Posts Tagged: ‘Kingcade and Garcia’

Credit Card Debt a Growing Concern for College Students

August 30, 2017 Posted by kingcade

A recent study conducted by Nellie Mae, the nation’s leading student finance firm, revealed that the average undergraduate carries a credit card balance of $2,169.  According to the study, many students use their credit cards without knowing how the bills will even be paid off.  It also showed that many students used credit cards to pay for tuition and books, instead of federal student loans that offer lower interest rates.

Four out of five college students amass nearly $1,000 a year in credit card debt.  One cause of credit card debt is college students’ difficulty in adjusting to their newfound financial freedom.  Parents and students need to come up with a budget for credit card spending before their child leaves for college.  Make sure your college student knows not to use money they do not have, even for a one-time purchase.

Use resources available to keep them on the right path.  You and your college student should sign-up for overdraft alerts on all accounts. Online alerts and apps on your Smartphone can help with this.

If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:

https://www.fastweb.com/personal-finance/articles/dealing-with-credit-card-debt

http://www.nbcdfw.com/news/local/Credit-card-debt-a-mounting-concern-for-college-students-441338263.html

Tips to Remember When Applying for a Balance Transfer Credit Card

June 19, 2017 Posted by kingcade

Some debt is unavoidable and not always a bad thing, like taking out a mortgage to purchase your new home.  But if you are carrying a lot of high interest credit card debt, you may have trouble reaching certain financial goals.  One of the most effective ways to pay off the credit card debt quickly is by transferring the balance over to an interest-free credit card.

Here are three helpful tips for using these cards.

  1. Read the fine print. Do this carefully and find out what your credit limit will be. You will not be able to transfer more than the limit and if you exceed that limit, you will likely face a fee.  Find out if there is a penalty, APR.  That is when the credit card company increases your interest rate to 25 – sometimes 30% if you pay a single bill late or commit another violation of the terms & conditions (usually listed in the fine print).
  2. Choose your card wisely. Balance transfer credit cards vary and typically offer initial interest rates at 0%, but beyond that there are some big differences.  Remember, the 0% interest rate will only last between six and 12 months, after that a more standard interest rate will apply- and typically not a good one.  In addition, a lot of balance-transfer cards will charge a balance transfer fee.  The fee will typically be between 3% and 5% of the sum of what you are transferring.  For example, if you are transferring $20,000 and paying a 4% balance transfer fee, it will cost you $800.
  3. Pay off your debt within the “promotional” period.  To make the most of your balance transfer, set a goal of paying off the debt before the 0% rate expires. This will require you curb your spending habits.  Canceling your cable package and instead streaming movies and TV shows can save you $1,500 or more a year.  Take your lunch to work three days a week, instead of eating out every day.  Making small changes like this to your daily routine can really add up.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources: http://host.madison.com/business/investment/markets-and-stocks/tips-to-know-before-applying-for-a-balance-transfer-credit/article_4e4cac08-515f-59a6-aaff-d3175e8af42a.html

 

The Surprising Debts Holding Many Americans Back

June 15, 2017 Posted by kingcade

According to a recent survey, student loans and credit card bills are not the only debt holding many Americans back.  Credit Sesame, a site consumers can use to check their credit score, analyzed more than 5,000 user accounts and found they had significant amounts of debt from medical expenses, utility bills and cell phone charges.

Consumers whose medical debt had gone into collections had an average of three accounts, with a combined total of $3,670 in collections.  The average balance for customers who had cell phone bills in collections totaled $887 per account.  Customers whose utility bills were in collections owe $368 on average per account, the study concluded.

Not surprisingly, having those bills in collections hurt consumers’ credit scores.  The average credit score for someone whose medical debt is in collections is 552.  Those who have delinquent cell phone accounts have average scores of 550.  And those who have outstanding utility bills have a score of 542.

Lenders see applicants with lower credit scores as riskier than applicants with higher credit scores.  They oftentimes make you pay for this risk by charging a higher interest rate.  A poor credit score can affect your ability to rent an apartment, as landlords often check an applicant’s credit score before allowing you to sign a lease.

Utility companies may require you pay a deposit before setting up your service.  Even certain jobs and employers can discriminate against applicants who have a less than perfect credit report. Certain jobs, particularly those in upper management or the finance industry, require a good credit history.  Note: employers check your credit report and not your credit score.  They are not necessarily checking for bad credit, but for items that could affect your job performance.

Click here to read more on this story.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:
https://www.thebalance.com/side-effects-of-bad-credit-960383

How to Protect Yourself if Renting during a Foreclosure

June 14, 2017 Posted by kingcade

Imagine paying your rent on time every month and learning that your landlord is not paying the mortgage.  Many tenants find out too late that the home they are renting is in foreclosure.  This has become a common problem, particularly in South Florida.  If you find yourself in this situation, there are some immediate steps you can take to help protect yourself.

You received a letter from the lender’s attorney advising you about the pending foreclosure.  You should call that attorney and ask the following questions:

  • When and where will the foreclosure sale take place?
  • Can you start making your rent payment directly to the lender, or place it in escrow?
  • If the lender purchases the property at the foreclosure sale, will they allow you to reside at the property? If so, for how long?

If you are interested in purchasing the property, at a foreclosure sale it is possible to get a good deal if you are the top bidder.  However, before moving forward you should discuss it with your own attorney.  A title search will need to be performed before the sale.  You will need to know what your rights and obligations will be before purchasing the property.

Click here read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

U.S. Credit Card Debt Expected to Surpass $1 Trillion this Year

June 13, 2017 Posted by kingcade

According to a recent report from the Federal Reserve, credit card debt in the United States is $8,038 per household. That is $940.2 billion total- up from $885.4 billion at the same time last year.

This comes after a first-quarter debt reduction when people oftentimes use their end of year bonus to pay down credit card debt in the New Year. While this year’s Q1 payment was 14% higher than the previous year, it is still almost 9% behind the effort in 2015.

WalletHub is predicting an additional $60 billion in new credit card debt in 2017, which would easily push the United States over the $1 trillion mark.

Here are some tips to quickly pay off credit card debt.

If you have any questions on this topic or are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources:
http://www.wkbw.com/news/national/credit-card-debt-to-surpass-1-trillion-in-2017

2017 Credit Card Debt Study: Trends & Insights