Atlanta Bankruptcy Attorney Blog

How frequently do you check your credit card statement?

If you're like most folks, you simply read your balance and write a check. After all, why would you want to think about all that money that goes down the drain each month, right? But if you don't check up on your charges, your loss could literally be somebody else's gain.

The Federal Trade Commission recently busted a group of scammers that stole millions of dollars from millions of credit card users for over four years. How did they get away with stealing so much for so long? Easy. They took small amounts from each victim - a quarter here, 75 cents there - which they figured no one would notice. Sure enough, very few people reported the charges. But all those pennies add up. If too much debt has you struggling to pay the bills as it is, you shouldn't have to deal with someone getting a free ride off of your hard-earned dollars.

Continue reading "Why Atlanta Credit Card Holders Should Read Their Credit Statement Every Month" »

I don't what makes me sweat more - hot summer weather, or the big air conditioning bill that comes with it.

Most folks spend more than half of their energy bill on air conditioning and heat, according to the U.S. Department of Energy. That's a lot of money to spend - but it could become a lot to save, too.

Obviously, you could reap the biggest savings by giving up air conditioning cold turkey. But even if you can't bear to live without the comfort of artificial air during the dog days of summer, just a few small changes here or there can keep you cool without causing you to break a sweat when that bill arrive, say Atlanta bankruptcy attorneys. And for those of us already struggling with debt before the thermometer rises, that's no small change.

Continue reading "How to Reap Cool Savings on Air Conditioning Bills During Summer in Atlanta" »

If you're tired of the fees your bank is tacking on to your checking account, how about forgoing the bank altogether?

Don't worry, I'm not advocating that you store your paycheck under the mattress - I'm talking about considering a credit union. As banks make simple checking accounts more expensive with things like account maintenance fees, balance transfer fees, minimum deposits and other annoyances, cash-strapped customers are looking for alternatives, say Atlanta bankruptcy attorneys. And with lower rate credit cards and certain loans, a credit union might be just the solution.

Continue reading "Credit Unions Offer Better Deals Than Banks For Some Atlanta Customers" »

You don't have to believe everything that you read on your credit card statement.

No, I'm not talking about accuracy (I'm assuming the information your creditor reports is correct -though if you never read your statement, how do you really know?). I'm actually referring to a new statement feature, courtesy of the Credit Card Accountability Responsibility and Disclosure Act (otherwise known as the Credit CARD Act). According to the law, your credit card company must provide you with a number that estimates just how long it will take you to pay off your debt if you only make the minimum payment each month. For many of us, that could be decades.

Now, if you really do intend to make minimum payments for the rest of your life, then I guess you can accept your estimate. But if you don't want it to become reality, don't believe it. Instead, believe that you have the power to change that number - and your debt problems.

Continue reading "Paying the Minimum Payment Leads to Maximum Debt for Atlanta Credit Users" »

There's nothing more painful than spending your paycheck on bills. But what if paying one of those bills could pay off in the long run?

We all know we need to save money for our future. But it's all too easy to get caught up in the monthly bills, the mortgage, the groceries and gas - and everyday life in general - allowing our plans for investing money to fall by the wayside. But there's a way to make that saving automatic - literally.

We need to save in order to buy that house, take that dream vacation and - maybe most importantly - to retire, right? So stop looking at saving as optional and start looking at it as a necessity, say Atlanta bankruptcy attorneys. Since that's easier said than done, stop giving yourself a choice - instead, set up an automatic savings payment.

Continue reading "Atlanta Residents Can Stop Procrastinating About Saving By Making Investing Automatic" »

If credit card fees have been eating into your paycheck, you're about to get another break.

On Tuesday, the Fed adopted yet another set of credit card limitations. This round of laws limits credit card late fees to $25 and keeps creditors from charging a penalty larger than the charge that caused the violation - for instance, instead of slapping you with a $30 fee for going over your credit limit by just $5, you won't have to pay more than five bucks. Nor will banks be able to charge more than one fee per violation. And - my favorite - no more inactivity fees (seriously, how is it fair to penalize someone for choosing not to spend money?).

But despite all the positive changes, the new rules still won't get to the root of most folks' credit card problems when they go into effect in August.

Continue reading "Atlanta Credit Users Can Lower Credit Card Fees with New Fed Laws" »

Are you struggling to pay the rent? Or hoping for a better place to live - but afraid you can't afford to move? You might be able to set your own rental price.

You've heard of a buyer's market, but what about a renter's market? It's what we're experiencing right now, say Atlanta bankruptcy attorneys. Rent prices dropped nearly 6 percent last year, according to real estate investment company Marcus & Millichap. Rental units have become more available as kids moved back in with Mom and Dad to save money and people added roommates to lower their rent.

While a growing number of renters could eventually create a shortage - making it a landlord's market - you might still be able to score a lower rent if you act soon.

Continue reading "Use the Economy to Lower Your Rent So You Can Start Saving" »

Sometimes good news can be dangerous - take the most recent foreclosure numbers, for instance.

For the first time in years, the foreclosure rate has steadied, according to the Associated Press. A third fewer homeowners are opening up our mailboxes to find letters warning that, if we don't pay up, we'll lose our home. It seems like things are finally getting better.

But, while encouraging, those numbers don't tell the whole story - especially for those of us dealing with credit card debt and other financial strains.

Continue reading "Foreclosures Level Off, But Remain a Risk for Many Atlanta Homeowners" »

Credit cards bear the brunt of the blame for our overspending - sometimes deservedly, sometimes not.

Sure, paying with plastic can make it all too easy to make impulse buys - leading to credit card debt and an empty checking account. But for some folks, paying with paper makes it too easy to lose track of where all that money's going because, unlike with credit, there's no statement to hold you accountable at the end of the month. So how do you know what's right for you - cash or credit card? Take a look at your spending habits, say Atlanta bankruptcy attorneys.

Continue reading "Spending with Cash or Credit Has Benefits and Drawbacks for Atlanta Shoppers " »

Despite news that the economy is recovering, Atlanta residents and the rest of the country are still stressed out.

What's the reason? More than 46 percent of people surveyed by the Associated Press said that debt was a major source of stress in their lives. Even though we're scrimping and saving, it doesn't seem to be enough to erase the massive debt burdens many of us racked up in the years before - and during - the recent recession, say Atlanta bankruptcy attorneys.

But there's a bright side. We don't have to wait for economic recovery to ease debt worries - not when we have the option of bankruptcy.

Continue reading "Bankruptcy Can Help Americans Lower Debt Stress While Economy Recovers" »

Have you ever stopped by the grocery store for a box of cereal only to exit with four bags worth of food - and a hefty receipt? If so, take heart - you're not alone.

Even the most budget-minded shoppers are guilty of falling victim to impulse buys - and it's not all our fault, say Atlanta bankruptcy attorneys. Stores have a few tricks up their sleeves to get us to spend more than we should. And being aware of those tricks could lead to lower bills and less debt.

Continue reading "How to Avoid the Spending Traps Retail Stores Set for Atlanta Shoppers" »

Taking out a loan to pay off debt doesn't really make sense - after all, a loan means more debt.

But that's exactly what millions of Americans do each year when they sign up for debt consolidation loans. From the alluring promises made in debt consolidation ads, it's hard not to be curious. Combine all your debts - mortgage, car loan and credit cards - into one easy low-rate payment, they say. Save thousands a year! Wipe out credit card debts!

It sounds too good to be true - and at DebtStoppers, we know that means it probably is!

Continue reading "Debt Consolidation Loans Can Leave Atlanta Residents With More Debt" »

Did you know your credit score can go up and down each month, even if you're usually a responsible credit user?

Your credit score isn't some static number - it's actually a monthly assessment based on the information your lender provides to credit bureaus, say Atlanta bankruptcy attorneys. It's a snapshot of your credit behavior at one point in time. So if you ring up an unusually high credit card balance one month, all of a sudden you look like a riskier borrower - even if your past history says otherwise.

That's good and bad news. Good, because it means you have more power to change your credit score than you may realize. Bad, because your behavior one month can jeopardize your finances the next.

Continue reading "Why Getting Too Close to Your Credit Limit Can Hurt Your Score" »