Displaying items by tag: bankruptcy alternative

Credit card debt is a problem for many people, but one man’s negative experience with it has inspired him to help others.

Peter Repak, president and founder of Clear Financial – a debt settlement company – emigrated from Hungary with his wife. In order to establish credit when he arrived in America, as is required in modern times, Repak got a credit card. He paid his bills on time, never missing a payment, but found himself in hot water when his wife became ill. She required two very expensive surgeries, and was unable to get health insurance due to a pre-existing condition. Under such financial strain, Repak called his credit card company, to ask if it would be alright to miss a single payment. The company said yes, assuring him there would be no penalties. However, Repak soon discovered the company had raised his interest rate from 6% to 29%. He was financially ruined.