Author Archives: Site Administrator
Total American credit card debt is increasing
According to the Household Credit Card Debt Study by NerdWallet, Americans owe roughly $905 billion in credit card debt. That number, which is up from 2016, represents people who both pay off their debts every month as well as those who carry a balance on a monthly basis. While people throughout Florida and the… Read More »
You have options for rebuilding credit after bankruptcy
Are you worried what filing for bankruptcy will do to your credit score? Many people think they should avoid bankruptcy when dealing with their debt issues. However, while filing for bankruptcy certainly can affect your credit, it could also put you on the path to a better financial situation. Your credit may already be… Read More »
New bankruptcy rules shorten proofs of claim time period
People filing for bankruptcy in Florida will have some new rules to navigate. One of the changes to the Federal Rules of Bankruptcy Procedure that recently came into effect reduces the time table for proofs of claim. Previously, secured creditors had 90 days to file their documentation regarding debts, but Amended Rule 3002(c) has… Read More »
How credit card balances influence credit scores
Among U.S. households with credit card debt, the average balance is roughly $16,000. In addition to the high interest rates, large credit card balances could harm a Florida resident’s credit score. The amount of credit that a person uses makes up 30 percent of his or her credit score. A person’s ability to pay… Read More »
Ways to deal with credit card debt
Florida residents may find that their credit card debt will be more expensive to carry if the Federal Reserve goes through with plans to raise interest rates. Most credit card interest rates are tied to the rate set by the Fed. Therefore, as the prime rate goes up, so does the rate on an… Read More »
How seniors and disabled folks can achieve debt relief
The elderly and the disabled living in Florida or elsewhere may be living on limited resources such as social security benefits or a pension. This may lead to a situation where an individual has to pay bills with a credit card and little hope of repaying the balance. Ultimately, a person may be looking… Read More »
Overcoming debt problems caused by natural disasters
Florida residents who have been impacted by a natural disaster may experience a variety of emotions. They could also have to deal with the financial fallout from a hurricane, flood or earthquake. In some cases, disaster victims spend hundreds of dollars per day to pay for food, lodging and other needs while away from… Read More »
How to buy a house after bankruptcy
Every year, roughly 800,000 people in Florida and throughout America file for bankruptcy. While there may be significant consequences for doing so, it does not prevent a person from buying a home. However, it will likely delay a person’s goal of being a homeowner. In many cases, individuals can become eligible for a home… Read More »
Household debt in the United States continues to climb
Consumer debt in Florida and around the country has been climbing steadily for more than three years, and it has now reached an all-time high of nearly $13 trillion according to a report released by the Federal Reserve Bank of New York. Consumer spending accounts for two-thirds of the economic activity in the United… Read More »
How companies should go about pursuing payment
Florida business owners may have a hard time convincing some customers to pay for services rendered. However, companies that attempt to collect payment from a customer must generally do so according to standards set by the Fair Debt Collection Practices Act, or FDCPA. When contacting customers about a debt, make sure to have documentation… Read More »