21 Feb
Posted by: Gemma Zox in: Bad Credit News
Although “good” is a subjective term, we can clarify positives and negatives related to using debt consolidation as a method for debt management. Debt consolidation functions in a manner similar to refinancing a home mortgage; you’re trading one or more debts for a single new debt, typically one offering lower finance charges. Potential benefits associated with debt consolidation include:
(Source: MasterCard By CEO Chris McWilton) – Included in the Dodd-Frank Act last year, the flawed Durbin Amendment represents government-instituted price fixing of debit interchange – the fees that merchants incur for the convenience and protection of accepting debit cards.
Currently proposed regulations cap these fees at a fraction of their previous level. If enacted, the result is more than $14 billion tax on consumers each year, upsetting the previously well-balanced, self-regulated payments system and drastically reducing revenue for the issuing community.
With this lost revenue, banks will need to balance their books and will be forced to consider increased fees for consumers or reduced access to banking benefits and services. At the same time, the Durbin Amendment does not require merchants to pass their newfound savings onto consumers.
Look no further than recent media stories for proof on how “Durbin Fees” might play out for bank customers.
This Amendment was passed in an unprecedented process without any Congressional review or vote in the House. Since t
Should you file for bankruptcy yourself? When pondering the question some point to the old saying, “he who represents himself has a fool for a lawyer.”
Some online companies that offer legal advice make it sound as though filing for bankruptcy is as simple as filling out forms. Someone might want to ask someone from one of those companies if completing a tax return is as simple as “filling out forms.” Tax forms have written instructions for non-professionals and non-accountants. Bankruptcy forms do not have written instructions written with the novice in mind.
If you have a lot of assets to lose in a bankruptcy, it might be worth your while to hire a lawyer when you file.
There are many mistakes typically made by those who file for bankruptcy themselves.
One common mistake made is exemptions are not included in the filing. These are things that are not included in the bankruptcy itself and cannot be touched by creditors or a bankruptcy trustee. Such th Read all post…
Personal loan rates have a big impact on whether consumers decide to take out a loan. Some of these loans are taken out of necessity for things like debt consolidation, college tuition, critical home repairs and such. Others are taken out for pleasurable things like new toys and vacations. You might think banks would always keep their rates low so more people can borrow. But the rates vary depending on the times, and depending on a person’s credit report.
Why Do the Interest Rates Vary?
The rates for personal loans vary depending on a couple of things: the prime lending rate and personal credit history. Banks base their loan interest rates on the prime lending rate — the rate that only the most qualified customers get. Anyone with less than stellar credit will get a higher rate. If a customer has good credit, he will get a higher rate than what prime is. One
17 Feb
Posted by: Gemma Zox in: Bad Credit News
The New York Times reports that Congress is gearing up to debate whether or not to increase the federal government’s debt ceiling. Hello? Isn’t it about time for our elected officials and so called leadership to start setting an example for we, the consumers? We are constantly reminded of the importance of financial prudence; meanwhile our government is spending like a fleet of drunken sailors. At some point, the government and debt-ridden consumers have to know when to say “when.” The government’s balance sheet is too big to tackle here, so let’s concentrate on reducing personal credit card debt.
Drowning in debt: Has this become America’s new favorite past time?
Recent reports of increased credit card usage among consumers seem to suggest a revival of consumer confidence, if not carelessness. Carrying credit
16 Feb
Posted by: Luca Malley in: Bad Credit News
Have you ever wondered why we are always reminded to check our credit reports regularly? Did you ever think of the sound reason behind this constant reminder?
Well a lot of people are a bit perplexed and curious about the answers to the questions above. So, they try to find answers on their own just so they can satisfy their need to know. If you are one of these people who would like to be enlightened on the importance of monitoring your credit records, then surely you have stumbled upon the right article. Below we will be providing the three main reasons why we should all check our credit records from the three credit reporting agencies as frequently as possible.
16 Feb
Posted by: Andrew Bunbury in: Bad Credit News
The experts say the economy is starting to recover, but unemployment rates still remain high across the country. In many states, so many workers have been unemployed for so long that state funds for unemployment are running out.
Why the shortfall? There are several factors to consider, including the massive surge in people filing for unemployment benefits, the extended length of many benefit claims and poor budgeting and planning by some states.
The shortfall has forced many states to borrow from the federal government and go into debt to keep paying benefits to out-of-work individuals in their state. In many cases, these benefits are the only form of income for some families, many of which have sought relief with Chapter 7 bankruptcy laws.