Atlanta Bankruptcy Attorney Blog

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" »

It's probably no surprise that making the switch from name brands to generics can save you a bundle. But despite the still-dragging economy, some Atlanta consumers are continuing to hold out.

Yes, it's true that some generic brands don't get the job done as well - think scratchy toilet paper and leaky baby diapers. But the vast majority of store-brand goods perform the same function at a fraction of the cost, potentially saving you thousands of dollars a year, say Atlanta bankruptcy attorneys. That's nothing to sniff at when you're looking for ways to pay down debt.

Continue reading "Can Purchasing Generic Brand Products Help You Lower Debt?" »

With half a billion people using Facebook, it almost seems like a crime not to join the social networking site. But in fact, that might be the best way to avoid crime.

Most of us don't think twice about posting our names, photos, birthdays - even the week we're going to be gone on vacation - to our Facebook page. After all, what's a little sharing between friends, right? But we forget that millions of other people can see that info, too, say Atlanta bankruptcy attorneys. And with looser privacy settings, more folks than ever can access our personal information - putting our finances at risk.

Continue reading "Protecting Privacy Can Help Atlanta Facebook Users Avoid Financial Scams" »

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" »

There's good news and bad news about rewards cards.

First the good news. Despite worry that banks would start ditching rewards cards to make up for their reduced ability to charge fees under the Credit Card Act, most banks haven't changed their programs, say Atlanta bankruptcy attorneys.

The bad news? Rewards cards can be a little bit tricky - sometimes they help you save money, sometimes they make you pay.

Continue reading "Rewards Cards Can Still Pay Off for Careful Consumers" »

The price of gas is always going up - but lately, it's getting especially high for some debit card users.

That's because more and more folks who use debit to pay at the pump are becoming victims of identity theft, according to Atlanta bankruptcy attorneys. Criminals can now attach a device called a skimmer to gas pumps. When you enter your card and PIN, a tiny camera in the skimmer reads the information - and gives scammers all they need to take money right out of your bank account. When you're already low on cash and struggling to manage your debt, having some thief steal your hard-earned dollars is like rubbing salt in the wound.

Despite its risks, debit can be a more responsible alternative to credit. The key is to be careful when and where you use it.

Continue reading "How Atlanta Debit Users Can Avoid Identity Theft at the Gas Station" »

Summer is barely halfway over, but retailers are already trying to turn our attention - and our dollars - to back to school shopping.

Coming off a couple years of dismal sales, stores are desperate to pep up their bottom lines. And they're using the fall season as an excuse to launch an all-out attack on our wallets. So how are they convincing even the most frugal of shoppers to part with money we don't have to buy things we don't need?

Sales - and lots of them, say Atlanta bankruptcy attorneys.

Continue reading "The Best Way to Save Money on Back to School Sales " »

Not much compares to the surprise of finding a forgotten $10 bill in the dryer - except stumbling upon $1,000 in forgotten money.

Believe it or not, it happens, say Atlanta bankruptcy attorneys. No, not in the dryer. But occasionally money gets forgotten in closed bank accounts, payments relating to long-ago jobs, insurance policies, dividend checks, and more. It used to be that the money went unclaimed for the rest of our lives. But thanks to the Internet, there's a new way to track down that missing cash.

Continue reading "Identifying Missing Money Is One Way to Increase Your Income" »

Too bad they don't teach you about debt in college - maybe more of us would be able to afford our student loans.

Not surprisingly, the economy seems to be having an effect on loan default rates for college students. Forty percent of students at private universities now default on loans, according to a report by The Chronicle of Higher Education. Community college rates aren't much better, with 31 percent of students unable to foot the bills.

Look, it's no cakewalk to get through school, let alone hold down a job and pay for a place to live, a car to drive and food to eat - all while paying down debt. But if you default - rather than get the help you need - you could do serious damage to your future finances.

Continue reading "More Atlanta College Students Are Defaulting on School Loans" »

Folks often feel alone when struggling to overcome a bad credit score. But the truth is, they're not.

More Americans than ever are considered high risk borrowers, according to information recently released by FICO, Inc. More than 25 percent of the country now has a credit score of less than 599 - an increase of 2.4 million since the start of the recession. A poor score translates into trouble qualifying for a mortgage, car loan or new credit card - and those who do qualify will likely face much higher rates, making getting out of debt all the more difficult.

Yet raising your credit score might be easier than you think.

Continue reading "As Atlanta Credit Scores Decrease, Bankruptcy Can Offer a Fresh Start" »

When you're looking for a way to save money, canceling your insurance policy can sound pretty tempting - especially when rates keep rising.

Rates for auto, health, life and homeowners insurance policies have been on the upswing as insurance companies struggle with rising expenses, an unstable economy and the costs of the many large-scale disasters in recent decades - including 9/11 and Hurricane Katrina. Those costs get passed on to us, the consumer. And when we're already faced with immediate bills - like the car payment, mortgage or multiple credit card bills - paying for insurance might seem like a hassle, even a waste.

But it's just the opposite, say Atlanta bankruptcy attorneys. Your insurance bill could be the most financially rewarding payment you make.

Continue reading "Insurance Can Be the Difference between Debt and Survival for Atlanta Policy Holders" »

When you think of a debt relief company, you usually think of a company that, you know, relieves debt. But believe it or not, you might be wrong.

We've all heard the claims by debt relief firms, be it on the radio, TV or our computer. They can negotiate with creditors on your behalf, lowering -- or eliminating -- the amount you owe. And they can do it all for a low monthly rate. And virtually overnight. For the many folks $10,000 or more in debt, it sounds like a miracle.

Unfortunately, it is like a miracle - in that it very rarely happens.

Continue reading "Bankruptcy Can Do What Atlanta Debt Relief Companies Can't" »

They say that the best things in life are free. And when it comes to lowering debt on your own, they could be right.

As the number of Americans struggling with debt grows, so do the options for free financial advice at websites like Mint.com and HelloWallet.com.

Of course, do-it-yourself has its drawbacks. You can't ask questions and you don't have a real, live person to make sure you stay on track. But for folks who are too embarrassed to ask for help - or who need simple advice, like assistance creating a budget - online software is a step in the right direction.

Continue reading "Financial Websites Offer Free Advice for Your Debt Troubles" »

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" »

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" »