I Paid Off My Credit Card Debt … Now What?

Nerd Wallet

Congratulations, you finally paid off your credit card debt! The article I Paid Off My Credit Card Debt … Now What? Credit Card Basics Credit CardsYou did your research and made a plan you could live with.

Is It Okay To Pay Just The Minimum On Credit Card Debt?

Debt Guru

Whether your financial goals are as simple as building a small emergency fund or as complex as savings and investments for retirement, few things can derail your plan faster than debt. But not all debt is created equal, and a good debt repayment plan will keep these differences in mind.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Credit Card Debt Drops Sharply in 2nd Quarter of 2020

Nerd Wallet

Household debt declined slightly overall from the first quarter of 2020 to the second — but revolving credit card debt saw a significant drop. The article Credit Card Debt Drops Sharply in 2nd Quarter of 2020 originally appeared on NerdWallet.

Can I Settle My Credit Card Debt Myself?

Titan Consulting

Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. When Should You Consider a Debt Settlement Program ? Key Takeaways.

Collection Tactics to Recover Unpaid Credit Card Debt

Nexa Collect

Credit card delinquency rates have been climbing since 2016. The number of delinquent accounts will rise sharply, forcing companies into a defensive debt recovery position. Recovering Credit Card Debt Nationwide. Debt Recovery

Bankruptcy: How it applies to managing credit card debt

Albuquerque Law

If you were to take a survey about credit card debt, it would be unlikely that you'd find any participant who could say they have never experienced it. Most people in New Mexico and throughout the country have had a balance unpaid on their credit cards at some time or another. It's often a lot easier to fall into serious financial debt than most people realize. Setting up an emergency fund is one way to help manage credit card debt.

Why Making Minimum Payments to Pay Off Credit Card Debt Ensures You Will Die Broke

Titan Consulting

Making just the minimum payment required each month on credit card debt will maximize the amount of interest you pay to creditors. Another credit card bill arrives, and you moan when you see the balance. High-Interest Debt Siphons Money from Other Priorities.

I Missed a Credit Card Payment… So What?

Debt Guru

We talk a lot about paying your credit card bills on time. You can also save money, boost your credit score, and position yourself for lower-interest credit in the future. After two missed payments, your card issuer is allowed to charge you a penalty APR of up to 29.99%.

How to Start Building Credit Once You Turn 18

Credit Corp

Good credit is crucial to unlocking many financial opportunities in life. When you have a great credit score , you can get lower interest rates on car loans, credit cards and mortgages. Some employers and landlords even check credit reports before they make a job offer or approve a resident application. While developing a solid credit history takes time, follow some of these tips on how to establish credit once you turn 18 to get started as soon as possible.

Fact or Fiction: Debt Relief in the Time of Coronavirus

Debt

The post Fact or Fiction: Debt Relief in the Time of Coronavirus appeared first on Debt.org. COVID-19 Debt Help credit card debt debt helpTruth, they say, is the first casualty of war. And on March 13, President Donald Trump put America on a war footing. We’re coming for you, coronavirus. Speaking from the White House Rose Garden and flanked by heavy hitters from Big Pharma and its retailers, Trump declared a national emergency.

Do You Have SMART Goals for Your Debt?

Debt Guru

We talk a lot about credit card debt because it’s so pervasive in our society. In fact, the Federal Reserve estimates that the average American household carries $5,700 in credit card debt. And their prognosis is worse for those who can’t pay off their balances in full each month – those borrowers shoulder an average outstanding credit card debt of $9,333. Credit card debt can feel like a heavy weight.

How To Remove Asset Acceptance LLC From Your Credit Report

Better Credit Blog

Have a collections entry from Asset Acceptance LLC on your credit report? If Asset Acceptance is on your credit report, it’s probably because you forgot about a bill. The longer you ignore their calls and letters, the more damage your credit could face. Credit card debt.

How long could my Chapter 7 bankruptcy take?

Albuquerque Law

Struggling with debt can be an overwhelming weight to carry. Whether it is credit card debt, medical debt, mortgage debt or a combination of many, New Mexico families want to find debt relief as soon as possible and return to what is important in life without worry. To do this, many people consider filing bankruptcy, but they often wonder: how long will it take for their debt to be discharged if they file bankruptcy?

What is revolving debt?

Albuquerque Law

In a recent blog post, we discussed the potential dangers of credit card debt. This report also found that the total credit card debt in the United States reached an all-time high at the end of 2019. Since most adults have at least one credit card, they are often well aware of the risks that come with a credit card. But why is it that credit cards carry such a high risk of debt?

Federal Aid Has So Far Averted Personal Bankruptcies, but Trouble Looms

Collection Industry News

Credit card debt piled up for Jess Brown, and the $600 federal unemployment supplement has kept her afloat. Credit… Eamon Queeney for The New York Times. The United States went into the Great Lockdown with the most household debt in history, stagnant incomes for all but high earners and armies of people telling pollsters they were living paycheck to paycheck. Bankruptcy Filings and Household Debt.

From Blogs to Apps: 11 Financial Resources for Women

Credit Corp

Books cover topics such as saving, paying off credit card debt and increasing your credit score, and you can also purchase a number of workbooks. No matter what shape your credit score is in, you probably have goals you want to reach.

Military families’ main worry? Financial challenges.

Albuquerque Law

And yet, many military families report that debt and financial challenges are one of the largest concerns they face. This is partly what causes military families to hold more debt than civilian families , with roughly 27% of military service members holding nearly $10,000 in credit card debt. Meanwhile, only 16% of civilians hold that much debt.

Six Benefits of Teaching Personal Finance in High School

Direct Recovery

Lower College Loan Debt. Taking on too much college loan debt is one of the biggest holes a young person can possibly create for themselves from a personal finance standpoint. Lower Credit Card Debt. Educating high school students about the danger of credit card debt could be enough to convince some of them to avoid the traps that credit card companies have already set for them to fall into on college campuses around the country.

Need to Know About Debt Negotiation and Settlement?

Sawin & Shea

If you’re dealing with debt and considering filing for bankruptcy, it’s a good idea to get professional legal advice on how to handle the proceedings. There are countless scams and “credit repair” cons trying to take advantage of your situation when you need help the most.

U.S. Supreme Court Rules Statute of Limitations for FDCPA Claim Runs One Year from Alleged Violation, Not Discovery

Blank Rome LLP

The Supreme Court of the United States (“Supreme Court”) recently affirmed the Third Circuit’s decision holding Fair Debt Collection Practices Act (“FDCPA”) claims are subject to a one-year statute of limitations from the date of an alleged violation and rejecting the Fourth and Ninth Circuit’s adoption of a broad “discovery rule.” However, debt collectors should take note that equitable tolling principles may still apply in certain circumstances. . Wayne Streibich , Diana M.

What Debts Will Remain After A Chapter 13 Discharge?

Sawin & Shea

Chapter 13 bankruptcy can wipe out most kinds of debts and leave you with a much brighter financial picture. But Chapter 13 can’t discharge all types of debt you’ve taken on. Some debts will remain after your bankruptcy, although you’ll be in a much better position to handle them. Which Debts Can Be Discharged By Chapter 13 Bankruptcy? You can also wipe out debts owed to gyms, clubs, and other personal services.

How To Remove Absolute Resolutions Investments LLC From Your Credit Report

Better Credit Blog

Absolute Resolutions Investments LLC is a debt collection agency. If they’re contacting you or have appeared on your credit report, it’s important to handle the situation as quickly as possible. ARI collects on a variety of debts, like: Bankruptcy. Credit card debt.

How to Teach Your Child Good Money Habits

Credit Corp

Dear Credit.com, My child has recently expressed an interest in getting a debit card. I think he’s too young, but he insists all his friends have their own debit cards and bank accounts. And I wouldn’t recommend giving an elementary schooler a debit card. Card Details.

Banks 57

Consolidating Your Debt? Here’s What NOT to Do

Debt Guru

Every month, you face a mound of credit card and bank statements (or your inbox fills up with them, and you have to write a separate check (or perform an individual internet transfer) for each of them. And if it’s used incorrectly, it can make your bad debt situation even worse.

How To Remove Asset Recovery Solutions From Your Credit Report

Better Credit Blog

When you owe money to a creditor or a service provider, it could result in a collections entry on your credit report. This type of entry can bring down your credit score for as long as seven years. Consumer debts. Credit card debt. Retail debt.

How to Remove Sunrise Credit Services from Your Credit Report

Better Credit Blog

If you have been contacted by Sunrise Credit Services, you are probably being pursued for an old debt. Sunrise Credit Services is a debt collector that has been hired by your old creditor to collect payment on your debt. What is Sunrise Credit Services?

The Data Is In: Household Debt & Credit Report

National Service Bureau

The Federal Reserve Bank of New York recently released a Household Debt and Credit Report. Through this report, the Fed wishes to provide “ a quarterly snapshot of household trends in borrowing and indebtedness, including data about mortgages, student loans, credit cards, auto loans and delinquencies. These trends are relevant to debt collectors and collection agencies as well , so we’ll explore the relevant pieces in this blog post.

Average U.S. FICO Score at 711, But Uncertainty Abounds

Fico Collections

And that’s because it generally takes a few months for the effects of that event and the accompanying financial strain to start to show up in consumers’ credit reports, in the form of rising balances, credit seeking behavior, and eventually for some, missed payments.

I Hate Having Roommates: 7 Ways to Afford Living Alone

Credit Corp

A personal budget takes your monthly income and applies it to all the debts and other obligations you have. Consolidate Debt. Debt is a common reason many people can’t afford to live on their own. Consolidating your debt is one way to potentially reduce how much it costs you. A debt consolidation loan or balance transfer credit card can help. TD Cash Credit Card. Card Details. Credit Needed: Excellent-Good.

Is Debt Settlement Legit?

Titan Consulting

Multiple state and federal agencies strictly regulate the debt settlement industry. All types of debt relief programs come with negative consequences, including non-profit credit counseling and bankruptcy, and will directly or indirectly negatively impact your credit score.

Debt Collection Complaints: Year in Review

National Service Bureau

In 2014 there were 38,751 complaints filed in the United States regarding the behavior of 1,736 different debt collection companies. Complaints by industry were highest with credit card debt collection. If you are interested in more debt collection data, you can export reports directly from the CFPB by visiting their website. National Service Bureau Collection Agency debt collectors CFPB complaint debt collection

How Does a Debt Consolidation Program Work?

Titan Consulting

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. Debt consolidation may not save you much money. Another month begins, and your debt balances are going nowhere.

Should Seniors Consider a Reverse Mortgage to Raise Cash During the Pandemic?

Titan Consulting

There is no minimum credit score required for a reverse mortgage, you do not have to own your home outright, and you don’t sell your home to access the equity available to you. There is no minimum credit score required to qualify for a reverse mortgage. Key Takeaways.

Loans 56

Determining Your Debt-to-Income Ratio

Debt Guru

If you’re an American, chances are pretty good that you carry debt. While that means we’re in good company, it also means that most of us are feeling the stress of debt and the strain of repayment. So, just how much debt is “too much?” Of course, it’s completely personal – you might be OK with shouldering high debt in order to afford your second car, or you might be completely stressed out when you owe your friend for that pack of gum. Your Debt-to-Income Ratio.

SCOTUS Set to Decide whether FDCPA’s Statute of Limitations is Tolled by “Discovery Rule”

noreply@blogger.com (Caren Enloe)

Kevin Rotkiske accumulated credit card debt between 2003 and 2005, which was then referred to Klemm & Associates for collection. The court held that when drafting the FDCPA, Congress was most concerned about the “repetitive contacts” that debt collectors may make with debtors, not that debt collectors will conceal their actions to unscrupulously obtain judgments against unknowing consumers. By: Zachary K.

Charged Off as Bad Debt: An Explainer

Credit Corp

Making payments late or missing payments completely spells bad news for your credit rating. When you miss too many payments, your creditor may charge off the debt. When your debt is charged off as a bad debt, don’t fool yourself into thinking it goes away. Card Details.

Debt Collection Lawsuits Are Surging

Collection Industry News

However, over the past several years, the civil courts in most states have been overrun by debt collection cases against consumers. The increase in lawsuits filed against consumers for unpaid medical debt, credit card bills, automobile loans and other collection issues comes as no surprise to attorneys and others working in the industry. The dollar value of claims filed annually by debt buyers increased from $6 billion in 1993 to $98 billion in 2013. The U.S.