| Volume 126 Number 7 |
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The People’s Lawyer’s Tip of the Day
Before you sign a lease, read it and consider changes or additions. A lease is a binding contract and will determine your rights against the landlord. For example, if you might have to leave early because you lose your job, are transferred or get married, be sure to include a clause permitting you to terminate the lease. Without such a provision, you will not have the right to get out of the lease. Click here for more.
Federal Reserve Data Shows Millennials Are Avoiding Credit Card Debt
Americans have been staying away from credit card debt since the financial crisis in 2008. But the decline in the proportion of credit card debt has been more prominent within the millennial age group. Recent data has suggested that millennials are using credit cards less than people of a similar age did in the past. Only 37 percent of American households headed by someone aged 35 and under held credit card debt in 2013, the most recent year for which data from the Survey of Consumer Finances is available, down by nearly a quarter from immediately before the financial crisis. However, this data does not account for those millennials who live with their parents. Click here for more.
Your Money
This past weekend thousands of residents were displaced in Louisiana and many homes have been damaged. Unfortunately, scammers and other charity scams are ready to take advantage of their situation. The Louisiana Attorney General has published a guide on how to avoid post-disaster repair scams. First, obtain three contractor bids for your repairs. Be certain that each contractor bids on exactly the same work. If one contractor bids on more work than others, make a note of it. All bids should be itemized and detailed. Also, never pay in cash. Always pay by check or money order and keep a receipt. Write all checks to the company, not the individual worker. And ensure that all subcontractors are paid to prevent a lien from being placed on your home. Click here for more.
For the Lawyers
Parking lot ticket is debt for purposes of FDCPA. The Seventh Circuit reversed a lower court decision finding that unpaid parking obligations are not “debts” as that term is defined in section 1692a(5). The Seventh Circuit stated, “the obligations at issue are ‘debts’ within the meaning of the FDCPA. That statutory term comprises obligations ‘arising out of’ consumer ‘transactions.’ Parking in a lot that is open to all customers subject to stated charges is a ‘transaction.’ The obligation that arises from that transaction is a ‘debt,’ and an attempt to collect it must comply with the FDCPA.” Franklin v. Parking Revenue Recovery Servs., Inc. (7th Cir). Click here for more.