When you are in debt and the creditor is trying to collect on their money, one topic inevitably comes up: going to court. While neither side wants to go to court, it is something for which they both must be prepared. There are several things that debtors must know about being sued for debt. Continue reading
Debt
“DEBT RELIEF” SCAMS RELIEVE YOU OF YOUR CASH
Debt relief scams are quickly becoming the straw that “broke” the camel’s back. After a steady stream of reports from severely swindled consumers, state attorney generals and the FTC are taking legal action against these sham outfits (Allegro, Hess Kennedy). Here’s how to avoid joining the ranks of the disenfranchised. Continue reading
What is credit counseling?
Credit counseling is a process through which debtors can evaluate their credit status, learn their budget limitations and explore strategies for controlling debt with the help of a credit counselor. The goal of credit counseling is commitment to an action plan for eliminating high interest debt, restoring credit and improving the net worth of the household. Continue reading
What is a debt management program?
A debt management program is a structured repayment program involving special terms on existing debt accounts. Major unsecured creditors participate in debt management programs by voluntarily providing debtors with preferred benefits that they would not normally be able to get on their own. Continue reading
Credit Card Insurance: The Ultimate Junk Fee
It would seem responsible to insure your credit card— if you use it frequently, you’d want to protect your account from misuse or depletion, right?
That depends on how relevant the “protection” is. Continue reading
New Credit Card Laws
The Credit CARD Act of 2009 was recently signed into law by Barack Obama. This law will come into effect February 22, 2010 and focuses on three main areas: consumer disclosure, consumer protection, and young consumer protection. Continue reading
Paying for College with Credit Cards
You wouldn’t jump off a cliff without looking, would you?
Unfortunately, this metaphoric scenario plays out again and again with each incoming batch of college freshmen. Continue reading
Debt Relief Companies: Fear or Freedom
Fear or Freedom: The Debt Relief Story
If you’ve watched daytime television recently, it’s hard to avoid them. They’re a three-ring circus of fear and spectacle: where grinning Great Whites and singing repo men entice you to call an 866 number. They sell you an abstraction called ”freedom” to the tune of a gospel choir. These are commercials for debt relief companies. Continue reading
Ins and Outs of the Credit Cardholder’s Bill of Rights Act of 2009
For the many of you who might use your credit cards more than others, you might notice some of the rules will change for the credit card companies. Previous to May of this year, some credit card companies might have been promoting some not-so-awesome policies toward card holders. However, Congress and the current administration pushed through the Credit Cardholder’s Bill of Rights Act of 2009, which by law has ended many of these foul practices by credit card companies. Continue reading
Changing Payment Dates on Credit Cards
Here’s a cool little fact: for most credit cards, you can change the payment due date.
Why would I do this? For one, you can arrange it so that all your credit cards are due on the same day. This takes pressure off having to remember which one is which, and you can pay all in one fellow swoop. Continue reading
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