Generally public never aware of such financial terms whether its credit card, credit card debt, good and bad debt, and much more. Bad debt is defined as an amount that is written off by the business as a loss to the business and classified as an expense because the debt owed to the business is unable to be collected, and all reasonable efforts have been exhausted to collect the amount owed. Usually it occurs when the debtor has...more
People should know that Debt is that which is owed usually referencing assets owed. Also in the case of assets, debt is defined as means of using future purchasing power in the present before a summation has been earned. Several companies and corporations use debt as a part of their overall corporate finance strategy. More importantly a debt is created when a creditor agrees to lend a sum of assets to a debtor, and without that it...more
Most of the time it happens that we forget or not able to keep the record of our debts. And we get to see such scenario like If you're behind in paying your bills, or a creditor's records mistakenly make it appear that you are, a debt collector may be contacting you. And there where the scenario of debt collection starts. So to avoid such embrassing situation the Federal Trade Commission (FTC), which is a consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), that prohibits debt collectors from using abusive, unfair, or deceptive practices for doing debt collection. If you read the agency's defining term of debt collection then will come to know that under the FDCPA, a debt collector is someone who regularly collects debts owed to others which is in short known as debt collection. And usually debt collection agencies lawyers used to collect debts on a regular basis, and companies that buy delinquent debts and then try to collect them.You should know or try to share the information about debt collection provided in Fair Debt Collection Practices Act (FDCPA) . You might have tons of questions related to debt collection to ask. But first of...more
People should be aware of different aspects of debts before dealing with it. Usually when you're sorting out how to pay back your debts, you should identify the most important ones. These are called your 'priority debts' and should be settled first. You can share more in detail about debts with experts and debt agencies. People should...more
Being a player might be frowned upon in love but in personal finance it has a lot to recommend it. Player is an Americanism of course and here in the UK we're just as likely to call those who seem slovenly with their banking tarts, floozies, harlots, hussies, tramps or vamps. Still, the meaning is the same. When it comes to their finances these...more
It's not just banks and government who we can blame - almost all of us are guilty of abusing credit. Whether it's student overdrafts, credit card shopping sprees, expensive mortgages or even store cards we have become used to spending beyond our means on a daily basis. While debt is a relatively safe way of smoothing out financial undulation, it's easy to let it get out of hand. Once the access to credit is available, it could just take an illness, redundancy or some other catalyst to trigger the tentative balance to be broken. When debts begin to spiral, it's important to heed the warning signs and act as quickly as possible. Ignoring payment requests can only lead to communications from debt collection agencies, and the longer you ignore the tide the worse your situation will become.Some people manage debts more efficiently than others, but the right solution is always unique to each person and their situation. One popular method of easing debt is to switch them to new credit cards, which often offer 0% on balance transfers as an introductory offer, and maybe even a lower interest rate. This is a good way of managing small debts, as long as you are vigilant in checking the small...more
There are a great many ads circulating promoting debt settlement solutions. The ads sound very promising. Those that may have a large amount of debt that is suffocating them might be able to find a reprieve through settling for pennies on the dollar....more
If you have debt, there is probably no greater source of stress in your life. It will invade every area of your life making it difficult to concentrate on anything else. Many people leave their debt exist way to long and this is a mistake. You will...more
Debt is a relatively big problem in this country, but not everyone gets there as a result of being a compulsive over spender. There are many people who are willing to help anyone that has a financial need and this can sometimes jeopardize the...more
There are many people in this country that have debt and then there are others that pay their credit card balances off in full each month. And the difference in these individuals is dramatic. If you carry balances on your consumer accounts, you are...more
As we all know, it is easier to avoid things that cause problems than it is to try to fix them once we are already there and debt is no different. If you have debt, you are not only repaying money you have already spent but you are also repaying the...more
Thousands of people very year are being pursued and sued over debts which are build up on credit cards. If you happen to have been subjected to this you will probably think you do not have much debt defense. There is a large number of people who are...more