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CREDIT CARD DEBT STATISTICS
BANKRUPTCY CONCERNS Sometimes the late fees and high Annual Percentage Rate s (APRs) overcome consumers who frequently do not pay off their debt, and often the customer declares Bankruptcy or uses the "Skip a Payment" option some companies, like Next Month Online, offer. If a customer files for bankruptcy, the credit card companies are required to forgive the debt. Because forgiveness of debt reduces likelihood of profit and continued survival, the companies are generally willing to offer another deal to the consumers in danger of bankruptcy. This deal consists of reduced APRs, removal of past late fees and penalty charges, and reaging the accounts so that the credit agencies see them as late accounts. POLITICAL ASPECTS Some credit card companies made Lobbying Efforts at the federal level to change American Bankruptcy Law Recently it was reported that Americans are paying off credit card debt more frequently, and this was attributed in part to the bankruptcy legislation supported by the companies [http://www.slate.com/id/2117224/ . SEE ALSO EXTERNAL LINKS |
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