Managing Debt

We want to help you get control of your debt. Get advice from our experts on strategies for paying down your debt without hurting your credit score, negotiating with lenders, and managing interactions with debt collectors. We also explain bankruptcy options, your rights as a borrower and what you can and cannot do with student loan debt. Also, get inspiration from other readers who have managed to go debt-free.

5 Unconventional Ways to Get a Loan

5 Unconventional Ways to Get a Loan

5 Unconventional Ways to Get a Loan

Whether you’ve been rejected for credit in the past or you are just interested in alternative loan methods, it’s nice to know that there are options out there aside form dealing with big banks. Getting rejected is never fun, and if you have bad credit, you know this all too well. Maybe you are starting or… Read More

10 States With the Highest Bankruptcy Rates

10 States With the Highest Bankruptcy Rates

10 States With the Highest Bankruptcy Rates

Every year, hundreds of thousands of Americans file for bankruptcy. Even though it damages the consumer’s credit for years and many people would do almost anything to avoid bankruptcy, it’s sometimes the best and fastest way for a debtor to recover from financial hardship. It’s not a decision to make lightly, but it’s also an… Read More

Beth’s Story: Which Debt Solution Did She Choose?

Beth’s Story: Which Debt Solution Did She Choose?

Beth’s Story: Which Debt Solution Did She Choose?

This is the fourth and final installment in a series of pieces for people who find themselves unable to continue to meet the minimum payments on credit cards and other bills, and who want to learn about what I sometimes refer to as “debt intervention” options. Don’t worry; this is not one of those interventions… Read More

A Debt Collector Contacted You — Now What?

A Debt Collector Contacted You — Now What?

A Debt Collector Contacted You — Now What?

Every day, hundreds of thousands of consumers are contacted by debt collectors regarding delinquent debts. As a debt collector myself, I can tell you that getting a debt collection call is not on anyone’s list of favorite things and never will be. In fact, it probably ranks dead last. Unfortunately, avoiding a debt collector isn’t… Read More

How to Challenge a Debt Collector & Win

How to Challenge a Debt Collector & Win

How to Challenge a Debt Collector & Win

A reader, Anthony, wrote to me to share the success he had in dealing with the debt collection issues he faced earlier this year. He started off with the goal of settling an old unpaid credit card, and ended up winning in court and getting his costs covered. He wrote: “Hi Michael, I contacted you… Read More

‘Delayed, Harassed & Threatened': Feds Fine Mortgage Servicer $63M

‘Delayed, Harassed & Threatened': Feds Fine Mortgage Servicer $63M

‘Delayed, Harassed & Threatened': Feds Fine Mortgage Servicer $63M

Nationwide mortgage servicing company Green Tree will pay $63 million to settle allegations that it mistreated mortgage holders, federal authorities revealed this week. According to a statement on the Consumer Financial Protection Bureau’s website, “The mortgage servicer failed to honor modifications for loans transferred from other servicers, demanded payments before providing loss mitigation options, delayed… Read More

Millions With Credit Problems Can Now Get Free Credit Scores

Millions With Credit Problems Can Now Get Free Credit Scores

Millions With Credit Problems Can Now Get Free Credit Scores

Millions of Americans working with nonprofit credit counselors will have free access to their FICO credit scores as part of a new agreement between FICO and the three major credit reporting agencies, Equifax, Experian and TransUnion. The Consumer Financial Protection Bureau announced the agreement in an April 21 blog post, saying that this change will… Read More

The 5 Biggest Reasons My Clients Fall Into Debt

The 5 Biggest Reasons My Clients Fall Into Debt

The 5 Biggest Reasons My Clients Fall Into Debt

In the more than 15 years of experience working in the debt industry, I’ve heard every story under the sun about how someone fell into debt. While there are times when people fall into debt for unavoidable reasons, I do notice a lot of people fall into debt for the same reasons. So in order… Read More

Beth’s Story: Is Debt Settlement the Answer?

Beth’s Story: Is Debt Settlement the Answer?

Beth’s Story: Is Debt Settlement the Answer?

This is the third part in a four-part series about Beth, who’s struggling to make monthly payments on her debt. I encourage people struggling with unaffordable debt to use this as a debt relief information guide. The focus of this series assumes your situation is past being able to apply conventional wisdom, like lowering monthly… Read More

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