About Bankruptcy

The number of Americans filing for personal bankruptcy passed the million mark for the first time in 1996. In 1997, the number climbed even higher, to 1.4 million. And this alarming trend shows no signs of slowing down any time soon.

Bankruptcy-related losses now cost the average U. S. household about $400 a year in higher prices and interest rates.

Unfortunately, some people think of bankruptcy as the easy way out of financial difficulties. Too many are finding out the hard way that there's nothing easy about life after bankruptcy and the long-term effects can be far-reaching. Bankruptcy can keep you from obtaining credit for as much as 10 years afterwards. If someone does extend you credit later, it is likely to come at a price far higher than the going rate. It can also make it hard to get a job or to rent or buy a home.

If you think you might be starting to slide down that slippery slope, or if you've slid so far you're considering filing for bankruptcy, don't despair. A Credit Union representative can review your financial situation and discuss ways to better manage your finances. For assistance, please call First Financial's loan department at 410-321-6060, extension 773, or you can make an appointment at your favorite First Financial branch.

Another good source of help is the National Foundation for Consumer Credit. Through its member agencies, it provides budgeting assistance and credit counseling. It's the nation's oldest and largest such organization. Call 1-800-388-2227 for the location of the agency office nearest you.

Financial Dimensions, Inc.
In The First Financial Building
1215 York Road
Lutherville, MD 21093
Phone: 410-321-6060, ext. 150
Toll free outside Baltimore metro area: 1-800-90-FFFCU
Fax: 410-321-4492
E-Mail Financial Dimensions