Finding a Bankruptcy Lawyer
Many lawyers specialize in certain areas, and some have a better reputation than others.
Consolidating your credit cards requires good credit
Finding the right type of interest rate is just as crucial as the rate's actual percentage.
Unsecured Versus Secured Credit Cards
Despite the collateral, secured cards carry high fees. Still, they are easier to obtain than unsecured cards.
One Monthly Payment or Bills, Bills, Bills
Bill consolidation programs are essentially loans that are provided to help pay off existing bills.
Lowering Your Monthly Mortgage Payment
How to do so
Mortgages rates at an all time low
Now may be a good time to get a new mortgage or refinance an existing one.
Low fee payday loans still have sky high rates
They still have a much higher rate than typical loans.
What Your Credit Score Really Means
Although your credit score is not what defines you as a person, it can most likely be what defines you as a borrower. Lenders use credit scores to predict repayment rates based on past performance.
Applying for New Credit
Applying for an account can hurt you in the short term and help in the long term.
Federal Help with Credit Card Debt
If you are in debt or struggling financially, the federal government does have some programs that may assist you, though not in the form you might think.
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How to Save Money Settling Your Debt
How to Save Money Settling Your Debt
on September 13, 2010
If you have a growing amount of debt, don’t be afraid. You may be able to settle with your creditor on the amount you have to pay back. It can be a lot like negotiating your credit card debt, except you can settle with more types of debts. Remember first that you can settle only
, like your credit card debt, but also student loans,
, or even bounced checks. Your original creditor will be more likely to settle with you than a
, so if you want to settle it on your own, contact your original creditor and use your negotiation skills.
The amount you are going to pay back is an important issue. Obviously, the more you can pay back, the better. But if you are in a bind, you need to negotiate a percentage. Don’t be overeager and settle for the first offer. A good range of repayment would be between
cents to the dollar (or 1/3 to 1/2 of your balance), but it may be possible to go even
, especially if your debt has been bought by a collection agency. And when you’re negotiating, don’t be in the process of trying to get another loan because you will be turned down for both the loan and the settlement of your new debt payment.
The older your debt, the smaller the settlement will be. In fact, after a certain period of time, the
statute of limitations
expires, meaning the collection agency cannot take you to court and bill collectors should not be harassing you with frequent phone calls. It depends on which state you live in and what type of agreement you made for the debt (oral contract, written contract, promissory note, or open-ended account), but know the
statute of limitations on your debt
if you are getting numerous phone calls from collectors.
The statute of limitations and the amount of time your unpaid debt can appear on your credit report are different. While statutes of limitations vary among states, an unpaid debt will appear on your credit report for seven years. After settling the amount of repayment, you can also
it will appear
on your credit report. Ask your creditor to report your account as
“Paid as Agreed”
“Account Closed/Paid as Agreed.”
If the settlement appears on your credit report as “Settled” instead of “Paid as Agreed,” it could affect your ability to get new loans in the future.
When you pay your settlement, try to pay with a
. If you use a personal check, other creditors may obtain your personal banking information, and you may be forced to make automatic electronic payments if you pursue future loans from these creditors. One final piece of advice in settling your debt is to have print
. Have a copy of your final settlement, as well as any payments you make. You never know when the dreaded typo will appear in the bill collectors’ records, and you don’t need any more problems than you already have.
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