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Credit Card Debt Archives

What are some tips for using a credit card responsibly?

Whether you are looking to avoid bankruptcy or are starting over after one, responsible use of a credit card can be a great way to manage your finances and rebuild your credit. However, it’s not always easy to know exactly what the best practices are, especially if you have made mistakes in the past. According to TIME Magazine, following a few useful tips can help keep you on track.

The importance of routinely requesting your credit report

Each time a consumer in Tennessee takes out a loan or opens a credit card, makes payments or pays off a balance, it gets compiled on his or her credit report. Negative actions, such as being sued, declaring bankruptcy, defaulting on a loan or failing to make regular payments also get reported. Since lenders use the information contained in your credit report to determine whether or not to extend credit, we at Rothschild & Ausbrooks, PLLC, believe it is very important that you remain aware of the information that your credit report contains.

Your credit report: What you don't know might hurt you

If you struggle to pay your bills or have a large amount of debt, the last thing you probably feel like doing is examining a detailed list of everything you owe to your various creditors. But virtually everyone should request a copy of their credit report, no matter what shape their finances are in. In most cases, it's what you don't know about your credit that puts you at risk.

How should I prioritize my debts?

Like many other Tennesseans who have a lot of widespread debt, you may feel overwhelmed by it and deciding which accounts to pay off first can be difficult. However, according to there are strategies that you can employ to save yourself money in interest and get your debts paid off quicker.

Beware of fake debt collectors

Legitimate debt collectors are permitted to contact Tennessee consumers regarding outstanding amounts owed as long as they follow certain guidelines. However, many scammers try to take advantage of unsuspecting people and it may be difficult to ascertain whether or not the collection call a person receives is real.

Many people have more credit card debt than savings

Many Tennesseans are saddled with more credit card debt than they would like and less savings for a rainy day. However, it may surprise them to learn that they are not alone. Bankrate reports that only half of all Americans have more money put away as emergency savings than what they owe in credit card debt.

Can I negotiate a lower credit card interest rate?

Yes, you may be able to lower the interest rate on your credit card simply by making a phone call to your credit card company or bank. While it may not always be possible to lower the rate or reduce it by a significant amount, it is worth at least trying if it will save you money and lessen your debt in the long run.

Debt collection a big consumer complaint in 2015

Each year, the Tennessee Department of Commerce and Insurance's Division of Consumer Affairs gathers information about consumer complaints. Of the more than 4,000 complaints that were received in 2015, 293 of them related to debt collection, making this the third biggest category of complaints. Consumers reported being harassed by phone calls from debt collection agencies and being called repeatedly concerning matters where they were not the debtor the agency was looking for.

Many Americans embarrassed by their credit card debt

Of all the types of debt incurred by people in Tennessee each year, it appears that credit card debt carries the largest stigma. According to Time magazine, the average American household has over $15,000 in credit card debt and 70 percent of Americans think credit card debt is more looked down upon compared to other types of debt.

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Rothschild & Ausbrooks, PLLC
1222 16th Avenue South, Suite 12
Nashville, TN 37212

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