When you miss a credit card payment, mortgage payment or end up going into deep debt that you can’t realistically pay off within a reasonable amount of time, you put yourself at risk for bankruptcy or foreclosure. Many people who end up filing for bankruptcy or are dealing with foreclosure find it difficult to apply […]
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Zero Debt outlines 30 strategies I used to get out of debt, but here are 5 highlights: 1) Put your debts in writing Many people struggling with credit card debt have absolutely no idea exactly how much they owe. Instead they “guesstimate” about their total bills — and often they’re way off with their numbers.
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When you carry a balance on your credit card from month to month, you’re not just paying off purchases—you’re also paying interest, often referred to as finance charges. Understanding how to calculate interest on a credit card can help you better manage your debt and avoid financial pitfalls. Many consumers assume they can pay off
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Dealing with a collection agency can be stressful. You need to flex some negotiating skills in order to work with debt collectors and if you’re on a monthly payment plan, ensure that every single payment gets to them on time. Remember that a single missed payment could change the financing agreement and you could end up
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If the effects of the recession have left you with a home or condo that is worth less than the amount of your current mortgage balance, you may have considered a strategic default. A strategic default is when a borrower decides to default on their mortgage – basically refuses to make payments – and walks
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You may have considered tapping in to your retirement fund if you were short on cash and needed access to funds after an emergency, or if you are going back to school and need funds to pay for your college tuition. It’s usually not a good idea to withdraw money from a 401k because the
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If you’ve ever had to deal with debt collectors, you know that many of them can be extremely persistent, rude and even downright obnoxious. But how do you know if a debt collector is flat-out lying to you or misrepresenting the facts just to get you to fork over some cash? It’s not always easy
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When you miss a credit card payment, mortgage payment or end up going into deep debt that you can’t realistically pay off within a reasonable amount of time, you put yourself at risk for bankruptcy or foreclosure. Many people who end up filing for bankruptcy or are dealing with foreclosure find it difficult to apply
How Long Will a Bankruptcy and Foreclosure Appear on My Credit Report? Read More »
The Consumer Financial Protection Bureau (CFPB) was developed by the U.S. Government to protect consumers against fraud and tricks from credit card companies, banks and other financial institutions. The CFPB acts as a regulator of all consumer financial service providers, which includes online banks, credit card issuers, payday loan providers and other lenders. Today, all
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The world of credit reports and credit scores is constantly changing. And even though it’s tough to stay on top of all the new credit-related rules and regulations, it’s important to do so. For 2011 and beyond, here are some of the most important things you need to know about protecting and improving your credit
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The 7-step “Millionaire Success Formula” is based on the universal wealth principles one must follow in order to eliminate financial obstacles, and achieve substantial, long-lasting riches. Make a personal prosperity plan. Develop a millionaire’s budget; written goals; and a financial policy statement Realize that financial success doesn’t happen by luck Invest first, last and always
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Too many people have millionaire dreams but no millionaire plans. Well, you can’t become a millionaire just by dreaming, wanting or wishing for wealth. You have to lay out a plan, and you have to execute in order to fulfill the goals within that plan. As you’re developing the framework for your millionaire’s budget, now
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When you let your student loan go into default, you may be subject to wage garnishments and you could be forfeiting your tax refund checks. The defaulted student loan will also have a negative impact on your credit report and it can be difficult to remove the record from your credit report entirely – even
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What to Do If Your Wages or Unemployment Benefits Are Garnished: Wage garnishment can add extra stress when you’re already financially overwhelmed—especially if you’re unemployed and counting on every dollar to make ends meet. If you’ve fallen behind on debt, creditors may legally seek repayment by garnishing your income. But you still have rights—and knowing
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Thousands of Americans file for Chapter 7 and Chapter 13 bankruptcy each year, a move that allows them to discharge all debts and get a fresh start. But what happens if you file for bankruptcy and then change your mind? Maybe you’ve found a way to pay off your outstanding debt or are willing to
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