Category Archives: Chapter 13
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 »
Consolidating debt
Florida consumers who are struggling with their financial obligations have several options. Debt consolidation may help pay off high-interest loans such as credit cards, but there are several factors that must also be in place for this strategy to be successful. A realistic budget is necessary. There are two common errors that people make… Read More »
Secured creditors must still file timely bankruptcy claims
If a Florida resident has secured debt, the creditor doesn’t have to file a proof of claim with a bankruptcy court. However, an Ohio bankruptcy court ruled that a secured creditor must still file a claim on time to be entitled to repayment under a Chapter 13 plan. In a Chapter 13 plan, a… Read More »
Many students, households have credit card debt
In addition to student loans, college students in Florida may also be carrying significant credit card debt. The student loan debt for 2016 graduates was $37,172 on average. On top of that, students may be paying over $1,000 in credit card interest and fees over the four years they are in college. The average… Read More »
Analyzing credit card habits by state
Florida residents are likely aware that accruing too much credit card debt is not ideal. The high interest rates and charges for late payments may make it difficult to keep up with existing debt balances let alone pay them down. However, Florida is among the states that are among the worst when it comes… Read More »
How a dismissed bankruptcy may affect a credit report
A dismissed bankruptcy may happen for several reasons. It may simply be a procedural error. For example, a Florida debtor might fail to fill out a form correctly. This will be considered a dismissed bankruptcy without prejudice. A person who makes an error can reapply, and it is also possible to file a motion… Read More »
Rapper Azealia Banks hit with credit card lawsuit
The unsound practice of racking up high credit card debt is not limited to Miami. Hip-hop artist Azealia Banks is being sued in a New York court by a credit card issuer based in California. According to a report, Banks has accumulated more than $130,000 in credit card debt that is now in delinquent… Read More »
Why credit card payments may go up
The Federal Reserve may increase interest rates up to three times a year until 2019. For a Florida resident with a $5,000 credit card balance, that could mean paying an extra $525 per year. Currently, the average interest rate on a credit card is 15.07 percent. Those who have credit card balances are advised… Read More »