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Category Archives: Credit Card

Bronx bankruptcy attorney discusses overdue accounts for credit cards increased in September

Credit card companies celebrated too soon for having low delinquencies accounts, as reported by LowCards in an October 16th, 2012 news article.

Earlier this fall the five major credit card companies reported near-historical lows in the amount of delinquent accounts they had. However September revised all of that celebration by showing reports of increases in consumer’s missing credit card payments. Bank of America, Chase, Capital One, American Express, and Discover all reported that their delinquency rate is back on the rise. According to these companies a consumer’s account is considered to be delinquent when it is 30 or more days past due for payment.

Capital One showed the highest increase in delinquency accounts, increasing from 3.37 to 3.52. On the other hand CitiBank showed signs of a significant drop in their overdue accounts, dropping from 4.71 to 4.15. Although CitiBank had the biggest drop they are still holding the highest percentage of past due credit card accounts.

If you are facing financial hardship or you are considering bankruptcy, it is important to seek out a qualified attorney. Jayson Lutzky has over 29 years of experience practicing bankruptcy law. To set up a free consultation, call (800) 660-5299, or visit us online at www.BankruptcyNYC.com now.

Checking bank account statements regularly better protects consumers against fraudulent spending

Being aware of even small charges can help save a person from credit card fraud. A local news Channel 8 article published on October 22, 2012 reported that keeping track of small purchases helps protect a credit card consumer from major credit damages. Statistics show that roughly 10% of Americans are affected by credit card…Continue Reading

Bank of America still finds themselves in the courtroom for their 2008 actions

Withholding important information from their shareholders results in Bank of American Corporation paying a high monetary settlement, as reported by Reuters in an online article published September 28th, 2012. Bank of America will be paying $2.43 million to shareholders who bought shares of the investment bank Merrill Lynch & Co. as a settlement for holding…Continue Reading

Consumer use of credit cards declines significantly

In a September 10th, 2012 Reuters’ online article it was reported that the consumer credit debt fell for the first time in nearly a year. Many experts believe that Americans are attempting to reduce their credit card use and debt while the economy remains rocky. The consumer’s credit shrank remarkably in July, nearly lowering roughly…Continue Reading

Bank of America eliminates credit card protection services after a lawsuit settlement

A $20 million settlement has resulted in the Bank of America Corporation to stop offering and selling credit protection services to their consumers, as reported in an August 21st, 2012 Reuters online article. The settlement was the result of a class action suit filed against the Corporation, which had allegedly changed the credit protection terms…Continue Reading

Lawsuit against Capital One dismissed on grounds they were not properly informed

A lawsuit against Capital One for allowing unauthorized withdrawals through ATM machines has been dismissed, as reported by the New York Law Journal in an article published on April 20th, 2012. Royal Arcanum sought damages against Capital One and its ex-vice president, Herrnkind, for Capital One’s failure to have two officers sign off on each…Continue Reading

Libor scandal affects consumers too writes a Bronx bankruptcy attorney

After information regarding Libor manipulation surfaced, investigations began and fines were imposed on both sides of the Atlantic. Libor stands for London Interbank Offer Rate. This rate is calculated every weekday based on bank-supplied information and is one of the world’s most important numbers in finance. It determines how expensive it is for banks to…Continue Reading

What do bank downgrades mean for consumers?

Over the past few years, the banking and financial industry has had its reputation tarnished. Every few weeks, in part to sovereign debt crises and shaky markets, banks have had their ratings downgraded. A June 22, 2012 NPR (via AP) article explains what this means for those besides governments and large corporations—consumers. The Federal Deposits…Continue Reading

Monroe College receives recognition for debt reduction and financial literacy initiatives

Monroe College, with campuses in the Bronx and Westchester, New York, as well as Syracuse University and Shaw University in Raleigh, North Carolina, each received recognition and a $10,000 grant from USA funds. The three colleges had outstanding programs for financial literacy and debt reduction according to a June 21, 2012 Daily News article. Monroe,…Continue Reading

Lower interest rates do not necessarily mean higher consumer borrowing

Recently, interest rates in have fallen.  Even though low interest rates mean that borrowing costs are low, businesses have used these low borrowing costs to their advantage much more than consumers according to a June 9, 2012 New York Times article. Consequently, during the first quarter 1 of 2012, businesses were borrowing more than ever…Continue Reading

Credit card interest rates on the rise

Interest rates on credit cards have increased in the last three months of this year, as reported by a New York Times news article published on April 10th, 2012. In the last year the average annual interest rate has increased roughly 4 percent, making the current interest rate average 12.46 percent. The credit-card industry has…Continue Reading

Bronx bankruptcy attorney comments on the number of bankruptcies dropping

Records have shown that bankruptcies filed in 2011 dropped from previously years, as reported by the New York Times in a January 12th, 2012 news article. According to the Credit Slips blog by Robert Lawless, a bankruptcy law professor at the University of Illinois College of Law, reported that roughly 1.4 million bankruptcies were filed…Continue Reading

Consumer’s confidence leads to a stronger economy

Analysts are reporting that consumers appear to be gaining more confidence in the economy, as reported by The New York Times in a January 9th, 2012 news article. People borrowing money increased significantly in November, reaching the largest amount in the past decade. More consumers were obtaining loans and using their credit cards. Analysts explain…Continue Reading

Medical debt outranks other debt in bankruptcy survey

A new study has found that medical debt is the biggest contributing factor to people filing for a personal bankruptcy, as reported in an August 18th, 2011 New York Times article. The study reported that approximately 20% of people who filed for bankruptcy cited medical debt as the primary cause of their debt. This percentage…Continue Reading

Bronx bankruptcy attorney gives tips on freelancers applying for a mortgage

  With the job market still is not on stable ground many Americans have turned to freelance jobs to help pay the household bills. Unfortunately, income from freelance jobs can have a grave effect on a person getting or modifying their home mortgage, as reported in an August 26th 2011 article. For those freelancers looking…Continue Reading

Opting in to high debit card fees

Recently, the Consumer Federation of America made it a requirement for banks to give their patrons the choice to “opt in” or “opt out” of being able to overdraft their debit card transactions. If they “opt it” the bank will allow their debit card to still be processed even if there is not a sufficient…Continue Reading

New Fees for Debit Card Use

  The use of debit cards has become pervasive throughout everyday life for many of us. Their ease of use and safety features provides us with convenience when purchasing goods and services. However, their widespread use may become slightly less common. According an article published on August, 27 2011 in the New York Times, some…Continue Reading

The New York Times supports a strong an independent Consumer Financial Protection Bureau

The New York Times published an editorial calling for a strong and independent Consumer Financial Protection Bureau. “Consumers vs. Banks,” The New York Times, Sunday, July 24, 2011. Congress created the new Consumer Financial Protection Bureau (C.F.P.B.) when it approved the Dodd-Frank law to overhaul financial regulations after the credit crisis. The editorial reminds readers…Continue Reading

A possible default and government downgrade will not significantly affect home loans nor credit cards

A possible government debt downgrade will not significantly affect home loans nor credit cards, The New York Times reports, “How a Debt Downgrade May affect Consumers,” The New York Times, Monday, July 26, 2011. Many are concerned that in Washington there will not be an agreement in time to avoid a possible default and debt…Continue Reading

Bronx bankruptcy attorney discusses recession’s impact on the Hispanic community

A new study shows that the Hispanic population has been hit the hardest by the recession. A study conducted by the Pew Foundation and using data collected by the Census Bureau reported, that the average Hispanic household wealth has decreased the most during the recession then any other racial group. According to a July 26th,…Continue Reading

Bronx bankruptcy lawyer discusses settlement between credit card companies and government

Two major credit card companies have reached a settlement with the federal government in regards to a case filed against the companies back in October. The New York Law Journal reported in a July 21st, 2011, article that an Eastern District Judge had approved the settlement agreement reached between the federal government and Visa and…Continue Reading

Bronx bankruptcy lawyer comments on new rule placed on creditors who deny consumer loans

As of July 21st, 2011, consumers will be entitled to have a better understanding to how the creditors view them, as reported in a July 9th, 2011 New York Times article. Consumers who are denied or do not receive the best interest rate on a loan by a creditor are now allowed to view the…Continue Reading

Bronx bankruptcy lawyer discusses American Express new prepaid card service

  American Express has joined the prepaid cards’ market and already redefined the rules. As reported in a New York Times article published June 18th, 2011, American Express has launched their prepaid card service that is free to use and has no hidden fees. “The prepaid market is synonymous with fees,” declared Dan Schulman, president…Continue Reading

New York bankruptcy law firm views about the consumer financial protection bureau

  What is the Consumer Financial Protection Bureau? The Consumer Financial Protection Bureau is an entity that has the authority to protect consumers by issuing and enforcing rules related to their purchasing decisions. This bureau, a new division of the Federal Reserve System, was recently created by the Dodd-Frank Wall Street Reform and Consumer Protection…Continue Reading

Many Struggling With Student Loan Debt

      A new study released by the Institute for Higher Education found that many people with student loan debt are having problems paying them back, The New York Times reports, “Loan Study On Students Goes Beyond Default Rates”, Wednesday, March 16, 2011. The numbers are impressive. For every borrower that defaults on a…Continue Reading

Fighting Over Reducing Debit Card Fee’s

    A group of Senators from both parties introduced a bill that would delay a new federal regulation to reduce the swipe fees that banks charge businesses for debit card transactions, the New York Times reports. “9 Senators Seek to Delay Debit Card Fee Changes”, The New York Times, Wednesday, March 16, 2011. The…Continue Reading