The North Carolina Bankruptcy Information Blog

It is our hope that after a person files and gets back on track, that they do so with an awareness of what led to them contact us. (This goes without saying that many bankruptcies are not at all caused by poor spending choices, but happen as a result of sudden medical emergencies or unexpected financial commitments.)

So we admit to be somewhat nervous by the onset of trends showing credit card use will increase in 2011. Apparently credit card companies are on the marketing attack, having sent over a billion solicitations in the third quarter of 2010. Last year at this time, the number was under 400 million.…

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. However, they did not all walk away by choice. Whether through bankruptcy, charge-offs or account cancellations, many credit card users were simply told to hit the road. That’s fine. It’s for the better.

The recent stats were assembled and published by TransUnion.…

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. In short, it’s fine. And that’s not really the point of this post anyway.

It should come to no surprise then, that credit card companies create their agreements, notices and paperwork at a reading level on par with the comprehension and reading skills of only one in five Americans.…

Recent bankruptcy news includes a headline about industry icon MGM filing a prepackaged bankruptcy, which, relative to the movie industry, may carry as much as impact as the General Motors and Chrysler filings had in Detroit.

However, operating with excessive debt is not a new concept in the film industry. In fact, it’s how most filmmakers get started. One has only to ask the nearest independent movie director how he’s funding his latest effort and your likely to hear the words “Visa,” “Mastercard” and “American Express.”

Today, access to the credit market is slowly changing the small film market. Just a couple of years ago, aspiring directors and producers would have little fear about maxing out their credit cards because of the prospect of a major studio discovering their unpolished cinematic gem and putting it on screens across the country.…

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.…