Baltimore Consumer Protection Law Blog

Baltimore parents would do anything for their children. Although you want to be able to protect your child at all times, you simply cannot. Imagine, then finding outthat your child has been in a serious accident. He or she needs extensive medical treatments to fully recover, but you -- like most parents -- don't have the money. What would you do?

For many parents, there is no doubt that they would get their child the medical attention they needed to get better and deal with the cost later. One father who found himself in this frightening situation reached out to the online community for help.

It's very easy to get carried away with credit card use, as some Baltimore residents know. When you can make a large purchase now but don't have to pay for it until later -- and even then you only have to make a minimum payment -- it can be difficult to use restraint. However, consumer credit card debt across the country has increased by more than $86 billion in the last three years, bringing the national total to nearly $834 billion. It's clear that if we continue on this path, there could be serious repercussions not just on ourselves, but on the national economy as well.

Fortunately, a recent article in the Huffington Post provides a few ways for consumers to get back on track when it comes to using credit cards. The first, and perhaps most obvious step, is to make a budget. Know what you bring in and what you spend money on each month after taxes, and then critique it. If you're spending too much, cut the things that aren't necessary. Also, make sure you're saving money for emergencies and setting some aside to pay down debts.

Many people have experienced financial difficulties at some point in their lives. Often serious financial troubles stem from uncontrollable events like divorce, a major medical issue or the loss of a job. And even though these events are -- for the most part -- out of a person's control, creditors are not sympathetic.

When creditors come calling, it can be frightening and overwhelming. Often, people who are deep in debt have no way to pay it off. And when the bill you can't pay is your mortgage, you could end up face to face with foreclosure. Unfortunately, many Baltimore residents know what this is like.

In the last few years, many people in Baltimore have experienced the foreclosure process. For many, unavoidable circumstances like job loss and medical bills led to insurmountable debt that forced them into foreclosure. Going through a foreclosure can tarnish a person's credit score, making it difficult to purchase a home again later on. However, a recent study by RealtyTrac shows that many of these homeowners are finding ways to bounce back from financial turmoil.

After an individual or family goes through foreclosure or a short sale, it can take several years to get a credit score back up. Generally, a short sale or a foreclosure will result in an 85- to 160-point drop in credit points. With an increasing number of consumers facing financial problems, however, some lenders have become more willing to work with these people.