I've been following the sad tale of Debt Relief USA, a debt settlement company here in Dallas. Their big pitch was that you should not file bankruptcy. But, that's exactly what they did. Seems they took in $4.5 million of people's money and were supposed to use it to "settle" their debts. Instead, they used it for ...
Category Archives: Credit Cards
Debt Settlement Plan- Will This Work?
I was meeting today with a new potential client who came in for a free consultation after seeing my bankruptcy website. He'd receive a pitch from one of the 70-thousand "debt settlement" companies out there. This company had clearly put some thought into their strategy. They take $5,000 up front as their "fee." Then, you pay ...
Beware of Credit Repair Schemes
You see the advertisements in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims: "Credit problems? No problem!" "We can erase your bad credit-100% guaranteed." "Create a new credit identity-legally." "We ...
Things to Consider Before Jumping into a New Credit Card
Once your bankruptcy case is over, you’ll get bombarded with new credit card offers. Take one if you want to (it’s a free country, after all) but here are a few things to be thinking about before you pull the trigger.
Higher Rates on ALL Your Cards a Risk if Payments Missed on ANY Card
Don Mitchell was surprised to learn his credit-card company reserved the right to boost his interest rate to nearly 25 percent if he fell behind on payments, not just to it but to any creditor. Buried in the fine print of his Citibank card agreement was a clause saying customers who missed payments to ...
Can I Keep A Credit Card When I File Bankruptcy
This is a question I hear a lot. Even though our goal is to get you completely debt-free, people genuinely wonder whether there is any way for them to keep a credit card. "Can't we just leave one of the credit cards out of the case so I can keep using it after the case is ...