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Posts tagged "Bankruptcy"

Knowing when to pay off high-interested credit card debt

Paying off credit cards with high interest in full might seem like a good idea, but sometimes paying off debt gradually can often serve as a better solution. In different parts of the United States, including Arizona, the average individual has over $4,000 in debt. Paying off credit card debt often doesn't solve spending problems and can lead to more debt when individuals spend money they set aside for something else. Paying off debt with inheritance money or bonuses may seem like a solution but starting to build up their savings and stay out of debt permanently can help people avoid future href= "/Practice-Areas/Bankruptcy.shtml>financial challenges.

When the wedding doesn't happen

When couples make wedding plans, it is done with the idea that the money spent will be used to celebrate an important day. However, Arizona residents may wonder what happens if the engagement is broken partway through the planning and purchasing stage. The question may arise as to who is really responsible for credit card debt incurred for items like dresses and engagement rings.

Credit card legislation has mixed results

Arizona residents may be happier overall with how credit card companies handle their accounts following the implementation of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act, but there are still some issues that many users face. One goal of the CARD Act was to ensure that people with credit cards were not being hit with unexpected interest rate increases or an enormous amount of penalties by lenders. As a result of the legislation, many people are paying more than the minimum and the number of payments that are 30 days or more past due has dropped significantly.

How personal and business credit cards differ

Arizona residents who own small businesses may wonder about the benefits of opening a business credit card. There are some important differences between personal and business credit cards. Understanding those differences can help consumers make an informed decision.

What is a debt to credit limit ratio

Arizona residents who are trying to improve their credit rating or build a good credit history should keep track of their debt to credit limit ratio. Having a good credit score involves more than just paying off credit card debt in a timely manner; it also involves not using most of someone's available credit. Individuals may assume that if they have a credit card with a high credit limit, as long as they make regular payments, their credit rating will improve even if they stay close to the card's limit.

Credit card debt goes down while other debt goes up in Arizona

While it is reported that the average credit card debt for Arizona residents in going down, other forms of debt have gone up during the same period.  Credit card debt was listed at $4,879 per credit card borrower during the month of May of this year.  Residents in Phoenix had somewhat lower debts at around $4,356 during the past month.

  • 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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