Credit card debt is the most common form of debt that is unsecured. This means that if you default on payments or choose not to repay what is owed, the credit card company has a right to sue. Depending on what is owed on the account, a lien may be placed against property or you [...]
In most cases, if a credit card belongs to one person, the same individual would be responsible for debt incurred on the card. When your deceased spouse has credit card debt , there are different factors that help determine who is responsible for paying the debt upon death. When a spouse passes away, it will [...]
Being Sued by a Creditor? Now that the amount of delinquencies and defaults are on the rise, many creditors are using lawsuits more frequently to collect debts. What should a debtor do if they receive notice of a creditor lawsuit filed against them? Below are few tips: Tip #1: Don't panic. Lawsuits filed by creditors [...]
If you can only afford to pay the minimum payment required on your credit cards, you probably need to file bankruptcy. Minimum payments are designed so that the debtor making the payment will pay the maximum amount of interest on their debt and pay on the debt for the maximum amount of time. It probably [...]
Prepaid Debit Cards Truth And Lies Prepaid debit cards are becoming increasingly popular as many Americans facing financial troubles are finding it difficult to get a regular checking account due to bounced checks and overdraft issues. But for debtors exiting bankruptcy prepaid debit cards are not the best route to normalizing their financial situation. Here's [...]
The newly formed Consumer Financial Protection Bureau's (CFPB) oversight obligations will include the big three credit reporting Equifax, Experian and Trans Union. But it's still not clear exactly what type of powers they will have over these companies. However, there is some speculation that the CFPB's powers will extend well beyond those of the FTC. [...]
As the banking industry is poised to lose $10 billion in overdraft and merchant fees, some banks are looking to tack on fees to debit cards and checking accounts to make up for the revenue shortfall. Already, JPMorgan Chase, Wells Fargo and many other banks are reducing or phasing out rewards programs that gave users [...]
Just when consumers thought they were safe from the credit card shenanigans of big banks, a new culprit has found its way into their wallets. Business credit cards, which are being marketed to individual debtors at an alarming rate, are not covered by the Credit CARD Act and by extension these cards can change their [...]
How to Protect Your Social Security Income From Creditors If you're retired or disabled, then you're probably receiving social security payments. Those payments cannot be garnished by creditors except for the payment of child support, tax debt or debts accumulated due to a social security overpayment/fraud etc. Even if a debtor exited bankruptcy with some [...]
It has been over a year since the Credit CARD Act required credit card companies to provide the toll-free numbers for non-profit credit counselors on credit card statements. However, according to the National Foundation for Credit Counseling, they have only received 150,000 calls from the 500 million statements printed since February 2010. Why is that? [...]