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$1. 1m to Settle an $8k Credit Card Debt?
With the Credit CARD Act of 2009, Congress enacted the most sweeping changes in credit card laws in decades. The majority of consumer protections kicked in on February 22, 2010. Now credit card companies are required to divulge how many months it will take to pay off a balance if only minimum payments are made. Statements must also indicate how much needs to be paid each month to pay off a balance within three years.
Check out this credit card statement from Juniper. A client provided this statement to me. I have redacted the cardholder’s personal information.
As the statement shows, it will take this credit cardholder $1,134,164.00 to pay off the $7,783.37. And just paying the minimum monthly payment will take 2,670 years to pay off the balance. With a 27% interest rate, and even should the cardholder pay more than the minimum payment, this balance will take much more than a lifetime to pay off completely.
If you are able to make only the minimum payments on your credit cards, consider ways of breaking the cycle. Debt settlement and bankruptcy may be better options for you. If you have out of control credit card debt, call Lee Legal at (202) 448-5136 to schedule a free consultation. Talk to an experienced personal finance attorney serving Washington, D.C., Maryland and Virginia.
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Brian Lee from Lee Legal was an amazing attorney to work with. He took his time, reviewed my documents and we discussed my situation thoroughly. He explained the process and my options as well as gave his recommendation. Not only did he assist, but he ensured that I knew this...
I was very nervous and scared about going through this process. But Brian was very knowledgeable and helped me through it. I was notified about any and all updates to my case and he was very responsive when I had questions regarding any concerns I had. Although a bit nerve...
Brian provided me with a very detailed analysis about my potential case after our first consultation. He promptly responded to all my complex questions, especially navigating student loans and some tax discussions. He is very professional and experienced at what he does, I would...
I've had the pleasure of working alongside Brian V. Lee for several years, and I can say without hesitation that he is one of the most knowledgeable bankruptcy attorneys in the DMV area. Brian's command of Chapter 7, 11, and 13 practice is exceptional, and his clients in the DC...
Brian has the amazing talent of taking complicated legal matters and distilling them down to seamless, frictionless resolutions. He is a phenomenal problem solver and a trusted advisor.
Brian is both warm and professional. He helped me navigate a financial issue that I had not been looking forward to working on and he made the entire experience non-stressful, receiving a lot of anxiety I had around the matter. He is straight forward and a fantastic problem...
I had the opportunity to work with Brian at a time when I was challenged by a professional setback and forced with the challenge of making some very difficult legal decisions. Additionally, I worked with him again as I was dealing with some financial issues pertaining to my...
Still several years from Public Service Student Loan Forgiveness and saddled with significant student loan payments in proportion to my income, I came to Lee Legal to explore the bankruptcy path. Through his counsel, Brian took the fear out of the process and helped me to...
