Revolving Cycle of Credit is Too Much for Consumers to Control

Oct. 22, 2010 - PRLog -- LOS ANGELES, CA, OCTOBER 4TH 2010- More than 10 years ago Patricia Goodman and her husband William didn’t know whether or not she could afford too treat her breast cancer. Rising premiums had forced Patricia to forfeit her much-needed health insurance.  The treatment she was told would be in excess of $35,000 she knew it was debt or die.

The broken health care system has plagued millions of Americans. Many like Patricia have struggled to make ends meet for years due to poor health. The good news for many people is that the system is undergoing reform; sadly for the Goodman’s that reform came all too late.

For Patricia Goodman it was the lack of health insurance that led to a downward spiral of severe debt. After enduring cancer and eventually losing a leg to non- Hodgkin’s lymphoma disease, the Goodman’s turned to an attorney based debt resolution program.

The Goodman’s engaged with the Figueredo & Boutsis Law Firm supported by the legal automation of Morgan Drexen. They engaged with over $170,000 in debt.  The couple had used 20 credit cards over a ten-year period to pay off their much-needed medical bills.

Bank of America was the biggest creditor for the Goodman’s as they have eight accounts with debt totaling a little over $97,474.  All the accounts were delinquent and the harassing calls came from dawn to dusk.

America’s 5th ranked fortune 500 company claims to work closely with “policy leaders” on financial reform. Yet despite their apparent concern for consumer’s just days after I visited with the Goodman’s Florida home yet another credit card arrived.  The Bank of America card offered another $6500 of credit for William Goodman. The Goodman’s sent the credit card to their attorney who is now dealing with their high level of debt.

Patricia Goodman says, “Our health came first and now we are paying for that with debt that we simply can’t cope with. Credit card companies should be more responsible.” William Goodman has for now a high FICO score and that was the basis for the issuance of yet more credit. But it encourages us to get into more debt, I am not sure Bank of America followed the proper criteria on this allocation.”

A spokesperson for Bank of America’s Consumer and Small Business Banking says. “We look at a variety of things such as: credit score (FICO), debt, income, how long you’ve been paying your bills, and has the customer paid bills on time. “

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Morgan Drexen, Inc provides integrated legal services and administrative support to attorneys throughout the nation; who represent consumers facing the scar of bankruptcy.