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Unlike most bankruptcy firms in the Dallas / Fort-Worth area, Allmand Law Firm, PLLC spends the time to understand the complete financial picture for every one of our clients. We provide resources, tools and advice to address the unique needs of North Texans.

Recent Posts in Credit Card Negotiation

  • How High Does Your FICO Score Need To Be?

    Posted By admin || 7-Jul-2011

    A recent report on lending revealed that 46 percent of all loans made in the consumer credit market were made to debtors with a FICO score over 750. That's nearly half! And it's not that many debtors are suddenly seeing their credit scores shoot up, it's that lenders are still finicky about who they will lend to. Are the days of 680 being considered a good credit score behind us? Maybe, at least ...
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  • What Credit Card Debtors Should Know About The Statute Of Limitations

    Posted By admin || 2-Jun-2010

    Credit Card lenders and their debt collectors have a limited amount of time to sue debtors for failing to repay credit card debt. In the state of Texas, the statute of limitations for open ended type debts such as a credit card is four years. A debt collector pursuing a debtor for payment on a credit card debt is prohibited from filing a lawsuit against that debtor after the statute of limitations ...
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  • Don't Be Fooled By "Free" Credit Health Companies

    Posted By admin || 8-May-2010

    It's been seven years since credit bureaus have been required by law to provide Americans with annual access to their credit reports, at no charge; but the the AnnualCreditReport.com web site created to manage the process has been overshadowed by a variety of companies claiming they can offer "free" credit health reports leaving many consumers confused and out of money they could have spent ...
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  • How To Avoid The Coming Credit Card Backlash

    Posted By admin || 28-Apr-2010

    With the implementation of the Credit Card Act last month, many credit card companies are taking actions to make up for lost profits. The implementation of annual fees and inactivity fees are just two of the most commonly used strategies being utilized by credit card companies to fill in the gap of lost profits. But what can credit card customers do to avoid these extra fees by credit card ...
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  • New Credit Card Disclosures May Not Reach Debtors Who Bank Online

    Posted By admin || 19-Mar-2010

    The new Credit Card Act which requires credit card companies to disclose how much a debtor needs to pay each month to pay off their balance clean within three years, and how long it would take them to be debt free if only minimum payments are made may not effectively reach debtors who bank online or pay their credit card bill through automatic electronic payment. Debtors who bank online and forgo ...
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  • What To Expect From The Credit Card Industry In 2010

    Posted By admin || 2-Mar-2010

    After the passing of the Credit Card Act, which will restrict credit card companies' ability to increase interest rates, amongst other things, the credit card industry took decisive action to soften the blow to their profits. Below are some of the changes you may see on your credit card in 2010: An annual fee. Since the Credit Card Act was passed, about 43 percent of new credit card offers ...
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  • What You Need To Know Before You Pay That Credit Card Debt

    Posted By admin || 17-Feb-2010

    Many debtors who have fallen at least six months behind on their credit card accounts are receiving payment demands from debt collectors. These calls and letters can be unsettling and scary. But it is important that debtors understand that debt collectors are infamous for using unethical and even illegal means to get you to pay your debt. Before you rush off to pay that credit card debt because of ...
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  • Credit Card Penalty Rates vs. Penalty Fees

    Posted By admin || 16-Feb-2010

    Making a late payment on your credit card has always carried a heavy penalty. Most prime credit card issuers will dramatically increase a debtor's interest rate for one missed payment. The penalty interest rate is typically called the "default rate." The average default rate for credit card issuers is 27.88 percent, and more than half of credit card issuers have a default rate that is much higher. ...
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  • Five Ways To Get Out Of Credit Card Debt

    Posted By admin || 16-Feb-2010

    In the throes of this recession, the average Americans is just piling on more credit card debt and finding it more difficult to find a way out. According to a report released by TransUnion, as of October 2009, the national average for credit card debt $5,612 per person. The average! That's scary knowing that the job situation is only getting worse with at least one company announcing job losses at ...
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  • Credit Card Inactivity Fees Coming Your Way?

    Posted By admin || 26-Jan-2010

    Since the passage of the Credit Card Act, many credit card lenders have been dreaming up new ways of getting more money out your pockets. One of the newest tricks on the block is the infamous "inactivity fee." Inactivity fees were at one point commonplace for credit cards; but eventually fell out of fashion. But at least with some credit cards, the inactivity fee could make it comeback. How does ...
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  • Credit Union Credit Cards Vs. Bank Credit Cards

    Posted By admin || 11-Nov-2009

    According to an article in Forbes, as study conducted by the Pew Charitable Trust found that credit cards offered by credit unions may offer lower rates and cheaper fees than their bank issued counterparts. The article said: "The study found that the median advertised interest rates for credit cards issued by the nation's 12 largest credit unions were 20% lower than those for bank-issued cards. ...
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  • Credit Card Companies Slashing Limits of Good Customers

    Posted By admin || 3-Sep-2009

    Consumers Affected by Drastic Changes in Credit Ratings More and more people are receiving the pink slip, but not just from employers. It seems that the credit card companies that were once so eager to be your friend and trusted financial advisor are also letting people go, or at least significantly reducing the welcome status of many consumers. A report by Business Week explains that for the ...
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  • Debtor's Credit Card Debt Ruled Non-Dischargeable

    Posted By admin || 29-Aug-2009

    In the Chapter 7 bankruptcy case of (Jenks, Louise E.; In re (GE Money Bank v. Jenks)), the bankruptcy court ruled that the debtor's credit card debt was non-dischargeable because she misrepresented her income when applying for the credit card. The details of the bankruptcy case: "The 74-year-old debtor applied for a Lowe's credit card on March 15, 2008. She said she had an annual income of ...
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  • Four Things You Should Do After Bankruptcy

    Posted By admin || 20-Aug-2009

    #1 - Get a credit card. Yes, we know that credit card debt is one of the things that landed you in bankruptcy; but good credit is important in our society. You will need credit cards in your post-bankruptcy life; but you will need to handle them differently. First, start off with a secured credit card with a small balance of about $300. Try to avoid the credit cards with yearly fees and get more ...
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  • Watch Out! Credit Card Changes Coming Next Week!

    Posted By admin || 14-Aug-2009

    According to an article in the Star-Telegram, many credit card changes will take effect next week. Credit card companies can no longer change interest rates and fees on a whim and they are required to notify credit card consumers at least 45 days in advance of changes. But many credit card companies are already taking measures to insure that the new rules don't affect their profits. Here are some ...
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  • Can I Opt Out of a Credit Card Interest Rate Increase?

    Posted By admin || 13-Aug-2009

    As more credit card consumers make use of the credit lines, some companies are taking the opportunity to increase their interest rates. Many credit card consumers don't realize that they may have the right to "opt-out" of an interest rate hike in most cases. The first thing credit card consumers need to know is that although the current law governing credit card companies does NOT REQUIRE that ...
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  • How a Bankruptcy Automatic Stay Works for You

    Posted By admin || 11-Aug-2009

    When a debtor files for bankruptcy, the first form of relief they receive is an automatic stay. An automatic stay stops creditors in their tracks so that the debtor's assets, including property and wages can be protected from seizure while the bankruptcy case proceeds. Bankruptcy's automatic stay prohibits creditors from calling a debtor's house or work. The bankruptcy automatic stay also ...
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  • America's Senior Citizens Swamped with Credit Card Debt

    Posted By admin || 3-Aug-2009

    According to an article in CNN, America's senior citizens are racking up credit card debt at a rate that outpaces other groups. The article said: "People age 65 and up carried an average of $10,235 credit card debt in 2008, according to a study released Tuesday by Demos, a public policy research group. That's an increase of 26% since the organization's last survey of low- and middle-income ...
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  • Credit Card Urban Myth Could Cause You Financial Pain

    Posted By admin || 29-Jul-2009

    Many credit card consumers are under the mistaken belief that as long as they pay "something" on their credit card debt every month (even if it's lower than the minimum required payment), their creditor cannot take further action against them. That's a MYTH. The truth is that each credit card has a minimum payment requirement that credit card consumers are required to pay in order to remain ...
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  • Credit Card Companies Strike Back with Variable Interest Rates

    Posted By admin || 9-Jul-2009

    According to an article in the Star-Telegram, JPMorgan Chase & Co. and Bank of America Corp. are replacing fixed interest rates on some credit cards with variable rates. The credit card lenders' decision to go with variable rates was influenced by the new laws created to protect consumers from predatory credit card lenders. The article said: "They are basically keeping your rate stable while ...
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