Son sticks mom with $20000 debt

Posted by administrator | 23/08/11 | Tagged Credit Card Debt

Son sticks mom with $ 20000 debt
News from MSN Money:

Q: I am an investigator for a nonprofit organization that investigates financial crimes against the elderly. I’ve been working with a 76-year-old woman who was financially abused by her son.

Her son asked her to co-sign on two credit cards and for a Toyota truck, which she did. She believed he would honor his word and pay the bills. She had no idea he had over 130 civil actions against him in San Mateo County (Calif.) alone, his home was recently foreclosed on, and he has liens and judgments levied against him in the millions! He charged up the credit cards plus one more he opened without her knowledge, and then he declared bankruptcy, leaving her with the debts.

My client was left with a $ 15,000 debt from the two co-signed credit cards, an $ 11,000 bill from Toyota a…………… continues on MSN Money
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50 Percent Interest and Jail Time For Credit Card Debt?
News from TIME:

Despite the gains we’ve have made chipping away at our collective debt, many Americans still struggle to balance the weight of their credit card debt every month. People carrying a lot of debt have little opportunity to transfer balances to cards with lower APRs, and missed payments can tack on fees and penalty rates of around 25 or 30 percent. We just don’t know how good we have it.

As a recent article in The New York Times points out, the situation in the United Arab Emirates is far grimmer for people with a debilitating credit card debt. The industry is subject to far less regulation than it is here, and credit card issuers in recent years have aggressively targeted financially unsophisticated migrant workers that make up the vast majority of the country’s population.

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Financial Experts Say Credit Card Use Not The Answer in Financial Hardships
News from KCRG:
CEDAR RAPIDS, Iowa — With the threat of another recession looming over the nation and consumer confidence continuing to decline, financial experts fear more people will rely on credit cards to wade through yet another economic downturn. According to credit reporting bureau Equifax, banks issued nearly 15 million new credit cards in the first five months of this year, that’s at a three-year high. Banks gave 4.4 million cards to consumers with poor credit histories, a 65% increase during that same time period of January to May.

“Bankruptcies will start rising again if a lot of consumers start using credit cards as a supplement to their regular income,” said Kathi Moss, a credit counselor with Horizons in Cedar Rapids. Moss said overspending or relying on credit cards is exactly what got Americans into trouble a few years ago. After the great “credit crunch” in 2008 and 2009, now credit card companies are lending again. That could spell trouble if you depend on credit to pay for necessi…………… continues on KCRG
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Related News:

Security flaw could expose credit card data
News from msnbc.com:

If you have a credit card account with Bank of America or Chase, two of the nation’s largest banks, a major security flaw has been exposed that could make your information vulnerable to an Internet crook – or even a nosy neighbor.

Consumer advocate Edgar Dworsky of ConsumerWorld.org, who discovered the flaw, says anyone who knows your phone number and has the last four digits of your Chase or BofA credit card number might be able access your account.

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Credit Card Nation the Consequences of America’s Addiction to Credit


Credit Card Nation is part history and part expose of the damaging social and political consequences of America’s increasing reliance on credit cards. Using original research and consumer interviews, Manning analyzes the growth of the credit card industry and its related businesses by looking at the story of its consumers–the people who use credit for convenience and those who rely on it for financial stability.In addition to providing a consumer history of credit card usage, Robert Manning analyzes the larger societal attitudes toward debt. The history of the credit card industry’s expansion is one of the creation of a new class of consumers who utilize credit–and its steep interest and penalty rates–for economic survival. Manning discusses the societal toll that the "credit card nation" is placing on the young, the elderly, and all those in search of the "good life" marketed by the credit card and banking industries.
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