Bankruptcy has a bad rap. It's true. Working in bankruptcy, we see so many of the harsh realities our clients are facing each day. Outside the bankruptcy circle (including bankruptcy attorneys, financial advisors and even the courts), bankruptcy has a bad image. "Bankruptcy is great for people who rack up enormous debt and then can't...
[caption id="attachment_298" align="alignleft" width="150"] The CARD Act's hidden dirty little secrets[/caption] While most consumers celebrated the new changes brought about by the CARD Act beware of two loopholes that can catch unknowing credit card users in a costly mistake. Banks vehmently opposed to the CARD Act put their collective heads together and devised ways to...
Reprinted with permission from Huffington Post 7-13-11 One newspaper article in 1997 told me all I needed to know about the business model for the credit card industry. Beneficial National Bank, the credit card lender for BJ's Warehouse, notified 12,000 of its customers that it was revoking their credit card privileges. A logical guess would be...
[caption id="attachment_207" align="alignleft" width="300" caption="Americans are changing how they use credit."][/caption] According to a national survey by Javelin Strategy and Research, credit card spending is down, especially in the 18-24 age market. Does that mean that we Americans aren't spending or are we doing it differently? According to the NY Times report, the survey showed...
Credit cards offering rewards miles and other incentives may seem like a good deal, but let's look at the fine print to learn more. [caption id="attachment_140" align="alignleft" width="239" caption="Now is a great time to review the 'rewards' cards in your wallet"][/caption] With the recent CARD Act going into effect on February 21, 2010, consumers are...
[caption id="attachment_118" align="alignleft" width="300" caption="Past Due Notices and Collector Calls Can Push Debtors into a Rash Decision"][/caption] If the phone never stops ringing and bill collectors are harassing you morning, noon and night, you're not alone. With millions of Americans facing financial peril due to job loss, medical bills, or other financial hardships, it's no...
[caption id="attachment_69" align="alignleft" width="197" caption="U.S. senior citizens are facing an unprecedented spike in bankruptcy filings"][/caption] While the news media focuses most of its efforts on covering the economic downturn and its effect on the young and middle aged populations, there is a silent yet growing contingent of Americans who are facing financial hardships and the...
[caption id="attachment_40" align="alignleft" width="210" caption="U.S. Bankruptcy Courts Still Seeing an Increase in Filings"][/caption] U.S. bankruptcies increased 35% over the last year with 1.3 million bankruptcy cases filed between July 2008 and June 2009 as the recession took a steep toll on households and businesses, said the Administrative Office of the U.S. Courts on Thursday. Leading...
Big Changes Coming for the Credit Card Industry The credit card industry is beginning some major shifts in response to requirements put forth in the Credit Card Accountability, Responsibility and Disclosure (CARD) Act signed into law on May 22, 2009. The law was enacted to help American consumers who were battling years of unfair rate hikes...
[caption id="attachment_10" align="alignleft" width="300" caption="The Credit Crunch Hits Home"][/caption] Like many Americans, nearly one in four today, you may be out of work and having difficulty paying your bills on time. The phone rings non-stop at home, the warning letters arrive daily, and you wonder if you will ever have another moment’s peace again. Consumers...