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Credit Cards

Using a credit card is one of the most expensive ways of borrowing money.

Interest rates for credit cards vary widely — they can be as low as 0% interest (usually for limited periods of time) or as high as 30% or more. Even for the same card and same debt, the interest can change drastically over time. The Dodd-Frank Act limited the ability of credit card companies (banks) to change your interest rates on the same card and debt. But banks quickly found ways around many of the protections in the Dodd-Frank Act, so you still may see your interest rate jump up (for example, if you are late on your payments).

In addition to interest, credit card companies also charge special fees, which add to the cost of borrowing money from them. Most credit cards charge extra fees if you are late on a monthly payment, if your balance goes over your limit, and if you take out a cash advance.  These charges don’t seem like much, but they add up and significantly drive up the cost of borrowing money from the bank.

Regional Application

This information is only applicable to people who live in Santa Clara County, California, USA. In the USA, the bankruptcy law is a federal law that applies in all states. The property that can be protected (“exempted”) by people who file bankruptcy is prescribed by state law, however. Bankruptcy, property, and exemption law is further affected by court decisions that apply in certain geographic areas. If you live in the USA, but are outside of Santa Clara County, please consult an attorney in your own area.

General Information

The information contained in this web site is general in nature. Bankruptcy law is extremely complex and it is easy to misunderstand how a general description might or might not apply to you personally. In order to find out how this information applies to you personally, you will need to discuss it in detail with one of our attorneys.

Debt Relief Agency

Federal law states that attorneys who represent people in bankruptcy cases are “debt relief agencies.” Gold and Hammes represents people (and small businesses) in bankruptcy – in fact, that is the only type of law we practice. Therefore, Gold and Hammes is a debt relief agency.