The Credit Crisis

Cogburn Law
Madeleine Jones
July 5, 2013

The Las Vegas Valley is apparently recovering from the recent housing crisis.  Home prices are increasing, unemployment is decreasing and tourism is on the rise.  While, as a whole, our economy appears to be on the mend, uncertainty remains as to our looming personal “credit crisis.”  You may be affected, or are already being affected by, any of the following: the student loan “crisis” which cumulatively exceeds 1 trillion dollars (not to mention congress just approved an interest rate hike); credit card debt, which, on average carries an interest rate of 14.95%; or been subject to 1 of the 1000’s of foreclosures in our valley.  These are but a few of the issues that may be affecting your personal credit situation.  There are also future issues which may affect your bottom line.  For instance, according to, the average 30-year fixed mortgage rate has increased by more than a full percent in the past 9 months and the rates are expected to continue to rise.

What does the “credit crisis” mean to you and your family?

This means that just because, as a whole, our economy is headed in the right direction, you are only one person and may still be engulfed in financial trouble.  You are not alone.  This also means that as your debt increases, or remains unpaid; there are two likely scenarios you will encounter.  First, your credit score will likely go down.  You should monitor your credit score and ensure the information that is on your credit report is accurate so your score is not hurt any more than it should be.  Recently, there has been an increase in the amount of inaccurate information found in consumers’ credit reports.  Second, you will likely encounter debt collectors.  You have many rights and protections afforded to you by the Fair Debt Collection Practices Act (“FDCPA”).  While both of these scenarios will be anything but enjoyable, if you have issues with your credit or are being harassed by debt collectors the worst thing you can do is ignore the situation.

For additional information or questions regarding your credit; if you are in need of aggressive, courteous and professional representation, contact Cogburn Law Offices today. We can help.