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  • 1. What tactics are debt collectors prohibited by law from doing? Views: 47
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    Terms of Use: The Fair Debt Collection Practices Act applies to those who collect debts owed to creditors for personal, family and household debts, including car loans, mortgages, charge accounts and money owed for medical bills. A debt collector is someone hired to collect money owed by you. A debt collector may not: Contact you at unreasonable times or places, for example, before 8 a.m. or after 9 p.m., unless you agree, or at work if you tell the debt collector your employer disapproves  More...
  • 2. Are credit repair companies a good source to turn to for help in repairing my credit? Views: 38
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    Terms of Use: Credit repair companies advertise that they can erase bad credit and create a new credit identity legally, all for a hefty fee. Don't believe it . No one can legally remove accurate and timely negative information from a credit report. No credit repair company can do anything you can't do for yourself for free. Only time, hard work, and a personal debt repayment plan will improve your credit report. If you need assistance, you have several options. Credit counseling serv  More...
  • 3. The credit card you pick can save you money Views: 36
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    Terms of Use The credit card you pick can save you money Table of Contents: Credit Card Interest Rates How Much Will You Pay? Credit Card Shopper's Checklist Deciphering the Application Glossary For More Information Smart consumers comparison shop for credit, whether they're looking for a mortgage, an auto loan, or a credit card. Comparison shopping is important because it could save you money. When you're looking for a credit card, be sure to consider the costs and terms. They c  More...
  • 4. What can't creditors ask me when I apply for credit and what are my rights? Views: 31
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    Terms of Use When you apply for credit, a creditor may not: Ask about or consider your sex, race, national origin or religion Ask about your marital status or your spouse, unless you are applying for a joint account or relying on your spouse's income or you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas and Washington) Ask about your plans to have or raise children Refuse to consider reliable public assistance income or regularly r  More...
  • 5. Basics about foreclosure Views: 30
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    Terms of Use: If you can't make your mortgage payments, your lender can foreclose on your home. Foreclosure is a process that can begin immediately and will result in your losing your home. Most lenders, however, will allow you to miss a couple of payments before starting foreclosure proceedings. If you're at risk of missing a mortgage payment, contact your lender immediately. While the process of foreclosure can take several months, be aware that the process itself will be a costly   More...
  • 6. How can I deal with debt when I'm out of work? Views: 28
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    Terms of Use How to Deal with Debt When You're Out of Work You've found yourself without a job, not knowing how long you may be unemployed. What can you do now to manage your finances in the short-term and long-term? Here's a six-step plan: Step One: Prioritize your debts Step Two: Talk with your creditors Step Three: Pay what you owe (at least the minimum payment amount) on time Step Four: Cut back on your expenses Step Five: If you have to borrow, find the least expensive sources  More...
  • 7. Medical bills Views: 26
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    Terms of Use Did you know that bankruptcies resulting from unpaid medical bills will affect nearly 2 million people this year? Unpaid medical bills are the number one cause of bankruptcy filing in the U.S. today, outpacing bankruptcies caused by credit card bills or unpaid mortgages. The data finds that most of those who filed for bankruptcy were middle-class, well-educated homeowners and carried health insurance. Since bankruptcy is an extreme measure, perhaps there are steps you can take no  More...
  • 8. When should I use a credit versus a debit card? Views: 26
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    Terms of Use You may think of debit and credit cards as nearly the same thing, with the exception of having money withdrawn from your account immediately (debit card) or receiving a bill for payment later (credit card). There are some key differences beyond this that you should consider the next time you decide on using a debit or credit card. Although most debit card issuers treat disputes the same as in a credit card transaction, you have no dispute rights under federal law if you're n  More...
  • 9. Should I close my credit card if I'm not using it? Views: 26
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    Terms of Use: With annual fees and interest rates on credit cards, you may be wondering whether to close out an account you're not using. Some are also concerned about identity theft as well as the need to simply control the amount of debt. Whatever your reason for considering closing a credit card account, here are some things to consider: If you close out a credit card that has an unpaid balance on it, your available credit (or credit limit) on that card goes to zero. Your credit score look  More...
  • 10. Is it a good idea to buy credit insurance? Views: 26
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    Terms of Use: It is almost always better to insure yourself against income loss or death by purchasing regular life or disability insurance instead of credit insurance . When you finance cars, consumer goods, mobile home sales, and residential mortgages, salespeople may try to sell you four types of credit insurance: • credit property: insures against damage or loss to whatever item secures the loan • credit life: pays the loan balance in case of death • credit disability/accident and heal  More...
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