Garnishment, or wage garnishment, in particular, is perhaps one of the most feared terms in the English language. It is a last ditch effort for debt collection, and lets face it, none of us want to face it. Continue reading
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What are Stafford Loans?
Stafford Loans are federal loans given to students, that have low fixed interest rates (dependent on when loan is taken out). CFNC.org is an excellent resource for reading up on several financial aid options for North Carolina residents and I have used this website as a source for the following information listed in this article. There are two forms of the Stafford Loan: the Subsidized and the Unsubsidized Loan. Continue reading
FHA Mortgage Loan Requirements
FHA stands for the Federal Home Association and this association is managed under the U.S. Department of Housing and Urban Development or HUD. HUD’s official website can be found at: www.hud.gov, and is the primary source of this article. Additional information regarding specific topics can be found in the links provided throughout this article. Continue reading
Fair Credit Reporting Act
The federal Fair Credit Reporting Act (FCRA) was put in place to ensure safety of consumer information by promoting the accuracy, fairness, and privacy of consumer information provided by consumer reporting agencies. These agencies include credit bureaus and other agencies that report information about medicals records and rental history. Whichever the reporting agency, this act guarantees the consumer the following rights to ensure that the information is fairly reported. This brief summary of your rights under this act, and the information listed above has been taken from the Federal Trade and Commission official website. For additional information please visit the Federal Trade Commission website. Continue reading
3 Ways to Eliminate Credit Card Debt
The first time I was buried in Credit Card Debt was my freshman year of college. It was my first credit card, and I planned to use its modest limit, exclusively for emergencies. However, Life and my first tuition bill had other plans. I, like so many other Americans, soon found myself in debt up to my eyeballs. It’s a simple fact of life that people are going to have unexpected expenses at the most inconvenient times. We as consumers know this and so do the lenders we turn to. It is important to keep in mind that the credit card industry is a business, and although lenders offer helpful advice, it is crucial to look beyond these sources for solutions to eliminate debt. Therefore turning to non-profits is already a big step in the right direction. Continue reading
What is the statute of limitations on debt?
A statute of limitations may sound like a familiar concept, because it is traditionally associated with the legal system. In legal terms, a statute of limitations is “an enactment in a common law legal system that sets forth the maximum time after an event that legal proceedings based on that event may be initiated”1. In other words, it is a time frame in which legal action may be pursued. For this article, this same concept will be applied to your fiscal matters. To be specific, this article will address how the statue of limitations applies to debt. A statue of limitations on debt, means your debt has an “expiration date” of some sorts and when this date is reached, it may no longer be necessary for you to pay off this debt2. Continue reading
What is a summary judgment?
In legal terms, a summary judgment is a motion made before a trial begins to determine who is the winner of a lawsuit. In a typical trial, the jury is responsible for finding the facts of the case. However, when a person motions for summary judgment, he or she is saying that there are no important facts at issue and he or she deserves to win based on the law and the undisputed facts. Continue reading
What is a pay for deletion agreement?
Are you looking for a quick and easy option to clean up your credit report? Have you been lucky enough to snag a job in this economy? Have you, against all odds, run into some money and want to make a long term investment? If you answered yes to any of these questions and need a quick and efficient way to improve your credit a pay for delete agreement may be just the thing you have been looking for. Continue reading
What is the Credit Repair Organizations Act?
Many credit companies are available for credit repair but not all are created equal. Some credit repair companies are legitimate and provide helpful resources. Continue reading
What is the Automated Clearing House (ACH)?
Automated Clearing House (ACH) is an electronic payment system used by financial institutions for financial transactions. Continue reading
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