There are several ways to improve your credit score, but perhaps none are as easy as improving your credit utilization rate. Credit utilization rate is defined as the ratio of total credit card debts divided by the limit on your credit card. For example, it is suggested that you never have a credit utilization rate over 35%, which would equate to $350 of debt for every $1000 on your credit limit. Continue reading
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What is a deed in lieu of foreclosure?
When defaulting on a home loan, many people believe that they are out of options and must have a foreclosure. However, one option that may be useful is called a deed in lieu of foreclosure. Doing this transfers the deed from the borrower to the lender, and in effect, cancels out the debt in exchange for the property the debt was on. There are a few things that you must know about deeds in lieu of foreclosure before deciding whether this is a viable option for you. Continue reading
Getting a Cheap Car Loan that Fits your Budget
A car is one of the most important things you own, so it is important to be sure that you are satisfied with everything about it. Along with this comes being satisfied with your payment for it. If you are not careful, you may get stuck with a car you like, but have no way to pay for it! There are several different aspects to car loans, but with a little preparation, it is easy to get a cheap car loan that will fit your budget. Continue reading
Why is it Important to Plan your Personal Finances?
Planning your personal finances is the most important thing you can do when it comes to trying to achieve financial stability. You will be able to know how much you spend per month on necessities, how much you can save each month, how much you have left over to spend on incidental expenses, and much more. This knowledge will grant you financial freedom – since you know how much you are spending, you will no longer have to worry about overspending or not saving enough! Continue reading
What if you Need Loans After Bankruptcy?
A bankruptcy filing can have significant long-term effects on your credit. Even though you may have cleared all of your debts, you may still not be in your ideal financial situation afterwards. However, if you need loans after bankruptcy, either in the short- or long-term, there are options. Continue reading
Credible Debt Relief Companies are Usually the Quietest
One good way to help reduce your debt is to acquire the help of a debt relief company. However, this can be a daunting task. There are many companies out there that charge excessive fees or do not do enough to help fix your debt. This article will help you determine how to pick out the right kind of debt relief company for you. Continue reading
Student Loans and Bankruptcy Rarely Mix
Bankruptcy can be used as a last-resort method for clearing overly burdensome debts. However, many people have debts that include many student loans, and bankruptcy is not usually the best course of action in these circumstances. In almost all cases, student loans will not be cleared when bankruptcy is filed, so alternate arrangements must be made. Continue reading
What is the date of last activity?
On your credit score, there is a section called the Date of Last Activity. This is truly defined as the last activity, whether a purchase with the credit card, a payment on the debt, or anything else. Similarly, it can also be negative, like the delinquency date, or the last time anyone checked into your credit score. Managing your date of last activity is one factor that will lead to an improved credit score. Continue reading
What is Bankruptcy Abuse Prevention and Consumer Protection Act
The Bankruptcy Abuse Prevention and Consumer Protection Act is a law that was passed in 2005 to make it harder for certain debtors to file for Chapter 7 bankruptcy. Part of the reason for this law was to decrease abuse of the system and make Chapter 7 bankruptcy primarily for low-income debtors, as it was intended, and not allow as many high-income debtors to file for it. Continue reading
What is a 341 Meeting?
A 341 meeting is the time during the bankruptcy proceedings where you are questioned under oath on your financial affairs by your creditors and the bankruptcy trustee. While this may sound stressful, it is actually an informal and short part of the bankruptcy process, and will be the only time you have to appear during the entire bankruptcy filing. Continue reading
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