Credit card debt is one of the most pervasive forms of debt in American society. In 2017, the total amount of credit card debt in the country exceeded $1 trillion. The average adult in the United States has over $6,000 in debt from credit cards.
Filing for bankruptcy can be a powerful tool to aid people in gaining a firm financial standing. For this reason, more people are considering this option.
Many Mississippi residents are struggling under piles of insurmountable debt. The sources of these debts may include everything from credit cards and auto loans to medical bills and student loans. While many of these debts can be discharged through personal bankruptcy, people struggling with significant student loan debt have faced particular difficulties. In the past, the bankruptcy code was amended on multiple occasions to make it harder for borrowers to find relief from their student loans. At the same time, the cost of university has gone up dramatically, leaving Americans with $1.5 trillion in student loan payments.
After Mississippi consumers have filed for bankruptcy, they may be concerned about rebuilding their credit. However, they should be wary of companies called credit repair agencies that offer to help with this.
Mississippi residents with mounting debts often get phone calls from debt collectors. Some of these threatening callers may not be following regulations on debt collection procedures. In fact, debt collectors are sometimes accused of harassing debtors. According to the Fair Debt Collection Practices Act (FDCPA), collectors have limitations as to what they are permitted to do when attempting to collect debts. The same regulations apply to credit card debts, missed payments on mortgages, vehicle loans and medical bills.
Most people in Mississippi choose hospitals within their insurance networks to avoid higher medical bills. Despite their best efforts, they still might end up paying surprise out-of-network fees. A nationwide study from the Health Care Cost Institute has revealed that patients using in-network hospitals frequently get unexpected charges from out-of-network physicians and laboratories.