The developed world’s population is indebted to a level never seen before, with the majority of people owing money to banks and other financial institutions. Mortgages and home loans account for a large part of this record debt - after all, with the recently ended surge in property prices, how on earth could the average person ever afford to buy without getting deeply into debt? (more…)

We have become a nation of spenders and debtors rather than a nation of savers. One recent study found that 20 percent of Americans had no net worth beyond consumer goods. If you ignored real estate, the number jumped to 55 percent. Basically, most Americans have nothing other than the home they live in and the stuff they put in it. (more…)

Bankruptcy should always be the very final option when it comes to a solution to save your home from foreclosure. Unfortunately, it is very devastating to you financially as it totally ruins your credit. And many people who use bankruptcy as an option end up going into foreclosure anyway.

Bankruptcy not only ruins your credit, but it can also cost you a job. An increasing number of companies are seeking a credit check on employee applicants. A bankruptcy can actually prevent you from getting hired as you will not be able to explain the reason for the bankruptcy, (more…)