Things are continuing to look gloomy during the worst financial crisis since The Great Depression. We just found out last week that unemployment topped 10.2%, the first time since the early 1980s. With Christmas and Hanukkah coming soon, more people will be using their credit cards to bring some sense of comfort and joy. That’s [...]
A blog about legal issues facing Oklahomans
Tag Archive: Credit Cards & Consumer Debt
Credit Card Restrictions
I received my first credit card when I was 22 years old. Until that time, I didn’t know what a credit card was, other than to say that my parents had one because they had jobs, a home, and a car.
In fact, I think I was so naive about the credit process and the [...]
What Happens if I Don’t Pay My Credit Card?
Credit card agreements, like mortgages, car loans, and many other agreements, are contracts. Like all contracts, the credit card agreements come with obligations, in this case, the obligation to pay back borrowed money.
In tough economies, a lot of people are concerned about the consequences of not paying credit card debt, in lieu of other, more [...]
Credit Card Reform
Thankfully, the President has signed the credit card reform act that will provide some added protections to consumers.
One of the stories I heard last night was criticism for the bill. A credit card advocate argued that the new changes were uncessary because "the companies already police themselves." My only retort was to ask, "when has [...]
Psychology 101 – Collections Style
I love reading articles dealing with psychology, human relations, or communication. I think it’s extremely important for us to learn about each other, and find ways to interact socially to resolve problems.
When I ran across this New York Times article, I couldn’t help but chuckle. The analysis and insight is exceptional.
The article features a debt [...]
I Hate Getting Ripped Off!
Which one of you woke up this morning and said, "I want to get ripped off!"? I doubt anyone. Apparently though, there are several (thousand/million) out there who don’t mind supporting companies that take your money, then gouge you for more (my beef with Hollywood Video).
There’s a new post at the Bankruptcy Law Network, which [...]
Horrible Debt Collection Tactics
Most of us hate debt collectors. They seem to call at the most inappropriate time (we were paid to work on New Year’s Day), and sometimes can be quite ruthless or rude in their debt collection tactics. Most people though recognize that it’s a 20-something calling them, and they hang up.
Well, that’s not the case [...]
Credit Card Garnishments
A lot of questions have come into the office regarding credit cards and garnishments. The most common: "can a credit card company garnish my wages?"
The simple answer: yes.
Credit card companies, like any other person or entity, can (and will) get judgments against you for delinquent credit card debts. While this can take months or [...]
Danger, Danger!
I‘m a moderately cautious person. I don’t easily fall for too many tactics that involve "get rich quick" or "save you lots of money" schemes. Maybe it’s my cynical nature, or because of my youthful naivety (ask me about the car I paid full price for at age 22), that gets my "danger sensors" flaring.
That’s [...]
Credit Cards and Bailouts
I wish we were getting another stimulus check like last year. I’ve racked up a little consumer credit card debt, and I’d like to apply some of those funds to the balance. That’s not going to happen though, and so I must resign myself to the fact that I’ll be in the same position as [...]