Can Credit Card Companies Take Your Car?

Your credit card company wants you to pay your balance voluntarily and will do everything possible to make sure this happens. Unfortunately, not all individuals are able and willing to make payments on their credit card debts. In the event the creditor cannot procure voluntary payments from you, it can pursue payment by force. Unpaid creditors have the right to seize assets, such as your car, if you do not make payment arrangements. Debt Collection...

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Rapid Debt Reduction Strategies for Erasing Credit Card Debt

In 2010, CreditCards.com reported the average American household carried nearly $16,000 in credit card debt. The Federal Reserve reported the average annual percentage rate at 14.67 percent for the same period, making the minimum payment on such a balance just under $200 per month. By engaging in a few simple strategies, consumers can eliminate credit card debt faster and regain control of their financial life. Negotiate the Lowest Rates Possible...

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Can You Have an Old Paid Debt Removed From Your Credit Report?

Every consumer who has ever used credit has a credit report, a collection of information about how the consumer has used credit in the past. Regardless of the kind of information contained on the report, specific items on the report can stay there for a only limited time as dictated by federal law. Credit Reports The three main companies that collect credit data and compile it into consumer credit reports are Experian, TransUnion and Equifax. You have the right to inspect each of your credit reports for free every year by going to AnnualCreditReport.com,...

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How to Report to Collection Agencies

Dealing with a collection agency can be extraordinarily stressful. In most situations, they have the legal power to sue for collection of debts, confiscate money from checking accounts and garnish wages. Contacting them directly and making all agreements in writing limits their ability to take adverse action on your assets even if you are not able to fully pay the debt. Instructions 1 Make a written record of all communications with debt collectors. If you receive phone calls, either record them or make small notes regarding the contents...

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How to Understand FICO Score Calculations

Your FICO score -- a calculation created by the Fair Isaac Corporation to measure your creditworthiness -- is a key component of your financial life. A good FICO score can unlock lower interest rates on your loans and pave your path to a bigger house, a better apartment or even a job. A poor credit score can do the opposite: It brands you as a bad risk. Your credit score is based on some fairly straightforward components, all of which are calculated...

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How to Check My MIO Balance

MIO Money is a pre-paid reloadable MasterCard. You can use the card anywhere MasterCard is accepted worldwide to make purchases, payments and ATM transactions. Purchase a MIO Money card at a grocery store for an average cost of $9.95, according to the MIO website. The MIO Value Plan offers free direct deposit or you can reload your card at a participating retailer for an average cost of $4.95. Using the card allows you to control your spending as...

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Does My Credit Report Affect My Homeowners Insurance If It Is Tied to My Auto Insurance?

According to U.S. law, all individuals who wish to operate an automobile must purchase at least a minimum amount of car insurance. This insurance policy must be purchased from a private insurance company. In many cases, insurers offer policyholders the chance to purchase both auto insurance and homeowner's insurance together, with each offered at a discounted rate. In many cases, a person's credit score directly affects the premiums he must pay on these policies. Credit Scores An individual's credit score is a measurement of the risk a...

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Can a Victim of ID Theft Recoup Any Money From a Bank?

Identity theft is defined as unauthorized use or attempted use of existing credit cards; other existing accounts such as bank accounts; or misuse of personal information to obtain accounts, loans or for other criminal purposes. In 2008, the Bureau of Justice reported that in a two-year period, the financial cost of identity theft was $17.3 billion and affected 11.7 percent of the population 16 or older. Identifying Bank Fraud If your identity is stolen and unauthorized transactions appear on your bank statement, you must ascertain if the...

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How to Cut Your Monthly Expenses

With unemployment rates soaring and many people facing job losses, reducing your monthly debt is critical to your personal economic survival. Here's a few steps you can take to reduce your monthly expenses. Instructions 1 List your monthly expenses. There will be some expenses that are fixed - you cannot reduce or change them and many other expenses are flexible and can be reduced. Fixed expenses are expenses such as real estate taxes....

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Who Can Legally Request to See My Credit Report?

Your consumer credit report offers plenty of details about you including your name, address, Social Security number, employment history, credit lines, habits and much more. That information is confidential, but is available for review by more people than you may think possible. Moreover, there is nothing you can do about that. Creditors As expected, creditors can check your credit reports. This includes lenders and credit card companies,...

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Spouse Responsibility for Debt in Georgia

Debt is treated differently in community property states and non-community property states. Georgia is an equitable distribution state, meaning that, in terms of responsibility, property and debt are not divided equally between spouses. Signatory When both spouses sign off to incur a debt, the responsibility for payment is equally divided and both parties are liable for repayment. When only one spouse signs a loan agreement, he is solely...

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Non-Profit Debt Counseling Help

Large amounts of debt, coupled with compounding interest charges, leave consumers feeling trapped and helpless. There are options to getting out of debt, however. Nonprofit debt-counseling agencies help consumers create budgets, pay down outstanding debt, and avoid future debt. Benefits Nonprofit debt counseling agencies help consumers build payment plans for credit card debt. Consumers satisfy the debt, using payment plans that could take several years. Most of these agencies provide the debt counselors to work with consumers to develop...

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How to Get Help From the Government to Pay Your Credit Cards

You can get help from the government to pay your credit cards -- but don't expect any direct payments. Nonprofit credit counselors certified by the U.S. Department of Housing and Urban Development can offer free advice and guidance for paying your credit card bills. The counselors can show you how to legally and ethically pay your credit card bills while improving your credit. That may not be quite as satisfying as a pure credit card bailout, which was rejected in 2008 by the U.S. Office of the Comptroller of the Currency. The agency rejected a...

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Alternatives to Cutting the Budget

When you experience a budget shortfall, the common advice that a financial adviser will give you is to make cuts to your budget. That usually includes reducing miscellaneous expenditures on items like entertainment, and lowering variable expenses like your grocery or cell phone bill where possible. But when you've done all the cutting that you can and still have an issue, you have to consider some alternatives. Part-Time Employment If you have a budget shortfall, you may have to trade your time for more money. Instead of cutting your budget...

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Can I Consolidate My Secured Debt?

One of the main solutions for people who have taken on more debt that they can pay off is to have the debt consolidated by a lender. Many finance companies are willing to buy a person's current loans and issue a larger one. This may increase the size of the person's debt load, but it may allow her some financial breathing room, as the size of her monthly payments may shrink. Secured Debts A secured debt is attached to a form of collateral. If the person defaults on the debt, then the lender will be given permission to take possession of...

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Can a Spouse Be Sued for a Debt That She Did Not Co-Sign For?

When you co-sign a loan for a loved one, you bear the burden of paying your loved one's debt if he cannot. Lenders have as much right to sue nonpaying co-signers as nonpaying borrowers and will occasionally pursue a co-signer for payment before pursuing the borrower herself. Co-signers, however, aren't the only individuals on the hook for someone else's debts. In some states, lenders can pursue a borrower's spouse for debt the borrower incurred whether...

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How to Build Excellent Credit After Delinquency

Deciding to fix your credit after months or years of deliquency is an excellent investment in your future. Credit card companies, car dealerships, mortgage companies, landlords and even potential employers check credit, and having a good financial standing adds to your financial and personal integrity. It can take several years to build your credit after delinquency, but it can be done. Instructions Rebuilding Good Credit After Bad Credit 1 Repay your creditors what you owe them, or work out a payment agreement. Call your creditors and...

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Information on Being Debt Free

At the beginning of the 20th century, the American Dream was simple enough---land a good job or build a business for yourself, buy a home and raise a family. In 2011, the American Dream has changed as many people live burdened with debt that they can never hope to pay back. Becoming debt free has become the new American Dream and realizing that ideal is not as far-fetched as it might seem. Evaluate "Necessities" If you are drowning in a sea...

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Bankruptcy & FICO Scores

Bankruptcy can erase overwhelming consumer debt and give you the chance to start over and rebuild your credit history. Unfortunately, bankruptcies drop your FICO credit score, and it can take years to regain lost points. Bankruptcy isn't the end, rather it's the beginning of rebuilding your credit score and proving that you're creditworthy. Causes A variety of situations can bring on a bankruptcy. Most people file bankruptcy because they're unable to afford their current debts. Maxing out credit cards, losing employment or acquiring a massive...

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How to Pay Back Student Lines of Credit

Student loans, or lines of credit, are popular options for students to pay for college expenses. The loan terms are favorable and repayment doesn't commence until after you have graduated. There are a few options to consider when determining how to repay your student loans. Deciding which method works for you will be based on your particular set of circumstances. Instructions 1 Account for all accumulated student debt prior to graduation. It is important to know what your obligations are before you are required to begin paying for it....

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Who Can Garnish Wages in Texas?

Usually, when a debtor owes a creditor money and the creditor receives a civil judgment against him, the creditor can make a motion to garnish the debtor's wages or another form of income. However, this is not true in most cases in Texas. In Texas, 100 percent of a person's wages are exempt from garnishment by private creditors. This means only a few types of creditors can collect money through garnishment. Garnishment in Texas Texas is one of only a few states that make the garnishment of wages for the collection of a private debt illegal....

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Government Debt Reduction Programs

For the most part, debt reduction programs tend to fall under the private sector. That is to say, private companies have created programs that enable consumers to work with creditors and debt collectors in an effort to reduce or even remove debt. The federal government has not yet created its own sweeping debt reduction program, but Congress has provided several pieces of legislation that help indebted consumers to seek relief and try to find a way...

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How to Lease a Hot Dog Machine

Whether for private or commercial use, purchasing a hot dog machine can require a big investment. If you do not have the money to buy a hot dog machine outright, you may be able to lease a hot dog machine. Your success in leasing a hot dog machine will depend on several factors, including the leasing company, your credit history and your ability to fulfill a leasing contract. Instructions 1 Decide what type of hot dog machine or cart you want to lease. There are nearly as many types of hot dog machines on the market as there are types of...

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How to Manage Home Equity

Managing home equity properly is crucial for avoiding excessive debt or even foreclosure. Some people who tap into their home's equity for loans discover later that they are upside down on their mortgages, meaning that the equity has vanished with the house now worth less than the mortgage balance. This usually happens after a dramatic decline in the property's value because of a housing slump, deep recession, declining neighborhood or some combination...

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What Happens When a Creditor Gets a Judgment in Its Favor?

Having failed to collect on a valid debt through other means, a creditor might choose to file a lawsuit in court in hopes that a favorable decision will be awarded by the judge. A favorable decision gives rise to the question of how the court will allow the judgment to be enforced. Since we no longer have a debtor's prison in the United States, the mere presence of a court's opinion that money is owed is not enough to always elicit automatic payment....

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Statute of Limitations to Collect Debt in Connecticut

Connecticut law regarding the statute of limitations for enforcing debts varies depending on the basis for the debt. Different limitation periods also apply after the debt has been made into a judgment and depend on the court that made the judgment. If a creditor does not take enforcement action before the expiration of the applicable statute of limitations, the creditor is barred from enforcing the debt. Six-Year Statute Connecticut Statute Section 52-576 specifies a six-year limitation period for debts that are based on "an account, or...

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Tips to Reduce Debt Ratio

When examining an application for credit, many lenders look at the consumer's debt-to-income ratio as one of the deciding factors in approving an application. The debt-to-income ratio gives lenders a glimpse into the financial picture of a consumer and helps evaluate his ability to repay additional debts. Often consumers look for ways to decrease their debt-to-income ratios not only to receive new credit accounts but to also get out of debt Increase Income One of the most obvious ways to decrease a debt-to-income ratio is to increase the...

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How Do I Pay a Debt That Is Past the Statute of Limitations?

No debtor has a legal requirement to pay a debt that has gone past its statute of limitations in the state from which it created. In some cases, however, a debtor may choose to pay an expired debt out of a sense of moral obligation or so he can open another account with the company that originally lent the money. If a debt collector attempts to collect on a debt that has expired under the relevant statute of limitations, they may be liable for a $1,000 penalty to the debtor for each recorded violation. Finding Debt Contact the company that...

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What Questions Should Be Asked of a Debt Management Company?

Sometimes when people feel overwhelmed by their debt they turn to a professional organization such as a debt management company. Getting advice on how to better manage your finances from a professional is comforting to some people, and it is not a bad idea if you do not feel as though you can deal with your debt on your own. But before you entrust you financial well-being to a company that deals in debt management, it is a good idea to ask some questions up front. Range of Services According to the Federal Trade Commission, it is helpful...

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Good Ways to Establish Credit

You need to have good credit to survive in today's world. Without it you will find it difficult to buy a new car, a home, or even rent an apartment. Employers, too, often check your credit history, and without good credit you may not be able to get certain jobs. The national average credit score is 692, according to credit-rating service Experian. A score below 620 is considered to be questionable and could cause you problems. Fortunately there are...

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How to Reduce Old School Loans

You've long left the hallowed halls of higher learning, but the school loans that put you there are still following you around like an annoying salesman who doesn't know the meaning of the word "no." If you're tired of paying off your old school loans, but don't want to change your identity and go into hiding, explore your to legitimately reduce your student loan debt. Instructions 1 Find all of your school loan payment information, including...

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Information on Credit Collection

Dealing with credit collection agencies is an experience that no one enjoys. If you find yourself with a large amount of debt that you are unable to pay, the chances are high that a collection agency will be calling you soon. When this happens, it is important to know what to expect and what your rights are. Collection Tactics When a company hires a collection agency, the agency will use various tactics to try to get its money from you. Most of the time, the collection agency will start calling you throughout the day. Many collection agencies...

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How to Remove Negative Items From Credit Reports

So let's say you got a little careless with the credit cards in the past. Only, even though that period is far in your past, it's still coming back to haunt you. There are steps you can take to mitigate negative credit information and return your credit to a more user-friendly, credit-acceptable state. Instructions 1 Start by ordering your credit reports. There are three main credit reporting agencies and each one may have a slightly different version of your credit. Experian, Equifax and TransUnion all have your credit report on file. You...

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Legal Help for Credit Problems

Getting behind on your bills or falling into financial difficulties can cause no end of stress and worry. Whenever you've fallen into debt difficulties and are worried about what to do, you are entitled to certain rights and protections under the law. No two debt situations are identical, so talk to a lawyer or financial adviser if you need assistance with a debt problem or require legal advice. Credit Reports If you're having trouble getting approved for a loan and don't know why, one reason may be your credit report. Under the terms of...

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How to Remove Defaults From Your Credit Report

If a financial institution or business extends credit to you, but you fail to make the required payments, then you are in default. Many people have defaulted on loans and credit cards due to a financial hardship occurring in their life. Unfortunately, creditors normally report this type of negative information to the credit bureaus. Having defaults on your credit history can drastically damage your creditworthiness. However, there is a way to properly remove a default from your credit report. Instructions 1 Review your credit report. You...

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What Is a VantageScore & a FICO Score?

A VantageScore and a FICO score are two different types of credit scores that indicate how responsible a person is with credit. These scores are important as lenders and others use the scores to make various financial decisions regarding a consumer. While the VantageScore and FICO scores are similar, they are not identical. Each score uses different scoring methods and its own range of scores. Fico Score The FICO score has been in use longer than the VantageScore and most lenders still use this score. The FICO score comes from the Fair...

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Financial Credit Counseling

Financial credit counseling comes in different forms, depending on the severity of your debt management situation. Professional credit counselors can help with mild to moderate problems, while court-mandated financial counseling is required for issues bad enough to drive you into bankruptcy. Counseling is usually voluntary, but it is legally required in certain circumstances. Voluntary Credit Counseling Voluntary credit counseling is available through non-profit firms to anyone having financial problems. Credit counseling companies have...

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How to Qualify for Student Loans With Bad Credit

Acquiring student loans with bad credit is actually easier than it seems. The majority of the federal funding provided to students in need are offered without any credit checks. This may come as a surprise to some students. However, there are restrictions when applying for credit, so be sure to understand the process when applying for federal loans. Instructions How to Qualify for Student Loans With Bad Credit 1 Fill out the FAFSA form. This document (which stands for Free Application for Federal Student Aid) is required for all those seeking...

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How to Get Rid of a Bad Credit History

A bad credit history affects your ability to obtain lines of credit. Applications will be declined, and the more this happens, the worse your credit history will get. Knowing whats in your credit history report is important. Obtain a copy of your credit report for free, once a year, from the AnnualCreditReport Web site. This is the only official Web site sponsored by the three credit-reporting bureaus: Equifax, Experian and TransUnion. Getting your...

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