Struggling With Debt

Posted by administrator | 27/08/12 | Tagged Credit Card Debt

Struggling With Debt
News from New York Times:

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“Problems Riddle Moves to Collect Credit Card Debt” (front page, Aug. 13) overlooks a larger problem.

Many of the people being sued over a credit card debt need to file for bankruptcy.

Once the credit card companies have cleaned up their collection practices, or even if they don’t, the fact remains that people have credit card debts they could never afford to settle or pay off.

I am a consumer bankruptcy attorney who has represented hundreds of individuals filing for bankruptcy. Every day, clients come into my office concerned about lawsuits over credit card balances.

When I dig deeper, they have more serious financial problems like large revolving credit card balances, medical debts and home foreclosures that they are unable to get over without the fresh start that bankruptcy provides.

A problem with erroneous lawsuits…………… continues on New York Times

… Read the full article

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Why should I have a credit card at all? What if I never want to use one?
News from Fox Business:

Years ago, banking executives complained loudly about consumers who carried their credit cards without running up a monthly balance. Then, personal lending flipped itself upside down. Today, many credit card product managers believe they’ll make as much money from transaction charges as they will from late fees and interest payments. That’s changed the dynamic for rewards credit cards and cash back credit cards, designed to entice consumers to float their purchases for 20 or 30 days.

Here’s why I think you should carry at least one rewards credit card:

  • Purchase protection. Cash, checks, and most debit cards won’t help you get your money back when your flight gets cancelled or your new gadget busts. Federal laws and bank policies favor credit card holders in most disputes. Even during a charge-back investigation, it’s the bank’s money on the line, not yours.
  • Credit report impact. Contrary to popular belief, credit scores don’t measure how much debt you’re in. They report how well you manage your accounts. If you don’t have a credit card to maintain, there’s nothing to score. Tha…………… continues on Fox Business

… Read the full article

Related News:

American Express: Number One Credit Card
News from Seeking Alpha:

A recently released survey investigated customer satisfaction of credit card issuers. In this article we’ll examine American Express (AXP). We’ll primarily use the survey to assess the company’s product and potential demand for that product. We’ll cover the industry and we’ll briefly discuss the financials.


American Express is number one in customer satisfaction, according to a survey conducted by J.D. Power and Associates. The survey included nearly 14,000 customers.

The survey asked customers about their experience with the issuer’s terms, billing and payment process, rewards program, benefits and services, ability to resolve problems and accessibility.

Consumers said American Express did the best job in each of the categories. According to customers, American Express really outperformed other issuers in the areas of communicating with customers and offering attractive rewards.

If consumers are happy with the product they are likely to keep using it. Further, they are likely to recommend it to their friends. The demand prospects for American Express’ service remain so…………… continues on Seeking Alpha

… Read the full article

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