What to Do If You Receive A Debt Validation Letter
If you’ve followed the recommended steps to request a debt verification letter from a debt collector and they follow through and send you a proof of debt owed to validate your debt, there are still some things you can do to make sure you’re not being taken advantage of. Remember that many debt collection agencies […]
Know and Assert Your Rights Under the Fair Debt Collection Practices Act
Have you ever been harassed by a bill collector because of a past due bill? If the answer is ‘yes’, the bill collector is in violation of a Federal law. The Federal Trade Commission (FTC) is the country’s consumer protection agency and enforces the Fair Debt Collection Practices Act to prevent “abusive, unfair or deceptive […]
How to Find Out if a Debt Collector is Licensed to Collect Your Debt
Reduce Your Debts Without Bankruptcy. See How Much You Can Save. Free Debt Analysis When you are contacted by a debt collector, 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 […]
Beware of Publishing Clearing House MoneyPak Scam
Police are warning residents about a new phone scam in which someone claims to be a representative from Publishers Clearing House. Police say the caller tells the victim that before they can claim their prize, they must pay $200 towards a MoneyPak re-load card. MoneyPak cards are sold in stores across the U.S. and are […]
How Long Will a Bankruptcy and Foreclosure Stay on My Credit Report
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 […]
5 Strategies To Get Out Of Debt
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. […]
How to Calculate Interest on a Credit Card
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 […]
How to Re-negotiate the Amount You Are Paying to a Collection Agency
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 […]
How Will a Strategic Default Impact My Credit Score?
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 […]
Should I Use My 401K to Pay for My College Tuition – Pros and Cons
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 […]
6 Common Lies Debt Collectors Will Tell You
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 […]
How Long Will a Bankruptcy and Foreclosure Appear on My Credit Report?
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 […]
What is the Consumer Financial Protection Bureau (CFPB)?
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 […]
New Rules You Must Know About Credit Scores
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 […]
The 7-Step Millionaire Success Formula
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 […]