If you have joined the over 40 million Americans (according to Forrester Research) who have joined the 21st Century and ventured into the world of online banking, congratulations! For those of you who haven’t – let’s talk…

Traditional “brick and mortars” with high overhead costs can’t compete with a virtual bank when it comes to interest rates. If you’re shopping, you’ll be lucky to find an interest rate for a savings account at a traditional financial institution collecting even 1% annually. Compare this to the 4% - 5% interest from virtual savings accounts and you’ll see the significant difference. A balance of just $5000 could mean an extra $250 per year in interest.

You’re thinking, “There must be lots of restrictions and high minimum balances requirements,” right? Wrong. In many cases you have the same access to your funds as with traditional accounts with the same minimum balances.

Bottom Line: As with any opportunity, it won’t be for everyone. If you’re not internet savvy, if you haven’t dug your way out of debt to even begin your emergency fund savings, or if you’re lack of close relationships encourages you to know your bank teller by name, then internet savings might not be for you. Review your options with your current financial institution and make an informed decision based on what’s right for your individual financial goals.

Most people would say that you should only consider bankruptcy as a last resort. While its important to consider all of your options first, there are instances where bankruptcy is appropriate and can provide you with the fresh start that you need. My concern with bankruptcy is when people file.

On average, one third of bankruptcy filers made the decision to file after being pushed over the proverbial edge by a credit collector; they couldn’t take the constant harassment and threw their hands up in the air. The problem with this – if you file bankruptcy today and, God forbid, you should find yourself with tens of thousands of dollars in medical debt next month, what will you do then? You can’t file again.

Bottom Line: If you have come through a financial crisis and are not still in the middle of it and could say, “If I could just get rid of this financial burden, I would be fine with my current employment, housing and transportation situation” then you might be a candidate for bankruptcy. Take the time to seek legal advice and explore your options. BEWARE: Most bankruptcy attorneys don’t get paid unless you file bankruptcy. Therefore, there may be special incentive to encourage you to file even if there are alternative options that are more beneficial.