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Credit Card Debt Archives

What's the difference between debt consolidation and bankruptcy?

It can be quite overwhelming to find yourself with mounting debt. You may find yourself having to choose between two equally unattractive options if you find yourself in this situation. You may have to decide between debt consolidation or filing bankruptcy. There are positives and negatives associated with each. You'll need to carefully weigh your circumstances to make the best choice for you.

Consumer debt can be challenging when income dips or stops

Total consumer debt in the United States was around $14.15 trillion in 2019. Credit card balances that were carried month-to-month totaled around $466.2 billion in Dec. 2019. This is an almost 37% increase over the past five years and just over a 7% increase from the last year.

Take control of your credit card bills quickly

For some people, credit card debt is just a fact of life. As long as you can make the payments, there likely isn't an issue. The problem comes in when you can't make even the minimum payments. In this case, your credit cards will default, and you could face a lawsuit. When it comes to this point, you know that you have to do something.

The way credit scores are calculated will be changing this summer

The way that the Fair Isaac Corporation (FICO) tallies your credit score is slated to change soon. The company announced that it may result in individuals who carry credit card debt seeing a drop in their FICO scores by 20 points or more pretty soon.

Survey: 36% of college students held back by credit card debt

Credit cards are convenient ways to purchase goods and services when you don't yet have the cash on hand to pay for them. But credit card companies aren't acting out of the goodness of their hearts when they give consumers this convenient tool. They make money by charging interest.

How does the CARD Act protect Tennessee consumers?

Most people in Eastern Tennessee have probably never heard of the CARD Act, even though it contains some of the broadest consumer protection provisions in the United States Code. Even a summary understanding of the Act's provisions can help Tennessee consumers avoid burdensome credit card debt. The Credit Card Accountability, Responsibility and Disclosure Act was passed by Congress in 2009 in response to the Great Recession. The law clarifies certain portions of the Truth in Lending Act and adds a number of important protective measures.

We help folks facing problems with credit card debt

Credit card debt can be easy to accumulate and very difficult to pay back. Unanticipated emergencies, unemployment and other unforeseen expenses can cause credit card debt to add up quickly. Events like holidays and other special occasions can add to the debt. Not too long ago, we discussed the impact of the holiday season on the average American's debt burden.

The pros and cons of an in-store credit card

Many shoppers in Bradley County have been offered a credit card at the check-out counter of a discount store, super market or other retailer. The offer seems almost too good to be true - no credit check, instant credit of $500 or more, and low interest rates. Like most things that appear to be too good to be true, an in-store credit card may also be too good to be true. Before accepting another dollop of credit card debt, a person should carefully consider both the advantages and disadvantages of an in-store credit card.

How does the CARD Act protect Tennessee families?

It is bad enough to deal with credit card debt, particularly when someone, at the same time, also has other issues, like unemployment or mounting medical bills from a recent and unexpected procedure. It is even worse when credit card companies take advantage of their customers, and families do not realize it until it is too late.

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