It has been reported that the number of bankruptcy filings in 2010 has increased by around 14% from that of the last year. The total number of bankruptcy cases filed in the federal courts from October 1, 2009 to September 30, 2010 is 1,596,355. This figure is 13.8% higher than that of the total bankruptcy filings in the year 2009. The number of bankruptcy filings in the year 2009 was 1,402,816.

Bankruptcy filings have increased in 2010

It is official that the total number of bankruptcy filings in the 12 month period ending on September 30, 2010 has increased by almost 14% from that of the previous year. According to the administrative officials at the U.S courts, the number of non-business bankruptcy filings between the 12 month period October 1, 2009 and September 30, 2010 has increased from 1,344,095 to 1,538,033. This figure is up by 14.4%. It is said that this is the maximum number of non-business bankruptcy filings since the year 2005, before the Bankruptcy Abuse Prevention and Consumer Protection Act was implemented in October 2006. Read the rest of this entry »

The recent American recession which took hold for almost three years has affected the financial health of the country drastically. This looming crisis adversely influenced almost every aspect of US life possible from real estate market to the Christmas shopping habits of the Americans. For the last three years the local stores have claimed to witness a sheer fall in the consumer spending during Christmas. However, it is being predicted that there may be a change in the scenario this Christmas. According to Reuters, shoppers may spend more for their Christmas shopping this December 2010, for the first time ever since the recession struck the US economy.

The Reuters reported that in accordance with a retailing trade group’s survey, consumers may spend an average of $688.87 this Christmas season. This survey released by the National Retail Federation states that there may be an increase of 1 % from 2009 in the consumer spending. Thus, there may be a sales growth of 2.3%, this Christmas. However, the recession is still not over and several families are still struggling to overcome the financial distress caused by this recession. Thus, the following points will provide you with some tips to tactfully enjoy your shopping for Christmas even during recession.

Tips for surviving Christmas during recession

Here are some tips you need to follow while shopping for Christmas this year 2010.

1. Budget – Plan a realistic budget and find out what you can afford. Create a list of all the items that you require for your Christmas and write down the dollar amount that you need to spend on them. However, you must also make sure to forgo certain things in case your list of items exceeds your budget. Such budgeting will also help you stay out of debt trouble in future.

1. Frugal shopping – If you want to keep your wallet happy, go for frugal shopping this year. Shop at thrift stores or dollar stores and you may get just what you want at a much lesser price.

1. Clip coupons – Newspapers and magazines are usually filled with money-saving coupons. Shop with those coupons and you may eventually save some dollars. You can also consider going for sales and discounts while shopping for your Christmas.

Apart from the tips mentioned above, you can also consider shopping online as this can save you a lot of money. You can try to earn some extra cash yourself by selling items that you do not need any longer. You can also consider having a swap party with friends where you can exchange items and have a set of brand new teams without paying anything. Thus, follow these tips and take pleasure in your Christmas shopping despite the recession.

Retirement savings is one of the most important financial responsibilities in our life. But with longer life spans, unpredictable stock market and increasing job losses, it’s necessary to find out and implement some effective tips to increase your retirement savings right now. Read on to be aware of 4 tips that can boost your retirement savings without much hardship.

Tips to raise your retirement savings

Here are the 4 interesting tips that can help you save more for your retirement years:

1. Increase your contribution: You are allowed to contribute up to $16,500 into your 401(k) account till 15th April 2011. If you’re above 50 years old, then you can save up to $22,000. The limit is same for the traditional IRAs and Roth IRAs. So, take advantage of this golden opportunity and max out your retirement savings. Read the rest of this entry »

It is true that all of us make personal finance mistakes in life. But there are some mistakes that may have a lasting impact on your finance. Therefore, it is important to avoid them as much as possible. Glance through the article to know about 5 personal finance mistakes you should avoid.

Personal finance mistakes you should avoid

Here are some major personal finance mistakes you should avoid:

1. Indulging into frivolous spending

Many people indulge into unnecessary expenses such as eating lunch and dinners in restaurants, watching movies at theaters, purchasing clothes every week, etc. What they don’t realize is that this type of spending drains their savings accounts gradually. Hence, it is important to curtail these expenses as early as possible.

2. Using credit cards for making all purchases

Several people have the habit of making purchases through their credit cards when they have adequate cash in their pockets. They don’t realize that companies charge high interest rates on credit cards. So, more you use credit cards, your bills add up. Hence, it is better to make all the purchases in cash. This will also help you avoid overspending. Read the rest of this entry »

Are you one of those women who are going through financial problems and don’t have a clue how to get out of it? Well, if that is the case, then there is no need to get panic stricken. The reason is, millions of women are in the same situation. You may be surprised to know that there are some ways that can help you to solve these problems. Read on to know about some interesting ways to solve financial problems easily.

Ways to solve financial problems faced by women

Here are some interesting ways to solve financial problems faced by women:

1. List your expenses: List all your expenses in a Microsoft Excel spreadsheet. The list should include your living expenses, debt expenses, etc. Calculate the amount you have to spend each month on your household, mortgage, insurance, etc. This will help you realize your overall debt expenses in a month.

2. Make a proper budget: It is essential to make a proper financial plan or budget to deal with the situation. Calculate your debt-to-income ratio per month. This will help you know the percentage of your gross monthly income that gets exhausted on your debt expenses. Your aim will be to reduce this ratio. A proper budget will help you do that. Allocate money for all your necessary expenses. Find out the categories where you need not to spend any money. You may use online budget planners available nowadays. Read the rest of this entry »