Cost of Bankruptcy Has Risen Since 2005 Reform
Filing for Chapter 7 or 13 bankruptcy has gotten more expensive since changes in the nation’s bankruptcy laws took effect in 2005. A new study found that people who file bankruptcy face a 55 percent increase in costs since bankruptcy reform.
Bankruptcy Fees for Attorney and Other Services
The study–published in the American Bankruptcy Institute Law Review–was done by Lois R. Lupica, a New York bankruptcy attorney, and Thomson & Knight LLP, and examined data from consumer bankruptcy cases in six states. The costs to consumers was for fees and expenses related to an attorney, the trustee, filing, credit counseling and debtor education, and other professional fees. The median cost of filing Chapter 13 rose to $4,077 in 2007 and 2008; $2,930 in 2003 and 2004. The cost of filing for Chapter 7 rose to $1,399 from $900.
“Greater up-front costs may have hindered some consumers from filing bankruptcy, but there may be other factors at play,” Lupica said in a statement. “There was a large volume of negative publicity in the aftermath of the 2005 amendments, as well as heightened efforts by aggressive debt collection and consolidation firms.”
Other Debt Solutions
Besides the costs, there are other reasons that it makes sense to avoid filing bankruptcy and look for other possible debt solutions. A bankruptcy filing stays on your credit report for ten years. During that time expect to have difficulties qualifying for a mortgage, auto loan, credit cards, or other types of financing. A bankruptcy filing could also cost you a job. With so many unemployed workers competing for jobs, more employers have added credit checks to the job application process.
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Loading ...Using Credit Cards to Consolidate Debt
Your debt reduction plan may involve debt consolidation if you have a lot of bills. Applying for a debt consolidation loan is an option. If you cannot qualify for a new loan because you have too much debt, you may be able to qualify for a balance transfer offer with an existing credit card. Here are some things to consider about using a credit card to consolidate debt.
Low Interest Debt Consolidation
Credit cards tend to have higher interest rates than debt consolidation loans. However, you may qualify for a balance transfer offer at a lower rate of interest. Having good credit might even get you a zero percent balance transfer offer.
When considering low-interest rate credit card transfers, look at the number of months you have at the low rate. Some low rates are only good for a limited time, so it’s important to know what rate you can expect to pay after the offer ends. In some cases low-interest balance transfers are good until transferred debt is paid in full, as long as you stay current on monthly payments.
No More Credit Card Debt
It doesn’t make sense to use a credit card to consolidate debt if you go out and make more purchases on your cards. Once you consolidate debt put your credit cards away or destroy them so you won’t be tempted to overspend. As you pay off your credit card debt make an effort to add extra to your minimum monthly payment. Doing so not only gets the debt paid off sooner, but decreases the amount of interest you pay over the long term
(No Ratings Yet) Loading ...Falling consumer credit card debt: Are we learning a lesson?
This week’s news brings interesting implications for consumer finances. First we learned that existing home prices have slumped to record lows, which has the media buzzing about the “new role” of owning a home. The new role is that our homes no longer function as limitless ATM machines. No more buying electronics, recreational vehicles, jewelry, and designer wardrobes with home equity loans and lines of credit. Under these circumstances, it appears that consumers would again turn to credit cards for the instant gratification of discretionary purchases. No way. Americans may finally be getting the message about the high cost and consequences of carrying high credit card debt.
Federal Reserve: Credit card debt decreases for 21st consecutive month
The Federal Reserve reports that credit card debt levels are continuing to fall, and that average credit card debt for individuals has fallen to $4951 as of June 30. This is the first time since 2002 that average consumer credit card debt has fallen below $5000. This is a trend worth continuing. Although recent legislation helps consumers in some ways by limiting credit card fees and requiring credit cards to notify customers in advance of arbitrary rate increases, many credit card companies are raising interest rates to recoup the income they’re losing due to caps on penalty fees. High cost debt is a particularly heavy burden during times of economic uncertainty.
Debt consolidation and credit counseling services provide help, support
Debt consolidation through a home equity loan or personal debt consolidation loan is often a first step to gaining control of credit card debt. What if you can’t borrow against your home or can’t qualify for debt consolidation loans? In situations where you can’t qualify for debt consolidation loans, a consumer credit counseling service may be able to help. These agencies act as a credit card debt consolidation service without loaning money. Instead, consumer credit counseling services offer debt consolidation and additional benefits:
- Reviewing your finances and developing a cash based budget
- Designing an affordable credit card debt repayment plan
- Negotiating with creditors to lower or eliminate finance charges and fees (based on need)
- Communicating with creditors on your behalf, which usually stops harassing calls to you, your home, and your work
- Administering your debt repayment plan for a low monthly fee, often based on ability to pay
- Avoiding bankruptcy through financial counseling and affordable debt repayment
Don’t put off taking “charge” of your credit card debt a moment longer. Contact a credit counseling service for debt help today.
(No Ratings Yet) Loading ...Credit Card Debt: Floating Down the River of Ruin
Carrying excessive consumer debt is not only a burden in the figurative sense, it weighs on many aspects of daily living. Ask yourself the following questions, and you can better understand how debt can damage more than your budget:
- Do your know how much you owe? Credit card debt increases quickly if you’re making minimum or late payments. Make a list of your creditors, your balances, and the annual percentage rate (APR) you’re paying for each account to help you prioritize repayment and make a debt management plan.
- Do you argue over money? If you and your significant other can’t agree on household finances, and are accusing each other of overspending, you may be headed up “debt creek” without oars.
- Do you hide or avoid opening credit card bills? This indicates two problems–you don’t want to face what you owe and/or are concealing the truth from yourself and your partner. Aside from forgetting to pay hidden bills, you can also violate your partner’s trust. Getting debt help before navigating such troubled seas may save more than your finances.
- Do you hide purchases made with credit cards? This is a sign of overspending that can lead to out-of-control credit card debt.
- Are you treading water? If you’re only making minimum payments on your accounts or taking cash advances from one card to pay another, you’re making a bad situation worse.
- Do you avoid answering the phone? If collectors are calling, you’re already in trouble with credit card debt. Contacting a consumer credit counseling and debt consolidation service can help you arrange affordable repayment terms without accruing additional penalty fees.
- Are you having problems at work? If your boss has warned you about receiving (or avoiding) collection calls at work or your debt is causing you to be distracted, it’s time to get debt help.
- Do you run out of cash well before your next payday? This indicates a strong need for debt management and credit counseling. Non-profit credit counseling can help you develop a cash-based budget along with solutions for repaying credit card debt.
- Do you frequently borrow money from friends and family? Borrowing money “just for a few days” gets old if you’re asking for another loan soon after repaying the last one. Getting a debt consolidation loan through your bank or seeking credit counseling can help take the pressure off family and friends.
Rather than risking your health, relationships, and employment, please get debt help immediately. Credit counseling services can be the lifesaver you need when you’re drowning in credit card debt.
(No Ratings Yet) Loading ...5 Signs That You Need Debt Help
Credit cards are a convenience, but carrying balances can quickly lead to unmanageable debt. Here are some signs that can indicate you’re approaching the danger zone with credit card debt:
- You don’t know how much you owe: If you open your bills and focus only on the minimum payment amount due, you could be headed for trouble. “Debt denial” can provide a momentary escape, knowing how much you owe and where you use your credit cards can help you develop a cash based budget.
- You make impulse purchases using credit cards: Sure, everyone deserves a treat now and again, but if you’re consistently making unplanned purchases on credit cards, they can create financial disaster. Keeping track of what you spend, where you spend, and how much you spend using credit cards is useful to identify problem spending.
- You avoid facing debt issues and discussing them with your “other half”: Putting away unopened bills and hiding debt from your partner are definite signs that your debt is out of control. Financial problems can cause family problems and problems at work; getting help through consumer credit counseling and debt consolidation services can help you establish a cash based budget and an affordable debt management plan.
- You typically make only the minimum payments required: Your debt is no problem; you can always make the minimum payments. Creditors are required to show how long it takes and how much it costs to pay off your balance with minimum payments. Reading this information on your monthly statements provides a clear picture of how difficult and expensive it can be to pay off credit card debt with minimum payments.
- You have little or no savings: Financial experts recommend paying yourself first by funding savings and retirement accounts before paying your bills. If your debt payments make saving difficult or impossible, it’s time to get debt help.
Debt Consolidation: A First Step Toward Debt Management
If you have good credit, you may qualify for a debt consolidation loan for enough to roll all of your credit card balances into one loan with one payment. This streamlines your debt management chores, but can lead to trouble. Debt consolidation loan consequences include resuming credit card spending after your balances are paid off. This sabotages your finances by creating more debt.
Non-profit credit counseling and debt consolidation services provide financial counseling, and can also negotiate affordable payment arrangements with your creditors. You are required to surrender your credit cards, but gaining freedom from credit card debt is worth sacrificing your plastic habit.
(No Ratings Yet) Loading ...Consumers can have love-hate relationships with credit cards; they love the convenience and benefits offered by credit card companies, but paying high interest and fees makes it difficult to reduce credit card balances even when paying more than the minimum amount required each month.
Legislation designed to protect consumers is meeting with mixed reactions from credit card companies. Anxious to recoup losses associated with the new rules, some credit card companies are raising interest rates, increasing or imposing membership fees, and are reducing “niche” credit cards tied to retailers and services that reflect consumers’ interests and spending habits.
The economic downturn has caused some credit card issuers to slash credit lines and reduce or charge more for other financial services including checking and savings accounts. While consumers with good to excellent credit can negotiate with credit card issuers and financial institutions, consumers with fair or poor credit ratings may not be able to negotiate lower rates and fee waivers.
Good Credit? Here’s Some Good News
Effective debt management requires paying close attention to who and how much you owe. Credit card companies compete for business by offering low introductory rates to open a new account. These offers can also encourage transferring balances from your existing credit card accounts to your new credit card account. This can be a great way to reduce the cost of debt if:
- You can pay off the debt transferred within the introductory period of no to low interest.
- Transfer fees (typically 3 to 5% of each balance transferred) plus the introductory interest rate on the new credit card are significantly less than the annual percentage rate you’re paying on your credit card balances.
- There are no membership fees or other fees that reduce your potential savings.
- You can stop using credit cards once you’ve completed your balance transfers.
Newsweek reports that some credit card issuers are lowering rates they charge during introductory periods and extending the length of the introductory periods, which can vary from six months to a year or more. This can help you pay off credit card balances at less cost.
Bad Credit? Consumer Credit Counseling and Debt Consolidation Programs Offer Solutions
Credit counseling and debt consolidation services may be able to help if you cannot qualify for low cost balance transfer offers or debt consolidation loans. Credit counseling and debt consolidation services typically work with clients to find affordable solutions to repay credit card debt. This process requires reviewing your financial situation and determining how much you can afford to pay toward credit card debt.
Credit counselors can also help you design a cash based budget and negotiate the terms of your debt repayment plan with your creditors. These programs provide the added benefit of debt consolidation because you make one scheduled payment to your credit counseling service and they pay your creditors.
(No Ratings Yet) Loading ...Recent reports of falling FICO credit scores is not surprising in light of high unemployment rates, stagnant real estate markets, and ongoing home foreclosures. Unfortunately, other factors can lower your credit scores even if you’re paying your bills on time, haven’t lost your job, and aren’t in foreclosure.
- Credit utilization ratio: You can calculate this number by dividing the amount of debt you owe by the amount of credit you have. If you owe $3000 between three cards that have a combined total credit line of $10,000, your credit utilization ratio is 30%. Financial advisors recommend keeping your balances at about one third of your available credit, or about 33%. Unfortunately, if credit card issuers cut your credit lines, your credit score can decrease.
- Credit card issuers cutting credit lines: The days of carrying a wallet full of credit cards with five-figure credit lines are gone. Credit card companies are reducing credit lines to limit their risk. In the example above, owing $3000 against $10,000 total credit lines would put you in good shape, but if your total credit line is reduced to $5000, owing $3000 would increase your credit utilization ratio to 66.6%, which is well over the recommended utilization level of 33% or less.
- Unemployment: As high unemployment rates linger, more consumers find it necessary to make minimum credit card payments and may also increase balances using credit cards for essential expenses. Missing payments can take a big bite out of your credit scores very quickly.
- Sluggish housing markets: This can cause problems for homeowners who need to sell their homes to relocate to a new job or for those who can no longer make payments. If you can’t sell your home, or your lender won’t approve a short sale, you may be forced into foreclosure. Contact a housing counselor for help to avoid foreclosure.
- Reduced income: Taking lower paying jobs while waiting for your next professional gig can help pay the bills, but if you fall short, using credit cards can seem like a temporary “bridge” to make ends meet. High interest rates can send credit card balances out of control.
- High interest rates: Although legislation designed to protect consumers is now law, credit card companies are responding by increasing interest rates to replace revenue lost when certain practices and fee assessments were outlawed. The complicated methods credit card companies use to calculate interest can cause interest owed to increase rapidly.
Eliminating credit card debt saves money and improves your financial security; develop your own debt repayment plan or get help from credit counseling and debt consolidation programs. Although your credit rating can decrease during a debt management program, you can increase your savings and eventually rebuild your credit by making mortgage, vehicle, and student loan payments on time.
(No Ratings Yet) Loading ...High interest rates and fees can make paying off credit card debt difficult, but you may be able to improve your progress by borrowing to pay off your debt. The key is borrowing enough to pay off credit card debt at a much lower annual percentage rage (APR) than your existing debts carry. APR is the amount of interest and finance charges expressed as an annual percentage of a balance owed. The APR for each of your accounts displays on your monthly statements.
Debt Consolidation: Considering Your Options
Several factors impact your ability to borrow money for debt consolidation:
- Amount of your debt: It can be difficult to get debt consolidation loans when you have thousands of dollars in credit card debt. It may be necessary to attack your debt in phases. Always address the highest APR debt first.
- Your credit scores: Finding an unsecured debt consolidation loan can be difficult if not impossible if you have compromised credit. Avoid borrowing money from high cost lenders to make monthly payments when you run short of cash. This only adds to your debt and the APR on such loans is prohibitive. Instead, consider seeking credit counseling and debt consolidation help from a certified credit counseling service.
- Your available credit: If you have sufficient available credit on lower APR credit cards, you may be able to consolidate high APR debt by transferring balances to lower APR accounts. Before transferring balances, read the fine print on the balance transfer offer to determine any interest charges (look for zero percent over 12 months) and pay attention to transfer fees. These can add up if you’re transferring high balances. Finally, determine what the APR will be after the low or no interest rate period expires. If the rate will adjust to an amount equal to or higher than your current interest rates, reconsider using balance transfers.
If you cannot qualify for an unsecured debt consolidation loan, you may be able to get a loan using your car as security for the loan. But, this does give the lender the right to repossess your car if you cannot repay the loan.
Borrowing from Friends and Family: Worth the Risk?
When borrowing from financial institutions, you agree to repay your debt according to specific (if undecipherable) terms and conditions. Borrowing money from family and friends involves different dynamics because family members and friends may be reluctant to draw up a loan agreement. If you cannot repay a loan from family or friends, you risk damaging relationships and creating financial problems for others. It’s important to treat personal loans as you would a bank loan. Draw up an agreement showing how much is owed and the repayment terms. All borrowers and lenders should sign and date the loan agreement.
Understanding borrowing options for debt consolidation requires researching options and prioritizing your needs. Credit counselors can provide financial counseling, debt consolidation through negotiation with your creditors, and can typically help with reducing finance charges.
(No Ratings Yet) Loading ...Are you drowning in credit card debt? If so, you have plenty of company. Frugality guru and author Jeff Yeager notes that America has become a nation of spenders; this is a relatively recent trend that took hold in the early 1980’s.
In 1980, U.S. credit card debt totaled approximately $355 billion, but by 2008 it had reached about $2.6 trillion. Numbers this large are difficult to comprehend, but U.S. credit card debt increased almost 8 times between 1980 and 2008.
Yeager asserts that our motivation for spending switched from “need” to “want,” and illustrates this trend by citing data related to the sale of housewares. In 1981, between 66 and 75 percent of housewares sales were made to replace an old or broken item. Today, a large majority of housewares purchased are bought because customer’s want a new model, a different color, or style. In today’s “buy, buy” culture, we say “bye-bye” to our money by ignoring the difference between wanting something and actually needing it.
Debt Consolidation Help: Jumping off of the Plastic Fantastic Merry-go-Round
So you’re mired in credit card debt and have lots of company. How can you escape without filing bankruptcy or falling for costly credit card debt scams? Finding a certified credit counseling and debt consolidation service in your area is an important first step. The National Foundation for Credit Counseling (NFCC) notes that certified credit counselors can help you resolve current financial problems, establish a plan to avoid future problems, and find affordable ways of dealing with credit card debt. If you’re addicted to your credit cards, it can be uncomfortable giving them up. Most credit counseling and debt consolidation services require this as a condition of your debt consolidation and repayment agreement.
Cutting up Your Credit Cards: What Are You Really Giving Up?
Sure, using credit cards is convenient. Review your bills and realize that credit cards can be too convenient. You can be free of debt, financial stress, relationship problems, and work problems (why do creditors always call when you’re talking to your boss?). Getting help through debt consolidation and credit counseling can help stop your phone from ringing for all the wrong reasons while consolidating several bills into one monthly payment. Your credit counseling agency collects a specific amount from you, deducts its fee, and forwards the rest to your creditors per the terms of your repayment agreement.
Credit Card Debt: Digging Out and Digging Deeper
A primary benefit of credit counseling and debt consolidation services is the opportunity to review your spending habits and determining how and why you overspend. Identifying and understanding underlying causes for destructive spending habits is essential to gain freedom from credit card debt.
(No Ratings Yet) Loading ...Credit Card Debt: Avoiding Extra Finance Charges
Credit card debt can seem like a fact of life, but carrying high balances on credit cards can be very expensive. Although credit card companies choose to emphasize low initial rates and other promotions, variable rates, penalty fees, membership fees, and newer fees including “processing fees” are like having piranhas in your wallet; your money is eaten up before you know what happened to it.
CARD Legislation: How it Helps (and How it Doesn’t)
Recent legislation under the CARD Act is intended to control skyrocketing credit card fees and costs, but it doesn’t limit the interest rates consumers can be charged. This loophole allowed credit card companies to hike interest rates before the law, which eliminates or reduces certain fees, became effective. The bottom line with credit card debt is that there is likely no way to completely eliminate paying finance charges unless you pay off your debt entirely.
Consumers can expect a new wave of correspondence from credit card issuers before the second phase of the CARD Act becomes effective on August 22. Late charges and other penalty fees on credit card accounts will be limited to $25; watch for notifications of interest rate increases or changes in benefits offered through credit card programs. If you cannot pay off your credit card balances, these tips can help with avoiding extra costs:
- Set up automatic payments: You can arrange automatic payments to your credit card companies each month by specifying an amount and date you want funds transferred. These services typically provide email notification of payments.
- Pay off highest APR accounts first: Although it’s wise to pay more than the minimum required payments, paying off the highest annual percentage rate (APR) account first can help you save money over time. The APR of all finance charges appears on your monthly credit card statements, and consists of all fees and interest charges expressed as an annual percentage of your current balance. Your APR can change from month to month, but comparing APR rates helps determine which accounts cost the most.
- Negotiating with card issuers: If you have good credit and a solid payment record, contact credit card companies and ask them to reduce interest rates and eliminate membership fees.
- Debt consolidation loans: If you have an established relationship with a financial institution, you may qualify for a personal loan to pay off credit card debt. The risk with debt consolidation loans is continuing to use your credit cards after paying off balances; you may end up with more debt instead of less.
Credit counseling and debt consolidation programs can help if you’re overwhelmed or uncertain about resolving debt problems.
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Cost of Bankruptcy Has Risen Since 2005 Reform
Understanding consumer debt: The good, the necessary, and the ...
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Chris Rocks is the Regional Director of the National Credit Federation (NCF). NCF is a nationwide membership-based organization that assists consumers recovering from a financial difficulty and those who need a significant increase in their credit score.
Chris began his financial services career as a Financial Advisor helping young families with risk management and asset accumulation strategies. It was during that time that Chris realized that many of these young families also needed someone to guide their choices with regards to debt management.
He made the transition into the mortgage industry where he first worked as a loan originator and later the Vice President of a small mortgage company. As Chris came across clients who had suffered through financial challenges and saw the difficulty they had in re-entering our credit driven economy, he discovered there was a real opportunity to leverage his unique background and help others.
He can be contacted by visiting his personal site, GoodCreditLiving.com.
Francine L. Huff is the Publisher and Editorial Director of Super Savvy Publishing, LLC, which provides editorial and publishing services. She is a gifted author, freelance journalist, and motivational speaker who has entertained and motivated a variety of audiences through workshops, panels and keynote addresses. Francine is the author of The 25-Day Money Makeover for Women, which has inspired and motivated many readers to rein in poor financial habits, become good stewards over their money and work toward a debt-free life. She has appeared on a variety of TV and radio shows. Francine previously worked for the Wall Street Journal, where she was the spot news bureau chief, a news editor and a copy editor. She has interviewed a variety of financial professionals about financial issues and strives to present information about managing money in an easy-to-understand format that is accessible to people of all backgrounds and income levels.
Karen Lawson is a freelance writer with more than 15 years of experience working in mortgage banking and loan servicing. She holds BA and MA degrees in English from the University of Nevada, Reno.
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