Pulling Back From the Brink of Bankruptcy

When you are in over your head financially, it’s hard to see clearly. Sometimes a fresh eye on your situation can make all the difference. A Hopewell Federal Credit Union financial counselor can help you size up your bills and your resources and see what might work to clear your debts—short of bankruptcy.

The key is to ask for help before it’s too late.

While some advisers—bankruptcy lawyers, mostly—will tell you that bankruptcy has lost its former stigma, most people feel better about getting a fresh start by paying their bills. It won’t necessarily be easy but it may be much easier in the long run than paying extremely high rates on any loan you make, losing a promising job opportunity, or being turned down for insurance coverage for the next 10 years. That’s how long bankruptcy will stay on your credit record.

In a time of economic upheaval, some people may have to declare bankruptcy who never would have considered it in the past. Bankruptcy is meant to be a safety net for families without any other alternative. The question is—what’s that point? One of our counselors can help you review your circumstances and suggest some options.

There are times when bankruptcy is the only answer to severe financial problems. But don’t be too quick to assume that’s your only option. Call 740.522.8311 today and we can work together on a better answer.

Young Adults Use Digital Skills to Find Best Car Deals

According to the research firm J.D. Power and Associates, the average age of new car owners fell in 2015 from 49 to 48, spurred in part by a growing number of Gen Y buyers. The generation of young adults often thought of by analysts as Uber-obsessed and debt-averse, now comprise 28% of sales–up from 17% in 2010.

Bloomberg View argues that people across all age groups are spending less of their income on cars today than they did in the ‘80s and that the record number of sales is driven by a recovering economy and population growth–pointing out that the U.S. population increased 29% between 1989 and 2014–rather than a sustainable trend.

Regardless, it’s clear more young adults are buying cars today than in the recent past. If you’re a young adult shopping for your first car, you have some advantages.

Here are three things to consider:

1.Know what you want–to a point.

J.D. Power found that young adults spend twice as much time doing online research before buying a car than older generations. You should know how much cars are worth, what the ongoing maintenance cost is likely to be, and what features are important to you. For instance, J.D. Power found that Internet connectivity and modern technology drive new cars sales among young adults.

But don’t do so much online research that you think you know what car you want without first going on a few test drives. You may not know what you truly like until you’ve driven a few different options, and a car isn’t a shirt you can easily return if you get it home and decide it’s not a good fit.

2. Use your tech-savvy to your advantage

With apps from Edmunds, Kelley Blue Book and Consumer Reports, you can continue your research live at the dealer with your smartphone, enabling you to quickly check to see if the offer the salesperson made you is a good one. Apps like TrueCar and the website MakeMyDeal also can help buyers firm up pricing before even stepping on the lot.

3. Get preapproved for a car loan

Getting preapproved at a financial institution like a credit union–which as a not-for-profit financial cooperative generally has better rates than banks–lets you know exactly how much you can afford, your interest rate, and what your monthly payment will be. This gives you more buying power when negotiating at the dealership.