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Debt Relief Archives

More people choosing to forgo credit cards

It is easy to get swept up in the use of credit cards. Perhaps that explains the nation's $800 billion in credit card debt. As more people recognize the risks of irresponsible credit card use, many Floridians and people nationwide are choosing to live without them.

Defaulting on credit cards may result in closure of accounts.

Depending on the card holder agreement, Florida residents may find their credit limits drastically reduced or their line of credit cancelled after a default on a different credit card account. No matter what the circumstances of the late payments, the credit card company may have the right to cancel a credit account -- even if that account is in good standing -- if the customer fails to pay on other accounts.

Taverna Opa restaurant files for bankruptcy

A restaurant in Dolphin Mall filed for bankruptcy, although the restaurant continues to operate. Taverna Opa sought the debt relief protections of the Chapter 11 bankruptcy option. The restaurant is owned by Opa Restaurant Group, which has several restaurants throughout Florida.

Bill looks to give consumers 120 days to work out medical debts

Florida residents might be interested in learning about a new bill that was proposed to help protect the credit of consumers who have medical debt. Medical debt can do serious harm to a person's credit report. In addition, one in 10 insurance claims are incorrectly processed. This means that debt collectors are often working with account information that is potentially inaccurate or out of date.

Does credit card debt keep the doctor away?

A recent study indicates that there is a link between large amounts of credit debt and people not seeking out medical care when they are ill. Approximately 64 percent of those who did not see a doctor say they have a large amount of credit card debt. This group was followed by 58 percent who say they already have large medical debts and avoid seeking medical treatment. This topic may be of interest to Florida readers due to the large number of retired residents on fixed incomes.

Credit counseling may not be the best solution for debt relief

Residents of Florida struggling to make ends meet may not be able to get out of debt using credit counseling services. Credit counseling services work with people who are struggling with debt and create a debt management plan. The counseling service will then work with creditors to attempt to lower monthly payments and reduce fees and interest rates. However, according to National Debt Relief, the completion rate for this type of debt relief is only 26 percent. In theory, the premise behind credit counseling services is solid, and this is why people are able to get out of debt using them. Still, only one out five people complete their debt management plan. The majority of people who looked into these services ended up choosing other solutions for getting out of debt. This may be due to people becoming discouraged because of lack of concessions from creditors.

Medical debt can sometimes be hard to avoid

Many people are riddled by credit card debt. This debt can sometimes be avoided by controlling spending and only using credit cards in extreme emergencies. Medical debt on the other hand is often caused by unexpected illness or injury. These are things that people would obviously like to avoid, but they aren't always able to.

Credit card debt can hurt a small Florida business

Many small business owners in Florida have found themselves in the position of relying too heavily on their credit cards. At one point, many had the idea of using the credit cards to get everything started, but have since found the need to rely on the credit cards. The longer this goes on, the more and more debt the business ends up accruing.

Tarnished credit reports costing job applicants

For those who have been doing their best to find employment after being fired or laid off in our still-struggling economy, having to deal with credit trouble, be it recent or long-standing, can be especially difficult. Debt trouble and a damaged credit trouble not only raises the stakes of landing a new position-it can also make securing fresh employment far more challenging.

ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
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