Credit card debt is one of the most common reasons why people choose to file for Chapter 7 bankruptcy. This form of debt is, quite simply, one of the easiest types of debt to fall into, particularly for people facing a job loss or a medical emergency. To make matters worse, credit card companies have [...]
There have been two good-news stories this week for those with consumer debt. First, a debt collection firm in California has been sued for scamming consumers out of $9.4 million while violating the Fair Debt Collection Practices Act (FDCPA). And a new survey shows that the Credit CARD Act has left consumers happier with their [...]
With credit card debt levels reaching all-time highs, consumers are turning to potential solutions like Chapter 7 bankruptcy, debt settlement, and other traditional methods. Some adventurous consumers, though, are looking to obtain peer-to-peer loans in order to repay their credit card debts. These peer-to-peer or P2P loans have raised some controversy, but many borrowers believe [...]
As the holiday season approaches, so do a number of potential debt traps that could lead to long-term credit card bills. But high balances well into the new year aren’t the only think that consumers should be wary of as they start their holiday shopping. A recent report on MarketWatch.com describes the concrete effect that [...]
As consumers continue to recover from a nightmare stretch of financial malaise, credit card debt figures are on the rise. And these large debt figures have subsequently led to an increase in the number of Chapter 7 bankruptcy filings across the country. To make life more challenging for consumers, credit scores are also dropping, which [...]
The approach of the holiday season has many retailers trumpeting their layaway programs. Once mainstays of retail, layaway largely fell out of favor as more and more people gained access to credit cards. The recent recession and the persistently sluggish economy that has plagued the U.S. for several years now have led to a resurgence [...]
There are plenty of advantages to being a good bank customer. Banks often offer their favorite customers lower interest rates, fancy financial packages, and other added perks. These rewards, however, are often aimed at turning “good” customers into profitable ones. That is to say, the more debt customers accrue, the more beneficial they may eventually [...]
The Consumer Financial Protection Bureau (CFPB) is facing a lawsuit that challenges rules it issued in conjunction with the Federal Reserve in April. Here’s a look at how the case came about and what effect it might have on consumer credit cards. First Premier Vs. CFPB The Credit CARD Act of 2009 restricted the fees [...]
As the U.S. economy continues its cycle of starting and sputtering, Americas are using credit more often in the midst of financial uncertainty. According to CNNMoney.com, in the past three months, Americans added a total of $18.4 billion to their collective credit card debt load. This figure represents a 66 percent increase from the amount [...]
Most people struggling with credit card and other types of debt agree that eliminating that debt would make their life easier. And most personal finance gurus advocate debt elimination as an important step toward financial security and freedom. But collectively, if the whole country simultaneously starts to pay off debt or simply spend less money, [...]
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