Articles Index
Why a Budget is a Good Debt Management Tool
Not having a budget can ruin your plans to get out of debt. If you're not already in debt, the lack of a budget can get you there.
What to Consider Before Using a Debt Consolidation Loan
If you've managed to accumulate a large amount of debt, you may have considered a debt consolidation loan to give you some relief. With a debt consolidation loan, you combine all your high interest rate debts into a single, lower interest rate loan.
Understanding Credit Utilization
Credit utilization is the ratio of your credit card debt to credit limits. It has the second biggest influence on your credit score.
The Credit Cardholder's Bill of Rights Act of 2009
If passed, the Credit Cardholder's Bill of Rights Act of 2009 will ban numerous predatory practices in the credit card industry, such as double cycle billing finance charges and interest rate increases on pre-existing balances.
Double Billing Cycle Finance Charges Revealed
Explains the double billing cycle method of computing finance charges and demonstrates how it can be more costly for cardholders who want to pay their balance off quickly.
Chapter 7 Bankruptcy Overview
Chapter 7 bankruptcy is a bankruptcy available for consumers and businesses that allows creditors to be repaid through liquidation of certain property. If there is no property, creditors are not paid and the debts are discharged.
Your Credit Card Account Could Be Closed Due to Inactivity
If you haven't used your credit card in awhile, here's why your credit card issuer might close your account and what you can do about it.
Avoid a Bad Credit Loan Scam
You may be tempted to sign up for an attractive bad credit that requires you to pay an advance fee. Be careful, these loans are scams and can leave you out of hundreds, even thousands of dollars in "fees."
The Fair and Accurate Transactions Act of 2003
The Fair and Accurate Transactions Act of 2003, or FACT Act, amended the Fair Credit Reporting Act to help consumers fight identity theft. The FACT Act gave consumers the right to a free credit report every year.
Sample Pay for Delete Letter
Use this sample pay for delete letter to negotiate removal of negative collection accounts and charge-offs from your credit report. Customize the letter to fit your situation.
List of Debt Statute of Limitations By State
Each state has its own statute of limitations on debt - the amount of time you can be sued for a debt. Before you respond to a debt collection find out the statute of limitations for your state
What's the Statute of Limitations On Debt
The statute of limitations on a debt keeps debt collectors from collecting on it forever. The limit varies by state and depends on the account's last date of activity.
Statute of Limitations FAQ
Answers to some of the most important questions about the statute of limitations on debt and how long certain debts can be collected.
Time-Barred Debts
Time-barred debts are those that are no longer collectible through the court because the statute of limitations on these debts has passed. Creditors and debt collectors can still try to collect time-barred debts.
Sample Expired Statute of Limitations Letter for Debt Collectors
Debt collectors might continue to contact you after the statute of limitations has passed on a debt. However, you can stop them from calling by sending a letter. Be careful not to acknowledge ownership of the debt as that can restart the clock on the statute of limitations.
Sample Cease and Desist Letter For Debt Collectors
To stop debt collection calls, you must tell the debt collector in writing. Federal law requires that debt collectors stop attempting to contact you as requested by a cease and desist letter.
Credit Card Piggybacking
Credit card piggybacking happens when you're added as an authorized user to someone else's credit card account, usually for the sole purpose of getting a better credit score.
The Effects of Late Credit Card Payments
Missing a credit card payment may not seem like a big deal, but it definitely can be. Find out what your creditor does when you miss a credit card payment. Hint: the answer isn't "nothing."
How The Credit Card Process Works
Get a better understanding of how the credit card process works from making purchases to making payments.
When Should You Check Your Credit Report?
Some information suggests checking your credit report once a year. There are some other situations that might require checking your credit report more often.
Sample Interest Rate Opt-Out Letter
Here's a letter you can use to opt-out of a higher credit card interest rate. Opting-out allows you to pay your balance at your current interest rate.
What's the Cost of a Balance Transfer?
You can use a balance transfer to pay off credit card balances at a lower interest rate. Watch out. With balance transfer fees, you might not save as much interest as you think.
Tax Form 1099-C For Reporting Cancelled Debt
When a lender cancels your debt, you may have to report this as taxable income on your federal income taxes, unless there is an exception. If you're required to report the cancelled debt, the lender will send IRS Form 1099-C to you.
How Wage Garnishment is Used to Collect Your Debts
Wage garnishment is when your employer withholds part of your paycheck to satisfy a court order requiring you to repay a debt. The Consumer Credit Protection Act regulates wage garnishment and limits the amount you can be garnished.
What Happens When You Submit a Credit Report Dispute
The Fair Credit Reporting Act (FCRA) gives consumers the right to dispute errors on their credit report. Once you submit your dispute the credit bureau has certain steps to follow.