Main Navigation

Jeffersonville: 502-412-2254 Louisville: 800-392-0352

THIS IS AN ADVERTISEMENT
Law Office of Allan E. Dunaway, PLC

Free Initial Consultations

Posts tagged "interest"

Easing credit restrictions may help Kentucky borrowers

According to a Federal Reserve Bank of New York survey released in February 2015, borrowers with credit scores under 680 had a roughly 50 percent chance of increasing their credit card limits. This represents an increase from October 2014, where a similar survey showed that borrowers with subprime credit scores had a success rate of roughly 33 percent. While this may be good news for borrowers with checkered credit pasts, it has consumer advocates concerned.

How the 2009 Credit CARD Act limits interest rate increases

Kentucky residents may be aware that the 2009 Credit CARD Act placed restrictions on credit card interest rate increases. Issuers are still allowed to increase rates in certain situations, but they must notify consumers in writing 45 days before the new rate goes into effect. The law also allows consumers to decline the new interest rate and pay off their outstanding balance.

Another way of looking at credit card debt

Many people in Kentucky carry high levels of credit card and other types of consumer debt. Some tend to use credit cards in order to purchase things they cannot otherwise afford. It is important for people to try to address their credit card debt, as significant debt levels can cause many financial problems.

Federal law protects debtor from abuse by collection agencies

Natives of Kentucky who have used a debt collection agency to reduce monthly payments and settle debts may find it interesting that there is a federal law that protects an individual's rights whenever a bill collector is being abusive to a consumer. In some cases, a collector will call an individual multiple times, demanding payment in an unprofessional manner.

Getting credit again after bankruptcy

Kentucky residents who are struggling with debt often wonder how filing for bankruptcy will affect their credit and use of credit cards in the future. The fact is that it is possible to get credit again after filing bankruptcy, but the terms will be drastically different from what people with excellent credit enjoy. However, investing in the right credit cards can help consumers rebuild a positive credit history and eventually restore their good credit rating.

Woman sues retailer for creditor harassment

Kentucky readers might be interested in a creditor harassment case recently filed against national department store chain Kohl's. The plaintiff in the case claims that the retail giant called her incessantly, including calls that occurred early in the morning and late at night, in pursuit of a $20 credit card debt. She says she chose not to pay the debt, which was apparently legitimately incurred in November 2013, because of frustration with the way she was treated by Kohl's customer service department. She believes the company broke the law in its attempts to collect the debt.

Credit card debt and bankruptcy

Residents of Kentucky may be interested in a recent article in Daily Finance, a financial website, which discussed average credit card debt calculations. The article pointed out the values associated with average credit card debt and the ways in which those values are used by reporting agencies. The article provided insight into why the reported averages seem to vary. Some common factors that go into calculating the average include whether or not the report includes store and gas cards and whether or not it includes those who typically pay their card off completely each month.

Potential side effects of relying on credit cards

Kentucky residents may be aware of the upfront costs of using credit cards, including interest rates and annual fees. However, there are other side effects to relying on credit to make purchases that tend not to be discussed in the pages of disclaimers that are handed out when a person completes an application and accepts that shiny, new card.

Using credit cards after bankruptcy

Many Kentucky residents wonder if they can continue to use a credit card after they file for bankruptcy. In the case of a Chapter 7 bankruptcy, there are no restrictions so it is entirely possible to use a new card immediately upon receipt. In the case of a Chapter 13 bankruptcy, any new credit must be approved by the trustee overseeing the bankruptcy case. It may be possible to get new credit after that approval.

Provisions in credit card agreements limit card holder rights

Readers in Kentucky may be interested in a recent article that concerns credit card issuers and the agreements that card holders sign. The article asserts that there are a number of provisions in the contracts that may be surprising for the individuals who are signing them.

FindLaw Network