Having a credit card provides you with a cushion that you can use when you are short of cash or you need funds in an emergency. However, failure to pay back your credit card bills on time can often have dire consequences, and this is one of the biggest issues that most people face. The worst case scenario is if you have maxed out your credit card, you may be faced with a lawsuit.
Hiring an expert foreclosure defense attorney early in the foreclosure case gives you more possibility to win. However, while seeking professional advice, make sure to know the benefits to expect.
Have you been wrongfully terminated from your job? Or, do you feel harassed at your job? If yes, then an employment lawyer can help you with your rights for the job.
According to Inestopedia.com, individuals spent an average of $998 on Christmas related items. The vast majority of that spending is expected to have been done with credit cards. Using credit cards during the holidays isn’t necessarily a bad thing, but you have to keep close tabs on the debt. There are several ways to start tackling the mountain of Christmas credit card debt you and your family may be staring up at.
Being sued by a debt collection agency is a very common thing these days. Often times when you are hit with such a lawsuit, you are unsure in regard to how to respond. In fact, for that matter, many people are unsure about whether to even respond or not. Being sued for debt is a problem that can manifest itself into various situations depending on how the case goes forward but the bottom line is that no matter what, you need a lawyer. Once a plaintiff files a suit against you, you will definitely want to get in touch with a well-seasoned lawyer who can explain your options to you and guide you through this process. Here is a basic outline of the response process:
The global pandemic, Coronavirus, took every country by surprise, however a large number of countries were proactive to cover their citizens during this period of uncertainty, one of which was the United States of America. The American Government enacted the CARES Act which amongst others, provided stimulus payments to its citizens. The Act was a welcomed initiative to alleviate the hardship that the pandemic posed but a major downside was that it was insufficient and restrictive in its application.
Look, things happen in life that are out of our control. Everything is going to plan, and then tragedy strikes whether it be a medical disaster, natural disaster, or just a disaster disaster. A vehicle payment does not always top the list of financial priorities, but lenders rarely care about the “why” when it comes to late or missed payments. So, what do you do when you need your car, but you are facing repossession?
If you are like most people, you can do a little better with your money. Just like anything else, it is difficult to improve without first learning how. If you look online, you can find a multitude of personal finance personalities large and small. A world of resources exists online and in bookstores. Let’s talk about how you can improve your financial literacy and become more equipped to take charge of your financial future.
Let’s be honest, if you are eagerly awaiting your tax return, you are not planning to spend it on the right things. Too often people get a chunk of money they usually do not receive at any other time in the year and their eyes light up. If you are really excited to get your refund this year, it is doubtful that you plan to pay off credit card debt, take care of healthcare-related expenses, or pay down your car loan. Read on to find out why you should do exactly those things.
PLEASE Use Your Tax Refund to Pay Down Credit Card Debt
If there is one good thing you do with even a portion of your tax return, make it credit card debt annihilation. You would be hard pressed to find a loan with a higher interest rate than that of a credit card. Use this year’s tax refund to reduce the savage interest payments you make every month and lower the principal balance. The average tax refund in 2017 was about $3,000. The average credit card debt was approximately $6,375. If you are average, you could save yourself a lot of money in interest payments by cutting that debt in half.
The most common debt on a person’s credit report is that of medical expenses. Medical expenses are the number one cause of bankruptcy. Medical debt is often passed around from collector to collector until something is done about it. Every day people are hassled and sued for medical debt worth less than $1,000. If this is you, please use your tax refund to pay it off. Negotiate with the collector and save yourself some money, but most importantly, improve your life by stopping the phone calls and snail mail associated with this sort of debt.
Pay Down Your Car Loan
Maybe you have always had a monthly car loan payment and you do not know what is like to exist without one. Let me tell you, it is possible, and it is SWEET. Imagine a world where you get paid and you do not have to fork over 25% of your paycheck. Take your tax refund and pay off even a few months of your loan term. Down the road, you will be so happy you did. This will save you from paying expensive interest if your rate isn’t great.
Paying off debt with your tax refund is one of the best things you can do for yourself (albeit not fun). If you are ready to take your debt seriously but you do not know where to start, contact Elias Dsouza. Elias can help you plan and negotiate the elimination of your outstanding debt.
It is always important to read the “fine” print when agreeing to anything. This is especially true when signing up for a payday loan. Interest rates are often 300% – 1000%. Sometimes referred to as “predatory loans”, payday loans are designed to give the customer money quickly and allow them to pay the loan and interest back over time. Read on to learn about two truly terrible scenarios in which desperate people agreed to terrible payday loan terms.
Payday Loan Victim Number One – “Bob”
Bob’s story began over 12 years ago. Due to a medical emergency, Bob became the only earner in the family. Medical bills totaling at over $20,000 and recent events, forced Bob to take out five payday loans which totaled at $2,500. These loans required Bob to make two $95 payments each month per loan. Keep in mind the principal balance of each loan was only $500. It took Bob and his wife 5 years to pay off the loans and, in the end, they paid over $50,000 in interest. As a result, Bob and his wife lost their home.
Payday Loan Victim Number Two – “Ed”
Ed, a veteran and Social Security beneficiary, ran into some car trouble. The repairs were estimated at $400. Unable to cover the costs, Ed went online and took out a $400 14-day loan. In most cases, if a person cannot pay off a 14-day loan in the agreed upon term, there is a renewal option. When the loan is renewed, the borrower must pay a fee and interest continues to accumulate. In an attempt to pay off the existing loan, cover his rent, and avoid bank overdraft fees, Ed took out more online loans. In the end, Ed borrowed over $3,000 and owed well over $12,000. He subsequently lost his apartment and became homeless.
Payday Loan Quick Facts:
- Over 12 million payday loans are handed out each year in the United States.
- The 12million loans have fees totaling at over $9 billion.
- A 14-day loan averages $55 in fees if paid off on time.
- The average payday loan borrower is in debt for 5 months of the year due to loan fees and interest.
Before you subject yourself to the horrors that come with payday loans, take a look at your other options. If you have unsecured debt such as credit card or medical bills, you may be able to get it forgiven utilizing a tool such as bankruptcy. Contact Elias Dsouza today for a free consultation and take control of your financial situation once and for all.