As the February credit card bills start to pour in, a lot of folks are making that calculation for themselves. Just how long will it take to pay off your credit cards? You can use this handy calculator from Bankrate to figure it out! http://www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx If the answer shocks you out of complacency, it might […]
Category Archives: Credit cards
Should you file for bankruptcy or try to pay off those credit cards?
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What drives bankruptcy filings: Credit cards or foreclosures?
The final figures for 2010 are in, and the number of residential foreclosures in Massachusetts, no surprise, was sharply higher. All told, 12,233 Massachusetts homeowners lost properties to bank seizure, nearly 32 percent more than in 2009, according to the Warren Group, which tracks real estate trends. As bad as that sounds, do you think […]
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Credit card write downs ease, but card holders not really catching up
Credit card default rates fell last month, but recent improvements in getting late payers to catch up slowed down instead. According to the Associated Press, the major banks all said that charge-offs fell in September to the lowest level of 2010. Charge-offs usually represent accounts that are more than six months behind — or in […]
Also posted in Bankruptcy News
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Are Americans really paying off thier bills, or are card companies just more ruthless?
Initial reports from the financial markets last week would seem to bode well for the consumer economy: according to syndicated columnist Michelle Singletary, Americans appear to be paying down the balances on their credit cards. Trans Union said that average balances on bank-issued cards had dropped for a fifth consecutive quarter. CreditKarma reported that consumer […]
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You can’t buy groceries with your house anymore
Nationwide, credit card debt has fallen to the lowest level in the past eight years, according to an AP article by Eileen Connolly. The highest levels of credit card debt are in Alaska, and people in Alabama have been paying off their cards the most. Massachusetts and new Hampshire are about in the middle as […]
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Be careful if you are an authorized user on a credit card (or married to one)!
Are you aware of the differences between an authorized user of a credit card and a joint account holder? Texas attorneys Allmand & Lee have put together a great post explaining these differences in detail. For people considering a bankruptcy filing (especially married people), the differences can be crucial. A joint account holder is just […]
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Credit card companies at it again!
If you were wondering why not a lot of people feel sorry for credit card issuers, and their problems with individuals filing for bankruptcy on their accounts, look no further than the companies latest attempt to get around reform legislation. A law that went into effect earlier this year requires credit card companies to credit […]
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Senate approves measure cutting debit card fees
The United States Senate approved a bill this morning that would place new limits on what processing companies can charge for debit card transactions. Illinois senator Richard Durbin’s plan forces the Federal Reserve to ensure the fees that credit card companies charge for debit card use are proportional to the costs of processing the transaction. […]
Also posted in Bankruptcy News
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Wrestling with banks over credit card interest rates
Massachusetts Treasurer Tim Cahill’s plan for pressuring large banks to respect the state’s law capping credit card interest rates at 18 percent is turning into a largely symbolic protest. As I reported here last month, Cahill, who is also an independent candidate for governor in the upcoming November elections, decided to withdraw state funds from […]
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Credit card fees creeping back again
Just when Congress put the damper on some of the most onerous fees credit card companies try to charge, — surprise — the companies are figuring out loopholes to get around the new laws. The new laws try to prevent companies from tacking on fees for payments by phone. But some credit card companies have […]
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