If you find yourself in a large amount of credit debt, the idea of using a debt settlement company to help you get out of the red may sound like a good idea. They make it seem like they are there for you and will work with you to manage your debt balance. In some cases, using a debt settlement company can be a good option, but make sure to know what you are getting yourself into before you make that choice. Credit card companies normally are just as willing to work with you even if you owe large sums, as it is ultimately in their best interest for you to be able to pay back as much of the balance as you can.
The FDCPA has been instrumental in the protection of consumers from predatory debt collection practices. However, it is over 40 years old and many believe it is time for an update. There has been a minor change or two in the last 4 decades, but nothing that addresses the newer business practices of debt collectors. Now, creditors and collectors have the internet which gives them access to just about anyone at just about any time.
Married couples often share the same debts, but that is not always the case. There are bankruptcy filing options for both situations. One partner may need to wipe out their debts but want to avoid harming the other partner’s credit. In some states, it can be beneficial to file for bankruptcy jointly. Before deciding, you should know the pros and cons of each filing option for married couples.
One Spouse Filing for Bankruptcy
If a couple is in a situation where only one of the two partners needs to file for bankruptcy, filing individually may be the right choice. An individual can file for chapter 7 or chapter 13 bankruptcy.
There is a growing debate over the student loan debt problem in America. Millions of former students struggle to keep up with their student loan payments which have a carry over effect in areas such as car loan and mortgage payments. It is widely accepted that student loan debt repayment is as sure as death and taxes, but is that really the case?
The Student Loan Debt Problem
If you are one of the 44 million people in America that have student loan debt, you know what it feels like to be frustrated with this seemingly unforgivable burden. Currently, the total student loan debt in this country amounts to $1.5 trillion. The average debt for each student is $37,172. With so many people struggling with this debt, what can be done?
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
Wanting to give the people you care about a Christmas present is honorable. The least sexy thing to think about during this season is debt. However, keeping debt in mind could be essential to ensuring you aren’t paying interest for the next 6 months.
How Much Debt Did U.S. Shoppers
Chapter 13 bankruptcy is a form of bankruptcy that requires the debtor to enter into a plan of debt repayment. It is similar to debt consolidation, but has the backing of Court approval, so your lenders do not have a choice about whether to participate in your proposal. When a
Bankruptcy comes in two forms for most debtors, Chapter 7 and Chapter 13. Chapter 7 is the preferred type of case to file because it allows a debtor to get rid of all of their unsecured debt. And, in most cases, it is having too much unsecured debt that puts
The first step to understanding the benefits of taking certain actions is to understand the action itself. When you are looking for ways to cut down on expenses and get out of debt it is beneficial to have a grasp of how different debt repayment plans can eliminate your debt
Getting out of debt sounds easier if you make enough money to pay your bills each month and have plenty left over for paying down account balances and loans. But if you are stretched too thin already, getting out of debt can sound like an insurmountable task and you might