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Posts tagged "interest"

Interest, APR can cost credit card users money

It is fairly easy for a New York resident to get a new credit card. Many people receive unsolicited offers through their daily mail and others are bombarded via email with credit proposals from banks and other lending institutions. It may seem like the ubiquity of credit cards available to people would make those purchasing devices unprofitable in such a saturated market; credit card companies, however, have several tools that they can exploit in order to make money off of their credit card holders.

Credit card debt can derail financial plans and dreams

It can take a Rockland resident a long time to save for a big purchase or expense. Whether that expenditure is a short-term experience like a vacation or a big-picture plan such as retirement, when it comes to saving it can be easy to lose focus and get off the right financial track. One way that people find their financial plans and dreams derailed is by incurring large amounts of credit card debt.

The CARD Act and coping with credit card debt

Nearly six years ago, President Obama signed into law a bill that sought to protect consumers from the confusing and sometimes abusive practices of American credit card companies. Called the Credit CARD Act, or the CARD Act for short, the law prevents credit card companies from hiding card terms from consumers and changing those terms on cardholders in their systems. Generally, the law's goal was to protect New York residents and other Americans from the damaging practices of some aggressive creditors.

How do people get into trouble with credit card debt?

Credit seems to be available everywhere. Many stores throughout New York offer their customers credit cards that provide those users with in-store benefits. Car dealerships find ways to finance new automobiles for people who cannot pay cash for the vehicles they want and need. The vast majority of people who endeavor to own their own homes must take on mortgages in order to cover the high costs of owning real property.

Children's credit card debt becomes problem for parents

Some New York parents choose to allow their kids to get credit cards while those children are still relatively young. Whether they hope to help their kids build good credit histories or want to teach them about effective money management, many parents have to co-sign on their kids' accounts in order for credit cards to be secured in their kids' names. These arrangements can work but for some people mistakes made by youths lead to serious money problems for their parents.

Start of school season means credit card debt for some

The fourth of July has come and gone and for some Rockland residents the end of summer may be too rapidly approaching. As summer winds down back-to-school preparations gear up for teachers and families alike, and soon stores will be filled to the brim with backpacks, notebooks and other educational tools. The return of kids to school and the coming fall are often signs of a time when Americans make poor financial choices that can lead to overwhelming credit card debt.

Pursuit of credit card debt can lead to lawsuit, judgment

When a New York resident is sued for negligence, premises liability or other forms of civil liability he may do everything in his power to defend himself. Defending a lawsuit can often involve engaging the services of a lawyer and enduring lengthy legal processes that demand the defending party's time, attention and money.

Paying down credit card debt

Many New Yorkers have had to rely on credit cards to pay for their necessary expenses. Others have had to use credit cards when emergencies arise. In these cases, people are often left with mounting debt, high interest rates and no way to pay back the money. Following the recent recession, this is a common scenario.

High number of Americans struggle with credit card debt

Falling into a spiral of debt is something that can happen to just about anyone. As many New York residents are likely aware, credit card companies often make it very easy to purchase goods that one may not otherwise be able to afford. While this ease of purchase can sometimes be beneficial to consumers, it can also be a debt trap. When someone falls into a cycle of debt, escaping can seem incredibly difficult, if not impossible. Thankfully, there are options.

Credit card company settles lawsuit with consumers

Credit card companies make their money in a variety of ways. First, they make money by charging high interest rates on the money that they loan. They also charge a variety of fees for using the card, for late payments and for card maintenance.

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