Category Archives: Credit

Credit card debt reaches record high This affects everyone. According to this article,   Credit Card Debt All Time High consumer credit card debt has now reached an all-time high of $1.1 trillion. The main thing that causes people to carry a balance on their credit cards? Groceries! Instead of paying cash like we used to, more […]

Bankruptcy usually does not make your credit score any worse if you already have bad credit. Chances are your credit score has already suffered due to late or missed payments. Bankruptcy can remain on your credit for up to ten years, while defaults can stay on your report for up to seven years. Bankruptcy and […]

If your creditors and are calling and sending written notices for payment, you may be relieved to hear that when you file for bankruptcy, all collection attempts stop immediately. When you submit a petition with the court, an automatic stay goes into effect, barring any further collection attempts against you. Automatic Stay “The automatic stay […]

People worry about what will happen to their credit score if they file bankruptcy. Usually, by the time you are contemplating bankruptcy, you have already had some negative financial marks on your credit report, and your score will reflect those instances. Our credit rating lets lenders know if we are a good risk for extending […]

Credit card debt is one of the main reasons individuals file for bankruptcy. American families carry approximately $6,000 in credit card debt. Credit card debt is considered unsecured debt, making it more difficult for the credit card companies to collect what is owed. On secured debt, the lender seizes the property that the loan is […]

Congress passed the Fair Credit Reporting Act (FCRA) in 1970. The act is to “ensure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and respect for consumer rights privacy.” Your credit report is compiled of information by lenders and prospective lenders. Records of whom you owe and how much, monthly payment information, […]

One of the first things many people think of when they consider filing bankruptcy is the negative implications it will mean for their credit rating. A bankruptcy can stay on your credit history for up to 10 years, making it a reasonable concern. Lender Concerns When a lender sees a bankruptcy on your report, they […]

At the start of 2018, the average American was carrying a credit card balance of more than $6,250 dollars, totaling over $1 trillion nationwide. As this number continues to rise, a keener eye has been kept on credit card debt by state. In a recent report by the New York state comptroller’s office, Ohio ranks […]

As many individuals make New Years’ resolutions to improve their credit in the New Year, more scammers and credit repair fakes are launching in an attempt to separate you from your money without any help to your credit. The Better Business Bureau is placing a renewed warning to consumers who encounter companies claiming the ability […]

Generally, credit card debt is categorized as unsecured debt, or debt not secured by property you own. In a testament to always reading the terms and condition when you sign up for a new cared, some credit cards have recently been discovered to include a security agreement that can give credit card companies the right […]