Hatfield Harris, PLLC
Local: 479-250-1962 or Toll Free: 800-491-4103

Credit Card Debt Archives

Financial hardship engenders a search for realistic remedies

We all know the spending temptation that is engendered by the holiday shopping season. Advertising and intensive marketing campaigns in Arkansas and nationwide make it difficult to use credit cards conservatively. Many persons who are trying to keep a tight budget may stray into the grip of credit card dependency, and some may encounter dire financial hardship in the process.

Is credit card debt threatening your retirement?

As Arkansas people approach retirement, some may be concerned about their current financial situation. It has been reported that credit card debt nationwide is escalating toward the high levels that were recorded in 2008. To ensure you do not go into retirement with loads of credit card debt, you can take some precautionary steps.

After bankruptcy, using debit card for family budget makes sense

Most consumers likely have a pinch of doubt over whether to use a credit card or a debit card. A credit card will increase one's credit score, as long as the full bill is paid timely or early each month. For that reason, Arkansas citizens who wish to maintain existing credit or to improve a declining credit record will generally want to have one or two credit cards for reporting purposes. Alternatively, one may be entering or just completing a bankruptcy, with a strong interest in credit rebuilding, thus mandating the use of one or two credit cards for similar reasons.

Some online borrowers turn to bankruptcy for effective relief

There is a new kind of loan that is being offered online to people nationwide, including here in Arkansas. The online loan business is gearing up quickly, offering certain advantages, such as quick approval times, lower interest rates and straightforward terms. However, some borrowers have overextended themselves by taking out too many online loans, thereby creating a situation where they are in too deep without a viable remedy. When that happens, many borrowers are learning how effective the bankruptcy remedy is for eliminating unsecured debt.

Beware of scammers offering to resolve credit card debt issues

It is not uncommon for Arkansas consumers who are overwhelmed by credit card debt to fall prey to businesses that promise to resolve their debt issues. Unfortunately, the desperation to get out of the spiral of unmanageable credit card debt makes some people blind to the fact that if an offer sounds unbelievably good, it is probably a scam. A federal court has recently halted an operation run by scammers who offered debt relief nationwide.

Overwhelming holiday credit card debt may cause sleepless nights

Some Arkansas consumers may have joined millions of others in spending more than they intended to over the holidays. Unfortunately, spending may lead to more debts and more bills. January is typically the month when consumers start strategizing on how to pay their credit card debt. Out of desperation, some consumers resort to digging into their emergency funds or life insurance to pay credit card debt.

Bankruptcy still offers an effective path to a fresh start

Surveys indicate that the credit card crisis nationwide, and including in Arkansas, has not ended. There may be more people watching their step and using credit more judiciously these days, but according to one survey by a national credit counseling foundation, a full 20 percent of those surveyed indicated they had to rely on credit cards to make ends meet. Thus, it's clear that some consumers will benefit by the bankruptcy remedy, which is an effective and powerful way to wipe out large amounts of unsecured credit card and medical debt very quickly.

Many people still face high credit card debt and medical bills

In the next few years, the credit scores of people caught up in foreclosures or other financial crises during the recession, will begin to improve substantially. Not only does negative information generally fall off of one's credit record within seven years, but many people in Arkansas and elsewhere have been able to beat that clock and improve their records at a much quicker pace. According to some observers, the loosening of credit has already begun and massive new instances of defaulted credit card debt may be re-emerging.

Good credit can be restored after bankruptcy discharge

One fallacy about bankruptcy is that the debtor will never get credit again. That's not true for the vast majority of people who have successfully completed a consumer bankruptcy. Whether you file in Arkansas or another federal bankruptcy district, there is a good likelihood that you'll be able to restore credit fairly soon after the case is discharged.

Credit card debt doesn't mean someone is a frivolous spender

Many people immediately assume that someone who carries a lot of credit card debt is an irresponsible person, or that they simply don't understand "the concept of money." To be fair, these stereotypes could be true of some people. But there are many people out there who are carrying credit card debt because they had to make an unexpected or extreme purchase for their livelihood, or for the betterment of a loved one.