Category Archives: Credit Card Debt
As Paychecks Shrink and Debts Grow, Bankruptcy Becomes a Viable Solution for More Americans
Lawmakers may have stopped us from going over the dreaded fiscal cliff, but the deal reached on Jan. 1 isn’t a perfect solution. The agreement hammered out just in the nick of time will extend many tax cuts that were set to expire this year, from the Mortgage Forgiveness Debt Relief Act of 2007 to… Read More »
Household Debt Hits New Low, But Expiring Tax Cuts Could Obliterate Savings
U.S. consumers had more money in their pockets this year. Unfortunately, those fatter wallets may not last long. The household debt service ratio, which looks at the amount of mortgage and consumer debt in relation to disposable personal income, fell to its lowest level since 1983 – nearly 30 years ago – in the third… Read More »
Instead of Worrying About Washington, Experts Encourage Consumers to Prepare for Personal Fiscal Cliff
As the holidays draw nearer, so does something else: the so-called fiscal cliff. At midnight on Dec. 31 of this year, spending cuts and new taxes are set to go into effect, while a series of tax breaks are on track to expire, potentially culminating in an economy-crippling financial pickle. If lawmakers can’t agree on… Read More »
Consumer Credit Card Debt Increases Headed Into Holiday Shopping Season
If predictions for spending on Black Friday hold true, it could mean a boost for the U.S. economy. But while that’s a good thing for retailers, it may not be good news for consumers, say our bankruptcy attorneys. Consumer credit card behavior appears to be returning to pre-recession levels. That means an increase in spending… Read More »
Credit Card Debt Settlement Deals Typically Too Good To Be True
As of this June, the average American household had just over $15,500 in credit card debt. Considering credit card debt is only the third largest source of debt behind mortgages and ever-rising student loans, it’s no surprise that most consumers’ wallets are feeling pinched. And it may also be no surprise why a growing number… Read More »