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Credit

Debt Consolidation

Finding the Best Balance Transfer Offers

Transferring a balance from one card to another can be very beneficial. If one card has a high rate, you can pay less over time if you switch it to one where the rate is much lower. That can help your credit and aid in debt consolidation. Don't just shuffle things around, though. You need to know what the best balance transfer option would be, so you can make the right choice. If you don't do your research first, you might end up actually paying more by moving your balance....(more)

What You Need to Know About a Cease and Desist Letter

The federal government instituted the Fair Debt Collection Practices Act (FDCPA) in 1996 to help protect those in debt from unsavory behavior that many debt collectors were engaging in. This act set down a complete set of rules and regulations by which collectors must follow. Among the many rights this act gives you is the right to submit a cease and desist letter to any credit collection company. Once you submit this, you can only be contacted one more time. There are even stipulations as to why they can call you....(more)

Get Any Cancellation of Debt in Writing

Having debt can be stressful. It feels really good when you pay something off. Once that's done, though, you need to make sure your payoff has been acknowledged by your lender. You should get a letter saying that your account is paid in full if you had a loan. If it's a credit card, your latest statement showing a zero balance should be enough. Some lenders will simply write off some of your debt if you negotiate with them. At that point, you should request a cancellation of debt letter to make sure they don't say later that you didn't pay all you were supposed to....(more)

Eliminating Debt for Good

Financial obligations can be overwhelming. This is especially true if you find yourself juggling multiple credit card statements, installment loans, and a hefty mortgage payment. No matter your income, it is possible to resolve your financial crisis and become debt free. If you want to eliminate your deficit once and for all, there is no better time than now to start. Making a plan to begin reducing your bill load is the first step toward your new, debt free life....(more)

Budgeting

Debt-to-Income Ratio Calculation Can Be Helpful in Maintaining Your Household Budget

People rarely pay for purchases using cash anymore. Credit is the preferred method of payment. With everyone making purchases using credit, however, it can be hard to tell exactly how well you are doing financially. You may think you are doing just fine, until your credit cards are suddenly maxed out and your finances spiral out of control. This is why it is important to ensure that you aren't using more credit than you should be. Using a calculator to determine your debt income ratio can help you determine the health of your household's budget....(more)

The Value of a Monthly Finance Charge Calculator

When you're paying on credit accounts and budgeting your income to get them paid off, it's a good idea to use a monthly finance charge calculator. It's not just the total balance that you have to look at. It's how much interest you're paying. Each time you make a payment, some of it goes to interest. When you know how much, you can better estimate how long it will take you to pay off your debt....(more)

Citi Hilton HHonors Credit Card: Does It Fit Your Budget?

The Citi Hilton HHonors credit card is a rewards credit card. The card, aimed at those with above average credit, provides the user with bonus points. Those bonus points are redeemable for free or discounted stays at Hilton Hotel Worldwide locations and other travel rewards. Before you consider applying for this credit card, be sure it fits into your budget and needs....(more)

Laws

How Does a Statute of Limitations Work?

If you are behind on payments for a loan or credit card, you may be wondering about the statute of limitations in your state. If you aren't familiar with the concept in general, it sets out requirements on a time frame for which you can be punished for a crime.In this case, it is a legal window in which creditors or collections agencies maintain the right to sue you for not paying your credit card bills or loans. Different states will have different limits in their statute of limitations....(more)

Chapter 7 Bankruptcy Filings by State

People use bankruptcy procedures to liquidate their assets when they are unable to make payments to their creditors. It affords them a fresh start or gives them the opportunity to initiate a repayment plan with the creditor. In most cases, people will file either a Chapter 7 or Chapter 13. Federal courts have special authority over these cases....(more)

What is the Definition of Unsecured Debt?

Consumer debts can be broken down into two types: secured and unsecured. Unsecured debts are by far the most common. Unlike their secured counterparts, unsecured obligations aren't backed by tangible property. Tangible property includes items you can see and touch, such as a house or vehicle. By definition, unsecured debts aren't tied to any collateral, which makes them a greater financial risk for lenders....(more)