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Credit Card Debt Archives

Financial challenges and disclosures debt collectors must make

Long Islanders who are facing financial challenges and might be dealing with delinquent payments on their credit cards will have a lot to consider as they seek out options. While they are in the process of straightening out their finances, a frequent concern is that there will be a series of phone calls, letters and emails trying to collect on the debt. After a certain period, many companies will sell the debt to a third party. That third party will then try to collect the debt. There are certain laws that these collectors must follow. Unfortunately, some flout these laws or push them to the brink and end up committing creditor harassment. Understanding what disclosures these collectors are required to provide is essential for the debtor to avoid being harassed.

Are balance transfers a good way to address credit card debt?

There are millions of Americans who are dealing with credit card debt. While some of these individuals and families may just focus on paying the minimum monthly payment, there are many who are doing their best to address this debt issue and find healthy financial solutions. For some, part of the solution might be to transfer the balance of one credit card with a high interest rate to another credit card with a lower interest rate. This is known as a "balance transfer."

Addressing credit card debt with a bankruptcy filing

Many people in New York are able to make their monthly credit card payments, even as they carry thousands of dollars in balances on the cards. Maybe they think that they will be in a better financial position to make a full effort to repay the debt later on down the line, perhaps after getting a salary increase or finding a better paying job. In the meantime, they continue to use credit cards for purchases and make every effort to make the minimum payments each month.

$1 trillion in credit card debt in America

There are many different indicators that economists keep track of to measure the so-called "health" of the national economy. Credit card debt is one such indicator. And, according to a recent report, the overall amount of credit card debt in America has topped $1 trillion for the first time in almost 10 years. But, is this a good thing or a bad thing?

U.S. residents have rising credit card debt vs. savings ratios

One way to measure the health of an individual or household's financial health is to look at the ratio of debt to savings. This is especially true with credit card debt, as the high-interest rates often mean the debt continues to grow even while some payments are being made. Savings, on the other hand, points to a certain capacity to weather financial problems, like unexpected medical expenses or other costs, which have not been planned for. Unfortunately, it seems that Americans are increasingly likely to have more high-interest debt than savings to cover such debt.

Credit card debt and living expenses in America increasing

Sometimes, a person in Long Island has no choice but to put a purchase on a credit card. For some, it may be an unexpected job loss or illness that leads them to use a credit card to pay for food and clothing. Other times, it could be an expensive car repair or home repair that they simply cannot afford. No matter what the reason, according to one source, people across the United States are incurring increasing amounts of credit card debt.

Americans are no strangers to credit card debt

Credit cards may have gotten many people in Long Island through a tough financial time, when an unexpected expense arose that they otherwise could not pay for. It may have been a medical bill, a car repair, a new water heater or any other number of expenses. Unfortunately, these expenses can add up, leading to unmanageable credit card debt.

What is a credit card charge off and how does it affect you?

Long Island residents facing substantial credit card debt may wish that someday it could just be wiped away altogether. And, should they face a credit card "charge off" they may think their problems are over. However, a credit card charge off could have numerous repercussions on a person's credit.

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