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Posts tagged "credit card debt"

A cash advance can lead to serious credit card debt

Credit cards are widely used purchasing devices that allow individuals to buy goods and services on credit and then the individuals pay their lenders back on a schedule that was established when they secured their cards. Responsible use of a credit card can help a Rockland resident build up a good credit history and credit score; conversely, negligent credit card use can land a person in dire financial straits and facing overwhelming debt.

Credit card debt is unlike other financial consumer liabilities

It is not uncommon for a Garnerville resident to hold a mortgage on his or her home, a loan on his or her car and perhaps several debts from his time as a student that must be paid off on a periodic schedule. These debts, despite the fact that they may seem overwhelming, can actually be manageable for consumers since they require timely, monthly payments in order for the debtors to remain in good standing with regard to the obligations. As debtors make payments toward the satisfaction of these loans, the loans gradually decrease in principal and incur less and less interest until they are paid in full.

Debt settlement can be a risky path toward financial freedom

All it takes is one accident, illness or injury for a New York resident to find his or her wages reduced and his or her credit cards pushed to their limits. The costs of caring for one's self and family can quickly pile up on credit cards, and when the bills start coming due, it can be overwhelming for the card holder to reconcile those payments. This bankruptcy law blog has dedicated a number of prior posts to discussing Chapter 7 bankruptcy and Chapter 13 bankruptcy, the two primary modes of filing for individuals. This post will generally discuss the use of debt settlement agencies to manage and eliminate consumer credit card debt.

Debt relief strategies for those facing credit card debt

Debt on credit cards does not have to be a financially fatal situation. In fact, there are steps that New Yorkers facing credit card debt can take to overcome their financial challenges. For some individuals, working with trained legal professionals who understand debt and bankruptcy options is a great way to work toward economic freedom and a clean financial slate.

Can I get a loan workout for my credit card debt?

Carrying a balance on one's credit card can be a stressful situation. Though a properly managed balance may be overcome with extra payments over time, not all New Yorkers are able to muster the financial fortitude to manage their overextended credit bills on their own. Before they resort to bankruptcy to settle all of their outstanding debts at once, debtors may look to less drastic options to get out from under their credit card bills.

What is the CARD Act?

The CARD Act, also known as the Credit Card Accountability Responsibility and Disclosure Act, was enacted in 2009 in an effort to provide consumers with protections from predatory credit lenders. This post will touch generally on some of the goals and policies of the CARD Act, but individuals with specific questions about the law may choose to discuss their issues with their New York-based bankruptcy and debt relief attorneys.

Poor use of cards can lead to steep credit card debt

Credit card debt is a problem for many New Yorkers. It can become a financial headache when accidents and emergencies require otherwise responsible individuals to run up big balances on their cards; it can become a problem when individuals fail to pay down their charges and incur fees and penalties related to their balances. While options like bankruptcy and debt relief strategies can help those who face significant credit card debt overcome their financial hurdles, one of the best ways to stay out of credit card debt is to avoid it in the first place.

What do I do if I am being harassed by a creditor?

Credit card companies and other agencies that lend money to consumers are restricted in the actions they may perform to collect on their borrowers' debts. Under the Fair Debt Collection Practices Act, New Yorkers have rights to stop creditor harassment if it violates federal law. Defining harassment is an important component in knowing how and when to stop it.

What card-based terms can contribute to credit card debt?

It is officially spring in New York and readers of this bankruptcy and debt reduction law blog may finally now be paying off the last of the holiday expenditures that carried over as balances on their credit cards. However, during this time of year it is not uncommon for individuals to begin contemplating other big expenses, such as summer vacations and improvements to their yards and homes. As one can see, it does not really matter what month of the year it is - costs can always be incurred and can reignite credit card debt problems for consumers.

Am I responsible for credit card debt from fraudulent charges?

Rockland residents often use their credit cards to make purchases from online vendors. With ease and from the convenience of one's own home, a person can buy groceries, order clothing, shop for furniture, and then have all of those purchases sent directly to their doorstep. Though online shopping has made shopping significantly easier for many people, it has also increased the opportunity for unscrupulous individuals to misuse other's credit card accounts.

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