Credit Cards

How Hawaii’s Credit Card Usage Differs from Other States

2020-05-01T19:00:48+00:00By |Comment(s):Comments Off on How Hawaii’s Credit Card Usage Differs from Other States

Credit card debt reached a record high in the United States in 2018. As a whole, Americans accrued a debt of  $92.2 billion in 2017. This takes the collective total of credit card debt over the $1 trillion mark for the first time in history, according to WalletHub’s recent Credit Card Debt Study.

How Does Hawaii Stack Up?

According to Experian, Hawaii ranks in the top 10 in all three categories:

  • Credit score
  • Card ownership
  • Credit card debt

Let’s take a look at Hawaii’s statistics in comparison to other states:

Hawaii’s Credit Score Ranking Among the 50 States

In a 2017 Experian report, the consumer credit reporting agency noted a positive change in both the high scores and low scores. For the first time ever, there are more Americans with Super Prime scores

Should You Pay to Transfer Credit Card Balances to Defer Payment Until 2017?

2016-01-21T19:02:38+00:00By |Comment(s):Comments Off on Should You Pay to Transfer Credit Card Balances to Defer Payment Until 2017?

A credit card can be a useful resource for when you need some cash, and when they are managed properly, they can be great for your credit score. However, it is not uncommon for people to overspend on their credit cards and by doing so, they wind up in financial trouble. With the interest mounting and an inability to make a significant dent in the debt, it can be really difficult for a person to get caught up. For people that have built up credit card bills that are unmanageable, there are some options.

Credit Card Balance Transfers

A good solution to this problem is to use a credit card balance transfer to defer the interest and payments to a later date. In a basic sense, the consumer transfers the balance from

Did You Know: Hawaii Interest Rate Laws

2020-05-01T19:19:49+00:00By |Comment(s):Comments Off on Did You Know: Hawaii Interest Rate Laws

Interest rates, and how to figure them are one of those things you learned about in high school math class. Unlike trigonometry and advanced algebra, however, this is an area that it is important to understand and that you use in your everyday life. They are an essential part of understanding credit.

What is almost as important is understanding what the law has to saw about interest rates, and how they can be charged. The state and federal government has made some laws to help protect consumers against predatory lending. However, while it may have seemed tough to understand the math behind interest rates in school, that is nothing compared to understanding the law that governs them.

The Basics

The legal maximum interest rate in Hawaii is 10%. This is a simple, rather

I’m Buried in Credit Card Debt – Should I File for Bankruptcy?

2020-05-01T19:23:26+00:00By |Comment(s):Comments Off on I’m Buried in Credit Card Debt – Should I File for Bankruptcy?

Credit card debt can happen quickly – and to anyone. There is a misconception that only irresponsible people misuse their credit cards, but that is not true at all. Many reasons can cause people to use their credit cards. Job loss, divorce, or a medical emergency are all instances when credit cards are used out of necessity. If you are considering bankruptcy because of credit card debt, consider these questions before you decide to file.

Can You Afford to Pay Back the Debt You Have?

If you are struggling to make the monthly payments, this may seem like a silly question. However, you may be able to pay your debt if you cut expenses in another area or add some overtime to your income. Neither of these options will be easy, but

Why Did My Credit Card Interest Rates Go Up?

2020-05-01T19:25:41+00:00By |Comment(s):Comments Off on Why Did My Credit Card Interest Rates Go Up?

If you notice that the credit card interest rates have gone up, then congratulations!  You are one of a small group of people that even check the rates on their cards.  Many people believe that interest rates are something they have no control over, so they do not even look each month to see what kind of rate they are given.  This is a huge mistake that could cost thousands of dollars!  There are several reasons why your interest rates went up and you have the power to control some of them.

Variable Rate

If your credit card has a variable rate of interest that is tied to a bank index, then the issuing bank can increase your interest rate as the prime interest rate increases.  They do not have to tell

Things to Consider With Credit Cards After Bankruptcy Discharge

2020-05-01T19:30:52+00:00By |Comment(s):Comments Off on Things to Consider With Credit Cards After Bankruptcy Discharge

Are you considering getting credit cards after bankruptcy discharge? Your bankruptcy court date has come and gone, and your bankruptcy is complete. Now, you are ready to start rebuilding your credit. There are some things that you want to carefully think out, however, to be sure that you do not get back into the dire financial situation that you just got out of. What do you need to consider?

How Are You Going to Use the Credit Card?

Are you going to use it for products that you normally buy with a debit card or with cash? This is the smart way to think about your credit card usage, as you are buying what you normally purchase, rather than buying things that you cannot afford. Convenience is another reason for credit use,

Why Store Credit Is Not Always the Right Answer

2020-05-01T19:50:40+00:00By |Comment(s):Comments Off on Why Store Credit Is Not Always the Right Answer

 

The holidays are right around the corner and the stores have already started promotions to get customers to sign up for store credit cards. In most cases, stores will allow you to receive a discount if you sign up to get a credit card. This may sound very tempting, but when you consider the situation properly, you may not want to get the card. If you do get it, you may decide to never use it. Here are some things to consider when you are thinking about getting the card.

Many Store Cards Have No Grace Period

Credit cards generally give people 30 days, or until the beginning of the next period, to repay the debt before interest starts accruing. Store credit cards do not offer these kinds of protections. Instead, you

Credit Card Debt Drops to Lowest Level in Two Decades

2020-05-01T19:52:28+00:00By |Comment(s):Comments Off on Credit Card Debt Drops to Lowest Level in Two Decades

Credit cards are among the financial instruments analysts look at when estimating the strength of the economy. By looking at these rates, it is easy to say that the economy is starting to look a lot better. Past due credit card payments have fallen to 0.57%. This is the lowest point this has been since 1994. Even the delinquency rate, a normally much higher level, has been declining from 0.69% in the first three months of the year to 0.63% the last three months.

Every section of credit card debt is in decline to show people are being more responsible with their debt decisions. This is in keeping with the decline in bankruptcy rates that have been reported recently. People are carrying lower balances as a result of going to credit

Changes to Hawaii Laws on Credit Card Debt

2020-05-01T19:44:43+00:00By |Comment(s):Comments Off on Changes to Hawaii Laws on Credit Card Debt

How has Hawaii law on credit card debt changed? And what changes are on the horizon?

Hawaii Garnishment Laws

Hawaii prohibits the garnishment of unemployment benefits, Social Security disability income, Social Security retirement benefits and pension payments to civil employees. Hawaii does not permit the garnishment of life insurance proceeds or disability benefits.

The living expenses, dependent allowances and wage thresholds for bankruptcy filing changed in April of 2013. Contact a bankruptcy attorney to have your garnishments modified to reflect the higher cost of living allowances now in effect.

Statute of Limitations

Hawaii has a six year statute of limitations on almost every type of account, from an open ended account to debt covered by a written contract, which typically includes credit card debt. The statute of limitations is part of

States begin suing major banks like Chase over faulty credit card debt collection cases

2013-05-12T21:34:32+00:00By |Comment(s):Comments Off on States begin suing major banks like Chase over faulty credit card debt collection cases

As recently reported in this New York Times article, the attorney general of the State of California recently sued JP Morgan Chase for its shoddy practices in suing consumers on their credit card debt.  Many of the same shady tactics found at the root of the foreclosure crisis are being discovered in thousands of credit card collection cases filed by Chase.  Further, the Office of the Comptroller of Currency is reportedly investigating Chase over the way it collects credit card debt.

Although many times banks such as Chase are unable to produce the documents required to prove indebtedness of the consumer, they often flout the legal process and use hastily created summaries to file their suits.  The vast majority of such suits result in default judgments when consumers are

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