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Some Americans paid off credit cards while waiting on Foreclosure

Posted on April 16, 2014by Admin

The number of foreclosures during the recession helped some Americans pay off other debts, such as credit card bills, according to research from the Federal Reserve Bank of Philadelphia. Foreclosures peaked in 2009, and the timeline for processing them stretched out in some states for as much as three years, allowing many people to remain in their homes without paying a mortgage.

The economists looked at data from U.S. households that were already delinquent on at least one credit card before falling behind on mortgage payments and going into foreclosure from 2004 through 2010. Their research of more than 27,500 loans found people whose foreclosures took longer to process were more likely to pay off nonmortgage debt like credit cards.

However, the benefits are often short-lived. The results of the study indicate that the foreclosed consumers are less likely to stay current on all of their credit cards as they have to start making mortgage payments once the foreclosure ends.

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.

Bankruptcy Law, Credit, Timothy Kingcade Posts

BOA ordered to pay customers $727 million for illegal credit card actions

Posted on April 10, 2014by Admin

The Consumer Financial Protection Bureau (CFPB) has ordered Bank of America to pay $727 million to consumers who were misled by its credit card add-on products. The CFPB says 1.4 million consumers were affected by the bank’s deceptive marketing tactics and 1.9 million accounts were illegally charged for these credit monitoring products.

The CFPB’s complaint is alleging that from 2010 to 2012 Bank of America marketed “Credit Protection Plus” and “Credit Protection Deluxe,” two products said to help cancel some debt if a borrower was faced with financial hardship. According to the complaint, telemarketing scripts provided to BOA employees contained misstatements and omitted important information that misled consumers.

Bank of America has already reimbursed consumers for the unfair billing practices related to the identity protection products. For the credit protection products, remaining BOA customers will receive a credit to their accounts. Consumers are not required to take any action to receive their refunds.

Bank of America is also required to make a $20 million penalty payment to the CFPB’s Civil Penalty Fund. In addition, the Office of the Comptroller of Currency is ordering BOA to pay $25 million in civil money penalties for its unfair billing practices.

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If you have any questions on this topic or 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

Best Credit Cards of 2014

Posted on March 4, 2014by Admin

The list is finally here! After an in-depth, independent investigation NextAdvisor.com has revealed its Best Credit Cards of 2014 list. This list can help you determine the best credit card for your financial situation and spending habits.

Best Travel & Rewards Card: Barclay Arrival World Mastercard. If you like to travel, this card is for you. This travel credit card earns 2 miles per dollar (equivalent to 2% cash back) spent on all purchases with no mileage caps or foreign transaction fees. In addition, consumers will earn 40,000 bonus miles after spending $3,000 in the first 90 days- equal to $400 worth of travel. The points are easy to redeem. Simply use the credit card to book the travel and then redeem your miles for a statement credit against the cost.

Lowest APR Card: Citi Simplicity Card. This card allows you to pay 0% interest for 18 months- the longest interest-free period for both purchases and balance transfers available. Think about using this card if you are looking to make a big purchase soon and plan on carrying the balance for a while or if you are looking to transfer a balance from another credit card. There are no late fees or penalty fees associated with this car.

Best Cash Back Card. BankAmericard Cash Rewards TM Credit Card. If you are looking for the best money-making cash back credit card, look no further. This card offers consumers 2% cash back at grocery stores and 3% on gas (for up to $1,500 in combined gas and grocery purchases each quarter) and 1% cash back on everything else. In addition, there is a $100 online cash rewards bonus after spending $500 in the first 3 months, and a 12-month 0% intro APR on purchases and balance transfers.

Best Balance Transfer Card: Slate from Chase. If you have been stuck paying high interest rates on your credit card balances this card is for you. You can transfer your balances from other credit cards free of charge and start enjoying 15-month 0% intro APR on all purchases and balance transfers. This will allow you time to pay down the balances and will save you money on interest charges in the interim.

Best Card to Help Rebuild your Credit: Capital One Secured Mastercard. If your credit rating has taken a hit recently or you are simply trying to rebuild your credit following bankruptcy, the Capital One Secured Mastercard is a smart choice. This card is available to those with poor or no credit and can help consumers rebuild their credit history, if they use the card responsibly.The Capital One Secured Mastercard requires that you provide a cash collateral deposit to help secure the account. This deposit is usually equal to the line of credit on the card, and will help pay the balance in case of default. By making timely payments each month you can help boost your credit history. This card also reports to all three major credit bureaus on a monthly basis.

Best Student Credit Card. Citi Dividend Card for College Students. This card offers 5% cash back in quarterly rotating categories, 1% cash back on everything else and no annual fee. There is a 0% intro APR for 7 months, allowing you to use the card to purchase books tuition costs and pay no interest for 7 months.

Best Business Credit Card: Chase Ink Cash Business Card. Business credit cards are a great way to fund your business and keep your personal and business expenses separate. This card is oriented more towards business spending. You will earn 5% cash back on office supplies, on mobile phones, landline, Internet and cable TV expenses. You will also earn 2% cash back on the first $25,000 spent each year at restaurants and gas stations. This card also has 0% APR for 12 months on balance transfers and purchases and no annual fee.

Click here to read more.

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

Tips to keep your Holiday Spending in Check this year

Posted on November 27, 2013by Admin

With the holidays upon us, below are some simple tips to avoid overspending this year.

1.) Set a budget you cannot exceed. Instead of using debit or credit cards to make your purchases this year, rely on cash only to buy gifts. Once the green is gone, you’re done! If you are not comfortable carrying cash, put the allotted money on a pre-paid card, such as the American Express Prepaid card, which charges no purchase, activation or maintenance fees.

2.) Surf the web smart. A recent study done by the California Institute of Technology revealed that customers are willing to pay about 50% more for products in stores than online. Dealnews.com is a great website that shows the day’s best prices on specific types of items.

3.) Give more gift cards. With gift cards you spend exactly the amount you intend. Sites such as GiftCardGranny.com and PlasticJungle.com sell gift cards from popular retailers at a discount.

4.) Reorganize your list. If you feel overwhelmed because you have to buy presents for every niece, cousin and uncle. Consider setting up a gift exchange, so that each person buys one gift with a set dollar amount. At the website Elfster.com you can invite others to a “Secret Santa” exchange. This site will then make gift assignments at random.

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The holidays can be a stressful time, particularly financially. The financial obligations that accompany the holiday season can result in people spending more money than they could afford. 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

Credit Card Delinquencies on the Rise

Posted on November 26, 2013by Admin

According to TransUnion, more Americans fell behind on their credit card payments in the third quarter. The rate of credit card payments at least 90 days overdue rose in the July-September quarter to 1.36% from the previous three-month period, when it was 1.27% — the lowest level on records going back to 2007.

That is expected to happen again in the current quarter, as many consumers are hitting the stores for the holiday season and then delay payments on their credit cards until early 2014. TransUnion projects the credit card delinquency rate will increase to around 1.48% in the fourth quarter.

Since 2007, the late-payment rate on credit cards has averaged about 2.2%. In the third quarter, credit card debt per borrower fell 1.3% versus the same quarter last year to $5,235. It was essentially flat compared to the previous quarter, TransUnion said. This can be attributed to slow and steady job growth and small wage gains, which have made Americans more reluctant to charge goods and services.

According to the Federal Reserve, Americans cut back on using their credit cards in September for the fourth straight month. Consumers increased their borrowing by $13.7 billion to $3.05 trillion, but the increase was driven entirely by higher borrowing for auto and student loans, which increased $15.8 billion. Credit card debt fell $2.1 billion.

The string of declines in credit card debt will likely hold back consumer spending, which accounts for 70% of economic activity.

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Bankruptcy Law, Credit, Timothy Kingcade Posts

Capital One Credit Card Delinquencies Decline Last Month

Posted on May 24, 2013by Admin

Capital One Financial Corp. reports its U.S. credit-card delinquencies fell in April from March. Its international credit card business also showed a decline. Capital One’s 30-day delinquency rate for U.S. credit cards fell to 3.14% in April from 3.37% the prior month, according to a filing with the Securities Exchange Commission. Auto-loan delinquencies remained flat at 5.58%.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Don’t Let Your Credit Card Rewards Points go to Waste

Posted on May 3, 2013by Admin

Credit Card Rewards points are a major marketing factor for credit card companies; however, few people are actually cashing in on the points they earn. A recent study conducted by thepointsguy.com showed that nearly 73 percent of credit card holders enrolled in a rewards program or frequent traveler program do not know how many points they have accumulated. Below are some tips on the best ways to accumulate, track and maximize the points you earn.

• Shop Differently: One expert says he never buys anything online without first checking airlines’ shopping malls. You will find that items are the same prices and you can get bonus miles in addition to what you earn on your credit card. After you rack up some points, use them to upgrade your flight from coach to business or first-class.
• Minimize Programs, Maximize Rewards: Mike Sprouse of Sprouse Marketing says the best way to maximize your rewards programs is to keep them to a minimum. This will make it easier to track and accrue points. Sprouse says that most of the companies that offer rewards programs count on you never redeeming them and having points spread out over fewer programs will ensure your redemption opportunities are on your mind.
• No Credit Card? No Problem: Even if you opt out of using credit cards or credit cards that offer rewards programs, you can still cash in on points programs. For example, Southwest’s Rapid Dining Program allows you to earn points by eating somewhere or going to certain clubs. Do your research and find the points programs that work for you.

Click here to read more on tips to use your credit card rewards points.

Credit, Foreclosures, Timothy Kingcade Posts

Rebuilding Your Life After Foreclosure

Posted on April 1, 2013by Admin

Record-breaking foreclosure rates have been a popular topic in the media since the housing market crashed. Unfortunately, we do not hear much about what happens to these families after they have lost their homes. Homeowners who have been foreclosed on by their lenders face many hardships, even after the dust has settled from their case. Below are some of the issues that foreclosure victims face and some smart solutions to their problems.

Finding a New Place to Live
Finding a new place to live is the most dire and immediate challenge foreclosure victims face. Many who have recently been foreclosed on do not have the cash for a deposit for rental property. Also, many landlords will not accept a renter with lower credit scores, which many foreclosure victims have. The best thing to do is to make plans as soon as you think you might be foreclosed on. This will allow you time to save up some cash to rent, if need be.

Suffering Through the Credit Fallout
Once other creditors find out that you have been foreclosed on, they tend to think it is likely that you will default on your debt with them, as well. As a result, you are likely to be forced to pay an inflated interest rate. Some foreclosure victims see interest rates rise as much as 30 percent. The best thing you can do is work toward rehabilitating your credit score as fast as you can, to be eligible for lower interest rates.

Purchasing a New Home
If you were foreclosed on due to circumstances that were beyond your control, such as unemployment, you are more likely to be eligible for a mortgage in the near future. Many foreclosure victims are able to obtain a mortgage again within three years of a foreclosure. Federally insured mortgages are the best option for foreclosure victims, i.e. FHA loans. However, you must understand that in order to obtain a mortgage in three years, you will need to prove that you have been practicing good bill-paying habits since the foreclosure.

Explaining Your Foreclosure to a Potential Employer
In financial-related fields, it is not uncommon for employers to run credit checks on potential employees to see how financially responsible the person is. If you have recently been foreclosed on and are applying for a position where you will be handling money, you should have an explanation ready for your potential employer.

Post-Foreclosure Tax Bill
If you have been foreclosed on and your home has been sold in an auction, you may be billed for taxes your lender was not able to recover from the sale of the property. However, there are some reasons you may not be obligated to pay the tax bill. If you are financially insolvent, the IRS may allow the debt to be forgiven.

Click here to read more on ways to rebuild after a foreclosure.

Bankruptcy Law, Credit, Timothy Kingcade Posts

Best Credit Cards to use after Bankruptcy

Posted on March 15, 2013by Admin

Believe it or not, getting a new credit card after filing for bankruptcy is one of the best ways to begin rebuilding your credit score. But how do you know which one is right for you? A secured credit card is a great way to start over. These are one of the few types of credit cards that tend to be easy to get if you’ve been through bankruptcy or other credit problems. In most cases, they are available as soon as your bankruptcy is discharged. You’ll place a security deposit with the issuer and get a major credit card you will use just like any other credit card.

To ensure you get the maximum benefit from your secured card, it is important you do three important things:

1.) Choose a card that reports your payment history each month to all three credit-reporting agencies.

2.) Make your payments on time, all of the time, NO EXCEPTIONS. A single late payment can cause your credit score to drop significantly.

3.) Keep your balance low. Only use 10%-15% of your available credit line.

If you are trying to rebuild credit after bankruptcy, you need to review your credit reports and scores frequently. Get your credit reports from AnnualCreditReport.com about three months after your case is discharged. Dispute any mistakes you find. Then use Credit.com’s Free Credit Report Card to check your credit score each month. If you have positive credit references reporting to the credit bureaus, you should see steady progress over time. One more tip, do not apply for additional credit until your bankruptcy is discharged. Taking on additional credit while you are still completing a bankruptcy can jeopardize your case.

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, Foreclosures, Timothy Kingcade Posts

6 Great Credit Cards to Rebuild after Bankruptcy

Posted on January 31, 2013by Admin

Many Americans are struggling to redeem their pre-recession credit scores. Whether you have recently filed for bankruptcy, been foreclosed on by your bank or simply struggled to pay your bills, rebuilding your credit score can be a long process. Below are six great credit cards to help you rebuild your credit score:

1. Navy Federal Credit Union nRewards Card: According to credit card expert Beverly Harzog, this is one of the best credit cards for rebuilding a credit score. You must be in the military or related to someone who is in the military to be eligible for this card. This card has no annual fee and the percentage rate is a variable 8.9%. It has a 25 day purchase grace period and it reports to the three major credit bureaus: Equifax, Experian and TransUnion.

2. Citi Secured MasterCard: With this card, you will earn a 1.01% annual yield because Citi invests your money in an 18-month certificate deposit of savings account. The annual fee is $29 per year, which is very low. This card is best for those who do not typically carry a balance because the variable APR is very high.

3. Capital One Secured MasterCard: This card also has a very high variable APR at 22.9%, but a low annual fee. A positive feature of this card is that the bank supplies cardholders with a credit-monitoring tool so that if you are struggling with your score, you can monitor it closely with this card.

4. Wells Fargo Secured Card: This card has a very low annual fee of $25, but it has a high APR of 18.99%. If you use this card responsibly, Wells Fargo will consider you for an unsecured credit card.

5. US Bank Secured Visa Card: Similar to Wells Fargo, this secured card can put you on the track to an unsecured credit card. Responsible card users can qualify for an unsecured card from US Bank in as little as 12 months.

6. Platinum Zero Visa Card from Applied Bank: Cardholders should be aware of the $9.95 monthly maintenance fee on this card. However, if you typically carry a balance on your card, this one is ideal for you. This card charges 0% interest on purchases and there is no credit check required.

To read more on this story visit: http://money.msn.com/credit-cards/6-great-cards-for-rebuilding-credit