' Credit Card Debt on Credit Report - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

More Credit Card Debt Info is Being Put on Credit Reports

Florida consumers may be surprised to learn that in the last year, the three credit bureaus have starting adding payment histories to credit reports. They are doing so in an effort to give lenders a better picture of a consumer’s credit card debt. For now, this information is not affecting a person’s credit score, but that could change in the coming years.

Consumers are basically separated into two categories — revolvers and transactors. Revolvers are consumers that carry a balance from month to month on their credit card debt. Transactors are consumers that pay off their credit cards at the end of each month.

Credit bureaus claim this information will help credit card companies better tailor their credit offers to individuals. The information can also be used to provide additional information regarding a consumer’s credit risk. Obviously, the less the credit risk, the better the offer a consumer will receive.

There are some, however, who believe this information could be used against some consumers. For instance, consumers that pay off their balances at the end of each month could be assessed fees in lieu of interest charges. It may take some time before the true value of the information is known.

This information may be helpful for people who are in control of their credit card debt, but it does nothing for people that struggle with their debt each month. Most Florida consumers have every intention of paying their debts, but sometimes, life’s circumstances make it simply impossible. Filing for bankruptcy protection can help alleviate the burden and stress that overwhelming amounts of debt can cause. If the debts are discharged, the filer will have a clean slate with which to move forward and rebuild his or her financial life.

Source: post-gazette.com, Credit bureaus taking closer look at how you use your credit card, Patricia Sabatini, Oct. 31, 2013

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

When Does Bankruptcy’s Automatic Stay Go Into Effect?

Filing for bankruptcy can be a daunting experience, but it also provides vital protection for those in financial distress. One...
Read More

Should I Close My Bank Account Before Filing for Bankruptcy?

Filing for bankruptcy is a significant decision that requires careful planning. One common question people have during this process is...
Read More

Can Filing Bankruptcy Stop Repossession?

Facing repossession of your car or other valuable assets can be incredibly stressful. When you’re struggling to make ends meet,...
Read More

Are Bankruptcies Public Record?

When individuals or businesses find themselves in financial distress, they may consider bankruptcy as a way to manage or discharge...
Read More

How Can I Protect My Assets During Bankruptcy?

Filing for bankruptcy can be a challenging decision. Many people worry about losing their assets during the process. In Florida,...
Read More

Will My Landlord Know If I Filed for Bankruptcy?

Filing for bankruptcy can be a daunting decision. If you’re a tenant, you may worry about how this decision affects...
Read More

Should I File Bankruptcy without a Lawyer?

Filing for bankruptcy can be a daunting process. Many people wonder if they should tackle it alone or hire a...
Read More

How Does Bankruptcy Affect My Credit Score?

Filing for bankruptcy is a significant decision. It can have a lasting impact on your financial future, especially your credit...
Read More

Can You File Bankruptcy on a Title Loan?

If you're struggling with debt and have a title loan, you may wonder if bankruptcy can help you escape that...
Read More

Will Bankruptcy Affect My Security Clearance?

When you're facing financial difficulties, the prospect of bankruptcy can be daunting. This concern is amplified if you hold or...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.536.4468

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 328-6667
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 274-9155

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 492-2663

Map And Directions