Credit card debt is a reality for most Americans and Alabama residents are no exception. Credit card debt can accumulate for a variety of reasons and can accumulate quickly. Since the current economic crisis began, many individuals began to pay down their credit card debt. Current market research indicates the trend of paying down credit card debt may reverse.
As most Alabama readers know, credit card debt, bankruptcy and other aspects of a person's financial history can have a large impact on their credit score. Credit reporting agencies gather information about an individual's debt and payment history and compile the information in reports that sum up financial history. These reports can affect everything from your ability to get credit, to afford a home, and to get an education.
At one point in time, pretty much any college freshman walking through the halls of just about any university in Alabama could get their hands on a credit card. In fact, representatives from credit card companies often gave away free T-shirts, candy bars, or spring break rewards points to incoming freshman. Oftentimes, these cards resulted in credit card debt. Times have changed and the Credit Card Act that took effect several years ago made it more difficult for those under 21 to get a card.
The Obama administration's green-energy loan program is under scrutiny as recipients of government loans seek bankruptcy protection. One such company is Abound Solar Inc. The alternative energy company isn't located here in Alabama. However, it may be of interest to taxpayers who stand to lose $40 million to $60 million on the loan after the company's assets are sold and the bankruptcy proceedings close.