People always ask me this same question: “How can I get rid of my credit card debt as quickly as possible”. And the answer is always: “You didn’t get into debt overnight, and you most certainly won’t get out of debt overnight either. Work hard on it, be patient, and start now!” I’m going to […]
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Fair Credit Reporting Improvement Act of 2014
The Fair Credit Reporting Act (FCRA) is a federal law that regulates the collection, distribution, and use of consumer credit information. Along with the Fair Debt Collection Practices Act (FDCPA), FCRA forms the base of consumer credit rights in the United States. It was originally passed in 1970, and it’s enforced by the Federal Trade Commission. This seemingly outdated Act may receive […]
Continue ReadingHow to Use the Debt Snowball Method
If you owe money on multiple credit cards, you may be wondering where to focus your efforts and which card to pay off first. Some financial experts believe, when attempting to manage your debt, you should aim to eliminate the card with the highest interest rate first. While this method is very effective, if the […]
Continue ReadingWhen Should You Consider Bankruptcy?
How do you know when it is time to file for bankruptcy? There are several reasons why a person would consider declaring bankruptcy. Here are some of the reasons why you need to consider filing for bankruptcy: Do you pay only the minimum payment on your monthly bills? Are you several months behind on your payments? Do you have […]
Continue ReadingDebt Consolidation Tips
We all know that debt can be overwhelming and even cause problems among family members due to intense stress and many other factors. If you are looking for ways to get out of debt, then chances are you’ve heard about debt consolidation or debt management plans. We’re going to share some debt consolidation tips with […]
Continue ReadingWhat is the best debt to credit ratio?
We get asked this question a lot by our current clients and potential clients: “What is the best debt to credit ratio?” First, we must explain what a debt to credit ratio is. To put it in layman’s terms, it is how much you owe versus your total available credit limit. A debt to credit […]
Continue ReadingCredit Card Debt Calculator and How to Pay Off Debt
You can always count on interest accumulating if you carry a balance every month on your credit cards. Sure, you may still have a month or two of “free interest” left on that credit card you signed up for, but when that promotion ends, what happens then? You get hit with some charges and fees […]
Continue ReadingPaying Off Student Loans
Student loan debt has surpassed credit card debt in 2014. Student debt has now crossed the $1 Trillion mark and will probably continue to rise quickly unless the government understands its implications on the US economic growth and takes action to mitigate the problem. The graduating class of 2014 is the most indebted, with roughly […]
Continue ReadingChoosing a Debt and Credit Counseling Service
Have the bills been piling up, and you don’t know where to turn? You need a credit or debt counselor to steer you in the right direction. Most credit counselors with a good reputation are non-profit organizations and offer their services through local branches, online and over the phone, says the Federal Trade Commission. What to […]
Continue ReadingWhat Is A Debt Management Plan?
We get this question a lot from individuals who are battling debt problems. So we figured that we’d give everyone a fairly in-depth and detailed explanation of what a Debt Management Plan (DMP) really is. The Wikipedia definition is very broad and general, but it states: “A debt management plan is a formal agreement between a debtor […]
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