Banks use credit cards as a guaranteed way to make money. They tweak the numbers and the risks in such a way that they will never lose money statistically, and their profits are big. Responsible consumers can navigate the use of their credit cards and benefit from the ease and convenience, but one wrong step and anyone can fall into a spiraling hole of debt -- and that's when the big banks make all their money.
American Express sues popstar for $300,000 in credit card debt
Popstar Iggy Azalea is facing a lawsuit from American Express regarding hundreds of thousands of dollars in allegedly unpaid credit card bills. According to American Express, the singer owes a total of $299,148. The creditor further alleges that Azalea has borrowed approximately $250,000 more than her spending limit.
What's a voluntary car repossession?
If you get behind on your car payments, eventually the repo man will come knocking on the door. Actually, he won't knock, he'll just show up with a tow truck and take your car away. Before your bank sends the repossession man, however, it will likely try to reach you on the telephone and ask you to voluntarily surrender your vehicle.
Bankruptcy exemptions: Will I lose my home?
If you have been considering bankruptcy, you're probably not in the most peaceful mindset. You're probably swimming in debt, getting bills constantly in the mail and receiving constant, harassing telephone calls to your cellphone, to your home phone and even at work. In other words, you're feeling overwhelmed in more ways than one and you just want it to stop.
Here's why credit card debt is so dangerous
American credit card debt has soared to unprecedented levels. Recent data reveals that the total amount of credit card debt in the United States is now at over $1 trillion. This is the highest it's ever been in history according to the Federal Reserve.
