Just like with any typical debt, a medical bill can change hands if not paid off in a certain period of time. If you are unable to pay a medical bill, the hospital has the right to send the bill to a medical collection agency. Usually after 120 days, a doctor will sell the unpaid debt to a collector, and from then on you will be dealing with the collection agency. Don’t think it’s all bad if this happens because dealing with a collection agency for your medical bill may benefit you. Continue reading
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Annual Fees Add to Credit Card Costs
As you are well aware, credit cards have fees, or extra charges. Late fees are paid if a payment is late. Interest is a fee paid to use the money on the credit card. For most cards, there is even a fee just for having the card. Continue reading
Thinking about getting a loan to pay off debt?
Getting a loan to reduce your debt seems like backward logic. Multiple credit cards or expensive student loans may have put you in the red in the first place, so making another promise to pay later won’t sit right with you. However, a loan may be a good option if you have a steady source of income. Debt consolidation or home equity loans both have risks, but they may lead to lower interest rates. A key factor in the success of preventing new debt with a loan is amortization. Continue reading
Low Income Home Energy Assistance Program
The Low Income Home Energy Assistance Program (LIHEAP) is a federal program geared to help low-income families with their energy bills. It was established by the Omnibus Budget Reconciliation Act of 1981, and it is available to states, territories, and Native American tribes within the US. For someone to qualify, the government stresses that household income must not exceed greater than 150 percent of the poverty level, or 60 percent of the state’s median income. Continue reading
Choose bankruptcy lawyers based on experience and reputation
Bankruptcy is not your best option in getting out of debt, but if you choose to pursue it, there are plenty of qualified people out there who can help. If you hire a bankruptcy lawyer, you can get counsel on state bankruptcy laws, which type of bankruptcy you should file, and the cost of the entire process. This will be valuable information while you recover from your legally declared insolvency. Continue reading
Getting an installment loan with bad credit
Getting an installment loan with bad credit? I would say no! Well, that would be my quick personal advice, but you may be offered a loan if your credit score is in the subprime range. An installment loan is paid back over a course of a few months to a few years, and it can further harm your credit score if you can’t handle it. It is one of the easiest types of loans to get, and this also means you can easily default on an installment loan if you are not careful. Continue reading
How to improve your credit score
The foremost credit score in the US is used by the Fair Isaac Corporation, or FICO. The credit score ranges from a low of 300 to a high of 850. FICO claims that the current median score is about 720, meaning 50% of people have a score lower, and 50% have a score higher than 720. If your score is 620 or lower, it is considered “subprime,” and lenders will me more wary of giving you a loan. The most important thing to know about your score, though, is that it is not constant. There are many things you can do to improve your score, simply by knowing what factors are involved in the scoring process. Continue reading
The importance of a security alert
One of the most common ways you can get in debt is from fraud. Someone steals the information from your credit card and makes frivolous purchases, and you get charged for it. The scary part about this is there are so many ways an outside party can get your information. Someone could steal personal information you have typed into an unsecured website. An employee could take your information when you have used your credit card to make a purchase. Somebody can even go through your trash to look for old credit statements you have thrown away. Earlier in the year, someone stole the information from my debit card after I went to an unsecured website, and let me tell you it is absolutely infuriating to see money being taken out of your account by someone who has no idea who you are! If you think someone has stolen your credit card information, you need to fill out a security alert. Continue reading
Credit cards for military members with bad credit
Members of the military should get a free ride when it comes to personal finance. The military consists of about 1% of the American population, and they sacrifice more than the remaining 99% numerous times over. All of their expenses should be taken care of, and all debts should be absolved. While this is a nice idealistic thought, it is not in practice, and many military families end up with bad credit and financial issues. There will eventually be an emergency involving payment for travel accommodations while on duty, or there may be emergency home repairs needed after a natural disaster strikes. A credit card is an option for military men and women, and there are many different banks or credit unions from which to choose. Continue reading
The Personal Statement on your Credit Report
There is no doubt that your credit score is an important factor in your financial life. You might think it consists of just account numbers and balances, but words are also important. In fact, you can write a personal statement that can be added to your credit report. Whether or not it can improve your score is disputable, but the personal statement may point out inaccurate information, or it may affect your chances of getting a future loan. Continue reading
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