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May 2019 Archives

Debt relief: Proposal to cap credit card interest rate at 15%

Many Connecticut residents and others around the country carry a significant amount of credit card debt from month to month. If those consumers were told the interest rate for their credit cards was to be capped at 15%, it would apparently be good news for them at first glance. Since some of the cardholders with large balances are often in need of debt relief, this seems like a positive move for them. However, that plan could end up causing more financial strain on the very people it seemingly would help.

Debt relief: National credit card debt at record level

According to 2018 year-end reports from the Federal Reserve, total revolving debt for the nation has exceeded $1.05 trillion. Of that amount, credit card debt accounts for $870 billion of the total. Connecticut residents and others across the country have nearly 480 million active credit card accounts. While some consumers are able to pay off their balances each month in full, others may just be trying to keep their heads above water financially and are in need of debt relief.

Chapter 7 or Chapter 13? Which type of bankruptcy to file?

The news is full of stories about the improving economy for our nation. It is not uncommon to hear stories about lower unemployment rates and increased levels of disposable income. However, many Connecticut families are still mired in financial struggles. Some have reached the decision to file for bankruptcy to get their finances back in shape. Once that major decision has been made, there is still another one to consider -- should someone file for Chapter 7 or Chapter 13 bankruptcy?