Bryan P. Keenan & Associates, PC Toll Free 866-753-6857 Phone 412-923-4941

Providing The Advice And Options You Need To Overcome Financial Problems And Move Forward

Bankruptcy Attorneys Who Care About You And Your Future
Don't let debt problems disrupt and define your life.

Posts tagged "interest"

Options for customers when credit card companies increase rates

Pennsylvania residents may be concerned about the recently announced interest rate increases for American Express cardholders. While it is legal for the company to raise their rates, there are certain guidelines that credit card issuers must follow. The CARD Act, which was signed in 2009, changed the way credit card companies can do business and gave consumers several protections.

4 strategies for reducing credit card debt

Buying on credit has become the norm for Pennsylvanians. Nationally, the average person holds over $2700 in credit card debt. Unfortunately, with interest rates ranging from 13 percent to 20 percent annually, items purchased on credit can end up costing up to three times their value.

Understanding how credit card interest is calculated

Using credit cards can create financial challenges especially if consumers do not watch their spending and do not understand how interest is calculated. Credit card users with consumer debt who experience unemployment, reduced income and increased expenses may face creditor harassment because of delinquent payments. Consumers in Pennsylvania and across the country who are making only minimum payments on a credit card to their credit card company could benefit from understanding how credit card interest is calculated.

IRS wants taxes paid on cancelled or forgiven debt

Pennsylvania residents may be surprised to learn that the Internal Revenue Service considers forgiven or cancelled debt to be income. Consumers who reach agreements with creditors to lower the amount they owe are often surprised when they subsequently receive a cancellation of debt notice from the IRS. The agency learns about the arrangement because creditors are required to notify them when an outstanding balance is reduced by $600 or more due to debt forgiveness or cancellation.

Consumer debts leading to wage garnishments nationwide

Pennsylvania readers might be interested to learn that, according to ProPublica and National Public Radio, 10 percent of working people in the U.S. aged 35 to 44 are subject to wage garnishment. Many of the garnishments are because of student loans, medical or credit card debt.

Strategically paying down credit card debt

Many Americans struggle with debt, especially credit card debt. For some, unchecked spending combined with the high interest and fees associated with credit cards can lead to financial pressure and anxiety. Pennsylvania residents are not immune to this situation, and anyone struggling with credit cards may benefit from strategically pay down credit card debt as soon as possible.

More than one option available for credit card debt relief

Credit cards have a way of being people’s closest comrades and simultaneously being their worst enemies. This is because the more that credit cards are used, the more people can buy and pay for. However, it also means that people incur more debt. Credit card debt may be particularly troubling if a person begins to have his or her wages garnished in order to pay back his or her financial obligations.

Credit card debt may be okay in certain situations

People in Pennsylvania are generally aware that debt on a credit card is undesirable. A majority of credit cards charge high interest rates, which makes it expensive to maintain a balance on a card from one month to the next. Credit card debt may also negatively impact one’s credit score, especially if the person’s cards are maxed out. It’s best to use credit cards in only a few select situations.

Bankruptcy may be beneficial to consumers with high debt

Being in debt in Pennsylvania can feel like being in an inescapable deep hole. The more a person may try to climb out of the financial hole, the more he or she may feel behind due to high credit card interest rates and inadequate income. There are a few signs that a person may benefit from filing for bankruptcy in order to finally remove his or her debt.

More people paying off credit card debt, research shows

Using credit cards is one of the easiest way to rack up thousands of dollars in debt. This is especially true if a person in Pennsylvania encounters a financial emergency that requires use of a credit card. However, credit card debt is one of the hardest types of debt to eradicate because of the high-interest rates often tacked onto these cards. Research shows that an increasing number of people in America realize this and are becoming more conservative in their credit card usage.

Email Us For A Response

Contact Us Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Bryan P. Keenan & Associates, PC

993 Greentree Road
Suite 101
Pittsburgh, PA 15220

Toll Free: 866-753-6857
Phone: 412-923-4941
Map & Directions