According to an article in the Daily Finance, the amount of profits banks are earning from overdraft fees has nearly doubled since 2000 reaching a record $38.5 billion. The average bank overdraft fee rose from $25 to $26 for the first time in over 40 years, causing some consumers more trouble than their high interest [...]
The current economic downturn has many debtors scrambling to pay off credit card debt, personal loans and even their mortgage while they still have an income to do so. But many debtors are finding that no matter how hard they try, their debt load just seems to increase or decrease by very little. The reality [...]
All debtors who are considering bankruptcy must calculate their current monthly income beforehand which will help the bankruptcy court determine whether a debtor qualifies for Chapter 7 bankruptcy or if they need to take the means test to determine their ability to repay their debts. Current monthly income is a term that is deceptive because [...]
With new credit card legislation on the books, many credit card companies are coming up with new ways to minimize their risks and increase their profits. Because of this, credit card consumers need to be on the look out for changes even if they pay their minimum balance faithfully and on-time every month. One of [...]
As a credit card consumer there are certain rights and protections that you enjoy. Let's take a look: Did you know that if you lose your credit card or if it's stolen you are only liable for $50 maximum of unauthorized charges regardless of when you reported the loss or theft? This rule is part [...]
According to an article at CNN credit card delinquency rates jumped 11% in the first quarter of 2009 and the average borrower's debt rose 4.09% from the previous year to $5,729. The article said: "This increase could be an indication that tax refund checks, typically used to pay down balances in during the first quarter [...]
Creditor Judgements Often when a debtor has failed to repay a loan or credit card debt , the creditor will attempt to seek a judgment by filing a lawsuit against the debtor. Once a creditor has won a judgment, they will have the power to collect on that judgment by using aggressive collection tactics such [...]
According to an article in the Arkansas Democrat Gazette, credit repair scam artists almost destroyed the Chapter 13 bankruptcy case of Ken Maddox, a shoe salesman who was struggling financially. The credit repair scammers promised Maddox that they could fix his credit report by "getting rid" of his Chapter 13 bankruptcy and paying off all [...]
Bankruptcy and Automatic Payments Modern banking almost requires automatic banking for nearly every expense, cell phone plans, cable television bills, utilities and even rent (sometimes); but using automatic deductions from your bank account or credit card during a bankruptcy can reek havoc on your bankruptcy case.Problems With Automatic Deductions For example, if a debtor has [...]
Many debtors filing for bankruptcy are under the gun financially which causes them to "rob Peter to pay Paul" in a game that I will call "credit card musical chairs." In an effort to keep their financial house of cards from tumbling many debtors use revolving credit to pay for even some of the most [...]