Aid to Families With Dependent Children in Ohio

The Aid to Families With Dependent Children program was established by the federal government in 1935 to provide financial assistance to families in need. In 1996, the AFDC program was replaced with Temporary Assistance for Needy Families, a state-administered grant assistance program. In the state of Ohio, TANF programs are administered by the Department of Job and Family Services. Residents must meet specific eligibility criteria to qualify for...

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Does Consolidating Your Debt Hurt Your Credit Anyway?

When you have trouble keeping track of your debts or making payments, consolidation sometimes is an option for getting control over what you owe. Like other methods of handling debt, debt consolidation can impact your credit score negatively if you do not approach it the right way. The goal of consolidation, however, is always to bring up your score. What Is Debt Consolidation? Companies that work with debt often use the term "debt consolidation"...

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Legal Ways to Erase Bad Credit

Having bad credit can bar you from buying a home or opening a credit card account. Poor credit can even cause some employers to decide not to hire you. There are some legal ways to erase bad credit. However, there are also limitations. Don't be taken in by scam artists who offer to "fix your credit" overnight regardless of the reasons for your poor credit standing. Correct Errors Credit problems that result from inaccurate information on a credit report can be erased. This does not apply to any correct information. The first step to removing...

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Credit Counseling Effects on Credit

One of the top questions that consumer credit counselors receive from prospective clients is how will my credit be affected. Don't be surprised if you get an answer that still leaves you feeling uneasy. There is no absolute answer to this question---the procedures followed by each creditor and each credit counselor will vary. Identification Credit counseling agencies, also referred to as debt management agencies, are organizations that help consumers who are in over their heads with debt. Consumers can pay down their bills, stop bill collector...

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How to Create Debt Goal Chart

Once you have determined you want to get out of debt, one important tool is a debt goal chart. This chart allows you to break up your goals and matching dates into a visual chart, which can help motivate you as you get out of debt. The debt goal chart can be hung in a place where it serves as a constant reminder of what you are working for. Instructions 1 List all of your debts on a piece of paper. You should include the minimum payment amount,...

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How to Rebuild Credit Sensibly

Having poor credit makes routine tasks, such as securing housing and landing employment, difficult. If you have poor credit, there are actions you can take to boost your credit score. There isn't a quick fix to rebuilding credit; however, over time, small changes will make a large difference. Evaluating your credit for areas that need improvement and focusing on those areas will assist in rebuilding credit sensibly. Instructions 1 Check your...

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What to Know When Getting a Credit Card

Using a credit card can be very convenient and can help you build your credit profile. When choosing a credit card, look at several variables. Choosing the best credit card for your situation is important so that you can save money and get the most rewards for the purchases you make. Interest Rate One of the most important things for you to consider when selecting a credit card is the interest rate. Every credit card will have a specific interest rate that they charge on purchases you make. If you do not pay your credit card balance off...

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How to Donate a Car in Detroit

When it's time to upgrade your ride, donating the old car allows you to dispose of it in a painless manner and put funds into the pocket of your favorite charity. Detroit's many donation options let you fund medical research, animal rescue, public radio, youth services and other social services. When donating, the charity of your choice pays for a tow as part of the transaction. Instructions 1 Give your old car to Mother Waddles to help disadvantaged...

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Statue of Limitations on Credit Card Debt in Louisiana

The statute of limitations on credit card debt in Louisiana is defined in Article 3494, Section 2 of the Louisiana Code. Credit card debt is considered no different than claims for back wages from employment, rent, borrowed money and compensation for services rendered. Once the statute of limitations expires, a creditor may find it very difficult to legally compel a debtor to repay a credit card debt. Open Account Definition In Louisiana and other states across the country, a credit card is considered an open account. This type of credit...

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The Effects of Bill Consolidation on Credit Score

Debt consolidation is an attractive option for many people who find themselves faced with debt. However, there are various effects that bill consolidation has on your credit score that can be helpful or aversive to your overall credit health. Understanding what you are signing up for when you enlist in debt or bill consolidation can save you unnecessary confusion and complications in your financial future. Bad Credit Score One of the most...

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How to Build a Credit Score With Partial Credit Card Payments

If you're unable to make a full payment on your credit card, partial payments are an alternative to keep your account in good standing while simultaneously building your credit score. Before you decide to pay a portion of your credit card bill, you must set up a payment plan with your creditor, who is usually willing to accept partial payment for a limited time if you explain your current financial situation. Instructions 1 Write a formal...

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How Do Credit Card Consolidation Services Work?

Debt consolidation services, including those for credit cards, are usually handled through firms called credit counseling services. These services are meant to help you improve your overall financial situation by looking at how you can improve your money management. Your credit counselor will determine if consolidation through a debt management plan is the right course of action. Counseling A debt consolidation service first offers credit...

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Forcing a Homeowner Into Bankruptcy

Some people facing imminent foreclosure often turn to bankruptcy for help. However, that's a personal decision, with banks and mortgage companies legally unable to force people to file. Despite that, some people do feel forced because foreclosure of their home seems certain. Bankruptcy halts foreclosure proceedings, but it is not a bailout. The relief is only temporary, as it provides the homeowner with time to reach an agreement with the bank on missed payments. Some people who file for bankruptcy lose their house to foreclosure several months...

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How to Renegotiate Debt

Renegotiating your debt can help ease your financial burden and bring some relief. There are three ways to renegotiate a debt, according to New Retirement. You can renegotiate for a lower interest rate, a different payment schedule or to take some money off of the total debt. There are no written requirements for debt renegotiation, according to CNN, and decisions are usually made on a case-by-case basis. Instructions 1 Know your situation. Get your paperwork together and find out how much you currently owe, what your current interest rate...

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Are There Settlement Offers for Arrears Child Support in Texas?

If you are behind in your payments, the Texas Attorney General's Office, which oversees child support collections, would rather have you pay something than nothing at all. Your child's custodial parent might feel the same way. In 2006, Texas took part in a study conducted by the United States Inspector General to determine whether debt compromise helps collect past due child support, with favorable results. The state is open to negotiating with you....

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Does Debt Counseling Hurt Your Credit?

Credit counseling has been stigmatized, with many people falsely believing that simply using a credit counseling service negatively affects their credit. Before deciding whether to participate in credit counseling, understand how it actually works and how to control the way your credit score is impacted. Credit Counseling Going to see a credit counselor does not hurt your credit score. Previously, the score could be slightly lowered if your...

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How to Calculate Child Support Payments in Pennsylvania

Calculating your Pennsylvania child support payment helps you to plan for your financial needs. Child support in Pennsylvania is based on the combined income of both parents, as the child is entitled to the financial support she would have received if the parents were together. The support amount may deviate from the state guidelines if special circumstances apply, such as your child having a serious illness, per Rule 1910.16-5 of the Pennsylvania Code. Instructions 1 Write down all of your sources of monthly income. Include sources that...

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Acceptable Level of Debt

Many people feel like they're drowning in debt, and it may be difficult to know if you are, indeed, in over your head. For those paying a high percentage of their income to debt each month, it may quickly become impossible to enjoy the things you really want to do. To keep yourself from getting buried by your debt, it's vital to look carefully at whether you're living within a healthy range of monthly debt obligations. Credit Cards One of...

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What Does it Mean When a Company Buys Back Debt?

Sometimes a company will choose to issue debt as a means of raising capital. Generally, this debt will take the form of an issue of bonds. These bonds will be sold to investors, who will be compensated for their investment by being paid interest on their purchase. Occasionally, instead of repaying this debt according to the original terms, a company will choose to buy the debt back, thereby lessening its total debt load. Issuing Debt Companies may choose to issue debt for a number of reasons. However, in most cases, the companies will want...

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How to Get Rid of Defaulted School Loan Debt

Eliminating defaulted student loans is extraordinarily difficult. A public student loan enters default if no payments have been made for nine months. Some private loans can enter default on the first missed payment. Student loans are not discharged by bankruptcy except in cases of extreme, lifelong disability. The best way to get rid of a student loan that is in default is to pay off the balance of the loan by coming to a settlement and creating a payment plan with the creditor. Lenders have extraordinary powers to sue for collection and wage garnishment...

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Will Over-the-Limit Affect My Credit History?

A credit limit is not arbitrary. You qualify for a certain amount of credit based on factors like your income and credit score; as such, you need to respect the amount of your credit limit. According to Experian, if you're habitually going over the limit (OTL), not only will you be slapped with hefty fees each time you spend more than you have, but your credit limit will be decreased and your credit score will be damaged, which has far-reaching impacts...

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How Long Does Debt Management Stay on My Credit Report?

In certain situations, large debts cannot be paid off in any other way except through a debt management plan or a bankruptcy declaration. When placed in this situation, the lesser of the two evils is the debt management plan. But, even this type of solution is one that should be carefully considered, as the process will have negative implications on your credit report. Debt Management When you choose a debt management plan, the company you...

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Why Credit Debt Is Bad

There is a huge industry with billions and billions of dollars behind it trying to sell you debt. Between credit card issuers, car salesmen, appliance loans and payday loan companies, consumers are bombarded with offers of credit. But that credit comes at a cost -- and left unmanaged, that cost has devastated many American families' finances and bankrupted many businesses. Common Sources of Household Debt Household debt comes from a variety of sources. Debt on a home loan is often a family's largest single financial obligation. However,...

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Meaning of Balance Transfer

The average American household had an average of $15,788 in credit card debt as of March 2010, at an average interest rate of 14 percent, according to CreditCards.com. Like most people, you probably look for ways to lower monthly debt. One option that many credit card companies offer is a balance transfer. Function Credit card companies want cardholders to maintain a high balance, so they encourage the transfer of debt from another credit...

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Can a Veteran's Pension Be Garnished From His Checking Account?

Creditors have several avenues to try to collect a debt that is past due. If you are working, they can garnish your wages. They can also conduct an asset search to discover property, bank accounts, investments or financial instruments you may own. In addition, they can freeze your bank account and recoup their losses from the money you have in the account. If you are retired, some pensions are exempt, others are not. None is exempt from the federal government. Exempt Income Exempt income is income that cannot be garnished by creditors or...

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Tips on Credit Laws

Every time you buy something with a credit card, you are taking out a small loan that you must pay back at the end of the month. If you use credit irresponsibly, running up huge amounts of debt that you cannot afford to pay back or ignoring the bill when it comes, you can seriously hurt your credit. However, the Federal Trade Commission has safeguards in place to stop credit card companies and debt collectors from taking advantage of you if you cannot pay your bill in full on time. Debt Collection Laws The Fair Credit Reporting Act prevents...

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What Number Is a Good Consumer Credit Score for CBC Companies?

It's important to manage your credit wisely. Negative Credit Scores Credit Bureau Central is an organization that attempts to collect active past due accounts, which can lower your credit rating.To qualify for a mortgage loan, your rating must be 620 or above.It's important to use the dispute form if you feel the score is in error. Good Credit Scores The three credit bureaus that store your credit history, as well as...

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Debt Responsibilities After a Family Death

The responsibility of paying a family members debt after death primarily falls to the estate of the deceased. In some cases, a surviving spouse and the children of the deceased may be responsible, depending on the terms of the family members will, the laws in their state of residence and the terms of a debt agreement. Executor The executor of a deceased family members estate has the responsibility of paying legitimate estate debts with the assets of the estate. Certain debts take priority, such as taxes, mortgages and installment loans....

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What If I Cosigned for My Son's Student Loan and He's in Default?

The cost to attend one of America's colleges or universities can run well over a staggering $40,000 per year. Even for students who opt for cheaper schools, the cost of earning a postsecondary education is often unaffordable without securing a student loan. As a result, many students ask parents to cosign student loans; while most students repay loans without difficulty, cosigners must learn the consequences of default before signing on the dotted...

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How to Pay Off and Get Rid of Student Loan Debt

Student loan debt can eat up a large portion of your income. Many students do not consider the financial repercussions of taking out student loans while they are in college and are often surprised by the amount they need to pay after graduation. Student loan debt will not be forgiven or reduced during bankruptcy so it is important to make a plan to pay off your debt quickly. Facing student loan debt head on is the quickest way to get rid of it. Instructions 1 Plan out a monthly budget, which lists all of your expenses and your current income....

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Do Minors Have Credit Reports?

Credit reports are collections of information related to a person's lending and debt history. This information is provided by lenders to companies called credit reporting agencies. Any person who has been issued a credit card or a loan has a credit report. Although credit can be legally extended only to adults, some minors also have credit reports. A minor can develop a credit history in a number of ways. Laws To receive credit, a person must sign a legally binding contract in which he agrees to the terms of the loan. The exact age at which...

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Can a Judgment Be Renewed After Bankruptcy?

A successful bankruptcy resolves all debt matters, including judgments. A judgment is a court order requiring a person to pay a specific amount of money for a debt. However, filing for bankruptcy places control of the debt under the federal bankruptcy court. Debtors in bankruptcy will not owe the judgment after the official discharge, or completion of the bankruptcy. That means it is not possible for the creditor or debt collector to renew the debt after bankruptcy. Considerations Decisions by a bankruptcy court are final. Chapter 7 bankruptcy,...

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Can I Refinance a Debt?

When you refinance a debt, you get a new loan and use the money to pay off the old loan. Then you get to make payments on the new loan following that lender's terms and procedures. Whether or not you can refinance depends on the specifics of your financial situation. Creditworthiness Lenders' guidelines for refinancing a debt are very similar to the guidelines for financing the debt in the first place. The borrower must have sufficient credit history to meet the lender's credit score requirements. Lenders also often look at the borrower's...

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Can a Collection Agency Collect More Than the Charge Off for a Credit Bill?

Several federal laws control the activities of collection agencies in seeking payment for debts. Laws prevent collection companies from harassing debtors and also set restrictions on the hours during which collection calls can be placed. However, collection agencies do have the right to collect more than the charge-off amount. Laws may vary by state and collection agency, but there are limitations. Bad Check Fees The fees for bad checks vary...

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Can Your Credit Be Checked When You Fill Out an Application Online?

Online applications help expedite the process of qualifying for many types of credit accounts. Many businesses require a credit check along with your application. Be sure to review the website terms and conditions to ensure you understand your privacy rights. Allowing a creditor to pull your application online has pros and cons. Terms and Conditions Many online businesses offer a Terms of Use or Terms and Conditions link on their websites to disclose how personal information is managed on the site. The Terms and Conditions also state whether...

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How to Find a Social Security Number for Debt Collection

An important part of the debt collection process is credit reporting. When you place a negative entry on a debtors credit report, he will often be willing to work with you an pay the debt in exchange for the removal of the derogatory trade line. To report a debt to the credit bureaus, you must have enough personal information on the debtor for the credit bureaus to successfully match him up with the information that is already in the system. While...

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Can I Get a Cell Contract With Poor Credit?

Cell phones have become a major part of many people's lives. Some individuals use their cell phones as their primary phones, opting to forego a residential land line. Consumers with bad credit have to do a little more research to find a good carrier that is within their budget and offering the features they require. They may find it difficult to find good deals on cell phone plans, but there are still options available. High Deposits Some...

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