Alarmingly, one in three Americans keep their credit card debt a secret.[1] Concealing one’s debt often leads to further financial strain. Credit card debt won’t go away on its own so consumers that are facing ever-mounting balances need to face the music and act. It may be scary and uncomfortable, but by putting a plan […]
I Worked at Capital One for Five Years. This Is How We Justified Piling Debt on Poor Customers.
The subprime lending giant is a textbook case in creating a corporate culture of denial. Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman The first thing you should know about a woman I know, who I’ll call Annie, is that she volunteers to sit at the hospital with people who are going to die […]
My Husband Got Secret Credit Cards and Maxed Them Out
What to do when your partner ruins their credit — and credibility. Here’s how to fix financial infidelity. Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. By Cheryl Strayed and Steve Almond April 17, 2018 Dear Sugars, My husband and I are both 30. We’ve been married five years. Several months ago, we decided […]
Your Credit Score: Updates You Should Know
With a new version of the leading FICO credit score working its way through the lending industry, borrowers who have wrestled with medical debt and others who have only a limited credit history might find their scores have improved when they apply for future credit cards or auto loans. FICO Score 9 was rolled out […]
Subprime Borrowers Often Lured by High-Fee Credit Cards
UNSOLICITED credit card offers can sound especially appealing to people with blemished credit, or a sparse borrowing history, since they lack alternatives. But cards targeting subprime consumers — those with low credit scores — can get these borrowers into deeper trouble. So-called fee harvester cards offer very low credit limits, but also charge high upfront […]
The Pros and Cons of Avoiding Credit Cards
Millennials are far more likely than older adults to make do without credit cards. More than 60 percent of millennials — defined as those age 18 to 29 — said they did not have a single major credit card, according to a survey published this week by Bankrate.com. In contrast, 35 percent of adults over […]
Credit Card Offers Are Not Always What They Seem
The offers stuffing your mailbox can sound enticing: Transfer a balance from a high-rate credit card to a new card and pay no interest for six months, a year or even longer. If you’ve been struggling to pay off credit card debt, such offers can help you pay off your balance, at no cost, over […]
Class Field Trip Stops at a Local Pawnshop
Submitted by New Jersey Bankruptcy Attorney, Lee M. Perlman. READING, Ohio — The last time Brian Page had to file the paperwork to evict a tenant from a rental property he and his wife own, he noticed all the check-cashing services and pawn shops on his drive home from the courthouse. A clerk tipped him […]
7 Ways Parents Can Help Children Escape Debt
Like most people, I wasn’t born with a silver or gold spoon in my mouth. And I didn’t get everything I wanted with a “snap of my fingers.” In fact, it was Christmas 1979 that my dad was laid off from his job in the auto industry. He was laid off for seven and half […]
5 Money Talks to Have Before You Get Married
You finally found your soul mate — someone who is sympathetic, nurturing, loving and caring. You’re ready to tie the knot. But before you say, “I do,” can you honestly say, “We did?” No, I’m not talking about that. I am talking about the talk. Not the one about sex and family but rather the […]
