Chicago Bankruptcy Lawyer Blog

When the bills pile up and the budget is stretched tight, cutting back on shopping sprees seems like the rational thing to do. But for emotional spenders, it's not so easy.

Debt causes emotional discomfort - no argument there. For many of us, that stress becomes a great motivator for finally getting our finances under control, whether it's by reworking our budget, making more than our minimum monthly payment, or seeking help from a Chicago bankruptcy attorney. But a portion of the population deals with financial stress a little differently - by doing more spending.

Similar to the way someone on a diet might go on an eating binge after falling off the wagon, some consumers deal with money problems by splurging on clothing, shoes, makeup, electronic gadgets, you name it, without so much as glancing at the price tag. Sometimes binge shoppers end up returning most or all of their loot - but there are still consequences.

Continue reading "When Financial Stress Causes Chicago Shoppers To Overspend" »

If your grocery receipts have you doing double-takes lately, you're not alone - those higher prices aren't just in your head.

Food prices - along with gas and many other necessities - are going up, much like they did back in 2008. While we can cut back on fuel costs by driving less and adjusting the thermostat, we can't exactly stop eating. But when you can't buy less, you can still buy smarter, say Chicago bankruptcy attorneys. If you want to win in the supermarket battle, you need a good offensive and defensive shopping strategy.

Continue reading "Ways Chicago Consumers Are Fighting Rising Food Prices" »

You can combat rising gas prices by carpooling, and you can counteract an expensive mortgage payment by downsizing to a smaller place. But you can't exactly fight rising food prices by not eating.

No, when the price of milk, produce, and coffee goes up due to weather and high fuel prices, we have to suck it up and pay more at the grocery store. A bigger price tag is never fun, but for the many Americans already on a tight budget because of growing debt, it can feel like the last straw. But there's good news - we still have some say over our supermarket bill, say Chicago bankruptcy attorneys.

Continue reading "How Chicago Consumers Can Fight Rising Food Prices" »

We're struggling to scrape together the funds to pay the mortgage, buy groceries and put gas in our tank - so why are so many of us spending money on exercise machines, household cleaners and Snuggies?

Chalk it up to the infomercial phenomenon, say Chicago bankruptcy attorneys. Sales of "As Seen On TV" products are skyrocketing just as families are cutting back everywhere else. Why? Maybe because the products are pitched as a way to buy happiness. You might not be able to afford a nice vacation or new clothes, but for three small payments of $14.95, according to infomercial hosts, you can get rock-hard abs.

Continue reading "Chicago Shoppers Falling for Infomercials Despite Debt" »

Despite the constant barrage of tempting holiday sales and specials, it looks like cash-strapped Christmas shoppers are holding their own against retailers, according to Chicago bankruptcy attorneys.

Statistics show that fewer consumers used credit cards for post-Thanksgiving shopping this year than ever before. Use of several major credit cards fell by 11 percent this season from just a year earlier. It seems that we might finally be getting the picture that this year's holiday gifts aren't worth paying for next year...and the year after that, and the year after that.

Not that retailers are going to give up without a fight.

Continue reading "Smart Chicago Shoppers Sticking To Cash Rather Than Credit This Season" »

What exactly does Christmas shopping have to do with energy efficiency? A lot, if you want to get a soon-to-expire discount on new appliances.

For the past two years, homeowners have been eligible for an energy tax credit of up to 30 percent, or $1,500, on products from biomass stoves to storm windows to gas-burning fireplaces. With most Americans still short on cash, it's been a great way to save money when upgrading old appliances, say Chicago bankruptcy attorneys. But all that's coming to an end on Dec 31. In order to take advantage of the discount, you need to have the energy-saving device installed and ready to use by that date.

Continue reading "How Chicago Shoppers Can Save Money on New Appliances This Month " »

Move over Black Friday. Small Business Saturday is here. And the timing couldn't be better.

American Express is hoping to encourage shoppers to spend locally this season, starting today. In fact, the credit issuer is offering $25 in spending credit to the first 200,000 people who register American Express cards today on the Small Business Saturday website, according to Chicago bankruptcy attorneys. But before you write the whole thing off as an expensive marketing campaign, think about this - it makes financial sense.

Continue reading "Small Business Saturday's Strategy Is Good for the Economy and Chicago Shoppers" »

What's the easiest way to save money this holiday season? It might be as simple as treating the holidays like, well, holidays - and you can start today.

Think about it. Today was once a day to spend with loved ones, giving thanks for food and family. Just like Christmas was once a time to celebrate the birth of Jesus - a time to focus on faith and, once again, family. But this year, it seems like the holidays have become one big excuse to go shopping. Apparently we can't even wait until Black Friday - for the first time ever, many major retailers are open on Thanksgiving, according to Chicago bankruptcy attorneys. We all know businesses need a boost - the problem is, most of us have bills to pay.

Continue reading "How Chicago Families Can Save Money By Relaxing On Thanksgiving" »

Maybe it's our fascination with Mad Men. Maybe we're longing for a simpler time. Or perhaps we finally realized the cost of credit card debt.

Whatever the reason, statistics show that more Americans are buying the things on our holiday shopping lists with a retro form of payment known as layaway. And we might be saving big bucks - not to mention major stress - in the process, say Chicago bankruptcy attorneys.

Continue reading "More Chicago Consumers Choosing Layaway Over Credit Card Debt This Year" »

It wasn't long ago that Americans worried about keeping up with the Joneses. But those days might finally be behind us, according to the Associated Press.

This holiday season, more middle-class folks are doing what they once vowed they'd never do - shopping at thrift stores for gifts, buying generic brands for the Thanksgiving table, using layaway rather than credit cards and even - gasp! - eating the occasional fast food meal. In other words, we've gone frugal. And it's paying off, say Chicago bankruptcy attorneys.

Continue reading "More Chicago Shoppers Making Frugal Choices to Lower Debt" »

When do folks turn down a discount? Apparently when it involves filling out rebate paperwork.

Along with other sales and specials meant to get us to open up our wallets over the next six weeks, retailers are rolling out holiday rebates. The the idea behind a rebate is pretty straightforward, according to Chicago bankruptcy attorneys. You pay the sticker price with the understanding that, once you're home, you can apply to get money back - a delayed discount of sorts. But stores know something that we don't - in reality, many of us are too lazy or forgetful to redeem those rebates.

Continue reading "Why Holiday Rebates Might Not Be Such a Good Deal for Chicago Shoppers" »

Once upon a time, the day after Thanksgiving marked the official start of the holiday shopping season. Lately, it seems more like the day after Halloween. And as for this year? Red and green goods were pushing black and orange merch off the shelves by the beginning of October.

Welcome to holiday shopping in an economic downturn. At a time when folks have less money in their pockets and more debt looming overhead, retailers are pulling out all the stops to keep our minds wandering to material things. But we don't have to take the bait.

Continue reading "Early Start to Holiday Shopping Season Leaves Chicago Spenders in Debt" »

Holidays are all fun and games - until you have to pay for them.

Halloween seems to kick off a spending spree that doesn't stop until January. Between candy, food, parties, and gifts, it might seem like you only have two choices - partake and wind up with a mountain of debt, or save money but go without. But you might be able to have the best of both worlds thanks to an abundance of holiday - and year-round - deals and freebies, say Chicago bankruptcy attorneys.

Continue reading "Chicago Shoppers Take Advantage of Free Offers Over the Holidays" »

Imagine that you could set a spending limit for your credit card - when you reach the limit, it simply stops working. Sounds like a great way to stick to your budget, right?

Many consumers are doing just that with prepaid debit cards, the reloadable Visa, MasterCard, American Express, or Discover cards you can buy at the grocery store or drugstore, according to a story on MSNBC.com. Shoppers trying to save money like how the cards help control spending, can't harm their credit, require no minimum balance and come with no bank fees. Unfortunately, that doesn't mean they come without any fees - quite the contrary, say Chicago bankruptcy attorneys.

Continue reading "Are Prepaid Debit Cards a Budget Tool or a Bust for Chicago Consumers?" »

As if you need another excuse not to use debit and credit cards, now it looks as if paying with plastic can sabotage your health.

According to the Journal of Consumer Research, people are more likely to splurge on unhealthy, impulse buys - think potato chips, candy and super-sweet coffee drinks - when we pay with a card. That's the bad news. The good news is that you have the power to clean up your debt and your diet by changing your mindset, say Chicago bankruptcy attorneys.

Continue reading "Paying With Credit or Debit Can Lead Chicago Consumers to Make Impulse Buys" »