Being diagnosed with cancer can shake up a person’s whole world, as they are suddenly faced with a myriad of problems and worries. Unfortunately, for many cancer patients, they will also have to face financial strife as a result of their diagnosis. In fact, according to NBC News, 3 percent of all cancer survivors end up filing for bankruptcy, and one-third find themselves in debt because of their illness.
How have NC’s debt collection laws affected access to credit?
North Carolina has taken steps in recent years to pass legislation protecting consumers from certain actions by debt collectors. Those collection companies argued that tightening the restrictions on how they are able to collect debts would restrict your access to credit. However, according to The Consumerist, it turns out that is simply not the case.
Beware of student loan debt relief scams
Many people with student loans in North Carolina may have heard about programs that can help them reduce their loan payments or consolidate their debt and thought that they sounded too good to be true. Such programs actually do exist and they are available for free through the federal government. However, that has not stopped some private companies from preying on unsuspecting consumers and providing them with the same services for an average of $613, according to CNBC.
How credit cards can actually help people with bad credit
Many people in North Carolina who are coming out of a bankruptcy may be worried that their credit is irreparable or that they may not qualify for a credit card because of their low credit score. It may be tempting after a bankruptcy to want to avoid using credit cards altogether out of fear of getting into additional financial trouble.
The emotional effects of bankruptcy often go overlooked
When people in North Carolina are faced with filing for bankruptcy, much of the focus is on numbers, paperwork and money. However, for many, bankruptcy also comes with unseen emotional trauma that can be harmful if not dealt with.
