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Michael D. Hart, P.C.
Helping You Move Forward Free Of Financial Problems
540-627-6520
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May 2018 Archives

Store credit card delinquency rates increasing

According to Equifax, the delinquency rate on store-branded credit cards is 4.65 percent, which is the highest since the beginning of 2011. The delinquency rate was 4.08 percent in March 2017. Virginia residents should know that they must still pay down a store credit card even if the store goes out of business or files for bankruptcy. Missed payments are still being reported to the credit bureaus by the lenders providing those credit lines.

Consumer debt could reach $4 trillion before 2019

Consumers in Virginia and across the U.S. have been increasing their debt over the last few years, according to a new analysis by LendingTree. The loan comparison website said that consumer debt has been rising since 2012 and is expected to hit an all-time high of $4 trillion before 2019.

Understanding Chapter 7 bankruptcy

Some Virginia consumers may find themselves overwhelmed by credit card debt. The efforts of credit card companies to collect on that debt usually begins with letters asking people to pay. However, once those debts go to a collection agency, the pressure may become overwhelming with calls and letters demanding payments. People might then begin to consider bankruptcy.

Tips for using a credit card responsibly

According to research by the credit reporting agency Experian, residents of Virginia had the third-highest credit card balance in the country in 2017 with an average of $7,161. The state with the least credit card debt was Iowa, averaging $5,155 while the highest was Alaska at $8,515.

Effects of bankruptcy

Overwhelming debt can affect anyone due to losing a job, accumulating credit card debt or running into unexpected medical expenses. Over 700,000 individuals in the United States filed for personal bankruptcy in 2017. Naturally, personal bankruptcy rates vary by state with Virginia falling well within the middle range.

An automatic stay might give you the protection you need

When you are facing big debt problems and considering bankruptcy, there are many things it can be critical to be aware of. One is what protections the bankruptcy process typically provides. One such protection that individuals might find particularly attractive is the automatic stay.

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Michael D. Hart, P.C.
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Roanoke, VA 24011

Phone: 540-627-6520
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