Michael Vick will join the ranks of the Philadelphia Eagles with an impressive six-year, $100 million-dollar contract. His creditors, however, are slated to get a significant chunk of Vick's earnings, due to his recent bankruptcy. Vick currently owes $19 million...
Month: August 2011
Credit CARD Act can only protect consumers so much, part 2
In the previous post, you learned some interest rate surprises that can lead to debt trouble, even with the enactment of the Credit CARD Act. Part of the change in the credit card industry is that kids starting college are no longer supposed to be bombarded with...
Credit CARD Act can only protect consumers so much, part 1
The Credit Card Accountability, Responsibility and Disclosure Act was introduced to protect consumers from some of the deceptively dangerous policies that credit card companies impose on their customers. In many ways the new law has helped, but it doesn't provide the...
Burt Reynolds’ case shows even celebrities face foreclosure
We all know times are tough right now, but there are few things more telling than when a well-known celebrity faces foreclosure. That's exactly what's happening to Burt Reynolds, now that his Hobe Sound home in Florida has become a target for foreclosure. Reynolds...
Protecting your credit during and after a divorce
When you think about low credit scores, you might tend to think that they are caused by the recession and the many bankruptcies the economy has made necessary. But, many who have experienced financial success and stability for years can suddenly find that their good...
Some banks are failing to honor loan modification plans
In 2009, foreclosure rates in most states throughout the country, including Florida, realized huge increases. As the stock market plummeted, so did the employment rate, leaving thousands of American families wondering how they could meet their monthly mortgage...
Super Bowl winner not immune from debt woes
"...Sometimes you've got to do what you've got to do," says a former NFL player. What is he talking about? He is referring to filing for Chapter 13 bankruptcy. Yes, financial hardships strikes all types of people, even Super Bowl winners According to reports, the...
New federal agency launches site to better protect consumers
The federal government launched the Consumer Financial Protection Bureau (CFPB) website this week in an effort to help protect consumers against the abuse of credit card companies, banks and other lenders. Consumers who have complaints about a bank, lender or creditor...
When it’s cool to use a credit card, part 2
In our last post, we left off having given a couple of tips that financial professionals offer regarding credit card use. Keep in mind that everyone's financial situation is different. Individuals and families have varying histories with credit card debt, bankruptcy...
When it’s cool to use a credit card, part 1
Are you dealing with credit card debt? If you are not currently dealing with it, then maybe you have in the past. Credit card debt can be a big factor that leads to someone choosing to file for bankruptcy. Despite what some creditors might tell you, your credit card...