Over one third of all the states in the US now allows lenders to throw borrowers behind bars if they are unable to repay their debt due to this harsh economic crisis. Already, the US have signed off over 5,000 warrants against debtors. One case covered by Star-Tribune was in Kenney, Illinois where a self-employed [...]
Posts Tagged ‘credit card debt’
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Consumer Debt Reverses Downward Trend
May 24th, 2011 
Elisheva Wiriaatmadja The total of all consumer debt has been steadily decreasing over the past two years—it was down 8.2% from its peak in 2008. But a new report released by the Federal Reserve Bank of New York, based on a survey of a nationally representative random sample from Equifax Inc., could suggest otherwise. The report shows [...]
Fighting Back Against Debt Collectors
May 18th, 2011 Elisheva Wiriaatmadja Debt collectors are known for hassling consumers, and in their desperation to collect money, some are even resorting to questionable tactics. According to the Federal Trade Commission (FTC), complaints about debt collectors rose by 17% in 2010. This number has tripled since 2002, and accounts for 27% of all FTC complaints.
MasterCard Inc. Profits Increased: US Consumers Feel Comfortable Living with Debt
May 9th, 2011 Elisheva Wiriaatmadja 
While the US is struggling in national debt and deficit, the first quarter earnings of MasterCard Inc. soared. Ironically, despite the already accumulated debt American’s are in, consumers still increased their credit card use during that period. MasterCard’s CFO, Martina Hund-Mejean, happy with the first quarter earnings, told Reuters that consumers are back to spending, [...]
Are You in Debt? Federal Trade Commission Offers Help to Debt-Burdened Consumers
May 3rd, 2011 Elisheva Wiriaatmadja 
If you’re overwhelmed with credit-card debt and getting harassed by debt collectors, you may not know where to turn. Try the website of the Federal Trade Commission (FTC), a government organization that wants to assist by offering sound advice to help people get out from under their debt burdens. The FTC offers a variety of [...]
Arizona Lengthens Term for Credit Card Debt Collection
March 31st, 2011 Elisheva Wiriaatmadja The Arizona State Senate clarified an existing law that seemed to be causing confusion as to how long banks and credit card issuers have to pursue debt collection on defaulted accounts. The state Senate says that credit card issuers have six years to pursue people who default on their credit cards. This may give debtors [...]
