Numerous people throughout Mississippi file for bankruptcy every year. Many of their stories remain untold because most of the time, bankruptcies with larger companies end up making headlines. For example, three Mississippi hospitals, along with a parent company in Tennessee, have had to file for bankruptcy recently, citing over $70 million in debts.
Gender income disparity also evident in debt disparity
Debt can be a significant source of stress for both men and women in Mississippi. However, data collected by Comet Financial show that women carry higher debt loads than men on average. The average student loan balance for women was $30,716 while men owed amounts that averaged $24,323. Car loans produced another disparity, with women owing an average of $12,183 compared to $10,371 for men.
Things you should not do before filing bankruptcy
Credit card debt leads to numerous people filing for bankruptcy every year. Mississippi has one of the highest bankruptcy rates in the United States, with roughly 361 people out of every 100,000 having to file for bankruptcy every year.
Some traps can increase credit card debt
Far too many people in Mississippi struggle with credit card debt on an ongoing basis. When it is difficult to make ends meet, many people turn to credit cards to cover the gaps. Of course, it can then be even harder to keep up with existing expenses while trying to pay back the credit card bills. Credit card companies also urge customers to take on more debt. However, by keeping some tips in mind, people can help to resist these advances.
Women and credit card debt
Some women who are living in Mississippi may struggle more than men to pay off credit card debt. A study found that more than one-quarter of women around the country said they were not confident they would be able to pay all their bills in a month compared to 14 percent of men. Furthermore, just under one-third of women who had credit cards said they had paid the balance in full one time or less in the past six months compared to 20 percent of men.
Strategic use of credit cards contributes to good credit rating
People paying off debts in Mississippi often stop using credit cards and switch to making purchases with cash. Although this is an appropriate way to tackle debt, careful use of credit cards does help people maintain their credit ratings. Credit cards that offer reward points provide consumers with multiple advantages when paid in full every month.
Credit card debt settlement an option for some consumers
Part of a credit card agreement is that the Mississippi cardholder will pay back charges, plus fees and interest. In some cases, though, credit card companies have incentives to lower the amount outstanding, or they realize it won't be worth it to pursue the cardholder with collections efforts. For people who are going through serious financial hardship, it may seem impossible to get out. If it is approached correctly, debt settlement can be a way to satisfy these types of obligations.
Financial scammers could target your elderly loved ones
Your parents worked hard all their lives to save for a retirement that would ensure their comfort in their golden years, as well as to build a nice nest egg for their children and grandchildren to enjoy after they are gone. It would break your heart to discover they were victims of scammers who are determined to separate them from the assets they spent a lifetime building. Unfortunately for many residents of Mississippi and elsewhere, there are many financial scams that target the elderly and the vulnerable.
