Virginia families might face challenges after a divorce when one parent decides to marry another who has children. There are some things to consider when becoming a blended family.
Dismissed bankruptcies could be a concern when financing a car
People going through a Chapter 13 bankruptcy in Virginia should take care to implement their court-ordered plans or they could face difficulties in obtaining credit in the future. There are a number of auto lenders that handle loans to consumers with past bankruptcies or other credit concerns.
Credit card debt expected to grow after interest rate hike
One sign that the Federal Reserve Bank believes that the American economy is recovering could also lead to much more expensive credit card debt for consumers in Virginia and across the country. For consumers with debt, including credit card debt, home equity lines of credit or adjustable-rate mortgages, monthly payments can be expected to rise following the Fed's interest rate hike.
Handling finances before a divorce
For Virginia couples who are ending their marriage, the manner in which they should handle their finances with a divorce on the horizon may be a cause for concern. However, there are things they can do to prepare for the process.
High deductible health insurance and medical debt
More Virginia residents might be using a high deductible health insurance plan than they were five years ago based on a study conducted by the National Center for Health Statistics. The study defined "high deductible" as a plan with an average deductible of $1,300 for a single person or $2,600 for family coverage. Between 2011 and 2016, the number of people aged 18 to 64 who were on such a plan rose from 26.3 percent to 39.3 percent.
Downsides of credit card debt
Many Americans accumulate credit card debt at some point during their lives. The average amount of credit card debt in U.S. households is $5,700. This may not seem like a huge amount, but it can have long-term consequences that Virginia cardholders may need to be aware of.
Bankruptcy ruling leads to confusion
Virginians who are considering filing for Chapter 13 bankruptcy might want to be aware of a recent Supreme Court decision that concerned the ability of debt collectors to file stale claims. The Supreme Court's ruling has confused attorneys around the country and may lead to additional litigation in the future.
