Our lawyers know that the data regarding debt in Nevada is alarming. According to one study conducted by Experian, the credit reporting agency, Nevada has the highest year-over-year growth in credit card debt in this country. In one six-month period, the state saw a 9.3 percent growth compared to the same six-month period the year before. This was much larger than the national average of 6.6 percent. Nevada has more than $7 billion of credit card debt.
Other studies have consistently shown Nevada as the state with the highest credit card delinquency rate and the most percentage of borrowers who are more than 90 days past due in their accounts. One study even found that Las Vegas residents had one of the lowest average credit scores, ranking number 136 out of 143 American cities.
This credit card debt is also taking its toll on residents’ financial situations. Over the past couple of years, more than half of bankruptcy filings in Las Vegas are due to credit card debt. In addition, statistics show that overall, bankruptcy filings have increased by approximately 20 percent.
Many people who are struggling with credit card debt often turn to debt consolidation loans in an attempt to try to lower how much money they are paying out in bills each month.
All of these bleak financial statistics make the result obvious: many Nevada residents are forced to deal with making decisions in getting out of debt. Depending on the extent of the circumstances, getting out of debt may be more difficult than one may realize.
Those who are struggling with debt have some options in addressing it. While debt consolidation loan companies may be a viable alternative for some, it is important to be aware of some of the drawbacks. Some companies are nothing but a scam, while others may be genuine but still unethical, while still more may suffer from poor customer service. Any of these issues may result in poor customer experience, and, even worse, little to no satisfaction in effectively obtaining debt relief.
While some individuals may get the results they are looking for from such credit loan consolidation companies, the fact remains that many individuals require more. As a lawyer can explain, the good news is that many other options exist in obtaining debt relief, including filing for bankruptcy. If your debt extends beyond credit card debt or is too excessive to control, bankruptcy may be a viable option for you in obtaining relief. Bankruptcy provides many people with a clean slate and a fresh start.
If you or someone you know is considering bankruptcy, it is advisable to contact a highly skilled debt lawyer in Las Vegas, NV. The attorneys at Ballstaedt Law Firm are here to answer your questions about the bankruptcy process and whether filing for bankruptcy is a good option for you. Contact us today.
Are You Struggling with Debt?
Being in debt can be very stressful. However, regardless of what your situation might be, there will be ways to resolve it. As one of the most popular law firms in Las Vegas, we, at Ballstaedt Law Firm, have helped to find solutions to debt challenges of all kinds. Although bankruptcy is a leading method of choice, there may be non-bankruptcy solutions. If you are interested in learning more about resolving your debt, give Ballstaedt Law Firm a call.
Ballstaedt Law Firm: Trusted Lawyers in Las Vegas
Our firm is proud to have represented thousands of clients who were in debt and needed help. Rest assured, no matter what kind of debt you are in, we have the necessary knowledge to review your case and let you know whether a solution is available. In general, there will always be at least one solution – which should help you to feel at ease. Once we determine what is best for your situation, we will help you to get back on your feet, and with a fresh financial start. If you are ready to free yourself from debt, call one of our lawyers right away.
How We Can Help You to Resolve Your Debt
With regards to resolving debt, there are typically many options available. Depending on your needs, we might recommend at least one of the following:
Many individuals will be best suited to filing for personal bankruptcy. There are two primary types of bankruptcy, including:
Chapter 7 Bankruptcy – This method of bankruptcy will likely involve liquidating certain assets. Afterwhich, the proceeds will be used to pay off debt collectors and creditors. Once this is done, a judge might discharge the remaining unsecured debt. Before you file for Chapter 7, you will be required to pass a means test.
Chapter 13 Bankruptcy – If you do not qualify for Chapter 7, and you have enough income to make monthly payments, Chapter 13 may be recommended. This form of bankruptcy will involve a restructuring of your debt so that it is in one payment. If you pay the payments for the next 3-5 years, the remaining debt may be resolved.
Chapter 11 Bankruptcy
Companies in debt may be able to file for Chapter 11 bankruptcy. This process often involves some degree of litigation which means you should have a debt lawyer on your side.
Are You Facing Credit Card Lawsuits?
Our lawyers are well versed in debt-related lawsuits, including those that have been filed by creditors who are seeking unpaid debt. If you are facing a lawsuit from a credit card company, talk with our lawyers about resolving this situation before it becomes worse. We may be able to stop the lawsuit and prevent wage garnishment.
Generally, when you file for any kind of bankruptcy, wage garnishment will no longer be possible. Whether your wages are being garnished, or you are facing wage garnishment in the near future, call a lawyer that residents trust right away.
Financial Dangers Associated with Credit Cards
These days, many Americans have and use credit cards frequently when making purchases. Even the majority of college students own credit cards and use them regularly. Often, individuals who apply for and use credit cards are either unaware of or ignore some significant pieces of information that can affect their financial well-being in their use of credit cards. The following are some of the mistakes that consumers make when it comes to their credit cards. For more detailed information, contact our firm.
Minimum Monthly Payment
If a consumer makes charges to a credit card and pays his or her monthly credit card bill by only making the minimum payment due each period, it could take years and more than double the amount of the original charges after interest is applied to pay the balance off in full, assuming new charges are not made. For example, if a credit card has an associated limit of just $1,000.00, and the cardholder makes $1,000.00 worth of charges with an interest rate of 18 percent, it will take 12 years and $2,115.00 to pay the balance if making the minimum payment alone. That equates to a total of $1,115.00 in interest alone over the 12-year period, and that assumes the cardholder did not make any additional charges. This straightforward example demonstrates how out of control credit card debt can potentially get for cardholders.
When considering applying for a credit card, it is important to make an informed decision and keep clear of possible traps by the credit card company. In doing research on what credit card to apply for, our debt lawyers recommend that you consider the following:
- Annual Percentage Rate – Known as APR, this is the amount of interest that will be calculated on an outstanding credit card balance. The rate can be fixed or may vary depending on the terms of your agreement with the credit card company. An APR can range from less than eight percent to more than 30 percent, so it is an important factor to consider when choosing a credit card.
- Penalty APR – This is a punitive interest rate that some companies apply to cardholders’ accounts who have exceeded their limits, missed payments, or are otherwise considered in bad standing. Not all cards have a penalty APR, so it would be wise to obtain a card without this term.
- Cash Advances – These transactions, which involve a loan from a card holder’s credit account, often have different terms associated with them than other transactions, like regular charges on your card. They may require a higher APR and come with associated transaction fees among other terms.
- Traps – When completing a credit card application, be sure to read the fine print, where some companies may try to hide unfavorable terms. This includes hidden fees associated with transactions, late payments, and charging in excess of the applicable limit, any increase in APR, and terms that allow the company to issue a sub-standard card in the event the applicant does not qualify for a premium version.
Would You Like to Speak with Ball Bankruptcy Lawyer?
Those with the most successful credit history are responsible with their spending by avoiding excess spending and paying off their credit card bills each month. However, for many others, it is too easy to take advantage of credit offers and quickly become financially burdened with credit card debt. The legal team at Ballstaedt Law Firm can discuss the possibility of bankruptcy with you. Contact today to schedule a free and confidential consultation with a lawyer that Las Vegas clients recommend.