Let’s just start by saying that when you contact a non-profit credit counseling agency, that call or visit is absolutely free and completely confidential. A reputable credit counseling agency will never charge for their consultation and advice. If you have to pay an upfront fee for a credit counseling session, don’t trust that company and […]
Continue ReadingCategory: Dealing with Debt
What Happens if I STOP Paying my Credit Card Debt?
Deciding to stop paying on your credit card debt sets a whole chain of unpleasant events in motion. Over time, the damage that results will haunt the consumer for a number of years. Before entertaining the notion of letting the payments on one or more cards slide, consider what the outcome could be. Penalties and Higher […]
Continue ReadingThe Top 8 Overlooked Causes of Debt
Debt doesn’t always appear as flashy spending sprees; most often, it is built slowly and silently until it becomes the elephant in the room…that squashes the household. While job loss or medical expenses are well-known reasons for high debt and possible bankruptcy, here are the top eight often overlooked causes of debt: 1. Not Following […]
Continue ReadingWhat You Need to Know if You’re Filing for Bankruptcy
Many consumers think bankruptcy is the best option. While it is one way to get rid of debt quickly, it is wise for a person to think about their financial future as a whole. Not only that, but one must understand a few other things when it comes to filing the seemingly never-ending paperwork. With […]
Continue ReadingWhat to do if You Default on a Student Loan
It’s possible that you didn’t realize your loan came out of deferment, and you missed some payments. Unfortunately, we see this kind of thing all the time. If you’ve missed even one payment, then you are at risk of defaulting on your student loan. Defaulting on your loan has some serious consequences. However, we’re going […]
Continue ReadingWhat is a Form B23 and Why do I Need It?
The Bankruptcy Form B23 is essential to finish the last steps of your bankruptcy discharge. In a Chapter 7 case, the Form B23 along with your Personal Financial Management Course Certificate (pre-discharge certificate), must be filed within 45 days after the first 341(a) Meeting of Creditors has happened. In a Chapter 13 case, it must […]
Continue ReadingHow to Get out of Debt
The recent recession affected the financial lives of people all over the country. The recession led to much higher rates of unemployment and underemployment. Because of this, many people needed to rely on credit cards to meet all of their financial obligations and pay for emergencies that arose. While this may have been a good […]
Continue ReadingUnderstanding What Debt-to-Income Ratio Means
Your debt to income ratio (DTI) is a key component of how healthy your credit is. It has no effect on your actual credit score, but lenders take it into consideration when it comes to applying for a mortgage or other major loans. Lenders use the DTI ratio to help them to calculate how much […]
Continue ReadingHow Much is Your Debt Really Costing You?
We have a guest blog post for you from Katie Bryan over at America Saves. We partner with America Saves, because they are a national campaign linking more than 1,000 Non-Profit, government, and corporate groups that encourages consumers to save money and build personal wealth. We stand behind their message and mission. We are always […]
Continue ReadingThe Value of Credit Counseling in Everyday Life
Credit counseling is often an overlooked free financial tool in our busy everyday lives. We need good credit for everything these days as we transition to less and less cash in our lives. The truth is good credit is not only for financing, but it’s also essential in setting up utilities, getting a cellular phone, […]
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