Long Island Bankruptcy Attorney
Bankruptcy Offices throughout Long Island, New York
Long Island Bankruptcy Lawyer Law Firm Overview Attorney Profiles Bankruptcy Evaluation Form Contact Us
Bankruptcy Practice Areas
Long Island Bankruptcy
Alternatives to Bankruptcy
Bankruptcy Exemptions
Bankruptcy FAQs
Bankruptcy Law
Bankruptcy Overview
Consolidate Your Bills
Creditor Harassment
Debt Consolidation vs Settlement
Discharging Debt
Eliminate Your Bills
Filing Jointly
Foreclosure
Freezes On Your Bank Accounts
Is Filing Bankruptcy Right For Me?
Life After Bankruptcy
Loan Modification
Repossession
Tax Debt & Bankruptcy
The Jacoby and Jacoby Difference
The Means Test
Top Bankruptcy Myths
Types of Bankruptcy
Wage Garnishments
Why Hire a Bankruptcy Attorney
Your Bankruptcy Consultation
Bankruptcy Blog
Bankruptcy Videos
En Espanol
Bankruptcy Law

Tempted to apply for a store-brand credit card? You should know the risks.

"Do you want to apply for a card and save 15% on all today's purchases?" If you have recently made a purchase at a large retailer, you may have heard these words at the checkout stand. "Save 15%" or "no-interest for 12 months" may seem like a smart move when you're making a large purchase or are short on cash. But what are the risks associated with store-brand cards? It's important to understand the potential dangers associated with these all-too enticing savings.

Store-brand cards, known in the industry as private-label cards, actually present specific hazards for cardholders. For example, did you know that if you carry a balance on a store-brand card and miss a payment or make a late payment, your initial savings may be wiped out entirely. Opening a new credit card account can also affect your credit score, as can late payments on this card. These accounts often carry higher interest rates, at approximately 25%. If you take away the brand name and the store discounts, you may find that you are left with a credit card that does more harm than good.

The lure of easy credit has not gone unnoticed by Congress. The credit card legislation that went into effect in February of last year now requires consumers to list more information on card applications, such as income and assets, to provide a more accurate analysis of their ability to pay for a credit card before they receive the new card. Unfortunately, this may not affect a consumer's ability to receive a new card. Retailers are not required to verify this information.

There are certainly benefits to store-brand cards, particularly if you can make a purchase at a discount and then pay off the card before interest kicks in. It is therefore important to look at all of the consequences of applying for and receiving a store-brand card before you take the plunge deeper into debt.

At Jacoby & Jacoby, we are experienced bankruptcy attorneys dedicated to helping consumers throughout Long Island with their debt-related needs. We can offer helpful guidance and legal representation in the face of overwhelming debt, including store-brand credit card debt.

To learn more about our services and how we may be able to help you, contact a Long Island bankruptcy lawyer at our firm today.

Click Here to watch our Bankruptcy Videos
Fill out the form below to email our law firm.
Leave feedback about our services here.
Bankruptcy Law Visit us on Facebook Follow us on Twitter
Bankruptcy Law
Long Island Bankruptcy Lawyer | Contact Us | Site Map | Privacy Policy

Attorney Web Design

We are a qualified debt relief agency. This is Attorney Advertising. The information on this website is for general information purposes only. Nothing on this or associated pages should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.