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February 2014 Archives

Many Orlando households are digging their way out of debt

The financial crisis was hard on many Orlando households and a lot of people are continuing to struggle even as the economy recovers. A recent report by the Orlando Sentinel does show, however, that many Central Floridians are getting their finances back on track in the aftermath of the recession. The newspaper cites statistics from the credit agency Experian, which show that consumer debt in the area has fallen 5 percent from 2008 to 2013 on average.

Credit card debt looms for many Florida residents

Many Florida residents use credit cards for necessities, such as gas and groceries. While some people do this intentionally, with plans to pay off their balances each month and reap card perks, others are carrying balances month to month because they are stretched too thin. Many such individuals not only grapple with credit card debt, but also a lack of savings to use in case of emergencies.

Ex of Mel Gibson files for bankruptcy protection

Divorce and other family law disputes can lead to financial hardships for Florida residents. Dividing one household into two can be financially prohibitive for many Orlando area residents, but they must still take this step in order to end unhealthy relationships. Others may struggle to make ends meet because they are raising children and have trouble obtaining a suitable amount of child support from the other parent.

Skyrocketing medical expenses lead to Florida bankruptcies

Last month, we wrote that more than one-quarter of American families struggle to pay medical bills. Medical debt is a leading cause of bankruptcy, and it may actually cause even more personal bankruptcies than mortgages and credit card debt. Many Florida residents think that they could never be crushed by medical bills because they have health insurance. The unfortunate truth, however, is that many people with insurance can end up facing unmanageable medical bills.

Florida residents: watch out for mortgage modification scams

In recent years, many homeowners in Orlando have looked to mortgage modifications as a way to prevent foreclosure and maintain ownership of their homes. Banks as well as the state and federal government have programs that may help some homeowners obtain principal reductions, decreased interest rates and revised payment schedules in order to make homeownership affordable.  When Florida residents consider mortgage modifications, however, they must do due diligence.

Is it wise to consolidate your student loans?

Many college graduates in Florida have trouble keeping up with their student loans. Not only are many Florida residents carrying very significant amounts of student loan debt, but they also often have 10 or more separate student loans, making it difficult to keep track of payments. Some people who have such difficulties may consider student loan consolidation.

Don't let title loans lead you into deep debt

Many people in Orlando live paycheck to paycheck, and sometimes there is just not quite enough money to pay for the essentials. In such cases, many people turn to payday advances or car title loans. Unfortunately, such decisions tend to end up leading people into seemingly endless debt.

Higher rates on the horizon for some modified mortgages

In recent years, many Orlando residents have pursued mortgage modifications in order to avoid foreclosure. Mortgages can be modified in a variety of ways. Interest rates can sometimes be lowered or changed from adjustable to fixed. It is possible in some cases to lengthen the repayment term in order to reduce the amount due each month. In other cases, homeowners are even able to negotiate a principal reduction.

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James H. Monroe, P.A.
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Orlando, FL 32804

Phone: 407-917-4147
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