Chicago Bankruptcy Lawyer Blog

It seems that every time Americans turn around, there's a new credit card law going into effect. And though the purpose of all these rules is to protect consumers, they sometimes have unintended consequences.

Most recently, a law went into action this weekend to limit credit card penalties. Previous legislation enacted this year restricts credit card issuers from suddenly changing interest rates. On the one hand, both laws can help us save money on our credit cards. On the other hand, banks are finding fresh ways to take our money - this time, through higher interest rates on new cards and purchases.

Continue reading "New Credit Card Laws Lead to Higher Interest Rates for Chicago Consumers" »

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" »

With everybody and their Grandma using social networking, posting personal information to sites like Facebook seems harmless. But that's just what criminals want us to think.

It's easy to be lulled into believing Facebook is just a place where we hang out with our friends - virtually, anyway. But in reality, we're hanging out with the 500 million other people who use the social networking tool, say Chicago bankruptcy attorneys. And thanks to laxer settings, a new program and a recent bug, those people have more access than ever to our personal information - jeopardizing our finances and even our safety.

Continue reading "Being Cautious on Social Networking Sites Can Help Chicago Residents Protect Finances" »

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" »

There are some places where debit cards are a better choice than credit. Those places aren't gas stations.

Thieves are increasingly stealing personal data with skimmer devices that they attach to gas pumps, according to Chicago bankruptcy lawyers. Since debit cards are linked to your bank account, criminals can record your PIN and then deduct money directly from your checking and savings accounts - adding insult to injury if you're one of millions of consumers already struggling to pay the bills and manage debt. And gas stations aren't the only places at risk - some scammers are starting to siphon personal information straight from ATMs.

So is there any safe way to use a debit card these days?

Continue reading "How Chicago Debit Card Users Can Avoid Scams at the Pump" »

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 you're out of work and without a paycheck, finding a new job can feel like it's taking forever - especially when you're also struggling to pay your credit card bills and the mortgage. But all that legwork can pay off in more ways than one.

Of course, the best case scenario is that you find a well-paying job quickly. But even if you don't, you can get a financial break in the meantime by deducting money you spent on your job search, say Chicago bankruptcy attorneys.

Despite the debate over if or when the economy will recover, millions of Americans remain jobless. Those who have been out of work for six months or more were recently cut off from jobless benefits for seven weeks during a congressional standoff that ended last week. But what didn't get cut off is a series of tax deductions for job searches.

Continue reading "Tax Breaks Help Unemployed Chicago Workers Pay for Job Search" »

You know the thrill you get when you discover a $5 bill hiding in your pants pocket? Imagine how you'd feel if you found $500 in there.

OK, so you're not likely to stumble on half a grand in your jeans. But believe it or not, it's not uncommon for folks to forget about similar sized chunks of money hidden in old bank accounts, safe-deposit boxes or insurance policies, say Chicago bankruptcy attorneys. And there's a new way to help you turn up buried treasure - money you might be able to use to pay the bills.

Continue reading "Finding Missing Money Is One Way Chicago Residents Can Help Pay Off Debt" »

Sometimes the most important thing we learn about in college isn't in our textbooks: debt.

With college tuitions at an all-time high, more students than ever are taking out loans - and now, they're defaulting in record rates. Over 30 percent of community college students defaulted on loans, according to The Chronicle of Higher Education. That number climbs to 40 percent for loans made to students at for-profit universities.

It's hard to make ends meet when you're going to school and working - heck, even when you're finished with school and working. But having thousands of dollars in unpaid student loans can haunt your finances well into the future, say Chicago bankruptcy attorneys. And while discharging student loan debt isn't as simple as it used to be, there are options available.

Continue reading "Record Number of Chicago College Students Default on Student Loans" »

It looks like the financial reform bill will pass - though just barely. But what does it mean for you - and specifically, for that debt you're carrying around?

If all goes according to plan, the overhaul will do more than aim to avert another financial crisis, say Chicago bankruptcy attorneys. It will alter the way we use our credit and debit cards and qualify for a home loan. What it won't do, however, is automatically solve all our debt problems. That's still up to us.

Continue reading "Pros and Cons of Financial Overhaul Bill for Chicago Consumers" »

Worried you have a bad credit score? You're definitely not alone.

More than a quarter of Americans now have a credit score of 599 or less, which categorizes them as a poor risk to lenders - that's 2.4 million more people than before the Great Recession, according to a recent report by FICO, Inc. That means more folks than ever will have trouble securing car loans, getting a good mortgage rate and qualifying for new credit cards.

But there's hope.

Continue reading "Bankruptcy Can Help Improve Decreasing Chicago Credit Scores " »

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" »

You know you need to keep an eye on how much money you're spending, but it's also important to check up on what you've spent. Why? Because those numbers might not add up.

Recently the Federal Trade Commission disrupted a massive credit card scam that allowed a ring of criminals to steal millions of dollars from right under the noses of millions of unsuspecting consumers for four years. The thievery might have ended sooner, except for the fact that most victims didn't even realize they were losing money. That's because the scammers were stealing it pennies at a time.

25 cents here and 50 cents there might not seem like much, but when too much debt has you struggling to make ends meet and living paycheck to paycheck, you shouldn't have to give up a cent of your hard-earned dollars.

Continue reading "Why Chicago Credit Card Users Should Keep Close Tabs on Credit Statements" »

I love summer - that is, until I get my first big air conditioning bill of the season.

Cooling and heating costs account for more than half of a typical utility bill, according to the U.S. Department of Energy. If you can reduce your need for artificial temperature, think of the savings you can reap.

Don't worry, I'm not going to suggest that you go cold turkey and spend all summer sans cool air, especially if you live in a hot, humid climate. But by making a few small changes now, you could be sweating a lot less when you open your next bill, according to Chicago bankruptcy lawyers. And that's pretty important for those of us already dealing with debt and other financial obligations.

Continue reading "Cool Tips for Reducing Summer Air Conditioning Costs in Chicago" »

As banks pile on the account fees and other inconveniences, customers are starting to shop around. But to get the best banking bang for your buck, you need to be able to weigh all the options - and that means including credit unions.

Consumers often overlook credit unions because they assume they won't qualify for membership, according to Chicago bankruptcy attorneys. But many unions have been opening their doors to the general public, meaning you might be eligible for their notoriously lower rate credit cards and car loans. Hey, when you're struggling to manage bills and debt, a more affordable interest rate goes a long way.

Continue reading "Compare Banks and Credit Unions to Make the Most of Your Money" »