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Counties in Alabama with low credit card debt

A recent study revealed that, compared to many states, Alabama’s households tend to have much lower credit card debt, a Thursday, December 8 article of al.com reported.

The average credit card debt of households in all states is $15,675, but reports revealed that Alabama households have an average of $1,866 in credit card debt. Data from Smartasset.com determined these rankings by analyzing the percentages of household income and credit card debt. According to their rankings, the figures determined the top 10 counties in Alabama with the lowest levels of credit card debt were Hale County, Pickens County, Washington County, Bibb County, Lawrence County, Jackson County, Walker County, Lauderdale County, Cherokee County, and Madison County.

While these parts of Alabama have low levels of credit card debt, many people across the state are still struggling to settle their debts. If you are struggling to pay your finances, a Greenway Bankruptcy Law, LLC attorney may work on your behalf. Discuss your situation with a skilled bankruptcy attorney today by calling (205) 324-4000 to learn more about your options.

Tips people could do to mitigate excessive credit card debts

Financial experts have observed that though many people are earning more money, nationwide credit card debt is also on the rise, noting the $912 billion debt from January to June of this year.

Experts noted that mitigating credit card debts could be considered “one of the wisest investments” people can have. This is often conflicting, as many people view a higher credit limit as an asset instead of a liability. For those who have been struggling with credit card debts, they may want to try negotiating to consolidate all their balance and repay it over a longer term. This tactic is often applicable for those who have an appealing credit score. Another advantage of people with a good credit score is they could acquire loans with fixed interest rates that are significantly lower than for people with poor credit scores. Usual financial sacrifices like reducing personal expenses or considering tapping emergency funds often work for many people. Earning additional income is also a fool-proof way for anyone to dramatically wipe off their credit card debts.

The bankruptcy lawyers of the Greenway Bankruptcy Law, LLC represent Birmingham people who have been struggling with their credit card debts. If you think this happens to you, we may work on your behalf to possibly help you have a fresh start. Learn more about your legal options today by calling (205) 324-4000.

Tori Spelling sued for failing to settle debt

A lawsuit was recently filed against American actress Tori Spelling due to allegations that she failed to settle her overwhelming credit card debt, an October 4 article of Toronto Sun reported.

Reports revealed that American Express filed a lawsuit against Spelling, 43, after she failed to settle nearly $37,982 worth of credit card debt. The credit card company decided to sue the actress because she was not doing anything to settle the money she owed. Spelling’s mother claims she is not helping the actress with her credit card debts even though she has provided her with other forms of financial support. Spelling experienced financial hardships after she and her spouse were sought by the IRS to pay federal and state taxes amounting to roughly $1 million.

At Greenway Bankruptcy Law, LLC, we represent people in Birmingham who are sued because of overwhelming debts. If you are experiencing such financial hardship, we may be able to offer you legal assistance to get rid of your financial problems. Call our office today at (205) 324-4000 to learn more about your legal options.

Americans are unable to wean from excessive credit card use

A recent report by Bloomberg observed that many credit card users are struggling to pay off the interest rates on their previous credit card balances.

According to College Professor Scott Fulford, Americans at an early age start to heavily depend on credit card use. In the 25 to 50 age bracket, the study found out that an estimated 35 percent of credit card users are able to settle their monthly dues. The study also observed that between the ages of 20 and 30 many Americans already have credit card debt as a result of being given high credit limits. Younger Americans, according to Fulford, are not interested in saving as a result of having high credit limits that they can access in case of emergencies.

Being struck with credit card debt is often a frustrating situation, especially if you have very limited resources to pay off your debts. If you are struggling under the weight of unmanageable debts, a Birmingham lawyer at Greenway Bankruptcy Law, LLC, may be able to help you. Find out how we may be able to help you get a fresh financial start today by calling (205) 324-4000.

Household credit card debt on the rise

A recent study by NerdWallet has shown that credit card debt for U.S. households is on the rise once again. According to the report, the average debt, which is now $15,355, has decreased since the recession, when it was as high as $17,000 in December of 2008, but has increased since March of 2014 when it was just over $14,000. This increase is outpacing the average rise  of income by fifteen percent over the past twelve years.

NerdWallet stated that rising food and medical costs seem to be major factors in this increased credit card debt. Research also indicates that consumers attitudes and beliefs about finances can lead to crippling debt. According to Sean McQuay, NerdWallet credit expert, “People view credit card debt as a personal failing. It sends the signal that they are not able to manage finances, and finances, for better or worse, are the easiest way to gauge your success in life.”

The attorneys at Greenway Bankruptcy Law, LLC understand how devastating and debilitating this kind of heavy debt can be, and we work to help those struggling to get out from under such financial burdens explore and pursue their options. To discuss your situation with our attorneys today, call our Birmingham offices at (205) 324-4000 today.

Troy officials warn people of payday loan companies’ bad practices

A meeting was held recently in Troy City to inform residents about predatory loaning businesses, WSFA12 reported on June 12.

According to Troy City Councilwoman DeJerilyn King Henderson, many consumers did not know that they are likely paying more in interest to payday loan businesses compared to financial institutions. The public meeting held on June 11 also informed people about their rights when dealing with payday loan companies. Henderson further said that payday loan companies often target people who earn less and cannot afford to apply for regular loans. The city of Troy is one of the cities in Alabama that do not regulate payday loan companies.

The lawyers of the Greenway Bankruptcy Law, LLC, understand that in Birmingham alone, many people are burdened by overwhelming debts. If you think you are in such a situation, we may possibly offer you legal solutions to make your debt manageable again. Learn more about your legal options from us today by calling (205) 324-4000.     

Debt management tips for seniors

ABC 7 offered some tips for senior citizens who may be struggling with debts as they reach retirement age. In this situation, you may want to consider the following ways to decrease stress over your finances:

  • Identify all expenses and create a workable budget.
  • Look for other ways to receive additional funds; however, make sure that other public benefits you get, like Social Security, are not affected.
  • For those who have several debts, you may want to consider paying at least the monthly minimum of the debt with the highest interest rate. Another option is to consolidate debts in order to achieve a more manageable monthly payment.
  • For those who are at a loss, pursuing help from an experienced attorney may help you weigh your options.

The Birmingham legal team of Greenway Bankruptcy Law, LLC, works for senior citizens and others who are overwhelmed by accumulating debts. Our skilled lawyers are committed to helping people regain stable financial footing. Find out how we may work for you today by calling (205) 324-4000.

Survey reveal U.S. credit card debt soared in 2014

On March 10, CBS reported that credit card debt last year skyrocketed and the trend is expected to continue into 2015 as the U.S. economy continues to improve.

According a recent survey from CardHub, a total of $57.1 billion in new credit card debt was recorded in the U.S. last year. Such increase reportedly has been observed since 2013 and it is likely to continue this year. Another study published last month revealed that many Americans are plagued with credit card debt yet their earnings have only increased by 2 percent in the last decade. The average credit card debt is around $7,200, close to the $8,300 mark that some experts consider largely unmanageable.

Whatever reason you have obtained unmanageable credit card debt, know that there are legal options that can benefit you. However, if you are in such a situation in Birmingham, a lawyer from the Greenway Bankruptcy Law, LLC may be able to provide workable solutions for you to bounce back from debt. Find out how we may be able to help you today by calling (205) 324-4000.

Depression symptoms related to unsecured debt

According to a recent study, older people are likely to exhibit signs of depression if they are plagued with a certain amount of unsecured debt, a Newsday article stated on August 1.

In the study conducted at Rutgers University, the researchers stated that an estimated 30 percent of people aged 51 and above have unsecured debts, such as from a credit card or unpaid bills. The study also revealed that the higher the debt was in proportion to income, the greater the chances that person showed signs of depression. A different study listed the average amount of credit card debt for adults 50 and over was $8,300.

In times of financial hardship, debts can quickly become unmanageable and overwhelming. However, there may be method of recourse for those in debt to start again. The attorneys at Greenway Bankruptcy Law, LLC, may be able to offer you legal solutions to mitigate or manage your debt. To learn more, call our Birmingham offices at (205) 324-4000 today.

U.S. foreclosure activity steadily decreased in the last 8 years

A recent report by real estate firm RealtyTrac stated that there has been a steady decline in foreclosure activity in the last eight years, CNBC reported on June 10.

Reports said that in May, banks acquired fewer homes and property owners filed for fewer foreclosures than in the past eight years. At least 109,824 homes nationwide were recorded in foreclosure procedures in May, a decline of 6 percent from April. Nationwide, records showed that banks only acquired 28,373 homes in May, and at least 47,085 homes were auctioned–both numbers the lowest since 2007. RealtyTrac Vice President Daren Blomquist is optimistic that the foreclosure rate will continue to decline.

Unfortunately, the lawyers at Greenway Bankruptcy Law, LLC, understand that in Birmingham alone, many homeowners are still plagued by foreclosure crisis. If you are in a situation like this, other legal options may be available to you to protect your home. Speak with us today at (205) 324-4000 to learn more about your options.

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505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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