Kingcade Archives - Page 44 of 49

Which Business Debts Are Discharged in a Chapter 7 Bankruptcy?

Posted on October 18, 2018by Admin

If you are struggling to pay off business debts, filing for bankruptcy can help. A bankruptcy is not just a way to liquidate a business, it can serve as a way for you to keep your doors open while you reorganize and regroup. Business owners can file for Chapter 7, Chapter 11 or Chapter 13 bankruptcy. You may have questions about what types of business debts can be discharged in an individual Chapter 7 bankruptcy case. It depends ultimately on the type of business as well as the debt.

The types of debts that can be discharged in a Chapter 7 bankruptcy case include:

Unsecured debts, such as credit card bills or medical bills;
Some legal judgments;
Unsecured debts owned by a sole proprietor;
Obligations included under a lease or contract that were entered into by a sole proprietor, including commercial and residential property leases or equipment rental leases; and
Personal loans or promissory notes.

This list of debts includes only unsecured debts, meaning these debts are not connected to collateral or a piece of property. Secured debts are handled under different rules and require other considerations and depend on other factors, including whether a deficiency between what the property is worth and the amount that is owed on the property exists.

If your business is a sole proprietorship, you and your business are treated equally, which means that any unsecured debt that was obtained under the sole proprietorship can be discharged through a Chapter 7 bankruptcy case. If the business owes on a secured debt, this secured debt will be treated just as it would be treated in an individual bankruptcy filing.

If the business is a partnership, it is considered a separate legal entity. If the partnership files for bankruptcy, no discharge exists for the business debt. Normally the bankruptcy trustee will close and liquidate the business, selling the business or its assets to pay off the creditors. In a general partnership, all partners are personally liable for any business debt under the partnership. If the partnership fails and the bankruptcy court must liquidate the debts of the business, if there is still money owed on the debts due to the assets not being enough to satisfy the debts, the bankruptcy trustee can go personally after the partners to satisfy any outstanding obligation. It is usually advisable for the individual partners to file for Chapter 7 bankruptcy in their own names and discharge both the personal and business debts.

If the business is a corporation, it can file for Chapter 7 but will not receive a bankruptcy discharge of the business debts. Just like a partnership, the bankruptcy trustee will close the business and liquidate it under a Chapter 7 case, using that money to pay off the outstanding obligations. However, since shareholders are normally involved in a corporation, other complications do arise when it comes to closing a corporation and paying off business debts.

Lastly, if the business is a limited liability company (LLC), the same rules apply. The LLC can be liquidated through a business bankruptcy, but the debts must be either paid through the assets of the business or the debts can be discharged through a personal bankruptcy case.

If you have 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 McMaken 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 McMaken website at www.miamibankruptcy.com

Credit, Credit Card Debt, Debt Relief

How Your Grace Period Can Save You from Credit Card Debt

Posted on October 14, 2018by Admin

Using a credit card for certain purchases doesn’t have to be a bad thing, but problems arise when these purchases pile up and the account holder is not able to pay off the statement balance every month. Successfully utilizing the credit card’s grace period, can help avoid this.

What Is a Grace Period?

The grace period is the time an account holder’s credit card billing period ends and when the payment is due, as indicated on the statement. It is during this period that the account holder will not be charged interest on any purchases made during the billing cycle so long as he or she pays the balance in full by the due date.

Benefits of Grace Periods

A card’s grace period can allow for the cardholder to make a large purchase interest free. If the consumer makes the purchase right after the closing date of a current billing cycle, he or she can leverage the grace period to avoid interest charges.

Word of Caution

One word of caution should be issued when it comes to grace periods. Not all credit cards offer them. It is important the cardholder review the fine print for the account to make sure that the grace period exists and for how long.

Can a Grace Period Be Lost?

If the account holder is not careful, he or she could lose a grace period. One misconception is if the person carries even a small balance from one billing cycle to the next cycle, the cardholder will lose the grace period. However, many cards offer initial terms that include zero percent APRs on purchases so long as they make these purchases within the period offered, which is normally 12 to 18 months. Even if the cardholder loses the grace period, many cards will reinstate it if the cardholder pays the card’s outstanding balance in full for two straight months.

Can a Grace Period Be Extended?

Sometimes it is possible to extend a grace period. Many companies will change the card’s due date if requested and push the due date back can allow the cardholder extra time. Not all cardholders will allow for it, but it does not hurt to ask if this is a possibility.

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Bankruptcy Law, Credit Card Debt, Debt Relief

Study shows women struggle more with credit card debt than men

Posted on October 11, 2018by Admin

Credit card debt is a problem for many Americans but according to a recent study by WalletHub, it appears to be more prominent among women.

Credit card spending is at an all-time high. Last quarter, consumers ran up nearly $30 billion in credit card debt, the highest seen since the 2008 financial crisis.

In this study, women cardholders reported that they were struggling with their card payments, on top of other monthly expenses. In fact, one in four female cardholders reported that they did not feel confident at all in their ability to pay their bills in full monthly. This figure is double the percentage of men reporting the same sentiments.

Approximately 31 percent of women surveyed reported that they were able to pay their credit card monthly statement balances completely in full once or less in the past six months.

What does this mean for female cardholders? According to these figures, if we had two groups of individuals, one group female and one group male, each carrying $5,700 of credit card debt, paying this balance off in full will end up eating up much more of the total annual income for the women than the men.

Federal reserve figures report that the average female salary is $41,554 annually while their male counterparts earn on average $51,640 annually. Paying just shy of $6,000 in credit card debt ends up taking a much larger percentage of their annual income, making it much harder to keep up with other monthly expenses.

Single mothers are a subgroup that is suffering particularly hard. Many of these women are already on tight budgets, and when a major expense hits, it can be hard for them to keep up with monthly bills, let alone pay a credit card off in full. Some even rely on credit cards to cover daily expenses.

Did you know that one of the leading causes of bankruptcy in America is divorce? Many people say issues regarding money cause divorce, but money problems after divorce can also be equally troubling. In many instances, single mothers become the sole financial providers for themselves and their children.

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Bankruptcy Law

Bankruptcy and Retirement: How to Assess Your Risk

Posted on October 10, 2018by Admin

Many Americans work their whole lives in the hopes of achieving the American Dream: retiring comfortably and living out their last years in rest and relaxation. However, if you are living with debt and nearing retirement, the dream can seem far off. In recent years, seniors have seen a rise in personal debt.

A study published by the Consumer Bankruptcy Project shows a trend regarding bankruptcy and retirement. It showed that more older Americans are filing bankruptcy before entering retirement. The data showed that bankruptcy rates went down for individuals between the ages of 18 and 54 between the years 1991 to 2016. However, the percentage of individuals between the ages of 65 and 74 tripled. The rates went up four times for individuals over the age of 75.

Seniors are realizing that they can protect valuable assets through bankruptcy. Retirement income and savings are out of reach and protected under federal law, including: 401(k)’s, pensions, social security payments, qualified profit-sharing plans, and individual retirement accounts worth up to $1.245 million are all exempt from creditors during bankruptcy.

Rising healthcare costs have attributed to many of the filings. Chapter 7 bankruptcy wipes out medical debt and there is no limit to the amount of medical debt you can discharge in Chapter 7 bankruptcy. According to the Bureau of Labor Statistics, the average person who is the ages of 65 and over spends more than $6,620 annually on healthcare. One recommendation to help save for unexpected healthcare costs is a Health Savings Account (HSA). Contributions to an HSA are pre-tax, and there are no tax penalties made on withdrawals, so long as they are for qualified medical expenses.

Another recommendation for retirement planning is to make what are known as catch-up contributions to your retirement accounts, if you are able to. You are allowed to make extra contributions to 401(k) or IRA plans after the age of 50. The current annual amount allowed is an extra $5,000 for 401(k) plans and $1,000 for IRAs for the 2018 tax year.

As you reach retirement age, plans do change, which means the budget you created for retirement may need adjusting. It is important that you work closely with a financial advisor to keep up with the cost of living and make appropriate changes in your investments in preparation for retirement.

Bankruptcy Law, Debt Relief, Student Loans, Timothy Kingcade Posts

How to Handle Creditor Harassment

Posted on October 8, 2018by Admin

Dealing with creditors and debt collectors is one of the worst parts of dealing with debt. Even the thought of continuous debt collection calls can keep a person up at night. Debt collectors are oftentimes relentless when making these calls and can cross the line from a legal standpoint. It is important to remember, that as a consumer you have rights when it comes to debt collection.

The Fair Debt Collection Practices Act (FDCPA) was created to protect consumers from harassment and threatening behavior from third-party creditors.

The FDCPA protects consumers from the following creditor behavior:

Contacting your employer regarding your debt or another party, except for contacting them to get information on your location;
Contacting you at unreasonable hours, either very early in the morning or late at night;
Calling you at work after being told to no longer contact you at your place of employment;
Calling excessively or repeatedly;
Using threatening or abusive language or behavior;
Threatening a lawsuit when they have no intent to pursue a lawsuit;
Threatening to publish or share your information because of your failure to pay a debt;
Any other abusive, obscene or threatening behavior.

The important first step to take when faced with a debt is to ask for confirmation on the amount owed. In fact, the debt collector is required to notify you that you have the right to request this validation within 30 days after receiving the first written communication from the debt collector. Requesting validation of the debt can also be done over the phone. By requesting validation of the debt, the consumer is making the debt collector verify that the debt is actually owed.

If the amount is accurate and you still are not able to pay on the debt, it is always recommended that you speak directly with the creditor and explain the situation. Tell them that you are unable to pay. Never provide your bank account, routing number or debit card information to the creditor.

The FDCPA also dictates other requirements as to when the collector can call, which is only between the hours of 8 a.m. and 9 p.m. The debt collector is also restricted from using any language or tactics that may be deemed harassing, threatening or abusive. If the debt collector tries to contact other third parties, such as friends or family members of the individual, they may not disclose information on why they are trying to reach the debtor but can only contact them to get the correct contact information for them.

The ideal situation would be for the creditor to work with you on an affordable repayment plan option. Many times, a letter from the debtor is not enough to get the collector to stop communication, and at this point, an attorney may be needed to write a letter. If a third-party debt collector persists in this behavior, you may be entitled to file a legal claim for an FDCPA violation and sue them for damages, which can include attorney’s fees plus an additional $1,000.

Bankruptcy Law, Credit, Credit Card Debt, Debt Relief, Timothy Kingcade Posts

Online Auto Lender Faces Scrutiny over Lending Practices

Posted on October 5, 2018by Admin

If you have been struggling to pay your bills and need money quickly, it can be tempting to take out a loan against your car to get the cash. There are many online companies that exist for this exact purpose.

One company, Marlin Financial, has been the focus of recent scrutiny regarding these types of loans. A recent Tampa Bay Times story exposed the laws that Marlin Financial has been accused of breaking, leaving customers with more debt than they originally anticipated. The story featured 20 Marlin Financial customers, as well as former employees, who were approved loans that the company was not legally authorized to make.

In fact, the company’s debt cancellation policy resulted in interest rates that were well over the state limits. The company also deliberately failed to give their customers a chance to take personal belongings that were inside repossessed cars after these belongings were reported.

Marlin Financial now finds itself part of a consumer protection investigation by the Florida Attorney General’s office. One such violation the company is accused of making is the law that requires lenders to tell the car owners where their cars are being held and give them the chance to come and get their personal belongings in the car.

The company is also accused of not listing the fees for their loans as annual percentage rates, which is required by federal law.

Another violation, and arguably the most significant one, centers on Marlin Financial’s business practices and the policies that their customers purchased through their company. Deep within the fine print, the company requires their customers to either elect to purchase their debt cancellation product or decline the purchase. Unless the customers truly understand what this mean, he or she is likely signing on the dotted line with no clue what this could mean for his or her legal rights later.

Customers reported that when trying to decline the option, they were not able to complete the online transaction. Only by clicking “accept” for the debt cancellation policy were they able to successfully complete their application. Legally, debt cancellation should only be optional and viewed as an add-on product, but customers reported that it was essentially required for them to purchase the product.

Purchasing the debt cancellation add-on option ended up costing the borrowers 125 percent of their loan owed, which basically doubles the amount owed. Normally an add-on like debt cancellation is also done through a separate company from the original lender, but Marlin Financial offers an in-house option, which basically means the customers are paying the same company twice for the money lent.

The Florida state agency that licenses lenders like Marlin Financial, the Florida Office of Financial Regulation has received 12 total complaints within the last four years against the company while the Florida Attorney General has received 19. The Better Business Bureau has received a total of 32 complaints in this same period. The Florida Attorney General has opened an investigation into Marlin Financial’s business practices, which is ongoing.

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Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

Medical Debt and Collections – What It Does to Your Credit Score

Posted on October 2, 2018by Admin

It only takes one medical crisis to set you back thousands of dollars. In fact, medical debt is the number one reason people file for bankruptcy. Many times, consumers have no idea that the medical bill is coming or how much it will be. In fact, according to a study from Consumer Reports, more than one-fourth of Americans who have health insurance have received one of these “surprise” medical bill in the mail.

In the past, as soon as an individual failed to pay a medical bill, the medical service provider could report the individual to a credit reporting agency.

However, new rules for the big three credit agencies, which include Equifax, Experian, and TransUnion, now require these agencies to wait 180 days before reporting an unpaid medical bill to a credit reporting agency. This waiting period gives individuals time to properly investigate the bill. If, after a dispute, the insurance company pays the bill, but the provider has already reported the claim to a credit reporting agency, the default will need to be taken off the credit report.

Unpaid medical bills affect your credit score. Typically, doctors and hospitals do not report debts to credit bureaus. Instead, they turn their unpaid bills over to a debt collector and it is the collection agency that reports them. Just one collection account can cause a good credit score to drop 50 to 100 points. Medical collections are no exception. Medical debt can remain on your credit report for up to seven years from the date of delinquency.

It is important that you routinely monitor your credit report to ensure there are no inaccuracies. If a claim has been properly disputed with the medical provider or insurance company but still appears on the credit report, you will need to contact the medical provider to get proof of payment and then submit this proof to get the debt removed from your credit report.

If you receive a medical bill that you are not able to pay, it is extremely important that you do not ignore the bill. If you are not able to make a full payment on the bill, it is important that you communicate this fact as soon as possible with the medical provider. Most healthcare providers are willing to work with you. At the end of the day, these providers would prefer to receive payment in lieu of going through collections to get their money.

Ignoring a medical bill can result in a lawsuit being filed against you. If you fail to address the legal case, the medical provider will get a judgment by default and will be able to garnish your wages as a result. If a lawsuit has been filed against you for an outstanding medical debt, it is important that you contact an attorney as soon as possible to protect your rights.

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Those who have experienced illness or injury and found themselves overwhelmed with medical debt should contact an experienced Miami bankruptcy attorney. In bankruptcy, medical bills are considered general unsecured debts just like credit cards. This means that medical bills do not receive priority treatment and can easily be discharged in bankruptcy. Bankruptcy laws were created to help people resolve overwhelming debt and gain a fresh financial start. Bankruptcy attorney 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 McMaken, 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.

Foreclosures, Timothy Kingcade Posts

Foreclosures Still a Problem Years After Housing Crisis

Posted on October 1, 2018by Admin

Many Americans are still picking up the pieces and feeling the effects of foreclosure, a decade after the housing crisis. years after the housing crisis.

During the economic crisis, many of these homeowners tried to get loan modifications from their banks to no avail. Others reported that their banks falsely denied them loan modifications that would have allowed them to stay in their homes. Wells Fargo is one bank that has been accused of denying homeowners loan modifications that they otherwise would have been qualified to receive, and as a result, these homeowners were forced into short sale or even foreclosure.

As of the second quarter in 2018, 64.3 percent of households owned the home in which they lived. This number is lower than what it was in 2004 just as the real estate markets were booming in Florida and other states, where homeownership was up at 69.2 percent.

In minority neighborhoods, the after effects of the housing crisis are worse. In the second quarter of 2018, 41.6 percent of African Americans in homes owned their homes with 46.6 percent of Hispanics reporting as homeowners. Of these households, 50.2 percent of them earned less than the national median family income.

The areas that were hit the hardest by the foreclosures were also hurt in terms of property values. As more homes are subject to foreclosure, the resulting prices for other homes in the same neighborhood also took a hit. If any of those homeowners wanted to get a second mortgage or other home equity loan later, these lower home prices made that possibility more difficult.

The housing crisis was a direct result of subprime lending to low-and-moderate income individuals. Of those targeted for these loans were minorities who were hit the hardest and have seemed to have the most difficult time in rebounding.

The crisis also resulted in bank regulations meant to prevent this same type of event from occurring. Banks have made the standards stricter, only allowing those borrowers who have excellent credit to get a mortgage, which means those who did end up losing their homes through foreclosure are not able to get a mortgage at all. The result is these individuals are stuck in rental properties, not able to build up equity and struggling to rebuild their credit so that they can get a mortgage in the future. If these individuals are able to get a mortgage, it is at an interest rate that is much higher than they previously would have received. This problem has created a cycle of homeowners being trapped in mortgages they cannot afford or individuals who are simply not able to become homeowners.

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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 McMaken website at www.miamibankruptcy.com.

Bankruptcy Law, Debt Relief, Timothy Kingcade Posts

How Often Can A Person File for Bankruptcy?

Posted on September 27, 2018by Admin

Many clients want to know if a previous bankruptcy filing is going to prevent them from filing again in the future. A number of factors go into when and whether it can be done, but the two biggest factors are what type of bankruptcy was filed previously and how long ago the case was filed.

A Ban Does Not Exist on Subsequent Filings

The good news for bankruptcy filers is there are no limits on the number of times a person can file for bankruptcy. However, the bankruptcy courts do not want to see individuals misuse the system with multiple filings made in bad faith. It is for this reason that the law does impose certain statutory requirements and prerequisites that filers must meet to be able to file again. If an individual has filed for bankruptcy previously, it is important that he or she contact an experienced bankruptcy attorney to discuss the options available, as well as the requirements for filing again.

Previous Chapter 7 Bankruptcy Filing

If the previous bankruptcy filing was a Chapter 7 case, the individual must wait at least eight years from the date of the previous bankruptcy filing before filing a second time, if that person wants to file another Chapter 7 case. However, if the person filed a Chapter 7 bankruptcy case for the first filing but now wants to go forward with a Chapter 13 reorganization case, the time is shorter, and that person must only wait four years from the date of the first bankruptcy filing date.

Previous Chapter 13 Bankruptcy Filing

If the previous bankruptcy filing was Chapter 13, certain time limits do apply. If the previous case resulted in a bankruptcy discharge, the filer must wait at least six years from the date the first Chapter 13 case was filed before he or she can file for and get another discharge in a later Chapter 7 case. However, exceptions do exist to this rule. If the filer paid back all of his or her unsecured debts or at least 70 percent of the unsecured debts were paid, and the plan was to pay them back in good faith, the six-year rule does not apply. If the later case is a Chapter 13 bankruptcy again, the filer cannot get a later Chapter 13 bankruptcy unless the case has been filed at least two years after the date the first case was filed.

Case Dismissed with Prejudice

However, other exceptions exist to the rules listed above. The filer can be prohibited from filing a later bankruptcy case if the bankruptcy court dismissed the previous bankruptcy case with prejudice, meaning the person who had filed the case failed to comply with court orders, filed multiple cases with the purpose of deceiving creditors or the case was not filed in good faith.

Bankruptcy Law, Credit, Credit Card Debt, Debt Relief, Timothy Kingcade Posts

Tips to Improve Your Credit Score

Posted on September 26, 2018by Admin

A consumer’s credit score can mean so much when it comes to buying a home or car, but once your credit score takes a serious hit, whether it be due to a default or a bankruptcy, you can start to rebuild your score immediately. One of the biggest misconceptions about filing for bankruptcy is that it will ruin your credit score and your financial future. To the contrary, after filing for bankruptcy you can begin restoring your credit right away.

Here are some tips to improve your overall credit score.

Understand How Credit Scores Are Calculated

It helps to first understand how credit scores are calculated. These reports are issued by the three major credit reporting companies, including TransUnion, Equifax, and Experian. The scores range between 350 to 800. The higher the score, the better. A credit score is calculated using that person’s payment history, the amounts owed on each account reported, how long that person has had a credit history, and how much credit activity is on their account.

Make a Goal

If you want to improve your credit score, it is important to set goals. Set the number you would like to see your credit score within a certain period of time. For example, you may choose to set a goal of increasing your credit score by 50 points within the next four months.

Keep an Eye on Your Credit Report

The best way to know where your credit score falls on the spectrum is to keep an eye on your credit report. Free credit reports can be requested annually online or by mailing a request to Annual Credit Report Request Service at P.O. Box 105281, Atlanta, GA 30348. After receiving the report, it is recommended that you carefully review all accounts listed. If you see any accounts that you know you did not open and could have been created due to identity theft, this information should be reported immediately. If an account is listed that should be closed, you can contact the company directly to update that information. The same would go for if any incorrect information is found on the report, such as a late payment incorrectly put on the account. Correcting this information can result in your credit score going up a few points. Keeping a close eye on your credit report can also allow you to track progress if you are working hard to improve the score.

Pay Your Bills on Time

The best way to keep your credit score looking good is to pay your bills on time. Credit builds up over time, and this is done through consistent and positive financial behavior. One way to ensure this happens is to sign up for automatic or online payments so that these expenses are paid automatically and require no action by the account holder. If you are not able to pay a bill on time, it is best to keep late payments to no more than 30 days. The reason for this is most creditors will not report late payments until they are 60 days late.

Focus on the Bad Debt

Paying down your debt is an excellent way to improve your credit score, and it helps to start with what is considered “bad” debt first. If you have multiple credit cards, choose the one with the highest balance and/or the highest interest rate. Focus your efforts on that one card, and once that card is paid, take the card that has the second highest rate. Many times, this “bad” card is the one that is the oldest and has the highest outstanding balance.

Use the debt avalanche method to attack the debt. What this entails is the person chooses the card with the highest interest rate, and he or she uses all extra money that he or she has available at paying off that card. After that card is paid off, the money that was used to pay that card goes to the next one, and so on. The idea is the money that goes towards the card snowballs in size, helping to pay each one down quicker than the person would be able to do with just meeting monthly minimum payments.

Do Not Open New Credit Accounts

While you are paying down debt, it is best to not open any new credit accounts during this time. Opening new accounts will only make the goal of trying to pay off open cards even harder. It can be tempting, especially if you are offered a deal at a department store to save on a purchase, but do not fall to temptation and open that new card.

Keep the Balances Low

Getting debt under control can be very difficult if the balances owed are particularly high. Credit cards that have high balances and high interest rates can be difficult to get under control. The higher the balance, the more interest is paid every month instead of money towards the principal. A good rule of thumb is to keep credit card balances capped at 30 percent of the card’s available credit. Always make sure when making payments that more money is being paid towards the card than the minimum payment. On cards with high balances, this minimum payment is normally only paying interest, which can make the cardholder feel like he or she is never going to pay the card off in full.

Set up an Emergency Fund

Experts recommend that everyone have a “rainy-day” fund of at least six months of that person’s annual income. This money should be set aside in the event of a health crisis or job loss and can help you avoid the need to use credit to keep up with daily expenses.

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