Published Tuesday, January 31, 2012 @ 7:27 pm

It would make sense that recent signs of recovering economy would be great news for jobless Americans. But as a report on public polling explains, even though the overall economic picture may be brightening, many job seekers are still very much in the midst of a stark economic haze.

According to a report from The Huffington Post’s Janell Ross, “Economic data suggests the long-stagnant economy may finally be gaining momentum, but Americans aren’t seeing a turnaround yet, according to a pair of newly released polls.…

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Published Thursday, January 12, 2012 @ 6:30 am

The days between Thanksgiving and Christmas had many people wondering where America’s lingering financial issues went as millions of shoppers returned to our nation’s stores, malls and gallerias en masse to take advantage of extreme sales (and savings) and, in doing so, generated the most successful Black Friday for retailers ever.…

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Published Wednesday, January 11, 2012 @ 6:30 pm

We talk a lot about the dangers of using credit cards, the nation’s plastic pariah that contributes to many living beyond their means, causes people to pay incredibly high interest, and in more cases than we care to share, leads a lot of folks to file for bankruptcy.

And so for the many thousands of you who were hoping to pay off credit cards quickly and easily as your New Year’s resolution, we have some bad news.…

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Published Saturday, December 17, 2011 @ 5:35 pm

If you’re like many beleaguered and over-budgeted Americans, you grew weary and wary of credit card debt during the throes of the Great Recession.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act) was supposed to address the fact that you’ve been “paying” with plastic both literally and metaphorically ways for years, shielding average Americans from unexpected and massive changes to their credit card terms—terms that had previously led directly to financial hardship for an overwhelming amount of our nation’s families.…

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Published Thursday, November 3, 2011 @ 2:51 pm

We’ve all seen them.

Envelopes full of checks and other offers filling our mailboxes these days touting 0% or 2.99% and other low-to-no interest balance transfers for your more costly credit cards. These seductive rates do come at a cost if you don’t know what to look out for.

So check out these five tips to avoid getting taken advantage of, when taking advantage of balance transfer offers, including:

#1 Inspect the Interest Rates
When playing the balance game, the best bets are obviously the lowest interest rates available.…

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Published Monday, September 26, 2011 @ 7:24 am

Need signs that credit card companies are getting more aggressive with their credit card tactics and tricks? Well, there’s 346 million reasons from one particular credit card purveyor, Citigroup.

Based on a new report from The Wall Street Journal, in the third quarter alone, the bank mailed more than 346 million credit card offers to unwitting customers.…

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Published Wednesday, July 27, 2011 @ 6:49 pm

This week, Citigroup will launch a brand, spanking new credit card that purportedly carries with a trifecta of post-recessionary perks: no late fees, no penalty rates and a single interest rate for purchases, balance transfers and cash advances.

As reported by The Associated Press, Citi’s revamped “Simplicity card” sells itself as exactly that: it will be marketed to those who are “juggling busy schedules” and “want a credit card with simple terms.” In fact, Jud Linville, CEO of Citi Cards told the AP, “It lets them not have to worry that they’re going to be late on a payment.…

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Published Wednesday, March 30, 2011 @ 7:12 am

It may seem strange, the whole prospect of turning a timely tax return into a bankruptcy, but in a nation currently dealing with a healthy debt load, the whole idea that half of Americans get some form or return, comes at a good time for those looking to pay down those debts, or, better yet, find a longer-term solution for their cash-strapped situation.…

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Published Monday, March 14, 2011 @ 5:53 am

In this uncertain economic landscape, good news is often met with great skepticism, especially for those who were hardest hit during the past five years of what’s now called our “Great Recession.” Yet despite some signs of national growth, this skepticism may now continue to be a part of at least the first half of 2011, as a major indicator of the strength of the America’s economic machine reveals that we’re still very much in the throes of our own Great Economic Malaise.…

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Published Saturday, March 12, 2011 @ 11:04 am

By now we know that “paying” with plastic is both a literal and metaphorical proposition, especially as a good number of bankruptcy bound individuals—even in an era of home-made foreclosure filings and mounting medical bills—find credit card debt to blame for their insolvency.

The Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act), signed into law by President Obama on May 22, 2009, was meant to change much of that.…

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Published Friday, March 11, 2011 @ 12:51 pm

If you’re like many average Americans, you were dealt a hefty budgetary blow during the recent Recession. And, as a result, you may have responded by trying to spend less, save more and reduce debts where you could—including cuts in your consumer credit card use.

If so, you’re not alone.

According to a recent report from Credit.com, since the inception of the economic crisis, more and more men and women are resisting the urge to spend, climbing aboard the equivalent of the “Good Ship Spendthrift” in order to create a sea of savings on a new course to a better financial future.…

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Published Friday, December 17, 2010 @ 3:40 pm

There are few lumps of coal as heavy or black as a delinquent credit card.

When you’re heading out to the outlet center this year, think about the long term impact of your holiday spending.The holiday shopping craze tends to alter our judgment about what make good gifts. Moreover, it makes us think we’re getting great deals on big ticket items when in fact, the most popular gifts become substantially cheaper at other times of the year.…

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Published Tuesday, November 30, 2010 @ 4:25 pm

The credit card industry is changing. Some of the change is good, some of it may be bad. But the best news is, the credit card industry is changing.

It was recently reported that since the start of the year, eight million fewer people used a credit card.

There are not many industries that would be happy with losing eight million customers in only a year.…

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Published Wednesday, November 24, 2010 @ 5:03 am

Student loans, except in a few rare instances where a severe personal hardship can be proven and allowed by a judge, are not dischargeable in bankruptcy. Thankfully, student credit cards can be discharged in a Chapter 7, because banks work tirelessly to contribute to the spending habits of America’s college students.…

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Published Friday, November 12, 2010 @ 10:38 am

The trigger that forces you to finally take the benefits of bankruptcy can come in many forms: unexpected medical bills; mortgage defaults; the implications of divorce. But, more often than not the culprit can come in the form of out-of-control credit card bills. And with good reason: Chapter 7 bankruptcy can virtually wipe all of those bills away with one, simple filing.…

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Published Tuesday, September 7, 2010 @ 5:31 pm

It would be inauthentic to blame every instance of bankruptcy on sudden life changes, such as a tragic illness or other life-altering emergency. The truth is, some bankruptcies are preventable.

However, we’re not judging. We know that timing plays a big part.

For example, let’s say one morning that you look at the pile of bills on the counter and say to yourself: “That’s it, I’m changing the way I handle money.” Then, the first thing noticed on your desk at work is a pink slip.…

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Published Saturday, August 28, 2010 @ 8:17 am

Deciding to file bankruptcy requires that you take an honest assessment of your financial situation.

Now if our government would just approach our economy the same way.

News this week about an economic recovery that probably never was and a perpetuating recession are putting into a harsh perspective just how much time, energy and tax-payer money has been dumped into a financial revitalization effort that looks to have not just stalled, but pulled us backward.…

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Published Tuesday, August 10, 2010 @ 9:46 am

A number of good things have emerged from the economic situation of the last several years. Recently enacted credit card reform will hopefully change the way we are treated by the industry responsible for so much of our country’s collective personal debt.

Mortgage modification, even with all its warts and scars, should eventually become an industry with real benefits to struggling homeowners.…

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Published Monday, August 9, 2010 @ 4:03 pm

Without insult, you should accept the fact that you read at a ninth grade level. It’s okay, four out of five adults do. It doesn’t mean you like the “Twillight” series, it means that the depth of your vocabulary and comprehension skills are at the most efficient level needed to succeed in today’s society.…

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Published Thursday, July 29, 2010 @ 2:27 pm

People are often deterred from filing bankruptcy by a nagging sense of pride that tells them that asking for financial help is somehow admitting defeat. Well, in this type of economy, it couldn’t be further from the truth. And if you need more evidence of that, consider the state of the federal bailout effort, which, while lacking in headlines, continues to be more aggressive today then when it was initially introduced.…

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Published Thursday, June 24, 2010 @ 9:27 am

You may already understand some of the dangers of debt settlement: the fact that Americans rarely emerge from debt settlement programs with their credit card balances eliminated; the fact that many wind up worse off than when they started their consolidation; and that many emerge from these plans with severely damaged credit, ceaseless threats from collection agents and lawsuits from creditors.…

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Published Monday, June 21, 2010 @ 2:30 pm

While those that analyze esoteric financial trends and market conditions seem to think that the recession is easing, a large portion of the country aren’t so quick to agree. With foreclosures still prevalent and personal bankruptcies at a level close to that of 2005’s pre-code change flood, there are plenty of reasons for Americans to still be on edge about their finances.…

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Published Monday, June 21, 2010 @ 8:30 am

Imagine it: Oceanfront resorts. Leis around necks. Succulent buffets. Steel drum music in the distance. Beautiful hostesses serving plentiful drinks. Tanned clientele all around.

For many beleaguered Americans these images evoke a distant and faraway vacation-land entitled for only the endlessly rich and privileged few. But this background of tropical bliss isn’t only for elite individuals.…

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Published Thursday, April 1, 2010 @ 10:18 am

As we’re all aware, this decade’s Great Recession has dealt, and continues to deal, a significant blow to the budgets of many American families, leaving millions in debt, underwater in their mortgages, and looking for any means necessary to get back on a financially-healthy course.  Now, tax time can  yield a long-term solution for some cash-strapped citizens.…

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Published Thursday, March 18, 2010 @ 6:08 pm

As many people facing significant financial hurdles already know: compulsive spending, like smoking, can often be a difficult habit to overcome. And like chain smoking, spending sprees can have devastating consequences, literally causing people just like you to “shop ‘til you drop”—sacrificing not only cash, but sometimes the ability to keep other possessions, relationships, and even, a healthy financial, emotional and physical future.…

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Published Saturday, March 6, 2010 @ 8:59 am

Just when the credit card industry thought it was safe in Washington, Uncle Sam has decided to keep them over his knee for a few last good swats of discipline in the form of tighter regulations on late fees.

For many who struggle with credit cards, the problem is not always uncontrollable spending—it’s the fees.…

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Published Saturday, February 13, 2010 @ 1:09 pm

In what can be considered the best example of the current state of the nation’s commercial real estate industry, the largest residential real estate investment in United States history is facing bankruptcy. As a result, the current owners of the Stuyvesant Town/Peter Cooper Village are handing the property over to its primary financial backers after the recession and overall plunge in global real estate values decimated the complex’s value to a third of where it was upon its 2006 purchase.…

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Published Saturday, February 13, 2010 @ 8:08 am

In this era of extreme homeowner hardship, mounting medical bills, and surging unemployment, most people use their credit cards—for better or for worse—just to get by. But, as everyone knows, there’s a price to pay for playing with plastic, including, over recent years, soaring interest rates, diminishing card disclosures, and a general lack of lender and credit card company transparency.…

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Published Tuesday, February 9, 2010 @ 6:25 pm

Very few people set out to open a credit card account intent on not paying off the balance.  Those who do are assumed to be criminals, usually identity thieves or some other sort of con artist.

Credit card debt, and all other forms of long term financial drain that lead good people into the need to file bankruptcy, is very often caused by a setback of some kind, like illness or job loss.  And if recent unemployment predictions are on track, we can expect the bankruptcy rate to continue to climb.…

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Published Thursday, January 14, 2010 @ 11:34 am

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.…

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Published Thursday, January 14, 2010 @ 9:30 am

More than 1.4 million Americans filed for bankruptcy in 2009; surprisingly, a large number of filers were over the age of 65. Senior citizens were traditionally less likely to file bankruptcy for a number of reasons. Until recently, for example, senior citizens held less credit card debt than younger people. They have less time to repair their credit rating after a bankruptcy as well, and may feel that the perceived harmful effects of bankruptcy will haunt them forever.…

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Published Monday, December 28, 2009 @ 7:10 am

The New Year is a few days away. And without doubt, millions of Americans will welcome 2010 with grand hope, desperate to put 2009 far behind them, the year the Great Recession took hold of our collars and shook us into submission. Unfortunately, many Americans will greet the end of the 2000′s first decade still in debt and financially directionless.…

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Published Sunday, December 20, 2009 @ 12:31 pm

Wouldn’t it be easier sometimes to not have to shop for Christmas? It sure would be nice to just enjoy roasted chestnuts, old music and making popcorn strings.

But this is America, and we like to spend. In fact, many experts note that the holiday season is when many of us start our forays into bankruptcy-inducing debt.…

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Published Saturday, December 12, 2009 @ 11:25 am

Most people who have filed for bankruptcy understand the feelings of angst and dread that accompany the weeks and months before you make the decision to file.

Eventually, the walk to the mailbox becomes an exercise in personal bravery and the sound of the phone is like a bomb going off inside your psyche, sending shards of guilt-shrapnel into your chest.…

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Published Saturday, December 5, 2009 @ 3:10 pm

For far too many people in North Carolina, and the country, job loss has been the primary driver of excessive debt. Even those who spend wisely and are conservative with credit can quickly feel the impact of being laid off. Three months of savings may help. But only for three months.…

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Published Friday, December 4, 2009 @ 12:15 pm

We’ve all heard that money problems are the leading cause of marital problems. If you’re reading this article, chances are you’re experiencing both problems. In this economy, with unemployment, foreclosures, and debt at record highs, you’d be hard-pressed to find couples who don’t fight about money!

Financial problems can wreak havoc on your marriage, leading to constant arguing, blame-laying, and even divorce.…

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Published Saturday, November 28, 2009 @ 6:12 pm

Making the decision to file is a difficult one. Choosing the right attorney is a pretty daunting task as well. Now that all that is done it is time to make and go to your first appointment.

Expect to be a little anxious. You are about to commit to a big lifestyle change.…

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Published Thursday, November 19, 2009 @ 10:33 am

While credit card debt may not always be the reason a person files bankruptcy, it is a significant factor in many cases. There are myriad reasons why those balances become so unruly. Impulse purchases, for example. However, a lot of that debt can also be attributed to deliberately confusing contract agreements.…

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Published Wednesday, November 18, 2009 @ 11:41 am

Many people who are in debt and considering bankruptcy know that there are certain circumstances under which they can protect some part of their home’s value from creditors. This is known as the “homestead exemption.” But how do you know how much of your home’s value you might be able to protect?…

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Published Wednesday, November 11, 2009 @ 8:49 am

You’ve seen the ads: a circus act of food court commodities are passed around by a mash-up of merchants to the frenetic marching music of patrons efficiently paying for their delicious delicacies with their handy-dandy Visa cards. Like a well-oiled, money-sharing machine, these well-choreographed consumers pay conveniently with a single swipe of credit, serving up little wait in their collective go-go-gadget gaits and emphasizing, with every single swipe, the efficiency and speed of making everyday purchases with a Visa check card over cash or checks.…

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Published Monday, September 21, 2009 @ 1:49 pm

Many of us now come into marriage with some debts in tow. Some of us also arrive owning some of our own property. Once married, we incur new debts, jointly or separately; for example, one spouse may finance a car under his name, while both spouses may need to list their income together when they borrow for a new home.…

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Published Monday, August 24, 2009 @ 7:06 am

So, now that you’ve come through bankruptcy with a clean slate and made the decision to stay off the credit treadmill, it’s time to examine your money habits and behaviors. It is surprising how many people view their credit limits as unofficial raises and create lifestyles that reflect a higher actual income than they actually earn.…

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Published Saturday, August 8, 2009 @ 8:47 am

We hear plenty about the dangers of gambling addictions. Perhaps this is because the compulsion to gamble doesn’t make sense to a lot of people, and it is always easier to vilify from a distance.  Or maybe it’s that gambling addictions seem dangerous because a gambler could lose everything in an instant.…

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Published Wednesday, July 29, 2009 @ 9:06 am

Multi level marketing, also called “direct selling” “affiliate marketing” or “home-based business franchising”, has become popular in the past few years as a way for those with an entrepreneurial streak to build their own businesses with minimum investment. It has been especially appealing to, and vigorously directed towards parents (usually mothers) who wish to stay at home with their children but want or need to earn income at the same time.…

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Published Thursday, July 23, 2009 @ 8:44 am

The link between the recession and credit cards is undeniable. While credit card use by itself is a number of links down the chain from the one that broke Wall Street’s hold on the economy, the underlying theme of easy credit and its impact on the American consumer remains a prevalent factor in our ongoing financial struggle.…

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Published Tuesday, July 21, 2009 @ 7:20 am

The dirty tactics of credit card companies have been public knowledge for years, but it’s only recently that the government has begun taking steps to protect consumers from some of their worst methods. Unfortunately, the Bankruptcy Code reforms that passed in 2005 were basically written by the credit card companies, who paid millions in lobbying dollars to cram the bill through.…

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Published Sunday, July 19, 2009 @ 4:08 pm

Gambling, not at all unlike compulsive spending in department stores, can often lead to serious financial pitfalls. Despite the prevalence of gambling addictions in America, debts incurred by too much betting were at one time non-dischargeable in bankruptcy. While the specifics of dischargeability with any type of debt should be explored with a bankruptcy attorney, it is important for you to know that if you count gambling losses as one of your reasons for bankruptcy, the odds are in your favor that it can be discharged.…

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Published Monday, July 6, 2009 @ 11:47 am

Are you hopelessly behind on your mortgage payments and wondering what to do about it? People in your shoes typically do one of three things: (1) try to convince the bank to just take whatever the property can fetch on the market (a “short sale”); (2) just let the bank foreclose; or (3) file bankruptcy.…

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Published Friday, June 26, 2009 @ 12:32 pm

If you have spent some time on this blog then you’re probably giving some consideration to filing for bankruptcy. It’s not an easy decision, which is why this blog exists. We understand that it helps to understand what others are dealing with and similar stories about accumulating debt can better help you grasp where it is you stand financially.…

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Published Tuesday, June 23, 2009 @ 1:14 pm

Credit card debt can easily spiral out of control. Credit card companies lure you in with promises of low introductory interest rates and then encourage you to charge as many of your purchases as possible. Then, they discourage you from paying off the balance, by setting a low minimum payment – usually just a touch more than the interest charge.…

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Published Friday, June 12, 2009 @ 7:09 am

According to an article in The Wall Street Journal, a man from Texas registered with a debt relief firm to seek help in climbing out from under $15,000 in credit card debt. After paying hundreds in upfront fees and a steady stream of monthly payments close to $250, he eventually found himself $20,000 in debt.…

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Published Sunday, June 7, 2009 @ 8:59 am

As any experienced bankruptcy attorney will tell you, knowing your rights and defenses against creditors is key to leaving behind a troubled financial past and making a fresh start. There are a host of things you should know. One of them is that there are specific limits to how long your creditors can chase after you trying to claim an unpaid debt.…

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Published Saturday, June 6, 2009 @ 2:32 am

You’veprobably heard about the marked decline in the overall credit card debt levels since this recession took hold. You might find this a bit odd. Maybe you expected just the opposite at a time like this. Well, you’re on to something there. True, credit card debt is on the decline. It has tapered off six months in a row, by $5.4 billion last month alone.…

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Published Monday, April 27, 2009 @ 12:05 pm

If you’re one of the many people right now struggling with unmanageable debts and planning to seek bankruptcy protection to regain control of your life, now is the time to take a close and honest look at your finances – the money coming in, the money going out, what you own, and what you owe.…

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Published Tuesday, April 7, 2009 @ 3:36 pm

The fault of today’s recession does not rest on the shoulders of those who bought a biggertruck, new plasma television or took an extra vacation. We are in this mess because of an increasingly complicated financial tangle of ungoverned investment products that has long been too shaky to support our country’s financial system.…

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