There is a constant stream of advertisements touting the benefits of financial products and programs, and one of the most frequently featured items are credit cards. If you were to take advertisers at their word, it would seem that every credit card is a risk-free asset that will boost your financial security. As a conscientious consumer, however, you know otherwise. If you are wondering about zero percent interest credit cards, you may be wondering whether or not to take the plunge. These tips should help you make the decision.
Despite the fact that countless Americans have been forced to deal with credit card debt, there is still a stigma attached to seeking help when your balances get too high. A number of different circumstances could lead to this. Medical debt, overspending and loss of income are just a few of the most common causes of maxed out credit cards. Regardless of what has caused your unique situation, there are several reasons you should and ways you can overcome the shame that is so commonly associated with credit card debt.
When you become an adult, there are suddenly several things you can do that you weren't allowed to do before. You can buy a lottery ticket, go to a Minnesota casino, see more mature movies, buy tobacco products, and if you're over 21 you can purchase and consume alcohol. But besides all these things, it is a time when you are legally able to hold and manage your own financial accounts. It's also the time when you are held responsible if those accounts are mismanaged. Unfortunately, not all Millennials fully understand how this applies to them, and that can get them into trouble as they start to accumulate credit card debt.
A Missouri woman was awarded $83 million by a jury who found that she was wrongly harassed over a debt that she did not owe. The woman was taken to court by Portfolio Recovery Associates LLC after the company claimed that she had a past due credit card debt of $1,000. However, the debt actually belonged to a man in the same area with a similar name.
People in Minnesota who find themselves in a tenuous situation with debt are frequently targets of con artists who portray themselves as debt collection agencies or individuals who are authorized to collect debts. These con artists are putting new technology to use with the internet in garnering information about potential targets. They utilize that information to appear credible and get money.
When Minnesota residents deal with debt collectors, they are entitled to certain legal protections. Some people may assume that debt collectors routinely engage in harassment and threatening behavior. However, many of these behaviors are actually prohibited by law. The Federal Trade Commission uses the Fair Debt Collection Practices Act to protect consumers from harassment by debt collectors. This Act applies to all kinds of debts, including credit card debt, medical payments and car loans. However, it does not apply to debts that are the result of operating a business.
Minnesota residents who are suffering from overwhelming debt may be interested in ways to fight against creditor harassment. Making the proper requests on time can help to avoid harassing phone calls, particularly when a debt is not legitimate.
Based on a study done by the Urban Institute, which looked at the credit histories of seven million people in the United States, over a third of people have debt in collections. Unpaid balances usually go to debt collections 180 days after payment is due, and this action also means that the debt has been reported to collection agencies and may be negatively impacting someone's credit rating. People without a credit history were not able to be included in the study nor were payday loans, so lower-income households may not be properly represented.
People who are struggling with their debt in Ramsey, Minnesota may choose bankruptcy as a viable option to reduce debt and create manageable monthly payments. Eliminating interest payments and other expenses can ease the burden and give consumers better control over their finances. Not all debts can be discharged in a bankruptcy, and some have special requirements that debtors should be aware of.
Minnesota residents who experience harassment at the hands of creditors may have grounds to file a legal claim under federal law. In a Michigan case, a woman is charging Kohl's department store with creditor harassment under the Telephone Consumer Protection Act and, possibly, the Fair Debt Collection Practices Act. While waiting for the case to continue, the woman has chosen to not pay the seemingly legitimate debt in question.