There are times when consumers need help with their debt. While there are many ways to get help, one of the most effective is to use consumer credit counseling services. These organizations and agencies can go by different names. You may hear of them as debt consolidation or debt management companies.These types of consumer debt agencies and companies have been around since the early 80's when banking laws changed and credit card debt soon after...more
Some credit card users may begin to notice what are called opting out policies on the back of their credit card statements. These opt out notices are being delivered to some credit card users who are in jeopardy of having their interest rate increased by the credit card issuer. There are several reasons why a credit card issuer may decide to increase the interest rate on a consumer. This article deals with a few of them.Some consumers may be...more
Debt collection has become an issue with some consumers. Generally, debt collection procedures do not begin until after the lender has tried a variety of ways to get paid what is owed them. Some of the more common methods that lenders use include sending letters of delinquent payment and perhaps placing phone calls to the borrower's home. When these methods have proven to be futile, the lender may pass the loan onto a debt collection agency or company.In times past, debt collection agencies could and would use a variety of tactics to get people to pay. In some cases these tactics were more along the lines of harassment and intimidation than they were good business practices. It was not uncommon for some agencies to call a borrower's place of work. Some of the more aggressive types would call regularly and that often caused trouble for the worker. Other companies would falsely tell people that they (the debt collection agency) were going to garnish wages if the bill wasn't paid quickly. Many consumers did not know that wage garnishments have to come through a court and cannot be levied by a debt collection agency. There were plenty of other tactics used as well. Some were verbal and...more
Active duty military personnel who are having financial problems with their mortgage payments have some avenue of help under the Soldiers and Sailors Relief Act which can be very beneficial to them and to their families.Who is eligible for this program?The provisions of the SSRA apply to active duty military personnel who had a mortgage obligation...more
Cosigning on a loan can be a great way to help a family member or close friend when they need help, but it can also be a great way to ruin your own credit if things do not work out.Before you decide to cosign on a loan, you should always read the cosigning agreement that lenders have for these. By law, the lender must show you a copy of the...more
Many consumers know that they have a credit score but they may not know what the score is. As well, many consumers know that there are some actions or inactions that they can take that will help or hurt their score. Again, they know the broad picture, but not the details. Here are some of the things that consumers do that all but massacres their credit score.First of all, consumers should understand that lenders and creditors are constantly updating the information that is on a person's credit report. This is one of the most important reasons why consumers must keep an eye out for mistakes or omissions on their reports. Credit reports are not static.Some actions or inactions that can kill a credit score follow:Not examining credit reports often enough is one of the most common problems that consumers face. These reports are used to determine your credit score. If there are mistakes, you need to get them corrected. The truth is one in four credit reports contain errors that are serious enough to hurt a consumer's chances of getting loan.FICO credit scores are calculated from five categories listed on credit reports: your payment history, amount of money owed, length of credit...more
Most consumers are aware of the current problems that some financial institutions are experiencing. This has caused some concern for large investors, those with CD investments over the maximum amount that is covered by the Federal Deposit Insurance...more
By now most American consumers have heard about the sub-prime mortgage crisis. It would be difficult not to have heard about it. What many consumers have not heard much about is the increasing belief that even homeowners with prime mortgages may be...more
Did you know that today more individuals are turning toward personal bankruptcy as a way of solving their financial hardships? It is true.During the period from 1998 through 2000 there was a decrease in the filings for bankruptcies but that is not...more
Do you know what to do if your credit cards or ATM cards are stolen? You might be surprised at how many people do not.All consumers should know that the Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) offer procedures if...more
Just like a regular savings account, a money market account is a type of savings account that is offered by banks and credit unions. The main difference is that money market accounts will usually pay higher interest, have higher minimum balance...more
Many consumers have found that putting money into CD's (certificate of deposit) accounts is a good way to earn additional interest over regular savings accounts. Just like the regular savings account that most of us are familiar with, money that you...more