More Responsible Credit Card Use

Credit Card Debt has been one of the major influencers of the US Economy.

There was a time when if you didn't have a credit card, you weren't anybody!

Oddly, it seems that advertising's yesteryear spawned two massive lifestyle belief systems at about the same time, and we are glad to see both of them crumble.

The first was the notion that smoking tobacco was cool... the second was the inescapable need for a credit card.

The advent of the debit card, that functions like a credit card has gone a long way to making the lessening of the impact of the credit card a reality.  We would also like to think that it is simply a smarter consumer that realizes that minimum payments for hundreds of years are simply not worth the "bauble" of the moment.

Credit card holders have become more responsible about paying their debt.

• Average Credit Card debt has declined nearly $500 to $3,573 since 2008.
• 64% (AMAZING!) of credit card holders say that always or usually pay their full balance every month.  Never in history has that percentage been so high!
• Almost 30% of American's say they have no credit card.. if was 22% in 2008!

Credit cards have their place in our economic landscape, however we collect from far too many people that got caught up in credit card spending.  It is rewarding to see the American People become more responsible credit card holders.

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.
Tampa, Florida 33611
info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer
Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245

Debt Collection Questions - Final Part 3

This is the last in a brief series of some of the most often asked, and hardest questions we get in regards to debt collection.

These answers should be considered general common sense, and not specific legal advise.  Every one's situation is different, and we are specifically not offering legal advise in the following article.

What about PayDay Loans?  They aren't like a "real" debt like a credit card.. right?

WRONG.  Payday loans make a lot of money with very high interest rates because they extend credit to you when no-one else will, at least generally speaking.   Typically, PayDay Loans are no where near as regulated as the credit card industry, and have a reputation for being aggressive in recovering their past due debt.   BREAK THE PAYDAY LOAN CYCLE.    If you can borrow from a traditional source, and pay off your payday loans, do it.     If your PayDay Loan provider is a member to the Community Financial Services Association of America, you can request an extended payment plan, but the truth is.. If you can avoid PayDay  Loans, do it.  If you can pay them off, even if it means borrowing from a more traditional source, do it.

If I settle on my credit card debt, will that fix my credit report?

Sorry, that's not how it generally works.  By the time you are so far past due on your debt, that you have an offer to settle, odds are, that debt is already past due, and already reported to the Credit Reporting Agencies.  The damage is already done.   Once your past due debt is cleared off, it can remain on your credit report for up to 7 years from the date of delinquency.  Settling will at least show the debt as no longer past due.   There are lenders who will not even consider your credit request if there are past due balances, regardless of your credit score.

Marcadis Singer, PA

Florida Collection Attorney

5104 South Westshore Blvd.

Tampa, Florida 33611

info @ marcadislaw.com

(888) 547-1881

(813) 288-1881

New Clients 

Ext. 247 Gil Singer

Ext. 240 Ralph Marcadis

Existing Client Client Liaison

Ext. 242

To Pay a Claim

Ext.  245