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" »

Those credit card rewards might pay off after all.

Earlier this year, experts speculated that banks would cut back on rewards programs in retaliation for the new consumer protection stipulations in the Credit Card Act, say Chicago bankruptcy attorneys. But while some companies are indeed making rewards harder to come by, most banks aren't willing to give up customers to save money.

That's good news for those of us with overwhelming debt - if we use rewards cards wisely.

Continue reading "Many Credit Cards Still Offer Rewards, Even After the Credit Card Act" »

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" »

Living in fear is no way to spend your life, but living in denial can be just as bad. Yet that's what millions of Americans are doing in today's unstable job market.

Despite the fact that one out of every 10 workers is unemployed and 55 percent of Americans fear they could soon lose their job, we're doing almost nothing to prepare for a possible layoff, according to MSNBC.com. Almost half of workers say they don't have enough money to pay the bills for just one month without a paycheck.

No one likes to think about the worst case scenario. But facing your fears and preparing for the worst today can ease your pain - and pad your wallet - just in case your luck runs out tomorrow.

Continue reading "Saving Money Today Can Help Chicago Workers Deal With Unemployment Tomorrow" »

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 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" »

One day we're discussing the end of the economic downturn - the next, we're speculating about whether we're in a double-dip recession.

What's the moral of the story? You just can't trust the economy - so you've got to trust yourself.

Sure, things seem bad right now. But if you look at the past, you'll see that economic history is punctuated by a series of ups and downs. Some say we're experiencing a double-dip now, others say we're not. The truth is, it doesn't matter, say Chicago bankruptcy attorneys. What matters is the state of our finances. Because if they're prepared to weather any economic storm, we'll be prepared as well. And if the storm never comes? Look at is as free financial insurance.

Continue reading "Chicago Residents Prepare Finances for a Possible Double-Dip Recession" »

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" »

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" »

"Sure, I'll start investing for the future - in a couple years, when I'm making more money." Sound familiar?

It's a common excuse. We've all got credit card bills, a rent or mortgage payment to manage and gas and groceries to buy, so it's easy to put off starting a savings plan until we get a little more financial breathing room. But here's the problem, say Chicago bankruptcy attorneys. When we finally do get that raise, we find new reasons to spend money - gas goes up, our credit card debt increases and somehow that breathing room never materializes.

So what's the solution? Instead of looking at saving as something you'll get to after the bills are paid, look at it as just another bill - a bill that pays off.

Continue reading "Chicago Residents Can Build Cash Cushion By Making Saving An Obligation" »

Is too much debt making it difficult to afford your rent? Or maybe you're looking for a bigger place - but without the bigger price? You may still be able to take advantage of the current renter's market before it disappears.

Recently, renters have gained major negotiating power, say Chicago bankruptcy attorneys. Younger people are increasingly opting - or forced - to rent instead of buy. Kids who moved back in with their parents and renters who added roommates to help cover their lease are finally looking to move back out on their own. Eventually, we could end up with a rental shortage. But in the near future, a lot of vacant apartments and potential tenants might mean a chance for you to lower your rent.

Continue reading "Negotiate a Lower Rent and Save Up for Buying a House" »