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Options for eliminating high credit card debt

As Arizona residents may know, paying the minimum amount due on a credit card balance may be counterproductive. While there are times it might not be possible to pay more, the amount of interest paid on credit card debt may approach the original amount owed when a person pays the lowest amount possible. Hypothetically, someone with $18,000 of debt at approximately 18 percent interest paying about $400 per month would take about 76 months to pay it off. Additionally, the individual would pay about $12,200 in interest on the original $18,000.

Proving the validity of a debt in Arizona

When a creditor calls demanding payment for a debt, is that person obligated to pay? The answer to that question depends on whether or not the debt is valid. Those who are contacted by creditors regarding an alleged unpaid debt may request proof that the person actually owes that money. However, this request must be made in writing. It also must be made within 30 days after the creditor makes a request for payment.

Creditors may seize some financial assets

Arizona credit card holders who have trouble making their payments due to job loss, divorce, medical expenses or other unforeseen circumstances may worry about the safety of their retirement funds if they default on their credit card agreement. Banks and other creditors must go through a process before they are able to garnish wages or seize funds from a bank account. In most cases, though, retirement accounts are exempt from such seizures.

Creditor harassment subject of lawsuit against Kohl's

Arizona residents who are being harassed by creditors may be interested in a Michigan woman's response to overdue charges at Kohl's, the well-known department store chain. The woman has filed a lawsuit against Kohl's for unfair collection practices in relation to the bill.

Determining the average household credit card debt in America

Arizona residents who are dealing with credit card debt may be interested in statistics about American credit card debt. Determining the exact number poses some problems, however. While many different companies gather data and attempt to determine the average American's credit card debt, the answer is not that simple.

The impact of credit card usage in Arizona

Just like taking a medication, relying on credit cards can result in side effects for their users. One such effect is assuming that a person can live a lifestyle that he or she cannot afford. Once the amount of available credit runs out, the borrower may feel as if he or she is downsizing their lifestyle, which can lead to disappointment.

Most credit card debt due to job loss, illness

Arizona families who find themselves overwhelmed by credit card debt are most likely not in that position due to carelessness or ignorance about finances. A recent survey reveals that people with credit card debt are often there due to turning to credit to pay for necessities, and they tend to spend less and budget more than people who are debt-free.

Credit card debt in Arizona

It has to come to where Americans are now willing to admit their weight than their credit card debt. The results of a recent survey show that 40 percent of the respondents are more ashamed of the amount of debt on their credit card than they are of how much they weigh or their age. Second to credit card debt is the credit score. Less than 15 percent of those surveyed said that they are embarrassed by their weight. The survey was conducted by the National Foundation for Credit Counseling.

Consumer debt and lack of savings a problem for many

According to a recent survey conducted by a consumer financial services company, nearly 30 percent of Americans have a greater amount of credit card debt than savings. This may be putting some individuals in Arizona and elsewhere in a precarious financial situation with their creditors.

  • 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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