Bankruptcy And Debt Relief Update

In spite of what the the creditors tell Congress, CREDITcards

bankruptcy filings are not caused by bad people

or greedy bankruptcy lawyers.

Bankruptcy filings directly co-relate with the amount

of debt outstanding.  No one forces those banks

to send out billions of pre-approved credit card applications.

Melanie Anzidei of the North Jersey web site reports:

A study released Wednesday by the credit card comparison company CardHub found that consumers racked up $21.3 billion in new credit card debt in the third quarter, from July through September. That’s 34 percent more than the same period last year, and the most for the third quarter since 2009, the year the recession ended.

CardHub projects that credit card debt by Dec. 31 will surpass last year’s by $68.5 billion. At that pace, the average household will be ringing in the new year owing more than $8,000, the highest since the last recession.

“We consider an average [household] debt of $8,400 as being unsustainable — proved in 2008 when the crushing debt plunged us into the Great Recession,” Jill Gonzalez, a CardHub analyst, said in an email Tuesday afternoon.

In an all too common debt collector harassment story, someone mistaken for someone else has been chased for 17 years for a debt that was never his.

“Somewhere, deeply embedded inside somebody’s computer system, the wrong consumer is identified,” Francis said. “You have to untangle it like a knot in fishing line.”
Another reason to check your credit report, and other data bases, regularly.
I shared a discovery of my own: When I did a national search for “Matthew J. Hartigan” in the LexisNexis public records database, Matt-from-Clearwater was the second of 43 hits. The second and third addresses listed for him were 1834 and 1836 Kinsey – the addresses linked to the errant debts. LexisNexis linked him to those addresses from March 1972 to last year.
And do not throw away debt collection letters that you think have nothing to do with you.  Send a dispute letter, and keep copies.
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