Considering Bankruptcy? You’re not alone.
According to the American Bankruptcy Institute, bankruptcy filings increased by 41 percent in March from the same period a year ago. There were 121,413 new consumer filings in March which represented a 24 percent increase from February.
If you are struggling with your consumer debt, you certainly are not alone. While many consumers may explore consumer credit counseling, debt consolidation, or debt settlement first - bankruptcy may be an appropriate option for many. If you are considering bankruptcy, it’s important you consider the following: Read the rest of this entry »
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Loading ...Top Credit Card Issuers Provide Some Relief to Troubled Cardholders
The nation’s top 10 credit card issuers have agreed to provide additional relief to cardholders finding it difficult to make their monthly payments. This is in addition to the traditional debt management programs already available through consumer credit counselors.
Last fall, the National Foundation for Credit Counseling (NFCC) issued a “Call to Action” asking creditors to make debt management programs more affordable for consumers to help a larger cross section of people.
“This represents a significant action on the part of the creditors to take additional steps to help consumers, which is our collective mission,” said Susan C. Keating, president and CEO of the NFCC. “This will provide those in debt with more options to stabilize and rebuild their economic lives.” Read the rest of this entry »
Accelerate the Debt Settlement Process
One of the most attractive features of the debt settlement process is the ability to eliminate debt without having to increase your monthly payments. In fact, many people pay less per month during the debt settlement process than the minimums required by their credit card company. The use of lump sum payments to help accelerate the process often goes overlooked.
Many debt settlement companies require that you place money, every month, into a settlement account throughout the program. Ultimately, the goal is to accumulate approximately 50 percent of what you currently owe plus any fees being charged by the debt settlement company. During this time, you cease making payments directly to your creditors. Read the rest of this entry »
(1 votes, average: 5 out of 5) Loading ...Debt Settlement and Credit Scores
Critics of the debt settlement process and industry often like to point out that debt settlement will do tremendous damage to your credit history and credit score. They cite this as one of the main reasons to explore other options. Unfortunately, for many consumers, the alternatives can be just as damaging or leave them stuck with their debt for years.
How does debt settlement impact one’s credit score?
Debt settlement can have a negative impact on your credit in two ways. Read the rest of this entry »
(1 votes, average: 5 out of 5) Loading ...Workplace Calls From Debt Collectors Doubled in 2008
Debt settlement is a strategy more and more consumers are turning to in an effort to eliminate consumer debt. Those that are most drawn to debt settlement are those that are already behind on payments or soon will be. It’s often looked at as an alternative to Chapter 13 bankruptcy. One of the biggest downsides to debt settlement is the inevitable interaction with debt collectors.
Debt settlement requires, in most cases, that you cease making payments to your creditors. After the debt has been charged off, the creditor will assign your debt or sell your debt to a third party collection agency. Read the rest of this entry »
(1 votes, average: 5 out of 5) Loading ...The Impact of Debt on Your Health
Consumer debt is something most people try to avoid. No one enjoys paying interest or having debt hanging over their head. Some are pushed to seek out solutions like debt settlement, debt consolidation, or bankruptcy to help eliminate any existing debt they have. Most realize that consumer debt can be a source of anxiety and stress. The psychological impact of debt tends to escalate once someone has fallen behind on their bills. What many tend to overlook is the other health implications from the debt they are dealing with.
The Associated Press conducted a survey last year (AOL-AP Debt Stress Survey) to determine what, if any, health problems could be linked to the stress and anxiety caused by debt. Read the rest of this entry »
(1 votes, average: 5 out of 5) Loading ...Two Must-Do’s Before Eliminating Credit Card Debt
Credit card debt increased in the fourth quarter of 2008 according to TransUnion. The average bankcard debt, per borrower, reached $5,279 at the end of last year. Unemployment recently hit 8.1% and many experts believe it could reach double digits in the near future. Credit card defaults recently rose to a 20 year high, reported by Reuters, and are headed to the 9 - 10 percent range. It’s no surprise that many consumers are searching for ways to eliminate their existing consumer debt. Debt consolidation and debt settlement are both hot topics these days.
Unfortunately, many tackle their debt problems without doing two very important things. Not handling these two items prior to setting out on the debt elimination journey will land you right back to where you started in no time. Read the rest of this entry »
(1 votes, average: 5 out of 5) Loading ...Are You Headed To Prison For Not Paying Your Debts?
According to the Associated Press, the number of people receiving jobless benefits for more than a week increased by 193,000 to 5.3 million, the most on records dating back to 1967. A lot of people are out of work and many economists believe there will be more layoffs in our future. Consumers who have been struggling with consumer debt are now trying to figure out what to do when their income shrinks or disappears. Debt settlement, debt consolidation, and bankruptcy are all strategies that get researched. One question that many ask is whether they’ll wind up in jail for not paying their debts.
Are you headed towards debtors’ prison? Read the rest of this entry »
(2 votes, average: 5 out of 5) Loading ...TALF and Debt Consolidation
Consumers looking to consolidate their debt have been running into difficulties finding new sources of credit. Traditionally, you would either leverage the equity in your home or obtain a new credit card with more favorable terms in order to roll your consumer debt together. Unfortunately, credit card companies are much more likely to freeze or cut existing credit lines than they are to issue new credit for debt consolidation. Many homeowners have seen substantial declines in the value of their home and do not have sufficient equity to pull from. Read the rest of this entry »
(1 votes, average: 5 out of 5) Loading ...Can Debt Consolidation Lead to More Debt?
Consumers everywhere are looking for solutions to their debt problems. If you can afford your monthly payments but are looking to reduce and eventually eliminate the amount of debt you have, debt consolidation might be an option you have looked into. It is one of the few debt elimination strategies that allows you to protect your credit standing during the process.
Appealing Solution
You may be drawn to debt consolidation due to the convenience it presents. You’re able to lump all of your debts together into one new debt and make one payment each month. In most cases, the interest rate on the new loan is lower than that of the interest rates you were already paying on your existing debts. As times become more difficult, you’re probably excited about your required total monthly payment dropping as well. Read the rest of this entry »
(1 votes, average: 5 out of 5) Loading ...- This blog covers a wide variety of debt consolidation and loan topics.
We rely on a large network of financial experts and leading authors to write the content for the DebtHelp.com Blog.
Debt Management Strategies: Avoiding Credit Repair Scams
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Chris Rocks is the Regional Director of the National Credit Federation (NCF). NCF is a nationwide membership-based organization that assists consumers recovering from a financial difficulty and those who need a significant increase in their credit score.
Chris began his financial services career as a Financial Advisor helping young families with risk management and asset accumulation strategies. It was during that time that Chris realized that many of these young families also needed someone to guide their choices with regards to debt management.
He made the transition into the mortgage industry where he first worked as a loan originator and later the Vice President of a small mortgage company. As Chris came across clients who had suffered through financial challenges and saw the difficulty they had in re-entering our credit driven economy, he discovered there was a real opportunity to leverage his unique background and help others.
He can be contacted by visiting his personal site, GoodCreditLiving.com.
Francine L. Huff is the Publisher and Editorial Director of Super Savvy Publishing, LLC, which provides editorial and publishing services. She is a gifted author, freelance journalist, and motivational speaker who has entertained and motivated a variety of audiences through workshops, panels and keynote addresses. Francine is the author of The 25-Day Money Makeover for Women, which has inspired and motivated many readers to rein in poor financial habits, become good stewards over their money and work toward a debt-free life. She has appeared on a variety of TV and radio shows. Francine previously worked for the Wall Street Journal, where she was the spot news bureau chief, a news editor and a copy editor. She has interviewed a variety of financial professionals about financial issues and strives to present information about managing money in an easy-to-understand format that is accessible to people of all backgrounds and income levels.
Karen Lawson is a freelance writer with more than 15 years of experience working in mortgage banking and loan servicing. She holds BA and MA degrees in English from the University of Nevada, Reno.
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