Asking for advice is one of those things that can either be helpful or disastrous — it depends on the topic and who’s offering tips. When it comes to get-out-of-debt advice, the stakes are high, so choose your advisers carefully and keep an open mind when it’s time to make decisions. It’s not so much… Read More
A common concern you may have when searching for the best debt relief solution is how it will impact your credit score. There are many misconceptions about credit reports and the harm that comes from credit counseling, settling debt for less than what you owe and bankruptcy. Your credit report and credit score will heal… Read More
When escaping the country and hiding from the law are your best ideas for dealing with debt, you know you’re in trouble. Pamela has gone through “a few bad years,” she says. Hurricane Katrina hitting her Gulf Coast community followed by a series of low-paid jobs left her with almost $60,000 in debt. Pamela has… Read More
Fran Hansen seemed to be doing just fine. She had a mortgage and credit cards, and she “never missed a payment” on any of her cards and always “paid my mortgage on time faithfully!” a Credit.com reader using the screen name Fran Hansen said in a recent comment to the blog. But Hansen’s children were worried…. Read More
A reader is back to work, but in the meantime has run up large credit card debts. Should he throw in the towel and file for bankruptcy? Or try to negotiate with his creditors?
What happens if you are trying your best to make your credit card payments, but your card issuer won’t work with you and insists you make higher payments than you can afford? Debt experts weigh in to help this reader understand her options with her credit card payments: My daughter lost her job a little… Read More
Over the years, consumers and reporters have asked me many times whether credit counseling “works.” Reporters wonder whether it’s a legitimate solution for those in debt, while debtors want to know, “Will it work for me so I can get out of debt?” It’s an important question. Credit counseling is often promoted as the best… Read More
If you’ve looked into credit counseling earlier this year but found the monthly payments too high, you may want to try again. As part of an initiative spearheaded by the National Foundation for Credit Counseling (NFCC) to help more people pay their debts through a credit counseling agency and avoid bankruptcy, the top ten credit card issuers have agreed to offer new reduced payment programs.
Millions of Americans are looking for help with their credit and financial situations for the first time this fall. Programs like HOPE Now offer help to people who are struggling to avoid foreclosure. Credit counseling programs promise to help people get their debts under control. So what actually happens if you call for help?
What stunned me most was the answer that the mortgage company gave me about getting help, “in order for us to help you, you need to default and go into foreclosure on your loan” I asked her to repeat what she said; I was flabbergasted.