November 2013 Archives

Credit card use statistics improve from 2012 to 2013

Arizona residents may be interested to hear about changes in credit card use patterns for Americans in the third quarter of 2013. The third quarter is traditionally when Americans buy items for children going back to school, and the percentage of consumers that fell behind on their credit card payments increased during this time.

IRAs will remain exempt from bankruptcy, court rules

The Eight Circuit's Bankruptcy Appellate Court recently rendered a decision that may affect bankruptcy cases in Phoenix and throughout the nation. According to the court, individual retirement annuities that are funded with single premiums will keep tax-qualified status and will stay exempt in a Chapter 7 or Chapter 13 bankruptcy, even if the terms of the annuity are more generous than those of most IRAs.

Credit card offers may not be a great deal

Arizona residents who would normally avoid a credit card with a high interest rate may be pulled in by seemingly attractive programs offered by credit card issuers. However, many of these incentives do not live up to people's expectations, and they can make it very easy for people to end up with unmanageable credit card debt. In some cases, people end up so burdened that they open new credit cards to use them to pay the minimum balance on other cards.

How debt can delay retirement

Some Arizona residents may be farther from retirement that they think if they have large amounts of debt. While most people believe that having a large amount of money set aside for retirement is enough to be able to leave the workforce, if they have large amounts of debt on credit cards, they may not have enough to retire and keep up with their payments. This can mean that people have to work longer than they expected or that their retirement fund will be depleted far more quickly than they had anticipated.

  • MCBA | Maricopa County Bar Association
  • State Bar of Arizona
  • ABA | American bar Association | Defending Liberty Pursuing Justice
  • Oregon State bar
  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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