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Credit Card Debt Archives

Debt elimination strategies in Kentucky

One very popular method that Kentucky consumers use to pay off debt is called the snowball strategy, where they start with the smallest debts and pay them off. As smaller debts are paid off, individuals then move on to larger obligations. The reason this tends to work is that when people feel they are making progress or have achieved a goal, even a small one, they are likely to keep working towards a larger goal.

Potential Fed interest rate increase can affect credit card debt

Consumer debt is a major problem for many people in Kentucky and across the U.S. From unemployment to using credit cards for too many expenses, debt can accrue for a number of reasons. There are also less obvious issues that can cause debtors to struggle. An example is an interest rate increase from the U.S. Federal Reserve.

Citibank settlement could help Kentucky consumers

According to regulators, Citibank agreed on July 21 to pay $700 million to customers and another $70 million in fines related to deceptive credit card practices. The Consumer Financial Protection Bureau said that 8.8 million customers were billed for add-on services such as debt protection and credit monitoring. Cardholders in Kentucky and elsewhere were told that these services were free for 30 days or were charged for services that they never received.

Collections on old debt in Kentucky

Many Kentucky consumers find that they allegedly owe money for transactions that they do not recognize or do not remember. In many cases, the consumer never received a notice of a bill before the company placed the account into collections. This can happen for a variety of reasons, and the Fair Credit Reporting Act does not require all companies to inform the consumer when they are going to place an account into collections.

Restrictions on credit card interest rates

Kentucky residents may be aware that the Credit Card Accountability Responsibility and Disclosure Act, which was passed in 2009, placed a number of new restrictions on credit card companies. One of the most significant changes brought in by the law was a strict set of rules governing when an issuer could increase interest rates and by how much the rates could go up.

How can I stop debt collectors from contacting me?

While the end of year draws celebrations and family gatherings, many individuals are confronted with a reality of financial challenges that will continue to loom after all the confetti and party favors are cleaned up and disposed. Credit card debt is a common worry and cause for stress, especially for people in Kentucky facing unemployment. Increasing expenses, an inability to pay interest and lack of income often results in collection companies calling at all hours.

The risks of using credit cards to pay tuition and student loans

With college tuition costs continually on the increase and the job market slow to improve, many college students and graduates find themselves struggling to make tuition and student loan payments. The stress of being unable to make payments can be considerable and sometimes leads debtors to turn to credit cards as a solution. Using a credit card to pay college tuition and student loans, though, involves certain risks.

The Best Bankruptcy Attorney is not neccessarily the Cheapest Bankruptcy Attorney

    I know that people who call me are having financial difficulties. DUH! No body calls me for information on their gall bladders. However, after doing this for 25 years, I get tired of people calling and asking what I charge as their very first question. It's as if we are all alike and filing a successful bankruptcy case can be done as easlily by any attorney.

Americans going deeper into credit card debt in 2014

Most of us know what we should do in terms of credit habits in order to get on track and out of debt. Unfortunately, knowing and doing don’t always match up. According to recent numbers from, Americans are paying down less in credit card debt than we did last year, and significantly less than we paid down five years ago, in the midst of the recession. In fact, it is projected that Americans will significantly add their credit burden this year.

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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