue reading "Finding Little Ways to Save Adds Up Big For Chicago Consumers With Debt" »

You might not be in school anymore, but retailers are doing their darndest to get you back to school shopping.

After several years of slumping sales, stores are using aggressive new tactics to move their merchandise. And they're focusing all their efforts on the fall season and - before you know it - the holidays. So how are retailers getting customers to buy things they don't need with money they don't have?

By putting on the pressure, say Chicago bankruptcy attorneys.

Continue reading "How to Save Money on Back to School Shopping This Fall" »

When it comes to consumer spending, our country suffers from short-term memory loss.

Sure, the recession has most of us balancing a budget, pinching pennies and generally thinking more about how we spend our hard-earned dollars. But when the economy picks up, many folks will go back to our old, sometimes irresponsible ways. Case in point: buying new cars.

Back a few years ago, it seemed that everyone had to have a brand new vehicle. It was a status symbol. If we couldn't afford to buy a car, we leased one. But not surprisingly, those new cars proved to be bad investments when the economy took a nosedive.

Continue reading "Used Cars Get the Job Done Without the Debt and Depreciation" »

You know that you should get help when debt has taken over your life. But what if you're too embarrassed to ask?

Many folks are so afraid they'll be judged by friends and family that they keep their financial problems secret. Unfortunately, not taking action usually means sinking deeper and deeper into debt.

Considering that millions of Americans are either without a job, facing foreclosure or thousands of dollars in debt - or all of the above - there's nothing to be ashamed about. But if you truly feel you can't talk to your loved ones, there's another way to find free financial advice - the power of the Internet.

Continue reading "Free Financial Websites Get More Sophisticated About Lowering Debt" »

With millions of Americans recovering from personal debts and the recent credit crunch, it's no surprise that paying with credit cards has fallen out of favor.

But is paper money really superior to plastic, or vice versa? In short, it depends on the person, say Chicago bankruptcy attorneys.

Finances are highly personal. While one shopper might need to physically part with their money in order to take a purchase seriously, another might find cash all too easy to spend because it doesn't come with an automatic money trail to hold them accountable.

Continue reading "Chicago Shoppers Should Weigh Pros and Cons of Spending With Cash and Credit" »

Have you ever gone to the store to pick up some bread or run into Target for paper towels - only to come away with a cart full of purchases and a $100-plus receipt?

You're not the only one. Stores rely on a few tricks to distract consumers from saving money and instead lure them into spending it, explain Chicago bankruptcy attorneys. Fortunately, once you know what to look out for, keeping your wits - and your cash - can be a piece of cake.

Continue reading "Watch Out for Store Tactics Meant to Lure Chicago Shoppers into Overspending" »

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" »

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 " »

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" »