Yesterday, this blog began a discussion on credit card use and credit scores. The average consumer in the United States that uses some form of payment card, such as credit cards, debit cards and prepaid cards holds a total of 3.7 cards, according to the Federal Reserve. It only stands to reason that some consumers have a higher than average number of open credit card accounts. The higher the number of cards a consumer holds may allow for some flexibility in managing debt if a crisis arises.
In the last post, this blog began a discussion of a few of the avoidable potential errors and omissions that can disrupt a bankruptcy case. The discussion left off with the effect the means test may have on a person's ability to file for chapter 7 relief.
The Better Business Bureau in Ohio, like in BBB offices across the country, regularly receives complaints from consumers about unfair debt collection practices. The Federal Trade Commission and attorney general offices across the country also field numerous complaints. Laws exist to attempt to control the tactics creditors use in their efforts to attempt to collect on debt. Next month a new federal agency, the Consumer Financial Protection Bureau, will open its doors to join the federal efforts of the Federal Trade Commission in policing debt collection practices.
A recent study was presented this week before the American Society of Clinical Oncology's annual meeting. Researchers found that cancer survivors were nearly twice as likely to file bankruptcy within one year after their diagnosis as the general population. An experienced Cincinnati bankruptcy attorney can tell you that medical bills are a common reason people seek chapter 7 or chapter 13 bankruptcy protection.
Recently this blog reported a story on debt consolidation companies. In some cases, debt consolidation firms have made matters worse for Ohioans and people across the country. The recent story indicates that certain consumer protection laws are in place in an effort to control the practices of debt consolidation firms. After the Federal Trade Commission (FTC) finalized new rules several months back, some consolidation firms went out of business rather than attempting to comply. Many companies modified their practices to play by the rules. Other companies have sought loopholes or other claimed exemptions from the rules.
Ever since the housing crisis erupted, a large amount of ink has been used on the housing market and foreclosures. Cincinnati bankruptcy attorneys are aware that the market forces have affected much more than housing. Many baby boomers are experiencing trepidation over whether their retirement savings will be sufficient to cover their golden years.
Throughout the recent economic crisis many Ohioans have faced the daunting task of deciding which bills to pay each month. Historically, Americans have chosen to pay the mortgage before other debts, such as unsecured credit. A Cincinnati bankruptcy attorney can tell you that unsecured credit includes credit cards.
Despite consumer protection laws, companies continue to make lofty promises to people straddled with high debt balances. A growing number of firms tantalize people suffering under heavy debt with offers to reduce debts by as much as 70 to 80 percent. Cincinnati bankruptcy attorneys are aware that in some cases trying to work with unscrupulous credit consolidation firms can leave an individual in worse shape.
A cable television star chef has seen a huge rise in success. The chef is seen on four Food Network programs; he has operated a number of high-profile restaurants and is expanding the number of restaurants that he operates into more states. Unfortunately, he is facing a lawsuit regarding a business partnership that he is longer associated with.
Ohio consumers remain concerned about their credit score. Owning a home, buying a car and getting a good rate on a credit card can be affected by what the credit reporting companies tell lenders about an individual's credit history. Many companies offer credit monitoring services and even sell credit scores to consumers. Credit report and credit monitoring services, offered for a fee are not about restoring credit, but more about providing a snapshot of what a credit score may look like at a given point in time.