Safe Credit Card Use for Milwaukee College Students

Credit card companies realize that the first credit card a person acquires is the card he or she will likely keep for the rest of his or her life. Many credit card companies attract new users when they enter college by sending offers or setting up displays on college campuses. Even though credit card use could lead to substantial debt obligations, students who use them wisely can end up building a favorable credit history.

Using a credit card responsibly can help students improve their credit scores so they can qualify for large purchases in the future. As this video explains, it’s best to limit credit card use to small, manageable recurring purchases. This can help students make sure to pay off their balances each month.

If you’re faced with financial problems, contact Burr Law Office for affordable bankruptcy services. You can learn more about our Milwaukee bankruptcy practice by calling (877) 891-1638.

Credit Card Mistakes that Recent Milwaukee Graduates Make

Recent college graduates often find themselves facing new responsibilities, including managing their own finances. Not only do graduates have to find a job and a place to live, but they also need to start building up their credit histories. For most college graduates, the easiest way to start establishing a credit history is to use a credit card and avoid common mistakes that many new credit card owners make, including:

Milwaukee bankruptcy after collegeMaxing out credit cards

A credit card can help you build up a credit history and make large purchases. However, while you may now have access to thousands of dollars in credit, you should not spend up to your limit. When you begin using your new credit card, make sure you only charge what you can pay off immediately. Otherwise, you can easily become trapped in cycles of owed credit card debt and interest rates for years to come.

Failing to check a credit report

The stage of life following college graduation can be busy, as you may find yourself engrossed in a new career or enjoying an active social life. No matter how busy your life becomes, be sure to check your credit report periodically. As soon as you graduate, you should pull your credit history and start looking for any errors.

Not confirming all new addresses

In college, you likely grew accustomed to moving to a new house or apartment each year. You may have also returned home for the summer or during a certain semester. When you move to a new city or address to begin your professional career, you need to make sure that your mail follows you. Submit a change of address form and notify any important institutions of your new address so that your utility companies, bank, and credit issuers know where to send your billing information.

The Milwaukee bankruptcy attorneys of Burr Law Office focus on helping clients achieve affordable bankruptcy solutions. If you need debt consolidation assistance, you can schedule a consultation at our office by calling (877) 891-1638. You can also learn more about our range of services by visiting our helpful website.

Managing Money While Attending College in Milwaukee

For most of us, going to college means being on our own for the first time—and while this means you have the ability to make major decisions on your own, it also means more responsibility. In this video, we take a closer look at how college students can stay on top of their finances while in school.

The first step to take is to create a detailed budget of all your spending habits. This should include the money you need for books and other academic expenses, groceries, gas, and entertainment. Check out the complete clip for tips on sticking to your budget.

Are you facing large amounts of debt? Give your Milwaukee bankruptcy attorney at Burr Law Office a call at (877) 891-1638 for more information about our bankruptcy options and debt relief services.

What You Need to Know About the Fairness for Struggling Students Act of 2013

According to a report by the Huffington Post, student loans are the largest form of consumer debt in the United States, measuring $1 trillion nationally. Regardless of this fact, student loans aren’t eligible for discharge under current code. In January 2013, three senators sought to change student loan eligibility by sponsoring the Fairness for Struggling Students Act.

Since 1978, federal student loans haven’t been eligible for discharge, because the government wanted to protect the taxpayer money used to provide the loans. However, in 2005, private student loans also became ineligible for discharge, even though private loans often carry double-digit interest rates and have no income-based repayment options.

The Fairness for Struggling Students Act seeks to return provisions regarding private student loans back to their previous state before the changes in 2005. This means that privately issued student loans would once again be treated like other forms of dischargeable debt under a bankruptcy petition.

Are you struggling to repay your student loans? Would you like to learn about your debt relief options? Call Burr Law Office at (877) 891-1638 to find out about our affordable Milwaukee bankruptcy services.

A Look at the Pay As You Earn Student Loan Repayment Program

Each year, millions of Americans seek financial assistance from the government and private companies to help them afford undergraduate and graduate education. Unfortunately, many new graduates find themselves struggling to make even the minimum payments to their creditors.

While filing for Chapter 13 or Chapter 7 may be the best option for some debtors, the new Pay As You Earn repayment plan is an affordable alternative to bankruptcy for many struggling former students. The Pay As You Earn student loan plan caps payments for federal student loans at 10 percent of a consumer’s discretionary income and has allowed 1.6 million Americans to effectively reduce their monthly payments. If you are not eligible for Pay As You Earn, you may still qualify for Income-Based Repayment.

To learn more about how to make your student loan payments affordable, call Milwaukee bankruptcy attorney Michael Burr at Burr Law Office at (877) 891-1638. Whether you have debt from student loans, credit cards, or medical bills, our attorneys will help you find the best solution to pay down, eliminate, or settle your debt.

Do You Have Student Debt?

Chapter 7 and Chapter 13 bankruptcy discharge a number of debts, including credit card debts, mortgages, car payments, and many other debts. However, not all debts can be discharged through the process of Milwaukee bankruptcy.

This video provides an overview on situations in which a student loan may be discharged through bankruptcy. As with child support, alimony, and back-due taxes, student loans are nearly impossible to discharge through bankruptcy. However, a student loan that comes from a private lender, such as a bank or credit union, may be an exception. Learn more in this full clip.

Attorney Michael Burr is an excellent resource, not just for bankruptcy cases but for debt relief in general. If you’ve found yourself overwhelmed by student debt or can’t keep up with other bills because of your student loans, Attorney Burr may have some great advice to offer.

Find out if filing for bankruptcy is the best option for your financial situation by contacting the Milwaukee bankruptcy attorney team at Burr Law Office at (262) 827-0375.