Atlanta Bankruptcy Attorney Blog

Spring brings April showers and then May flowers, but it also brings something a lot less pleasant: pain at the pump.

When the temperatures slowly start to go up, so do gas prices. So far this month, the average cost of gas is up 9 cents and is edging ever closer to $3 a gallon - that's 81 cents more than last year, according to AAA.

But there's a silver lining - and it's not just warmer weather. As it turns out, the same economy that is causing Atlanta residents and others to struggle financially is also lowering demand for gas, say Atlanta bankruptcy attorneys.

With unemployment soaring - the Georgia unemployment rate is 10.3 percent as of January - less people are driving a car to work, meaning less people are buying oil. Economists say gas prices might level off at not much over $3 a gallon this summer. But even if they don't, there's more good news. You can minimize the effects of higher gas prices on your own.

Continue reading "Atlanta Drivers Search for Cheap Gas Prices as Oil Costs Increase" »

Even though a weak job market is threatening to stall economic recovery, Americans increased their spending in January, Atlanta bankruptcy attorneys say.

With unemployment still hovering just under 10 percent, incomes remained almost flat in January - rising by around 0.1 percent, significantly lower than what economists expected. And for those lucky enough to retain our jobs, cost-of-living raises are still far and few between - not to mention the fact that some of us have seen reduced hours, furlough days or other paycheck-lowering actions. Yet we spent, on average, 0.5 percent more last month, according to The Commerce Department.

The good news is that we're feeling optimistic. The bad news is that we're threatening to derail our progress. See, the Great Recession has been good for at least one thing. It's increased our savings rate from a negative number for most of the last decade to more than 4.3 percent last year. Now we're starting to see that rate drop again - last month, for instance, we only saved 3.3 percent.

If we want our newfound responsible behavior to stick around, we're going to have to start slowing our spending to match our income. Fortunately, there's a formula to make saving a little more manageable.

Continue reading "Atlanta Bankruptcy Attorneys Are Saving Less But Spending More" »

In the market for a new refrigerator? Uncle Sam might be willing to help foot the bill, say Atlanta bankruptcy attorneys.

With Cash for Clunkers no longer, the government hopes to stimulate the economy with a new program that targets household appliances. Starting this year, up to $300 million will be available for folks who purchase new refrigerators, washers, heating and air units and more. The goal is twofold: first, to get consumers out there spending and, second, to replace old, energy-guzzling appliances with modern energy-efficient ones. For example, a brand new washer typically uses 50 percent less water, and spins clothes so efficiently that it also reduces dryer time.

As with any seemingly good deal, though, there are still pros and cons. If your washing machine is about to bite the dust and you can afford a new one, this might be a golden opportunity to save some green. However, if you're already struggling to pay off your credit card bills, you may not be able to afford another major purchase - whether or not you get a sweet discount.

Continue reading "Atlanta Bankruptcy Attorneys Weigh Benefits and Drawbacks to Energy-Efficient Appliance Rebate Program" »

First, credit cards starting adding annual fees and raising rates. Next, bank accounts started getting more expensive. Now health insurance premiums are on the rise, say Atlanta bankruptcy attorneys. What gives?

Employee healthcare plans went up about 5 percent last year, according to the Associated Press. It's even worse for people who buy their own healthcare - those plans are poised to rise by 50 percent or more. But the worst part isn't that we have to pay more each month for health care - it's that new rates might discourage some of us from paying at all. And that's a risk we can't afford, no matter how appealing the savings.

Americans have a right to affordable health care, whether Uncle Sam is paying for it or not. But meanwhile, canceling our plans to save money won't get us anywhere - except in more debt if the worst happens and we get sick. Fortunately, there are ways to cut back without cutting out your plan.

Continue reading "Save on Health Insurance as Premiums Increase, Say Atlanta Bankruptcy Attorneys" »

Think Uncle Sam will take care of you if you lose your job? You're right - for awhile.

The first $2,400 you receive in unemployment benefits are free for you to keep, according to Atlanta bankruptcy attorneys. Make that $4,800 if you file taxes jointly as a married couple. But after that, you're responsible for paying taxes on benefits just as you would on a regular paycheck. Wondering how much you might owe? You should be receiving a Form 1099-G, which you'll report on your tax return.

Paying taxes even when you've been out of work sounds like a crap deal. But fortunately there are some ways to lessen the blow.

Continue reading "Atlanta Bankruptcy Attorneys Suggest Emergency Savings Funds For Unexpected Taxes" »

Forget about your sweetie - why not show your wallet some love this Valentine's Day?

OK, maybe your significant other still deserves a little something. But my point is, you shouldn't have to break the bank just because Hallmark wants you to. And whether you're a diehard romantic or a Valentine's Day skeptic, you can use tomorrow as an excuse to start working towards a financial life that you'll love all year round - particularly if you're in debt right now, say Atlanta bankruptcy attorneys.

Continue reading "Atlanta Bankruptcy Attorneys Offer Advice on Saving Money This Valentine's Day" »

Someone once said that the only certain things in life are death and taxes. Apparently, they forgot that we also have to eat.

After the mortgage, food is probably the biggest part of the budget for most folks, with the average family spending roughly $600 a month in groceries not to mention hundreds on eating out. It's also the most unavoidable part of most budgets, according to Atlanta bankruptcy attorneys. Like it or not, we have to eat - even when the cost of staples like bread, milk and meat are skyrocketing while our salaries remain stagnant.

But just because we have to buy groceries doesn't mean we can't find ways to cut costs. Changing just a few of your shopping habits can keep your pantry - and your wallet - from hitting empty.

Continue reading "Atlanta Bankruptcy Attorneys Offer Advice on Saving Money at the Grocery Store" »

Have you ever visited Amazon or eBay and been surprised to see your favorite clothing, electronics or books displayed on the homepage? No, it's not your lucky day - that homepage was created specifically for you. You see, retailers are tracking your every move, according to Atlanta bankruptcy attorneys.

Living in the Internet age, privacy is becoming more of a luxury than a privilege. But while you can't exactly avoid the Internet, there are other ways to protect yourself. For instance, is your mailbox stuffed full of catalogs or your inbox filled with store promotions? Do you ever wonder how stores get your address? Often times, it's as easy as having you fill out an online survey, send in a rebate or simply use your credit card.

Maybe you've got the money - or willpower - to afford having stores calling you about sales or sending ads to your house, but some of the millions of Americans struggling to pay off debt don't.

Continue reading "Atlanta Bankruptcy Attorneys Say Avoid Store Marketing Ads to Save Cash " »

Remember the old adage a penny saved is a penny earned? Well, believe it or not, it's true. And fortunately, it applies to a lot more than pennies.

Earlier this week, I said that the biggest obstacle to starting a savings plan is getting over your excuses - one of those excuses being that you don't want to have to go without. But that's not an entirely valid excuse anyway. See, a savings plan isn't all about giving stuff up and being frugal - it's about making money. You know how your credit card company charges you an additional rate on the purchases you make, so you continue paying even after you leave the store? Well, this is just the opposite - if you play your cards right, the interest on your money winds up in your pocket.

Of course, it doesn't make sense to earn interest on your savings when you're forking over even more interest to creditors - so, as we discussed on Thursday, it's a smart idea to first put your savings towards eliminating your debt. Then it's time to earn money your way.

Continue reading "How Interest Can Maximize Your Savings Plan" »

So you're finally biting the bullet - you've decided to make a habit of saving.

Congratulations! Making the decision to take action is half the battle. Now you're ready to take on the other half - figuring out what to do with those extra dollars.

On Tuesday, we went over how to let go of your excuses and start saving. Today, let's talk about how to get the most bang for your buck. Usually, that means putting your savings someplace where it will earn the most interest. But if you're a newbie to the savings game, let's forget about interest for a minute and talk about debt.

Continue reading "Getting The Most Benefit From Your New Savings Plan" »

It's the ultimate Catch-22. You know you want to start saving money this year but you're already struggling to pay the bills as it is. Saving feels impossible.

Fortunately, it's not. The truth is, saving money really isn't that difficult once you get going - it's getting started that's the hard part. But I'll let you in on a little tip: it really doesn't matter how much you save at first. The point is to get into a habit, whether you begin by setting aside $100 or $1.

Many times, we tell ourselves that we'll start socking away money once we start making more of it. In reality, when the boss finally rewards you with that raise, you'll probably start finding other uses for the extra cash. But if you vow to save just a little bit of each paycheck today, you'll have more money tomorrow - whether or not you get a boost in income.

Continue reading "Find the Secret to a Savings Plan That Works" »

Sometimes it seems that the more ambitious the New Year's resolution, the more likely it is to fall by the wayside as the year progresses.

But, believe it or not, resolving to lower spending can be an exception to the rule. It all depends on how you tackle it.

Sure, the ideal budget works by meticulously tracking every check you write, credit purchase you make or dollar you spend. Just like a diet makeover, one of the best ways to truly change is to hold yourself accountable for every cent (or bite). But the problem is, it can also set you up for failure when the going gets too tough - and you give up.

Instead, why not start with an easier shortcut?

Continue reading "Make 2010 the Year of Financial Freedom with a Spending Plan" »

Grandma had it right all along - coupons are cool. But instead of clipping them from newspapers, magazines or the backs of cereals boxes, today's consumers are going online.

With most holiday shoppers looking for the best way to stretch their dollar this year, Cyber Monday - the new, online version of Black Friday - has exploded in popularity, mostly because of all the coupons available on the Internet. Since last holiday season, coupon websites like RetailMeNot, CouponCabin and BradsDeals.com saw traffic grow by 57%, 65% and a whopping 174% respectively, according to USA Today (some other discount sites include Savings.com and CoolSavings.com). Additionally, more than 20% more consumers printed online coupons this year than last year.

But while sales are appealing, they're only good deals under the right set of circumstances.

Continue reading "Consumers Looking Online for Discount Coupons" »

Today, we give thanks for food, family and friends. Tomorrow, many of us are giving thanks for the Internet.

In the past few years, online shopping has revolutionized Black Friday and the rest of the holiday shopping season. Instead of braving long lines and crowded shopping malls on a quest for the best deals early Friday morning, we can find some of the same sales - and some better - from the comfort from our own homes. And it couldn't have happened at a better time.

With most folks already struggling to pay the bills, we don't have much to spare when it comes to shopping for Christmas gifts. Unlike traditional shopping, the Internet allows instant price comparisons, access to way more stores - and potential deals - than we'd ever be able to visit on foot or by car, and less temptation for spur-of-the-moment spending, since there are no distracting window displays or sales people (though those pop-ups can be annoying).

But as with any good thing, there's always a catch - in this case, online scams.

Continue reading "More Online Shopping Means More Online Scams This Season" »

The best deals this shopping season might already be in your closet.

If you're looking for some extra cash, why not just purge some of your junk? You know, the clothes that don't fit, the gifts that just aren't your thing, the outdated cell phones sitting in a desk drawer. Forget gathering dust -- they could be gathering dough!

Just look at the price of gold, now at a staggering $1,119 an ounce. If you've got some jewelry that's just not your style, you'll probably never be able to sell it for more money than right now. Just a hint, though - there are a lot of scammers out there after your money. Take your jewelry somewhere reputable to be appraised rather than a pawn shop or someone you found in an Internet or TV advertisement if you want to get your money's worth. Read on for even more ways to save money this season.

Continue reading "Clean Out Your House for Extra Cash This Season" »