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Consumer Law News
Record Numbers of New York's Seniors Falling Into Credit Card Debt
NEW YORK, March 31 /PRNewswire/ -- MFY Legal Services, Inc. (MFY) announced last night, at its first annual Spring Fete fundraiser, that it is seeing record numbers of New York City's seniors falling into credit card debt. MFY has identified the trend in conjunction with its newest initiative focused on providing assistance to certain disadvantaged residents of the city who are unable to understand how credit cards work, and are unable to manage the ramifications of spiraling credit card debt. Addressing approximately 400 of the city's attorneys at last night's event, Karuna Patel, MFY Staff Attorney who heads the recently launched consumer law project, said, "This is a problem that is only going to get bigger in the next several years." Patel added, "Education is critical to stem confusion and unneeded losses."
For people who live from one Social Security or disability check to another, falling behind on credit card payments can precipitate a devastating financial crisis. "We're seeing cases of seniors who have paid $1,500 toward a $300 balance and still owe $1,800 because of escalating credit card charges, and others who suddenly found their bank account frozen because their identity had been stolen," said Patel.
"Many Americans -- both old and young -- don't understand the potential danger to their financial security that is hidden in the terms of credit card agreements. Falling behind on payments has an escalating effect, and seniors need to take action if this happens
Definition:
Before you sign on the dotted line, get all of the loan terms in writing, including the payment schedule and interest rate. If the lender isn't familiar to you, contact your state banking department and ask how to confirm that it's licensed and operating properly.
Health Consumer Bill of Rights
Definition:
Was developed by the federal government. This has been used as a foundation for many health plans, including the federal government sponsored health plans. Health care consumer's rights; Rights of the health care consumer
Collateral
Definition:
Property, such as stocks, bonds or a car, offered to support a loan and subject to seizure if you default.
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