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May 2018 Archives

Store-branded credit cards reach 7-year high delinquency rate

According to a recent study, the delinquency rate on store-branded credit cards is spiking. The study indicates that the delinquency rate consumers in Virginia and throughout the country are facing is currently at a seven-year high. This could be bad news for consumers as it might portend an increase in household debt.

Remarriage and child support

Divorced parents in Virginia who get remarried should be aware of how a new marriage may impact the child support they are receiving or have to pay. Depending on the situation, there are certain legal actions that may be necessary to take.

What to know about child support in America

There is a perception among many in Virginia and throughout the country that custodial parents receive too much support. However, this isn't necessarily the case. According to the January 2016 version of the Custodial Mothers and Fathers and Their Child Support report, there are 13.4 million single custodial parents. Of those individuals, 48.7 percent have a child support agreement with the child's other parent.

Researchers identify one factor that can lead to divorce

Marriages in which both people work and make similar incomes are more common than they were in the past, but there are still many couples who start their marriages with a more traditional arrangement in which the husband earns most of the money. However, Virginia couples who opt for a less traditional model might end up with a more stable marriage. Researchers in Sweden found that marriages that started out with the husband as breadwinner and transitioned to the wife making as much or more money than her husband were more likely to end in divorce than marriages that began on equal footing.

The impact of the child support system on parents

Noncustodial parents in Virginia can face negative consequences when they fail to pay child support on time. For instance, they could experience financial problems, strained relationships with family members and the possibility of going to jail. In many cases, those who owe child support are already struggling financially. According to a report from the Urban Institute, 70 percent of parents who have outstanding support balances either report no income or make less than $10,000 a year.

How states rank when it comes to using credit cards

Virginia residents had an average of $7,161 in credit card debt in 2017. This was according to a report from Experian that looked at how Americans used their credit cards. The national average was $6,354 person, and Alaska had the highest average balance at $8,515. While many people use credit cards to obtain perks and rewards, some believe that it isn't worth doing so. This is because some people keep a balance on their cards each month.

Appeals court clarifies lien stripping process in Chapter 13 case

From its location in Virginia, the U.S. Court of Appeals for the Fourth Circuit has overturned a lower court decision about stripping liens in Chapter 13 bankruptcy cases. The appeals court ruled that no proofs of claim were necessary to strip a wholly unsecured lien.

Credit card debt is growing rapidly

While Virginia residents may be enjoying the benefits of a strong economy, that strength could be partially because of increased credit card spending. According to the New York Federal Reserve, household debt was $13.15 trillion in the final quarter of last year. Most of that debt is made up of mortgages, but credit card debt also rose significantly from the third quarter of 2017 to the fourth quarter of 2017.

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Bowen Ten Cardani, PC

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