Category Archives: Chapter 13
Necessary spending tops reasons for credit card debt
Florida credit card holders may be interested in the results of a recent study that challenges the notion that reckless spending is the main reason Americans wind up in debt. According to a survey conducted by CompareCards by Lending Tree, necessary spending to make ends meet is the main reason that people wind up… Read More »
Chapter 13 has new deadlines and streamlined process
Florida consumers who are planning to file for Chapter 13 bankruptcy have some procedural changes to consider. They became effective on Dec. 1, 2017, and they mostly apply to deadlines for paperwork from creditors. Some updates, however, enable a smoother process for debtors because they will not need to file separate motions for the… Read More »
Avoiding running up debt during the holidays
In Florida, it is common for people to go more deeply into debt during the holidays. It may be smarter for people to avoid using their credit cards to purchase gifts and to pay for holiday travel as much as they can so that they don’t get in over their heads. People may want… Read More »
Why people use credit cards so often
According to NerdWallet, the average American household has $15,654 in credit card debt. When interest charges are considered, that debt could be costing Florida residents and others roughly $904 per year. The average interest rate on a credit card is 14.87 percent, and that figure is expected to rise as the Federal Reserve plans… Read More »
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 »
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 »