Colorado Study Looks at Debt Consolidation Services
The Colorado Attorney General’s Office found that people who sign up for debt consolidation services often end up paying money without really solving their debt problems, according to the Grand Junction Daily Sentinel.
The study found that less than 10% of people who signed up with 42 debt settlement and debt consolidation services between 2006 and 2008 had actually paid off debt or completed their agreements. Read the rest of this entry »
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Loading ...Get Help With Debt Instead of Walking Away from It
You’ve probably heard about people with large smounts of debt who’ve chosen to walk away from paying it off. But even if you feel desperate to be free of credit card debt, loans, and other bills, intentionally defaulting on it really isn’t a good idea.
Reasons for Defaulting
People walk away from debts for various reasons. They may be angry at banks who jack up interest rates and refuse to ease the terms of their accounts. Some people may be disgusted with themselves for getting so deep in debt. Others may decide to stop paying on credit card debt because they plan to file for bankruptcy. Read the rest of this entry »
(No Ratings Yet) Loading ...Getting Student Loans Without a Co-Signer
You may be intimidated by the thought of paying for a college education at today’s prices, especially if you’ve had a lot of debt in the past and are leery of running up more bills. If you’re like many people, you probably have considered applying for student loans with or without a co-signer. Here’s what you need to know about getting a loan on your own. Read the rest of this entry »
(No Ratings Yet) Loading ...Should I Use a 401(k) Loan to Pay Off Credit Card Debt?
If you are carrying a lot of credit card debt it may be tempting to borrow money from your 401(k) plan to pay it off. But taking money out of a 401(k) can take a bite of your retirement nest egg over time. Here is what you need to know about borrowing money from a 401(k) plan.
Using a 401(k) to Help with Debt
Many Americans who need help with debt have turned to 401(k) money. Many 401(k) plans allow you to borrow up to 50% of the vested balance, with the total withdrawal capped at $50,000, according to SmartMoney. In some cases the money can only be used for a home purchase, medical costs, or education expenses. Read the rest of this entry »
(No Ratings Yet) Loading ...Will I Owe Taxes If My Mortgage Debt Is Forgiven?
Many Americans have turned to debt settlement to get their bills under control. But before attempting to settle your credit card debt and other loans, make sure you understand how your taxes will be affected.
Debt Reduction and Foreclosure
In many cases if you have a debt canceled or forgiven, you may owe taxes on the canceled amount. But if you have mortgage debt discharged on your principal residence, you should be able to exclude the amount from your taxes thanks to the Mortgage Forgiveness Debt Relief Act of 2007. Read the rest of this entry »
(No Ratings Yet) Loading ...Financial Windfalls Can Help with Debt
While most people think of winning the lottery when you talk about financial windfalls, that’s just one source of surprise payouts. You’ve may have received an unexpected check in the mail, monetary gift, or rebate at some time or other. Make a conscious choice to put any unexpected payments in the future toward knocking out debt.
Credit Card Debt and Tax Refunds
Many people look forward to getting a tax refund each year so they can buy new gadgets or take a trip. But a lump sum of cash from Uncle Sam is better spent on paying down credit card debt if you’re drowning in bills.
Birthday Checks from Grandma
You may be fortunate enough to have a sweet grandmother or other relative who still sends you checks every year for your birthday or other holidays—even if you have your own kids! When you get these gifts, don’t run out and treat yourself to dinner. Put this money toward your debt reduction plan. One of these checks may even cover the modest fees for using a nonprofit debt counseling service.
Cashing in Rewards Points Can Help with Debt
If you’ve wracked up a lot of credit card debt, you may have accumulated a lot of rewards points. Check your rewards program to see if you can redeem those points as cash back on your credit card. Also, consider ordering a gift cards to purchase items you need, like gas, clothing, or food. The money you don’t spend on those purchase can be put toward your debt reduction plan.
(1 votes, average: 5 out of 5) Loading ...Private Student Loan Consolidation
It seems like it costs a fortune to attend college these days. That’s why many families end up borrowing student loans to pay for tuition and other college expenses.
But student loan debt can pile up over the course of earning a degree, making it tough for recent graduates to keep up with the payments. For some people who need help with debt, it may be necessary to put together a student loan debt consolidation plan. Read the rest of this entry »
(No Ratings Yet) Loading ...Do You Need a “Suze Smackdown” to Help with Debt?
Personal finance expert Suze Orman is known for her “Suze smackdowns” where she scolds people for spending too much money on frivolous purchases while they struggle with debt and other bills. Whether you love her or hate her, Orman’s message of taking personal responsibility for your financial habits is right on target.
Here are three points to remember if you need a smackdown to get going on your debt reduction plan. Read the rest of this entry »
(No Ratings Yet) Loading ...Americans Slash Credit Card Debt
Americans cut the amount they owe on credit cards and other consumer loans by $21.6 billion in July. That has some economists worried about how many people’s reluctance to spend will impact any economic recovery.
But despite concerns about when the economy will fully recover, you owe it to yourself to do whatever you can to dump credit card debt and other loans.
(No Ratings Yet) Loading ...Do I Have to Pay My Deceased Husband’s Credit Card Debt ?
It’s hard enough to deal with the death of a spouse, let alone settle that person’s financial affairs. Here’s what you need to know about handling credit card debt after your spouse has died.
Contact Your Spouse’s Creditors
If a credit card was issued only in your husband or wife’s name, you generally are not responsible for paying off the debt. You need to tell the credit card company that your spouse has died. The credit card firm will more than likely write off the account. Read the rest of this entry »
(No Ratings Yet) 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.
Colorado Study Looks at Debt Consolidation Services
House Votes to Move Up Effective Dates of Credit Card Reform Law
- November 2, 2009–November 8, 2009
- October 26, 2009–November 1, 2009
- October 19, 2009–October 25, 2009
- October 12, 2009–October 18, 2009
- October 5, 2009–October 11, 2009
- September 28, 2009–October 4, 2009
- September 21, 2009–September 27, 2009
- September 14, 2009–September 20, 2009
- September 7, 2009–September 13, 2009
- August 31, 2009–September 6, 2009
- August 24, 2009–August 30, 2009
- August 17, 2009–August 23, 2009
- August 10, 2009–August 16, 2009
- August 3, 2009–August 9, 2009
- July 27, 2009–August 2, 2009
- July 20, 2009–July 26, 2009
- July 13, 2009–July 19, 2009
- July 6, 2009–July 12, 2009
- June 29, 2009–July 5, 2009
- June 22, 2009–June 28, 2009
- June 15, 2009–June 21, 2009
- June 8, 2009–June 14, 2009
- June 1, 2009–June 7, 2009
- May 25, 2009–May 31, 2009
- May 18, 2009–May 24, 2009
- May 11, 2009–May 17, 2009
- May 4, 2009–May 10, 2009
- April 27, 2009–May 3, 2009
- April 20, 2009–April 26, 2009
- April 13, 2009–April 19, 2009
- April 6, 2009–April 12, 2009
- March 30, 2009–April 5, 2009
- March 23, 2009–March 29, 2009
- March 16, 2009–March 22, 2009
- March 9, 2009–March 15, 2009
- March 2, 2009–March 9, 2009
- February 23, 2009–March 1, 2009
- February 16, 2009–February 22, 2009
- February 9, 2009–February 15, 2009
- February 2, 2009–February 8, 2009
- January 26, 2009–February 1, 2009
- January 19, 2009–January 25, 2009
- January 12, 2009–January 18, 2009
- January 5, 2009–January 11, 2009
- December 29, 2008–January 4, 2009
- December 29, 2008–January 4, 2009
- December 22, 2008–December 28, 2008
- December 15, 2008–December 21, 2008
- December 8, 2008–December 14, 2008
- December 1, 2008–December 7, 2008
- November 24, 2008–November 30, 2008
- November 17, 2008–November 23, 2008
- November 10, 2008–November 16, 2008
- November 3, 2008–November 9, 2008
- October 27, 2008–November 2, 2008
- October 20, 2008–October 26, 2008
- October 13, 2008–October 19, 2008
- October 6, 2008–October 12, 2008
- September 29, 2008–October 5, 2008
- September 22, 2008–September 28, 2008
- September 15, 2008–September 21, 2008
- September 8, 2008–September 14, 2008
- September 1, 2008–September 7, 2008
- August 25, 2008–August 31, 2008
- August 18, 2008–August 24, 2008
- August 11, 2008–August 17, 2008
- July 28, 2008–August 3, 2008
- July 21, 2008–July 27, 2008
- June 16, 2008–June 22, 2008
- June 2, 2008–June 8, 2008
- March 17, 2008–March 23, 2008
- November 12, 2007–November 18, 2007
- November 5, 2007–November 11, 2007
- October 29, 2007–November 4, 2007
- October 15, 2007–October 21, 2007
- September 17, 2007–September 23, 2007
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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