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Tag Archives: Chapter 13

Medical bills contribute to rising credit card debt

By Nowack & Olson, PLLC |

Some Florida residentsmight be struggling with credit card debt because of medical expenses. Medical debt is the number one reason that people file for bankruptcy, and it is not a cost that is easily controlled. Unlike downsizing a residence or cutting back on spending, if a person needs a medical procedure, there is usually… Read More »

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Data says homeowners pay more credit card interest than renters

By Nowack & Olson, PLLC |

Florida readers that own homes or are considering homeownership may be interested in data released by NerdWallet that indicates homeowners are more likely than renters to incur higher credit card interest charges. According to the data, renters rack up $537 annually in credit card interest charges while the average homeowner incurs $1,001 in interest… Read More »

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Necessary spending tops reasons for credit card debt

By Nowack & Olson, PLLC |

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 »

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Chapter 13 has new deadlines and streamlined process

By Nowack & Olson, PLLC |

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 »

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Avoiding running up debt during the holidays

By Nowack & Olson, PLLC |

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 »

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Why people use credit cards so often

By Nowack & Olson, PLLC |

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 »

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Total American credit card debt is increasing

By Nowack & Olson, PLLC |

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 »

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New bankruptcy rules shorten proofs of claim time period

By Nowack & Olson, PLLC |

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 »

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How credit card balances influence credit scores

By Nowack & Olson, PLLC |

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 »

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Ways to deal with credit card debt

By Nowack & Olson, PLLC |

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 »

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