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Credit Card Debt Archives

What is the Credit CARD Act?

If you are like many people in Davidson, and throughout Tennessee, then you likely have at least one credit card. As a credit card consumer, the federal Credit Card Accountability, Responsibility, and Disclosure Act, also known as the Credit CARD Act, provides you certain protections. This law, which was signed into effect in May of 2009, was created in response to the need for reform in the credit card market.

How can you get rid of your credit card debt in Tennessee?

If you are like many people in Tennessee, and throughout the U.S., who are struggling with debt, it is likely that credit card balances contribute to your financial difficulties. According to, approximately one out of every three adults in the U.S. reported that their households carry credit card debt from one month to the next in 2014. Dealing with this type of debt may seem like an insurmountable challenge. However, there are a number of options available, which may help you to eliminate your credit card debt.

How can delinquent payments damage your credit score?

Maintaining a credit card can be a lot of hard work. A person has to monitor their spending, keep track of their bills, meet the minimum payment every month, and be timely with payments. However, some people may fall behind on their payments. This is called delinquency.

Questions before you file bankruptcy

The choice to file a bankruptcy is never easy. You have to consider multiple factors before you file to determine if bankruptcy is the correct solution to your financial woes. If you are feeling buried under the weight of your debts, bankruptcy may present the best way to take care of your debts and regain your economic well-being, but you need to assess some elements that will affect the efficacy of the bankruptcy and your eligibility to file.

Are payday loans and credit card debt becoming overwhelming?

Some Tennessee consumers may enter the New Year with overwhelming debt. Many consumers get swept away by the multitude of exciting product offers over the holidays and overspend despite their good intentions not to do so. This may lead to consumers giving in to the aggressive marketing of payday loans. However, payday loans typically go hand-in-hand with excessive interest rates, and consumers end up with the dilemma of whether to first pay their credit card debt or the payday loans.

Credit card debt on store cards may harm your financial health

Tennessee consumers may agree that the time approaching the holidays is the time when their resistance to credit card spending is at its lowest. As if that is not enough pressure, store assistants use all their skills to pressure consumers into taking on store-issued credit cards. However, for many consumers, additional cards could mean extra stress related to credit card debt. A recent study showed that almost a third of shoppers were bullied by cashiers in an effort to convince them of the advantages of branded credit cards, and many of those consumers succumbed to the pressure and took on such cards.

Recessions end doesn't always mean an end to hard financial times

It was not very long ago that we published an article about the challenges many in Tennessee face. Even though the recession was formally declared over quite awhile ago, the article noted that many Americans still struggle. And many have found themselves on the wrong side of a court order that has resulted in them seeing their wages garnished by a creditor.

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

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