More Credit Card Reform

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At Sadek Bankruptcy Law Offices, we realize that every situation is different. Our debt relief lawyers will take the time to learn about your situation and your goals. Our objective is to explain your legal options and offer the best debt relief strategy for you in the most compassionate and friendly manner possible. Call 24/7 to schedule your meeting with a lawyer.


Our office understands the financial stress our clients endure. Therefore, in addition to reasonable legal fees, we offer a payment plan to all of our valued clients to make quality legal services most affordable.


In addition to our primary law office in Center City, Philadelphia, we also have law offices throughout the Greater Philadelphia, Pennsylvania Area and in New Jersey. Our branch offices have contributed to making us the #1 Bankruptcy Filer and debt relief firm in the Greater Philadelphia area. Our goal is to have a convenient location within 20 minutes of where our clients work or reside.

More Credit Card Reform

On Monday, August 23rd, 2010 another series of credit card laws were signed into law by President Obama.  The new regulations are aimed at protecting delinquent borrowers.  The new regulations include the following major changes:

• The ban on fees for inactive cards;
• $25.00 cap on late payments;
• An explanation of rate increases – if your annual percentage rate (APR) goes up, you must be told why;
• Your credit card company must re-evaluate interest rate increases it makes every six months. If it’s appropriate, your credit card company must lower your interest rates within 45 days of completing an evaluation.

It has been argued that banks, in effort to maintain profit have been steadily raising interest rates over the past year in response to the series of credit card regulations.  The average interest rate is now 14.7 percent. A year ago it was just above 13 percent.   Due to the economy, households have less disposable income, the increase in interest rates will most likely lead to more consumers exploring their options in Chapter 7 Bankruptcy or a Chapter 13 Bankruptcy.

If there are any general questions or topics you would like to read about relating to bankruptcy law in the Philadelphia, Pennsylvania region, you may contact the Philadelphia Bankruptcy Lawyers at Sadek Law Offices, LLC at 215-545-0008  or toll free at 215-545-0008 or email Thank you.

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