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

Credit card debt can mount unexpectedly

Many people in Virginia are struggling to make ends meet, and they may find themselves stretching their credit card balances in order to do so. Credit card debt is growing across the United States, and the reasons can vary from financial emergencies to appealing offers from credit card companies. According to the Federal Reserve, revolving consumer debt, including credit card debt, increased across the country by 1.5 percent in July 2018. According to the national bank, American consumers' revolving debt totals $1.037 trillion.

What to know about medical debt and credit scores

Medical bills could have a major impact on the credit score of a Virginia resident. However, anyone who receives a medical bill may have a variety of protections aimed to limit that impact. For instance, major credit bureaus Equifax, TransUnion and Experian must wait 180 days before putting information about a medical bill on a credit report. In many cases, a medical debt may be removed from a credit report if an insurance company ultimately pays the balance.

Good reasons to use credit cards

Virginia consumers may believe that credit cards are nothing more than an easy way to get into too much debt. However, they can also be an effective way to cut down on travel expenses or offer other perks. Rewards cards are usually available to those with a credit score of 690 or higher, and credit scores generally increase as balances decline.

Facts about settling credit card debt

Virginia residents who owe credit card debt are expected to repay it in full. They may also be liable for interest charges and other fees that a lender may charge. While a credit card debt settlement may be one way to obtain relief, it isn't necessarily a debtor's best option. Those who choose to work with a debt settlement company could be charged a fee that is equal to a percentage of the amount forgiven.

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Michael D. Hart, P.C.
19 Church Street Southwest
Roanoke, VA 24011

Phone: 540-627-6520
Fax: 540-342-7655
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