credit card debt Archives - Page 23 of 24

Bankruptcy Law, Credit, Timothy Kingcade Posts

Income Inequality: Credit Card Debt threatens African American Middle Class

Posted on January 6, 2014by Admin

According to a recent report by the NAACP and the public policy research organization, Demos, middleclass African Americans are using credit to help cover basic living expenses, when income and savings fall short. According to the report, 79 percent of African Americans carry credit card debt and 80 percent have taken out loans for their education.

Interestingly, Black and White households reported different reasons for poor credit: 44 percent of White respondents cited late mortgage payments and using all or nearly all of their credit lines, while 40 percent of Black households cited late student loan payments and credit report errors.

Middle class credit use and debt levels are similar across race. The consequences are what raise eyebrows. The report found that African Americans and Whites had similar rates of card default, late payments, bankruptcy, eviction and repossession. However, indebted African American households face higher interest rates, reporting an average APR of 17.7 percent on the card where they carry the greatest balance, compared to 15.8 percent for White households.

Economic experts point out the problem is not about spending, but about income inequality and the decline in opportunity for middle class African Americans.

Click here to read more on this story.

If you are in a financial crisis and are considering filing 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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

South Floridian’s Credit Card Balances on the Decline

Posted on December 31, 2013by Admin

According to CreditKarma.com, South Floridians reduced their credit card debt in November by 13.5 percent from a year earlier. The balance on the average credit card in Broward, Palm Beach and Miami-Dade counties fell to $4,552, down from $5,264 in November 2012, CreditKarma.com reported.

Other debt balances, including mortgage debt fell from $191,970 to $184,061. Student loan balances also declined 2 percent from a year ago. The average student loan balance was $30,768 in November, a $752 drop from the $31,520 balance 12 months earlier.

Auto loan debt increased in South Florida, up $923 from a year ago. New car sales have also increased as the economy continues to improve. According to CreditKarma.com’s CEO, South Floridians are taking out more car loans because lenders are offering these to consumers with modest credit ratings. Some car dealerships are even offering 0 percent loans, making these type loans good to have.

Click here to read more on the story.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Ways to Pay Down Holiday Debt Quickly

Posted on December 27, 2013by Admin

With the New Year approaching, many of us are inspired to examine our finances and get our debt under control. Below are some ways to pay down debt you may have accrued over the holidays.

• Create a list. Make a list of holiday expenditures that were paid for with a credit card. Separate the list by credit card and prioritize the debt based on interest rates. Plan on paying the cards off with the highest interest rates, first.

• Stop using your credit cards. Leave the cards at home while you are out to avoid temptation. Even if you earn reward points by using them, stop putting expenditures on these until your finances are under control.

• Use your Christmas bonus check. If you received extra money from your place of employment for the holidays, put it towards your debt. Avoid the temptation to spend it on a luxury item or vacation.

• Sell unwanted gift cards. You can sell your unused gift cards for cash at an online marketplace and use this money to pay off holiday debt. Make sure you read the fine print on each site before doing this.

• Sell unwanted gifts or personal items. Take inventory of personal items and unwanted gifts to sell on sites like eBay or Craigslist. Take quality photos and write captivating descriptions to sell these items quickly.

• Save money by transferring balances. If you are eligible for any 0 percent interest credit card offers, consider transferring your holiday debt over to one of those cards. Make sure you know how much you will be paying in balance transfer fees.

• Make a weekly payment. Do not wait until you receive your statement in the mail. Be proactive in making your debt payment. Have a goal to make weekly payments, instead of monthly payments.

• Change your spending habits. Be prepared to cut back. Tighten your grocery budget and keep household expenditures low. Keep track of how much you are saving each week/month.

Click here to read more on this story.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Parents Accrue Additional Debt for “Happier” Holidays

Posted on December 23, 2013by Admin

According to a recent survey done by Lexington Law, 57% of parents are willing to take on credit card debt to make their children happy this holiday season. For those of us who have children, this comes as no surprise. As parents, we would go to the ends of the earth to make our children happy.

The survey revealed that parents with a household income of $35,000 or less were willing to accrue $700 in holiday debt. The surprising fact was that parents with a household income of $75,000 or more were only willing to take on $300 of debt for holiday expenditures.

The consumers who were surveyed said that last year they averaged $1,100 in charges for the holiday season. More than half of the parents said they had not saved for holiday purchases as of September, and 36% said that buying presents was more important than sticking to a budget.

One in five adults participating in the survey opened a new credit card last year during the holidays, and 5% of consumers reported they had opened three or more store cards last year. The holiday season is an easy time to pick up bad financial habits, which can lead to damage to your credit score in the New Year.

Click here to read more on this story.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Bankruptcy Blunders: Top Reasons Your Bankruptcy Filing May Get Rejected

Posted on September 11, 2013by Admin

A recent FindLaw.com survey revealed that one in eight Americans have considered filing for bankruptcy. Whether because of a job loss, carrying an excessive amount of credit card debt or medical debt, a large number of Americans have considered the option of bankruptcy to gain a fresh financial start. But not everyone’s case is accepted by bankruptcy courts. Your bankruptcy filing can be rejected for a number of reasons- often due to mistakes or omissions of proper paperwork. That is why it is crucial you hire an experienced bankruptcy attorney to assist you in the process.

Below are a few reasons why your bankruptcy filing could be rejected:

1.) You do not pass the “means test” in court. In order to qualify for Chapter 7 bankruptcy, where most of your unsecured debts are wiped out, you must pass a “means test” imposed by the court. The means test is a way for the court to determine how much disposable income you have. If you have too much money, a court may reject your Chapter 7 bankruptcy request. It is important to meet with an experienced bankruptcy attorney who will advise you of all your options and let you know if you qualify for Chapter 7. At Kingcade & Garcia, P.A. we offer free consultations where we sit down with our clients, assess their financial situation and determine if bankruptcy is the right option for them.

2.) You fail to provide requested tax documents or fail to appear at the creditor meeting. The court may reject or dismiss your bankruptcy case if you misrepresent your tax information or fail to provide tax documents altogether. In past years, you were not required to file tax returns to pursue bankruptcy. But since bankruptcy reform passed in 2005, this has become a requirement.

3.) You submit a proposed repayment plan that is not feasible. With a Chapter 13 bankruptcy filing, you repay some of your debts over a period of three to five years. If you file for Chapter 13 bankruptcy and set up a repayment plan, your proposed plan must be feasible in order to be accepted by the courts. The courts will review your current income, debts and assets to determine whether you can realistically pay back your creditors under the Chapter 13 plan. If you cannot, they can reject your case.

4.) Someone challenges your bankruptcy request. Once you have filed for Chapter 7, the goal is to get a “discharge” of your debts. A discharge is a permanent court order that relieves you of any legal liability to pay unsecured debts like medical bills or credit card debts. However, for those filing a Chapter 7, a creditor or the bankruptcy trustee has the right to challenge your discharge. This can occur if the trustee or debtor believes you have been dishonest or committed fraud in some way. These can include: hiding assets, making false statements or even failing to appear at mandatory credit counseling- any and all of these can result in a challenge.

Click here to read more on the top reasons your bankruptcy filing could get rejected.

Credit, Timothy Kingcade Posts

‘Strike Debt’ Movement Aims to Erase America’s Debt

Posted on November 23, 2012by Admin

The latest Occupy Wall Street movement, the ‘Strike Debt’ movement consists of a group of professors, documentary filmmakers and corporate dropouts. The group aims to purchase some of the American people’s looming debt. ‘Strike Debt’ held a fundraiser last week at the Le Poisson Rouge nightclub called the ‘Rolling Jubliee.’ Before the event took place, the group had already raised $129,00 through online donations. Since then, the group’s efforts have raised more than $350,000.
In addition to raising funds for American’s drowning in debt, the group has also produced the ‘Credit Resistors’ Operations Manual. The manual explains how to fight and ignore creditors and explains how the credit industry works. While the group remains somewhat controversial, Forbes Magazine praised the movement, calling it an “idea we can all get behind.” The group will start the movement by purchasing medical debt and later move on to student loan and credit card debt.
To read more visit: http://www.nytimes.com/2012/11/14/nyregion/occupy-offshoot-aims-to-erase-peoples-debts.html?src=recg
Or visit: http://www.prwatch.org/news/2012/11/11870/join-rolling-jubilee-“you-are-not-loan”
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Bank of America Sells Credit Card Debts to Collectors Despite Inaccurate Records

Posted on April 16, 2012by Admin

There have been countless lawsuits filed against collection agencies for unlawful debt collection practices. Agencies such as CACH LLC have been buying debt from banks, like Bank of America for a number of years. In many cases the banks are selling debt and not providing proper legal documentation as to who swore in the affidavits or who the actual debtor was. In other cases, Bank of America sold debt to CACH LLC, in which some payments had been made, but banks failed to credit the borrowers.
Thousands of lawsuits have been filed due to the inaccurate debt Bank of America sold to CACH. In many cases where collection agencies file a suit against a borrower and the borrower does not show up for the hearing, a default judgment occurs. However, in some cases the borrower will fight the claim in which the collection agency would be found at fault due to inadequate documentation. Many court officials believe the banks should be held accountable, because in these cases, the suits stem from their inability to produce adequate documentation.
To read more on this story visit: http://www.americanbanker.com/issues/177_62/bofa-credit-cards-collections-debts-faulty-records-1047992-1.html?zkPrintable=1&nopagination=1
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced 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, P.A. at www.miamibankruptcy.com

Bankruptcy Law, Credit, Timothy Kingcade Posts

Reports Show an Increase in Credit Card Debt for Americans in the Month of February

Posted on March 22, 2012by Admin

CreditKarma.com released data from the consumer credit climate report compiled of more than 442,102 consumers in February 2012. The results showed a slight increase in consumer credit spending since January 2012. CreditKarma.com reported that the average American consumer held more than $170,000 in debt, which was attributed to home mortgages and more than $46,000 in home equity loan debt. Another debt that Americans are struggling to reduce is their student loan debt, which averages around $28,000 per person.
Not only has credit card debt increased, consumer credit scores have decreased two points since January 2012. The average American consumer credit score is 659. Credit score averages tend to be higher in states like New Jersey and Massachusetts. Credit scores in states like Mississippi and Louisiana tend to be lower, and are attributed to the lower cost of living.
To read more on this story visit: http://www.marketwatch.com/story/credit-card-debt-remains-stable-according-to-creditkarmacom-2012-03-14.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. 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, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

What Debt is Dischargeable through Bankruptcy?

Posted on June 27, 2011by Admin

Bankruptcy laws specify that only particular types of debts can be discharged through bankruptcy. Chapter 7 and Chapter 13 bankruptcy allow borrowers to eliminate their unsecured debts. Unsecured debts include items such as credit card debt, medical bills, utility bills, service bills, personal loans, payday loans and judgments. Secured debts which are backed by some form of collateral, like a house, and debts incurred through fraudulent activity, student loans, tax debts, child support and alimony are typically not dischargeable in bankruptcy.

When you hire Kingcade & Garcia, P.A. our attorneys will provide a complete evaluation and give you an honest and accurate assessment of your financial circumstances. We help clients analyze their finances and determine the best path to debt relief. This past year our firm handled more than 1,500 bankruptcy cases, bringing debt relief to individuals, families and business owners throughout South Florida. If you are struggling with insurmountable debt do not wait any longer, set up your FREE office consultation today by calling (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Florida consumers carry 3rd highest debt in country

Posted on February 9, 2011by Admin

Over the past few months, we have heard a lot about Americans tightening their financial belts and using extra income to pay down debts. And for some, the post-holiday period is about paying off those Christmas bills. However, new numbers released by Equifax show that many consumers, especially those in Florida, are still carrying high credit card balances.

Equifax monitors credit throughout the country. The group’s recently released numbers indicate that consumers in Florida, California and Texas are maintaining higher credit card debt levels and people in other parts of the country. While these states face some of the toughest budget issues in the nation, so do their individual residents.

According to Equifax, Florida residents have $47.6 billion of collective credit card debt. This is the third highest total in the country. California ranks highest with $90.6 billion in debt, and Texas is number two with $48.8 billion in credit card debt. These states still have “a lot of debt to tackle,” as one senior vice president at Equifax put it.

Many individuals would like to pay down their credit card debt, but it seems that each month brings new financial challenges that stand in the day of reducing debt. When credit card debt becomes overwhelming, chapter 7 bankruptcy may be a good debt relief option. In this form of debt, consumers who cannot meet their financial obligations have an opportunity to discharge unsecured debt such as credit card bills.

CreditNet, “Many Americans still face serious credit card debt problems,” Thomas Astery, 28 Jan 2011