An IRS investigation concluded that an out-of-state philanthropist and his late brother are on the hook for billions of dollars in back taxes. He contested the allegations, but a jury ultimately found that both of the brothers hid some of their assets. While an audit from the IRS certainly can occur for Washington tax payers, not everyone may be aware bankruptcy might be a viable solution for this type of debt.
Even with the economy on the uptick, credit card debt continues to burden Americans in increasingly higher amounts. One estimate puts the amount of this type of debt at $60 billion by the end of 2015. For Washington consumers, the projected 5 percent increase in credit card debt could tip the scales of financial stability and put some in desperate need of debt relief.
When surveying a Washington individual's financial state, personal debt can be a tricky factor. For some people it can be a creeping progression that inches up week by week or paycheck by paycheck, as in some places the cost of living skyrockets while income remains stagnant. For others, a single emergency or catastrophe can plunge an otherwise financially literate person into the depths of debt. In some instances, bankruptcy can be the most appropriate path to debt relief.
The frequently dubbed "Great Recession" was declared over by mid-2009. However, while some segments of the nation are starting to show signs of rebounding, over one-third of American households are struggling to find debt relief. There may be families in Washington that are likewise looking for solutions for credit collection stress.
A recent study was undertaken to discover what may lead people to carry over balances on their bank cards from month-to-month. The two types of demographics used for the study, those with credit card debt and those without, were composed of middle and lower-income card holders. The researchers were surprised by some information regarding revolving debt. Washington residents may also be interested in what the study revealed.
As a result of the recent economic difficulties in our nation, many Washington residents may be struggling to cope with growing expenses and other financial obligations. Possibly compounding their troubles could be crippling credit card debt, which many have incurred as a result of trying to make ends meet during the recession. An online publication has put forth some suggestions to try to help consumers reduce their debt burden.
Washington readers know that credit card use can quickly spiral out of control, and soon, many consumers will need to seek ways to get relief from bill collectors. While credit card debt is not the only debt with which people struggle, it is one of the most common problems. When credit card debt becomes unmanageable, how can debtors find relief from bill collectors? One option could include certain types of bankruptcy.
Anyone can make money, but it takes willpower to save it. Some people are impulse buyers, and most of them end up with severe debt. Having large amounts of debt could lead to choosing bankruptcy. Filing for bankruptcy in Washington is one way to get debt relief so that a person can get back to being financially stable.
When the new year rolls around, some consumers may resolve that this is their year -- they're going to pay down their debt. For Washington consumers, there couldn't be a better year to do so. With rates as low as they're likely to be for quite some time, it may be the best time to make a dent in credit card debt.