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Credit card debt

Credit card practices “explained”….in a funny and satirical way

If you weren’t already cynical about the credit card industry’s practices in the face of the Credit CARD Act of 2009 which went into effect yesterday (Feb 22, 2010), take a look at this very funny and “educational” video by Mark Fiore: [youtube=http://www.youtube.com/watch?v=NCJHi-b0rhw&feature=player_embedded] Click here to read more posts on NYBankruptcyNet about credit cards For …

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The new credit card law: What New Yorkers need to know to protect themselves

The Credit CARD Act of 2009 goes into effect TODAY, February 22, 2010. What does it mean for New Yorkers like you and me? Will it really help us? Is there anything we have to watch out for? The answers:  More protections.  Yes, to some extent.  And yes, there are things to watch out for. …

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Credit Card Debt Collectors: Honey? Or more vinegar?

If you listen to the collections industry, credit card companies have started employing a lighter touch when it comes to debt collection. An article on CollectionsAndCreditRisk.com says that this strategy is an attempt by the credit card industry to mitigate its losses. However, based on everything I hear from my clients, such genteel behavior by …

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1099-C and Forgiveness of Debt: Another reason to be wary of debt settlement companies

I’ve previously warned against working with debt settlement companies on the basis that many of them are scams and just take advantage of people. However, here’s one more reason to be wary of debt settlement companies:  1099-C…. the tax document you receive signifying income when a debt is forgiven. If you negotiate a settlement so …

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WNYC talks with a debt collector

Most New Yorkers’ interactions with a debt collector involve incessant calling, perhaps yelling and verbal abuse and in some cases threats and outright lying (which, for the record, is illegal). Today, however, NPR’s affiliate WNYC has a story where they actually talk to a young gentleman who works for a third-party debt collection company and …

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Sign of the times: Stand-up comedy on credit card debt and debt collectors

I’m in no way advocating comedian Tim Clue’s tongue-in-cheek approach to credit cards and debt collectors.  But it is nice to see a humorous take on the subject and an acknowledgment that this is an issue that people deal with every day. [youtube=http://www.youtube.com/watch?v=I5bbvMR8Ee4&feature=player_embedded] If you’re facing problems with credit card debt and bill collectors, please …

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“Healthcare” approach to banking may help reduce bankruptcy filings in the future

There is often talk about how to reduce bankruptcy filings. The credit industry’s oh-so-caring approach was to make it harder to file for bankruptcy by adding various speed bumps and obstacles to the 2005 Bankruptcy Law (aka BAPCPA).  That was a very reactionary, not to mention sloppy, approach that was really intended to serve the …

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Credit card companies increase rates as holiday season approaches

Just in case you thought things weren’t bad enough, the credit card companies are stepping up to make sure you know that things can get worse according to a recent article in the Denver Post. As holiday season approaches, credit card companies have been raising rates (sometimes double or event triple the previous rate), increasing …

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Wall Street Journal says “Beware of ‘Debt-Relief’ offers”

I always try to warn people to avoid the empty promises of debt relief and debt settlement companies that require up-front fees and imply that you’ll only need to pay pennies on the dollar. Now, the Wall Street Journal is warning people as well in a recent article (“Beware of ‘Debt-Relief’ Offers“).  The article notes …

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