5 Ghoulish Financial Scams That Can Wreck Your Budget on Halloween and Beyond
You never want to play “trick or treat” with financial con artists. Unfortunately, consumers do it all year long. Here are 5 ghoulish financial scams that can wreck your budget on Halloween – and all year long! Foreign Lottery Scam – Here’s one straight from Transylvania. You get a letter telling you that you’ve won […]
Will My Credit Score Be Hurt By a High Default Interest Rate?
Q: If you were to hit a high default interest rate on a 0% interest intro credit card; will it place a negative mark down on your credit report? A: If I understand your question, you had a credit card with a teaser rate of 0%, but then were late on a payment and it […]
What is a Peer-to-Peer Loan or Peer-to-Peer Lending?
Q: What is a peer-to-peer loan or peer-to-peer lending? A: In the U.S., peer‑to‑peer lending is a relatively new form of social lending that removes banks as the middlemen in a loan transaction. With a peer-to-peer loan, an individual – sometimes called the lender or the investor – provides funds to a borrower and does […]
My Credit Cards Are Maxed Out. Which One Should I Pay Off First?
Q: I have about 6 credit cards that are maxed out. I recently got some money so I was wondering if it is better to pay off a couple of cards or pay down the balance on every card? A: From a credit scoring standpoint, it would be better to pay off a couple of […]
I am a Victim of Identity Theft. What Should I Do?
Q: I went into my bank account this morning to discover that $1,500 was taken from my account and wired to the Philippines through a money transfer company called Xoom. I have already filed an affidavit with my bank to research and get my money back. What surprised me was that my bank allowed the money […]
Car Brands: Gen X and Gen Y Not as Loyal as Parents
Two new studies offer opposing ideas about what makes people loyal to specific car brands. Researchers in the first survey conclude that younger Americans are far less likely to show brand loyalty to one automaker than are older consumers in the U.S. Why is this? In a word: technology. The first study, from the GfK […]
Should You Trust Online Banking?
Q: “I’ve read somewhere that ING Direct has better interest rates on their savings accounts than other banks. I’ve looked into it and confirmed that they have a rate of 1% to 1.5%, as opposed to a fraction of a percent from local banks. Thank God I’m finally getting out of debt and am now […]
My Credit Was Ruined After My Divorce. What Should I Do?
Q: “My fiance is having problems getting a mortgage. This is due to his ex‑wife’s failure to pay a previous joint mortgage with a certain company. We can prove that he made payments to the joint account and prove that she canceled the direct debit. Can you please advise how we can repair this damaged […]
3 Easy Steps To Check Out a Debt Collector
When a debt collector contacts you, one of the first things you need to do is verify that their claim is legitimate and if it is, confirm that the debt collector is actually licensed to collect on that debt in your state. You must remember that debt collectors are trained to persuade and encourage consumers […]
How To Handle Credit Card Accounts In Collections
Q: “I have two credit cards that went into collections. I went through some financial difficulties and fell off on paying them due to having to pay other bills first, like my home and car, et cetera. Now one of them, BofA, was referred to a lawyer. He is harassing me by calling every 10 […]
Reasons Why People Consider a Strategic Default
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 […]
Is Identity Theft Insurance Right for You?
In light of how widespread identity theft has become, it may be a good idea to purchase identity theft insurance. Identity theft claims more than 10 million victims annually in the U.S. alone, according to the Federal Trade Commission. Even children are often subjected to identity theft, leading the FTC to recent warn parents about […]
Is Your Mortgage Lender Ripping You Off?
Are you leaving money on the table when it comes to your mortgage and needlessly overpaying for your house? That’s what many Americans are doing, according to CreditSesame.com, which has found that scores of U.S. homeowners are overpaying their mortgages by about $52,000 over a 10-year period. An analysis of household data by Credit Sesame […]
My Credit Report Still Shows Debt Written Off in Bankruptcy!
Q: I filed for Chapter 13 bankruptcy in January 2008. I just paid it off and should be receiving my discharge soon, but I checked my credit report and there are two credit card accounts on my report that I included in my bankruptcy and that now say “transferred to another lender or claim purchased.” […]
Layaway Shopper Beware
If you’re already thinking about holiday spending and want to be a savvy shopper, you might be considering using layaway in order to stick to a budget or avoid racking up credit card debt. I think using layaway is a great strategy and we’ve had a number of retailers in recent years start to bring […]