Atlanta Bankruptcy Attorney Blog

First food prices, then gas - now it looks like ATM fees are on the rise. But the good news is, you can choose not pay the higher price, say Atlanta bankruptcy attorneys.

Currently, using another bank's ATM means about a $2.50 charge from the competitor bank - and a fee of $1-$1.50 from your own bank. But Chase recently shared its plan to hike ATM fees for non-customers in Illinois to an unheard-of $5 per transaction. Rates in Texas, another state involved in the trial, will increase to $4. That means that, for a simple $20 withdrawal, you would be paying 20-25% interest - or 30% interest when you include the charge by your own bank.

Financial wisdom has long held that you can get more with cash than with credit, because you don't have to pay a premium - i.e. credit card interest - to use paper money. But if customers simply roll over and pay these crazy new rates, we could lose the freedom to save money with cash.

Continue reading "Big Bank Raises ATM Fees for Struggling Consumers in Some States" »

Just like early birds get the fattest worms, early tax filers might get the fattest tax refunds.

Even though Uncle Sam is extending this year's tax deadline from April 15 to April 18 due to a Washington holiday, taxpayers may want to file early this year, explain Atlanta bankruptcy attorneys - particularly those who think they're going to be getting money back. This Tuesday, the IRS began accepting returns, even for taxpayers planning on itemizing deductions (though most of us can file as soon as we receive our W2 and 1099s, itemizers had to wait a bit longer this year while the government put some tax law changes into effect). Maybe the idea of doing your taxes now doesn't exactly have you jumping up and down - but here's why it should.

Continue reading "Filing Early Tax Return Can Mean More Money For Atlanta Taxpayers" »

It's been two years since the Credit CARD Act was passed and it seems that credit card interest rates have gone nowhere but up.

Despite the common belief, the legislation didn't put a limit on rates - only the way in which credit card companies could charge them, explain Atlanta bankruptcy attorneys. Today, creditors are not allowed to retroactively hike rates whenever they please. Instead, they must state the rate upfront - only raising interest when a customer makes a late payment. In response, banks are offering cards with much higher upfront rates - like the 59.9% APR offered First Premier. And if you think consumers won't go for it, think again. First Premier has issued 700,000 of its high-rate cards - and counting.

Continue reading "High Interest Credit Cards Lure Atlanta Consumers Struggling With Debt" »

How about a bank account with that new pair of socks and order of McNuggets? It's possible at Wal-Mart.

Wal-Mart has always been known for being a one-stop shop, but now the retailer - along with a number of other big-box stores - is taking the designation literally by offering financial services from prepaid cards to check cashing, say Atlanta bankruptcy attorneys. Retailers hope to lure the millions of shoppers who either don't have a banking account or are fed up with the customer service at a big bank. And with Wal-Mart's Money Centers generating between 3 million and 5 million transactions per week, according to MSN Money, it seems to be working. But is it a good change for consumers?

Continue reading "Retailers Begin Offering Banking Services to Atlanta Customers" »

How would you like to get money back on qualifying purchases? Or transfer your high-interest balance to a card with 0% interest for an introductory period? Credit card companies are betting that you'll say yes.

After a few years of tightening up credit during the recession, creditors are courting customers more aggressively than ever - in fact, credit card offers almost doubled last year, according to a recent study. And the deals seem sweeter than they've been in a long time - we're talking tons of new rewards cards, low-cost balance transfers, longer introductory periods and, of course, limitations on fees and interest rate hikes thanks to last year's consumer protection legislation. But all is not what is seems, say Atlanta bankruptcy attorneys.

Continue reading "Why Atlanta Consumers Should Weigh Pros and Cons of New Credit Card Offers " »

With most Americans deep in debt, credit card issuers know it's no longer enough to simply send out credit card offers.

Increasingly, they're including 0% interest balance transfer checks with those promotions to sweeten the deal. By filling out a check, you can supposedly transfer your balance from a high-interest credit card - for instance, 25% or more - to an account that charges no interest for an introductory period. At first it sounds like a no-brainer. I mean, who wouldn't want to pay zero-percent interest? But the offer may be too good to be true, warn Atlanta bankruptcy attorneys.

Continue reading "Paying Off Debt With 0% Interest Balance Transfer Checks" »

Negotiating the world of debt relief just got a little easier. As of last week, debt settlement companies can no longer charge upfront fees.

So does that mean you can't go wrong with hiring someone to settle your debt? Not exactly, say Atlanta attorneys. Companies are still allowed to charge for services rendered - and unfortunately, those services don't always do anything to actually fix your finances.

Continue reading "How New Debt Settlement Rules Could Affect Atlanta Consumers" »

You win some, you lose some - at least, that's the way it seems with this year's new credit card laws.

On the one hand, recent consumer protection rules will give consumers a chance to get current on credit card payments and remedy mistakes before they're hit with penalties they can't afford, like suddenly rocketing interest rates. On the other hand, with banks unable to increase rates and fees on delinquent borrowers, they're increasing rates for everyone. That means paying more interest on your debt, even when you pay the bills on time.

Continue reading "Atlanta Consumers Faced With Higher Credit Card Interest Rates" »

Most of us don't think twice about paying for health, home or life insurance - and that's a good thing. The problem is when we don't think twice about paying for collision, identity theft, or cell phone insurance.

There are financial products that are worth the risk, and those that aren't, according to a new list by Consumer Reports. And if we take the time to weigh the pros and cons - instead of blindly buying what companies tell us to - our savings might well exceed the extra gamble, say Atlanta bankruptcy attorneys.

Continue reading "Living Without Phone Insurance and other Financial Products Can Save Money" »

If at first you don't succeed, try, try again - it could be the motto of big banks following Thursday's passage of the financial regulation bill.

Banks have for months been attempting to stop the legislation, which will cut into their profits from debit card fees - and which could in turn lower prices for the many folks struggling to pay the bills, say Atlanta bankruptcy attorneys. But now that Plan A has failed, banks are turning to Plan B - shifting fees somewhere else.

Continue reading "Big Banks Add New Fees to Counter Passage of Financial Reform Bill" »

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" »

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" »

Would you go back to school if Uncle Sam promised to foot the bill?

A lot of Americans are saying yes to scholarships. Unfortunately, they might also be saying yes to scam artists - and debt.

Scams have been popping up with ever-increasing frequency since the economy took a major nosedive in 2008. And one of the most common scams promises college scholarships and grants to certain demographic groups - for instance, those making less than $30,000 a year (give or take), stay-at-home moms or for the recently unemployed.

Problem is, the offers are often traps. Scam artists ask for a processing fee - or your personal information - and when you comply, they take your money and disappear, leaving you in more financial trouble than before.

Continue reading "College Scholarship Scams Land Atlanta Students in Even More Debt" »

Most of us would agree that 50% interest is way too much to pay for a credit card. Yet many Atlanta residents are paying annual rates of 500% or more - we just don't realize it.

How? Payday loans. Maybe you know the drill. For whatever reason, you come up short on the bills one month and payday is still a week away. A short-term loan seems like a quick, easy way to get the cash you need upfront -you figure you can worry about the fees later.

Problem is, these are no ordinary fees. In the payday loan world, fee is code for interest. And with interest rates like these, you might end up in debt - and more strapped for cash than you were in the first place.

Continue reading "Payday Loan Centers Are Leaving Atlanta Workers In Debt" »

The days of sticker shock at your cell phone bill may be coming to an end, say Atlanta bankruptcy attorneys.

On Tuesday, the Federal Communications Commission announced it's considering a plan to alert wireless customers of unusually large cell phone bills - for instance, if one month you take a vacation and accumulate roaming charges that aren't covered by your regular plan, your provider will need to let you know before your bill arrives.

It's a move that could certainly save cell customers some change. But why wait? You have the power to keep track of - and prevent - such high bills. All you have to do is keep closer tabs on your account.

Continue reading "Tracking Wireless Charges Can Help Customers Lower Cell Phone Bills" »