The North Carolina Bankruptcy Information Blog

It’s 2010, the year we take charge, so to speak, of our credit cards. In only a couple of months, credit card companies will have to fully abide by the provisions of the Credit Card Accountability, Responsibility and Disclosure Act (CARD). Some components of the act have already been in action.

Nevertheless, consumer advocates are expecting a slew of new credit card company tactics to increase, damage and elevate our debt, credit reports and heart rates. This is especially frustrating for those trying to re-establish a sound credit rating after bankruptcy. If more fees and restrictions come into play, it will take that much longer to use a credit card as a reputable credit source.…

Data recently released by the Federal Reserve demonstrates that our collective credit card debt is on the way down and has been trending lower for the last 11 months. The “Fed” issues a monthly Consumer Credit report that tracks an array of spending metrics throughout the country. The most recent cited an annual decrease in credit card debt of 13.1 percent, totaling $899.44 billion. (Staggering, huh?) In dollars, that amounts to a $9.9 billion reduction in total debt, which is the largest decline since February.

Experts are in agreement that one of the factors contributing to this reduction is an overall decrease in credit card limits.…

A very troubling trend that potentially affects millions of Americas is going unnoticed. Don’t make the mistake too many people make when it comes to arbitration. There’s a good chance that you have conceded to arbitration already, probably unwittingly. That’s because more and more of the big companies that touch our lives on a daily basis, such as software developers, banks, web based services and of course, credit card companies, are writing arbitration clauses into their terms.

You know about those, right? The masses of tiny print below the box you check so you can get to the download screen, or the pages and pages of tiny print that accompany your shiny new credit card?…

Recent credit card legislation may prove to be a big relief for many Americans who have trouble keeping up with the rapid interest rate changes, hidden fees and aggressive collection efforts. Or not.

Many industry watchdogs believe the bill, currently alive in both a Senate and House edition, will not meet its original expectations. Citizens who have been watching the bill’s progress with hopes of instant relief may want to start paying even closer attention. It should be noted that true debt relief will rarely come as the result of government action alone and that in the end, the best solution for a reprieve from the pressures of mounting debt is to seek legal advice from a reputable bankruptcy attorney.…