Typically, debt doesn’t just happen overnight. In most cases, it’s the result of consistent bad spending practices. The sooner you recognize these practices, the better off you’ll be. Here are some practices that should raise the red flag: Spending more money than you make. It’s so easy to make this mistake. You may not even realize it until it’s too late.... Read More
Economic Environment. The fourth quarter of 2002 found consumers exhibiting little confidence in the economy, unemployment at over 5.7%, individual bankruptcy filings at an annual rate of 1.6 million, interest rates at a forty-year low, and unsecured credit delinquencies at an all-time high. In the beginning of 2003 the stock markets are still depressed and low interest rates make the... Read More
The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This doesn’t mean all consumers who apply for credit get it: Factors such as income, expenses, debt, and credit history are considerations for creditworthiness. The law protects you when you deal with any creditor who regularly extends credit, including banks, small loan and... Read More
As amended by Public Law 104-208, 110 Stat. 3009 (Sept. 30, 1996) To amend the Consumer Credit Protection Act to prohibit abusive practices by debt collectors. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.) is amended by adding at the... Read More
Being in debt doesn’t just affect your credit; it affects many parts of your life. You might feel as if you will never “get ahead.” Too often this is due to high interest credit cards. Many people simply do not have enough income to cover their basic living expenses, let alone their debt repayment. If you are struggling to make payments... Read More
Admit it. You’ve been there, standing in a long check-out line, waiting, and your eyes begin to wander. You can’t help it—products line the aisle, so bright and attractive. They offer everything you need, even things you forgot you needed, or maybe just a healthy snack. It’s our emotions which often contribute to these unplanned purchases. It’s so easy... Read More
Auto and Home Loans: Debt repayment plans usually cover unsecured debt. Your auto and home loan, which are considered secured debt, may not be included. You must continue to make payments to these creditors directly. Most automobile financing agreements allow a creditor to repossess your car any time you’re in default. No notice is required. If your car is repossessed, you may have... Read More
When used properly, secured credit cards are an effective way to establish a good credit rating or rebuild a bad one. However, some of the offers are deceptive and can end up costing a lot of money. First, there is a big difference between a secured credit card and a regular one. With a secured card, you are required to open and maintain... Read More
Transportation Airline Fares You may lower the price of a round trip air fare by as much as two-thirds by making certain your trip includes a Saturday evening stay over, and by purchasing the ticket in advance. To make certain you have a cheap fare, even if you use a travel agent, contact all the airlines that fly where you want... Read More
If you are getting repeated calls from bill collectors, it can elevate your stress level to the point where you are unable to effectively handle your debt problem. If you are afraid to pick up the phone because you are afraid it will be a collection agent calling again, then you need to take action to stop these calls. There are Federal... Read More
