Many factors may increase credit card delinquency or debts

On behalf of The Rollins Law Firm posted in Personal Bankruptcy on Tuesday, December 4, 2012.

The many types of credit available to Americans may cause some people to spend beyond their limits. Credit card debt is a very real concern for many families, and working to reduce debts require a firm grasp of current financial factors as well as emerging market concerns.

Our readers in Jackson may be interested in a recent national news story regarding credit card delinquencies. Analysts at Fitch Ratings noted a recent rise in credit card delinquency rates for the first time in 2012. Delinquencies greater than 60 days overdue saw a slight increase during October. Citi and Capitol One, popular players in the credit card market, were both affected by a period of sell-off as a result of concerned investors during November.

Additional concerns included the possible lasting effects of Hurricane Sandy on the economy and financial status of many in the country's northeast. Capitol One had experience an overall good year until account charge-offs rose in October, with a stock increase of over 30 percent up until that point. Charge-offs across all major lenders had dropped to the lowest level since 2007.

Those seeking to enter negotiation with credit card companies or other debtors should strive to learn all they can about their rights and responsibilities under the law. Many different companies have differing processes for negotiation on outstanding debts or rules for issuing cards to new debtors.

Source: Fox Business, "Credit Card Delinquency Rates Rise for First Time in 2012," Joe Taylor, Jr., Nov. 18, 2012

Client Reviews
★★★★★
I had a wonderful experience. The staff were nice and very informative. The process was quick and easy. Very affordable for me being a single parent. Would recommend anyone there. - Lashay H.
★★★★★
The Rollins firm assisted me at a very low point in my life. After having a lot of medical issues and expenses, I found myself unable to make ends meet. Mr. Rollings and his staff worked very promptly to help. They made the process so easy to complete. - Vinester Smith.
★★★★★
Fast response and professional advice. Really great to work with and understand what a difficult time in one’s life this is. Will recommend to anyone - Bryan Aust.
★★★★★
My wife and I were in an impossible financial situation where over time, we had built up so much debt that we could no longer keep up with all the payments. We were getting further and further behind until we reached out to the Rollins Law Firm for help. They have the knowledge and expertise through their experience to handle our particular situation. Their entire team of professionals are always available to answer questions, explain your options, and then provide the legal service that you need to relieve your financial worries and get you back on the right track! I recommend the Rollins Law Firm to anyone who needs help to deal with financial struggles. - Mike Zegelien.