Prosecution: Gervasi swimming in red ink before arson

Using personal bank accounts and bankruptcy records, prosecutors Wednesday attempted to portray former Scranton firefighter Thomas S. Gervasi as a man drowning in red ink who was routinely hit with late fees on mortgage payments and awash in credit card debt totaling more than $139,000.

On one American Express credit card, he owed $26,989; on a second American Express card, he owed $31,045, according to his court papers filed in 2004 seeking Chapter 13 bankruptcy protection.

Mr. Gervasi's case was later dismissed when he stopped making the $350 monthly payments he was required to pay, said attorney Jim Jones, a bankruptcy court trustee. As a result, Mr. Gervasi's case was thrown out of court and all outstanding debt he tried to discharge in the bankruptcy remained against him, Mr. Jones said.

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How to Manage Holiday Credit Card Debt

The best way to avoid bad debt is to plan your expenses, set a definite budget, and stick within your limit.  But what if you find yourself stuck in credit card debt after the holidays?  What can you do to get yourself out of the situation?  On this post, we present tips for cardholders on how to manage debt:

1. Check your accounts. Make sure that there are no incorrect charges in any of your accounts, especially if you have balances on multiple credit cards.  In case you find errors, call up your credit card issuer immediately to dispute the charges.  This way, you can be sure that you are not paying for debts you did not owe.

2. Prioritize your debts.  If you are dealing with multiple credit card debt, see which of your accounts have the highest rate.  If possible, pay off your full balance on this account to stop debt from further accumulating.  Be sure to submit the minimum due payment on the credit cards that you can’t pay in full to avoid late fees.  Afterwards, you can work on paying off your debts from one card to the next. 

Read more How to Manage Holiday Credit Card Debt

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