Some people in Texas might be interested in the recent decision in a legal case involving a consumer who said he did not owe the debt issued by a credit card company. The man filed a lawsuit against Main Street Acquisition Corporation that alleged that the company had violated the Fair Debt Collection Practices Act.
Medical debt is a growing problem nationwide. According to data published by credit reporting agency Experian, unpaid medical bills were in excess of $127 billion last year. People in Texas with outstanding medical debts might receive collections calls or demand letters. They might even end up in court due to these debts. Almost 20 percent of Americans have had their credit scores negatively impacted because of unpaid medical debt.
Incomes naturally vary among individuals in Texas, but on the whole, gender influences income and levels of credit card debt. The Federal Reserve System has calculated that women have a median salary of $41,554 compared to men at $51,640. Lower income translates into higher credit card debts. A recent study found that 26 percent of female credit card holders doubted that they would pay their full balances this month. When asked the same question, only 14 percent of men doubted that they would pay everything on their credit accounts.
Many people in Texas who struggle with debt decide to cut up their credit cards so that they can avoid buying items they cannot truly afford. While credit cards can get many people into debt, they also can play an important role in a plan to responsibly rebuild a good credit history.
Thinking about filing for bankruptcy? You may attempt to separate myth from fact with respect to your financial life in the aftermath. Here are five areas of common concern and what you can reasonably expect to happen.
Many Texas residents struggle to pay their monthly credit card bills. As part of the agreement to obtain credit, cardholders sign documents agreeing to pay all the debts that they owe to the credit card company plus interest. When these debts aren't paid on time, many credit card companies realize that referring the matter to attorneys or collection agencies simply isn't worth it.