Atlanta Bankruptcy Attorney Blog

Sometimes it seems that the more ambitious the New Year's resolution, the more likely it is to fall by the wayside as the year progresses.

But, believe it or not, resolving to lower spending can be an exception to the rule. It all depends on how you tackle it.

Sure, the ideal budget works by meticulously tracking every check you write, credit purchase you make or dollar you spend. Just like a diet makeover, one of the best ways to truly change is to hold yourself accountable for every cent (or bite). But the problem is, it can also set you up for failure when the going gets too tough - and you give up.

Instead, why not start with an easier shortcut?

Continue reading "Make 2010 the Year of Financial Freedom with a Spending Plan" »

Imagine that you're given the opportunity to transfer debt from your current credit card to one with a 0% interest rate. Seems too good to be true, right?

Unfortunately, it often is. Sure, it looks like the real deal at first glance. The less interest, the less you pay in the long run, right? But, remember, credit card companies didn't get rich because they put the customer first. There's got to be something in it for them - and that usually means fees, according to the Associated Press.

Here's what credit issuers won't tell you in those balance transfer offers.

Continue reading "Transferring Credit Card Debt Can Cost More Than Its Worth, Say Atlanta Bankruptcy Attorneys" »

Credit card companies are trying to reduce their use of paper - but it's not because they want to go green. Rather, they want to hold on to more green.

In the last couple months, credit card issuers have been sending out information about term changes in order to comply with new credit reform legislation, which limits and requires advance notice for the fees they can charge.

Along with notice of higher interest rates and steeper fees for cash advances, I've noticed a much smaller change. At least two of my card issuers are going to start charging me for receiving paper statements -- $1 and $2 each month. Imagine paying that fee for a handful of credit cards - the amount most Americans carry - and you're looking at as much as $100 a year, just to receive statements the way you always have. That's no small change when most folks are already struggling to pay the bills.

Continue reading "Creditors Start Charging Customers for Paper Statements" »

Just because that scarf Grandma gave you isn't your style doesn't mean you can't get what you really want - or need - this Christmas.

With most folks struggling to make ends meet, there's nothing wrong with admitting you want to squeeze the most use out of your presents - especially when you've dropped big bucks on gifts for friends and family over the past several weeks. Fortunately, stores are giving us a break this year.

Retailers like Best Buy, Wal-mart, Sears and even Overstock.com are making it easier than ever to return or exchange gifts by extending deadlines and loosening formerly strict policies, according to an article on MSNBC.com.

Continue reading "Gift Returns and Exchanges Could Become Easier This Year" »

Sometimes a situation has to get worse before it gets better. Case in point: credit cards.

Sure, new credit card legislation should make some things easier going into the new year. For instance, creditors now have to send our bills 21 days before the due date. They can't punish us for a late payment by hiking our interest rate unless we're more than 60 days past the due date. And even then, a late payment on one card won't affect your rates on other cards - what was known as universal default.

But it seems that for every unfair fee creditors have to give up, a new fee is created. In the future, keep your eye out for annual fees, steeper penalties and higher interest rates - in one case, an APR of nearly 80 percent!

Continue reading "Credit Card Issuers Hike Interest Rates in New Year" »

Citibank is giving a few thousand Americans the ultimate Christmas gift this year. Problem is, there isn't enough to go around.

The megabank recently announced it would put foreclosures and evictions on hold for some 4,000 homeowners this holiday, according to MSNBC.com. The break applies to homeowners with Citibank-owned loans and lasts through the middle of January.

It's intended to reduce stress during this already crazy time of year, said a company spokesman. And I'm sure it will for those 4,000 people, temporarily anyway. But what about the millions of other Americans that are on the brink of losing their homes?

Continue reading "Bank Lets Some Homeowners Stop Foreclosure This Christmas" »

With the dawning of the gift card age, gift givers thought we had finally moved past the days of fruitcakes and ugly sweaters. Because you can't go wrong with plastic, right?

Maybe you can. It turns out that much of our good intentions are still going unused. But instead of going in the trash or to the thrift store, our gifts are going to making businesses richer. Retailers call it breakage, the portion of gift cards and certificates that never get spent. And breakage is no chump change. Most retailers like to keep it on the hush-hush, but here's an idea of how much we're "donating" to stores each season. Home Depot made $37 million off gift cards last year, while Best Buy brought in $38 million, according to the NY Times.

For shoppers on an already tight budget, it's an insult.

Continue reading "Gift Cards Might Be Convenient, But They Aren't Always Cheap" »

Ready for some good news for once? Now that the economy is starting to rebound, it looks like employers are ready to give you what you really want for Christmas - raises, bonuses and benefits.

It's a long-awaited change from wage freezes and mass layoffs. But it's news that should be taken with a grain of salt for a couple of reasons.

First, know that not everyone will get that much-needed paycheck boost, according to USA Today. About 40 percent of employers reported that the raises would be based on employee merit, rather than given across the board, in a study by Towers Perrin. If you want that raise (and want to keep hoards of qualified job seekers from stealing your position) you're going to have to be on your most professional and productive behavior.

Second, realize that earning more money doesn't necessarily mean you'll be any richer.

Continue reading "Atlanta Bankruptcy Attorneys Say Employee Raises and Benefits Are on the Way" »

Ready for some good news for once? Now that the economy is starting to rebound, it looks like employers are ready to give you what you really want for Christmas - raises, bonuses and benefits.

It's a long-awaited change from wage freezes and mass layoffs. But it's news that should be taken with a grain of salt for a couple of reasons.

First, know that not everyone will get that much-needed paycheck boost, according to USA Today. About 40 percent of employers reported that the raises would be based on employee merit, rather than across the board, in a study by Towers Perrin. If you want that raise (and want to keep hoards of qualified job seekers from stealing your position) you're going to have to be on your most professional and productive behavior.

Second, realize that earning more money doesn't necessarily mean you'll be any richer.

Continue reading "Atlanta Bankruptcy Attorneys Say Employee Raises and Benefits Are on the Way" »

Creditors have been playing a dirty trick on their customers. And the worst part is, they're making it look like they're actually doing us a favor.

Just grab your latest credit card bill to see what I'm talking about. What's the most prominent feature on your bill? I bet it's not your balance, but your minimum payment. This "amount due" is usually between 2 and 4 percent of the full amount you owe. At first glance, this looks like a good thing. Let's say you're dreaming of buying yourself a $500 laptop for Christmas. Five hundred bucks seems like a lot to spare in this economy; but, at a 2 percent minimum payment, you'd only be shelling out $10 a month if you used your credit card - seemingly making the purchase more affordable.

That's the illusion. What's the reality? You might be paying less with each payment but you'll pay more in the long run. Creditors created minimum payments not to save you money, but to keep you in debt - and shelling out your hard-earned dollars - infinitely.

Continue reading "Ignore the Minimum Payment To Pay Down Debt" »

If you're shredder-happy when it comes to your junk mail, you may want to start exercising a bit more caution.

Americans are used to being bombarded with junk mail from creditors, from new card offers to routine legal notices. But with credit card companies coming up with ways to counteract the new consumer protection laws, those notices are actually starting to contain important information.

For example, Citibank and Bank of America notified consumers that they would be piloting an annual fee, while another company, American Express, announced plans to punish late-paying cardholders of Delta Airlines, JetBlue and Starwood and Hilton hotels by taking away their mileage and hotel rewards points.

What else could consumers face in coming months? Let's see, bigger late fees, higher interest rates and fees associated with customer service calls, paper statements or simply inquiring about having a higher credit limit. So what can you do to keep up with all these potential changes? Simple: check your mail!

Continue reading "Keep An Eye Out for New Credit Card Changes" »

When most folks worry about maxing out their credit cards this season, they're thinking of gift shopping. But there are a lot of forgotten small expenses that can leave you deeper in debt come January.

For example, let's look at the annual holiday get-together. Maybe you always throw your own Christmas party. Or maybe between work and friends, you're invited to a half dozen holiday fetes this month. The result can be the same - between groceries for cooking, festive decorations, hostess gifts, and (if you really go crazy) new outfits, you could bust your budget before you make it through your gift list.

It's hard to maintain financial control this time of year, what with the festive feeling in the air, tempting sale displays on store shelves and holiday advertisements bombarding you from the TV screen, magazine pages, billboards and radio. But use the following advice to help you stick to that budget like you do the rest of the year and you'll be in better shape when the tree and lights come down and we all return to our regular lives.

Continue reading "Learn How to Lower the Cost of the Holiday Season" »

With holiday shopping season in full swing, many of us are worrying about whether or not we're putting too much on the old credit card. But soon we might have a different worry - do we have too little credit?

Along with the housing and job markets, consumer credit has shown little sign of recovering since collapsing last year. After years of handing out credit like candy via subprime mortgages, retail stores and mailboxes (I'm not kidding - I know kindergartners who got credit card offers in the mail) lenders are tightening up their belts, giving out credit to only those with the very best credit history.

If spending more than we earned got us into this financial crisis, having less credit going around might seem like a good thing. But the problem is, some credit is necessary for the financial world to go round - and for our economy to recover.

Continue reading "Credit Getting Tighter For Consumers" »

Grandma had it right all along - coupons are cool. But instead of clipping them from newspapers, magazines or the backs of cereals boxes, today's consumers are going online.

With most holiday shoppers looking for the best way to stretch their dollar this year, Cyber Monday - the new, online version of Black Friday - has exploded in popularity, mostly because of all the coupons available on the Internet. Since last holiday season, coupon websites like RetailMeNot, CouponCabin and BradsDeals.com saw traffic grow by 57%, 65% and a whopping 174% respectively, according to USA Today (some other discount sites include Savings.com and CoolSavings.com). Additionally, more than 20% more consumers printed online coupons this year than last year.

But while sales are appealing, they're only good deals under the right set of circumstances.

Continue reading "Consumers Looking Online for Discount Coupons" »

'Tis the season for Christmas cards and phone calls from family and friends, but some of us are receiving more hostile greetings over the phone and in the mail this season - from bill collectors.

Unlike most folks, bill collectors don't like to give breaks over the holidays. When you're late on your debt payments, it's their job to bully you into coughing up the cash. That means calls at home and work and letters in the mailbox - even after you've explained the circumstances that are currently preventing you from paying.

But though it might feel like they've got you surrounded with no way out, you still have rights. And with help from a professional bankruptcy attorney, you might be able to silence those bill collectors for good.

Continue reading "Put a Stop to Harassing Creditors With Bankruptcy" »