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10 Feb 2012

Credit Cards Declined by Colorado Springs Consumers

Credit cards are more and more frequently being declined - by consumers.

Recent reports out of Great Britain echo the consumer trend that has been continuing in  U.S., with people seeking debt relief by unburdening themselves from lending institutions that often jack up interest rates to boost their bottom line.

While it might seem that a floundering global economy might contribute to a rise in credit card usage, what many people seeking debt relief in Colorado and elsewhere are finding is that owning a credit card simply isn't worth it.


Our Colorado Springs debt relief attorneys know that credit cards are, in fact, one of the leading causes of bankruptcy in the U.S. Most Americans, according to CNNMoney, have racked up an average of more than $10,000 in credit card debt.

USA Today reported that revolving credit, which is comprised mostly of credit card debt, fell by 20 percent in 2010, and new credit card accounts dropped nearly 50 percent from 2008 to 2010.

Often, the decision stems from exasperation over the standards by which the credit card industry governs itself, which are often seen as unfair to consumers. These include predatory lending and a tendency to hike interest rates to 20 or 30 percent at even the smallest hint of financial trouble.

Congress passed a law in 2009 that is supposed to make it difficult for companies to charge certain types of fees or raise interest rates on balances that already exist. Leading up to those changes, though, many companies aggressively increased their rates, even for customers who were paying them on time.

Now in Europe, and particularly in England, credit card usage is facing what is being called a "mid-life crisis," with more people turning instead to digital payments, payday loans and debit cards.

Even for those who have decided not to take on more credit card debt, digging their way out of the trench they are already in can be cumbersome. That's where an attorney experienced in the debt relief process can be a lifesaver.

Here are some basic tips to helping you manage your debt:

1. Some borrowing, such as for a home or college, can be beneficial. But be mindful of how much you are borrowing, and don't accept more than what you can afford to pay back.

2. Keep your spending in check. People often spend outside of their means, and quickly end up with an overwhelming amount of debt. Write down your monthly expenses, and stick to your budget.

3. Pay off the debts with the highest interest rates first.

4. Pay more than the minimum monthly balance on your credit cards. Otherwise, you'll barely be making a dent in the principal amount you owe.

5. Seek help as soon as you realize you need it. A reputable Colorado Springs debt relief counselor can help you get your bills consolidated and help you better manage your finances.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

Client Testimonials

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    "My attorney (Matthew Hansen) is a very kind person.  I felt very confident in his skills. He is very knowledgeable and efficient.  He didn't make me feel embarrassed to be filing for bankruptcy.  Thank you Matthew!  Laura was very friendly, and everyone I interacted with was very nice and helpful as well." 

     

      –  Sherry M., Colorado Springs, CO

     

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    "Steve explained things well so you know what you're doing.  The staff was very helpful with everything, including the paperwork." 

     

      – Raymond & Rhonda P.,                         Colorado Springs, CO

     

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    "From the first time that I entered the office, I was treated with the utmost respect. It was like I had been knowing all of the employees for years!! Every person that I came in contact with was extremely courteous!!!

    I rate my overall experience a 12!! And I wouldn't change a thing on the website.

    Cris is absolutely wonderul!! While Alicia was extremely courteous and humorous!!!  Stephen (Swift) was extremely professional and courteous. One of the nicest gentlemen that I have Had the pleasure of working with. I can't thank him enough."
        

      – Pete, Colorado Springs, CO  

     

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    "Upon my first visit to the office, I was in an unfamiliar part of town.  I was also bewildered and experiencing anxiety.  I was not even sure I should be there or how to proceed in a very new situation where my back was against a wall.  The first person I met in the office was the lovely receptionist.  I have to say that she has the absolutely right demeanor and is extremely successful in her position.  She has a slight but comforting smile and persona.  She is confident but not arrogant in processing the needs of clients.  I do not feel that this is a small achievement in any way.  I feel this person in many ways sets the tone for the office as the gate keeper of the office and emotional clients.  She definitely helped me thru this process with her silent and dedicated service to me, the clients and the office."

     

    John C., Colorado Springs, CO

     

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    "Upon entering Steve's office, one immediately knows they have entered his "zone".  Steve will talk, think, contemplate, then act.  He then spins his chair around, garbs paper, types on the computer and zaps something thru the printer.  Occasionally, a document needs to be scanned or something else from outside the office is needed, and Zap someone appears without having to yell down a hall or call out.  There is definitely a team here that is in sync.  There may be a question out of the blue suddenly or a brief conversation about something else.  The whole time, Steve is on point.  I felt from day one, a trustworthy confidence in placing my future in his hands.  I was not wrong.  I also never once felt rushed, brushed off or that my concerns were not his.  I felt that Steve is in this for me and his clients.  I have a debt, gratitude and confidence in Steve and the Swift team that far exceeds the fees pain." 

     

      – John C., Colorado Springs, CO

     

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    "Thank you to everyone who worked on my case.  My driving priviledges are now restored and I have a fresh start.  I am very grateful to the Swift Law Firm!   Everyone was very kind and helpful and easy to talk to.

    Ward was very knowledgeable and knows the pros and cons of your case. Definitely a man to listen to concerning your case, and he was very helpful!

    Matt Hansen is a good man, very helpful, gives good advice  AND he is willing to go the extra mile.  Steve Swift is a man of action who knows his profession.  He lifted a heavy burden, and I cannot thank him enough for an excellent job!"  

     

      - Henry R., Colorado Springs, CO  

     

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