Category Archives: Chapter 13
Avoid high credit card debt with these strategies
Whether consumers in Florida use a credit card as a matter of convenience or necessity in an emergency, they must be mindful of the details of their credit account. Awareness of the interest rate on unpaid balances is essential. This rate usually falls between 13 and 20 percent, which means that interest charges can… Read More »
The impact of interest rate hikes
Florida residents who are able to absorb higher interest rates from the Federal Reserve will still benefit from creating a debt repayment plan. Someone who is currently paying off a $5,000 credit card balance at a 15.5 percent interest rate will take 10 years and four months to do so in full. That person… Read More »
Bankruptcy and investments
Debtors in Florida can use personal bankruptcy, either Chapter 7 or Chapter 13, to manage or settle their debt. However, they should be aware of which of their long-term investments may have to be included in the restructuring of their debt or which may be subject to liquidation. The Employee Retirement Income Security Act… Read More »
The benefits of requesting debt validation
Some Florida residents may get worried after receiving a notice from a debt collection agency. While many people might be quick to pay these bills in an effort to avoid hurting their credit, it’s often better to proceed with caution when a debt collection agency comes calling. Some experts advise consumers to receive proof… Read More »
Feds go after bank and credit card arbitration clauses
People in Florida who have attempted to sue a bank or credit card company very likely could have been thwarted by an arbitration clause tucked into the fine print of their contracts. These terms empower companies to force disgruntled customers into private mediation instead of the courtroom when disputes erupt. If a group of… Read More »
Rule changes mean increased credit scores for some
Rule changes may result in credit score increases for some Florida residents. Credit agencies are now required to update a person’s credit report every 90 days, and new entries must have that person’s name, address and birthday or Social Security number. Civil debts as well as some tax liens may be removed from a… Read More »
Over half of debt on credit reports from medical bills
Many Florida residents understand the difficulty of meeting medical expenses, and some of them suffer a negative credit rating when unable to pay those bills. When the Consumer Financial Protection Bureau studied the sources of debt on the credit reports of millions of people, it found that a little over 50 percent of the… Read More »
U.S. credit card debt set to surpass $1 trillion
The 2008 financial crisis in Florida and across the country was caused in large part by unsustainable levels of mortgage and other debt. Americans tightened their belts during the ensuing recession, but data from the U.S. Federal Reserve suggests that household debt levels in the United States are growing once again. The rise in… Read More »
Lawsuits filed in delay of student loan forgiveness regulations
Florida students who may have been defrauded by their colleges may have to wait longer than anticipated for regulations involving student loan forgiveness that would have come into effect on July 1. The “borrower defense to repayment” rules would also prevent colleges from requiring students with complaints to go through arbitration instead of the… Read More »
Credit card debt in the United States continues to rise
Consumers in Florida and around the country now prefer credit cards over cash or debit cards to pay for their purchases, and this has led to revolving debt balances in the United States reaching levels last seen in the months leading up to the 2008 financial crisis. Americans now owe more than $1 trillion… Read More »