Posted on Tuesday, 9th February 2010 by debtpreventions

A recent US News and Report article states that consumers are doing the unthinkable and paying their credit card bills instead of their mortgage.  This new trend is confirmed by Trans Union who found that the number of Americans who were current on their credit cards but behind on their mortgage increased to 6.6 percent [...]

Tags: Credit Card, Loan, Mortgage
Posted in Consumer | Comments (1)

Posted on Thursday, 4th February 2010 by debtpreventions

A 2009 USA Today survey found that each of the 10 largest banks allow consumers to overdraw checking accounts.  By doing so, banks reaped a record $38.5 billion from overdraft fees that year, nearly twice the $20.5 billion collected from credit card penalties, such as late and over-limit fees.
“Overdraft fees are the mother lode of [...]

Tags: Bank, Checking, Consumer
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Posted on Tuesday, 19th January 2010 by debtpreventions

Consumers filing for bankruptcy protection peaked in 2005, in anticipation of tougher regulations enacted under the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA).  Those regulations made it more difficult for consumers to discharge all debts and, instead, forced more people into debt payment programs – commonly a Chapter 13 bankruptcy.
Consumer Bankruptcy Filings

Year
1st Q
2nd Q
3rd [...]

Tags: Bankruptcy, Consumer
Posted in Consumer | Comments (0)