Arkansas residents who are hoping to improve their credit scores may benefit from some recent changes in credit reporting. The three leading credit-reporting agencies, Equifax, TransUnion and Experian, have reached an agreement with the federal Consumer Financial Protection Bureau to institute some changes that could potentially raise the credit scores of many consumers.
People in Arkansas who often found themselves reaching for their credit cards in 2014 are part of a national trend. A consumer credit card debt survey sponsored by CardHub reported a big uptick in 2014, with a 47 percent rise in credit card spending from 2013.
Credit card debt is common for many Arkansas residents, and an increase in the interest rate on a card could result in difficulty overcoming such debt for those who may struggle to make even minimum payments. However, there are rules in place that restrict card issuers in their interest rate increases. These restrictions were put in place through the CARD Act of 2009. With recent high-profile changes by American Express, it is important to be aware of how an APR increase might affect one's finances.
If a fiancée files for bankruptcy, its impact on the other party to the marriage depends on who is listed on the debt. Ideally, the couple will keep their finances separate until the each person has a credit score that they are comfortable with. For instance, it may be best to keep separate bank accounts, as a creditor could seize half of the money in a joint account if a judgment is secured.