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Read MoreYes. Violations of laws like the Truth in Lending Act (TILA) or state usury laws (which cap interest rates) can lead to legal penalties for lenders.
List all sources of income and every expense (fixed and variable). Use tools like spreadsheets, budgeting apps (e.g., Mint, YNAB), or the envelope system to track cash flow.
Key signs include: consistently making only minimum payments, using one credit card to pay another, frequently missing payment due dates, having a debt-to-income (DTI) ratio over 40%, and feeling constant stress or anxiety about money.
Be cautious. If the debt is near the end of your state's statute of limitations for lawsuits, making a payment could restart that clock, making you vulnerable to a lawsuit. Weigh the age of the debt and your goals carefully.
Monitor credit reports closely, remove authorized user statuses, freeze joint accounts, and ensure all divorce-mandated payments are made on time to avoid negative marks.
