How to Refinance My Mortgage to Consolidate My Bills

Refinancing a mortgage for debt consolidation enables you to combine a first and second mortgage or a home equity loan into one fixed-rate mortgage with a set lower payment for the entire term of the loan. According to Bills.com, consolidation does not only help lower payments, but it can reduce interest rates and ensure you do not miss out on any potential tax breaks. There are a few steps to take to refinance your mortgage for debt consolidation....

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Is There a Program for Credit Card Debt Relief?

Credit card debt relief is available through a variety of public and private programs. However, as of 2011 there are no government grants or bailout programs for credit card debt relief. The government does assist by offering complete or partial elimination of credit card debt through various forms of bankruptcy. The government also makes free credit counseling available through partnerships with credit counseling agencies. Debt Management Plans Debt management plans are commonly used to provide relief from excessive credit card debt. Credit...

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Can I Cosign If I Have Bad Credit?

Credit ratings matter when it comes to co-signing loans, since lenders and creditors use co-signing as a method to protect themselves from financial losses. People sometimes benefit from co-signed accounts. However, there are times when a co-signed account makes a bad credit situation worse. Process People who have bad credit usually can't be co-signers on loans and credit cards for others. Co-signing for someone essentially means you're willing to take a financial risk that a professional lender refuses to take. People need co-signers...

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What Does a Black Mark Mean on a Credit Report?

Your credit report can be a scary read. Seeing how much you owe all at once is bad enough, but trying to figure out all the special codes, such as a black mark, can make it even more frustrating. Definition A black mark may appear on a credit report if a payment on an account is over 30 days late, you default on a loan, file for bankruptcy, don't pay taxes, have a judgment filed against you, or have an account go to a collection agency. ...

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Cashing Out Retirement Vs. Paying Off Debt

People who use retirement funds to pay off debts can end up deeper in debt than they were before they withdrew money from their retirement accounts. One problem is that people who feel pressed to get out of debt don't consider whether they have enough cash in retirement accounts to change their debt situation. Deep in Debt Some people are too deep in debt to use retirement funds to pay off loans and credit cards effectively. A 2011 MSN Money...

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If I Am Insolvent in Paying My Debt, Do I Need to Report It on My Tax Return?

Most people take on debt with the best of intentions, but unexpected setbacks can push them off track. Lenders will call routinely when bills first stop getting paid, but after a while the calls will slow down or stop and the lender will charge off the debt. If a debt is canceled or forgiven, the U.S. Tax Code requires it to be included in income unless it meets one of the exceptions or exclusions, including insolvency. Canceled Debt In general,...

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Pros & Cons of Consolidation Vs. Debt Settlement

Debt consolidation and debt settlement are options for people drowning in unsecured debt. Whether to roll debt into one big loan or settle with creditors and lower amounts owed is a financial decision that requires thoughtful consideration and careful research. It's important to understand how both options work and what the pros and cons are before trusting a credit repairman and signing on the dotted line. Qualifications Before individuals...

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How to Load a Money Gram Card

MoneyGram has a prepaid card that lets you pay for purchases, a convenient option for people who have limited or reduced credit resources. Once the money is loaded on the prepaid MoneyGram card, the card can be used to make purchases up to the amount loaded on the card. Load the card by finding a participating MoneyGram location, completing the MoneyGram paperwork and paying the amount wanted on the card. Instructions 1 Visit a MoneyGram participating location. 2 Select the card you want to use and fill out the MoneyGram Express Payment...

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Reliable Credit Counseling

Credit counseling firms run the full spectrum, from reliable to unscrupulous. Some advertise that they are not-for-profit to make them seem credible, but the Federal Trade Commission (FTC) website warns that this status does not guarantee legitimacy. Reliable credit counseling has certain characteristics relating to services, fees and counselor qualifications. Training/Certification Reliable credit counselors should have formal training, preferably from an outside organization, according to the FTC. Legitimate counseling firms require their...

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Charged-Off Debts & Accounts

A charge-off is an unpaid debt that the financial institution has deemed not collectible. It then writes this debt off and it is considered income on their taxes as the cost of doing business. While the company may have said the debt is not collectible that does not mean the debt no longer exists. These companies have many options to either collect the money or negatively reflect on your credit report. Checking and Savings Accounts Personal checking and savings accounts may become overdrawn by spending more than what is available in the...

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How to Shop for Free

As fuel and milk prices approach $5 per gallon, many people are looking for new ways to cut-back on everyday spending. People who used to be convenience shoppers have now become bargain hunters. Many extreme bargain hunters have found ways to shop for *almost* free by coordinating the use of weekly store ads, coupons and frequent-shopper rewards cards. Read, sort and clip your way through the weekly shopping maze and start saving money today! ...

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Georgia Credit Laws

Federal laws like the Fair Credit Reporting Act are the primary laws affecting state residents and their experiences with banks and other lending institutions, according to the Georgia Department of Banking and Finance. Most credit-related transactions reflect on consumer credit reports issued through credit bureaus like Equifax, Experian and TransUnion. Credit Basics When people agree to repay loans or credit cards, a borrowing relationship is established. Most of these credit-related transactions reflect on consumer credit reports, according...

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How to Apply for a Debt Relief Order

The debt relief order (DRO) was introduced in 2007 as a way to help residents of England and Wales who have a small amount of debt and no way to pay it. Cheaper than filing for bankruptcy, the DRO is in place for about a year. Your debts are listed in the DRO and, during the year, none of the listed creditors can take legal action against you. At the end of the DRO, the listed debts will be eliminated. Instructions 1 Determine if you qualify...

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What Changes a FICO Score?

The FICO score is a composite measure of a particular individual's credit strength. The score has a tremendous influence on the availability of credit, the necessity for collateral, and the overall cost of borrowing money. While the exact procedures for calculating the score are kept secret by the FICO company, there are five general factors that can change a FICO score. Payment History Consumers who pay their bills on time enjoy a higher...

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Can You Get a Free Credit Report Once a Year?

There are two important matters relating to personal finance that you must perform each year. The first is to file your income tax return, and the second is to review your credit report. Yes, reviewing your credit report is that important. Before the enactment of the Fair Credit Reporting Act of 1971, this task would be difficult, if not impossible to accomplish. However, FCRA Regulation 609 gives you the right to not only view the contents of your credit report, but to view the contents of your credit report once each year at no cost to you. ...

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What Happens to Debt When You Get Divorced?

Unless a previous agreement is in place before divorce proceedings start, couples getting divorced must reach an agreement on how property and assets get divided between the two of them. What many couples do not consider at first is that debts such as mortgages, loans and credit cards will also need to be divided if the debt is in both of their names. If debts go unpaid, creditors and lenders may go after both parties for payment. Marital Debt...

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What Is Flat Net Debt in Financial Terms?

Net debt, a figure that describes the current outstanding liabilities of a firm, is used by managers to asses the solvency of a company both in the present and in the future. In seeking to make projections moving forward, managers may aim for a "flat" net debt projection, in which the firm takes on more debt only to the extent that it can offset that debt with cash on hand or cash equivalents in an effort not to worsen the financial situation of the firm. Net Debt Defined Net debt is one of several figures and ratios used by managers to...

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If I Owe Court Fees, Will They Take My Tax Return?

If you fail to pay court fees that you owe to a court for a trial you participated in or any other reason, the court may be able to appeal to your state tax commission requesting them to withhold your tax refund check. It depends on whether or not your state has passed a law allowing the courts to intercept your refund check. Court Fees If you are arrested or sued, or if you sue someone else, there is a cost of going to court. Most courts...

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How Can I Put a Lien on an Aircraft?

You can put a lien on an aircraft if you performed any service to or involving the aircraft or you provided any parts or other goods for the aircraft, and the owner of the aircraft did not pay you in return. The lien gives you the right to file a lawsuit in order to claim and sell the aircraft for payment. Aircraft liens involve state lien laws and Federal Aviation Administration -- FAA -- rules, making them particularly complicated. Strongly consider...

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Group Marketing Strategy for Investors

A financially shaky company formulates a group marketing strategy to reassure hesitant investors that its commercial debacle does not result from a poorly formulated tactical plan. Corporate management may draw up the blueprint to explain that the organization's woes primarily come from a bad economy. The corporate investor-relations department typically coordinates financier-oriented marketing tactics. Definition An investor-relations strategy incorporates everything a company does to cultivate amicable relations with external financiers,...

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Information on Debt Help Solutions

If you're swimming in debt, your options for help can be confusing. Debt consolidation, debt management plans and even bankruptcy have probably crossed your mind, but it's hard to know which is right for you without knowing how each of these debt help solutions work and how they affect your credit. Hardship Programs Debtors whose income has dwindled because of unemployment, illness or another temporary setback may find that asking for hardship assistance from their creditors can help them dig out of debt. Many credit card companies and...

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How to Dispute a Collection Letter

If you receive a letter from a collection agency requesting payment, there are steps you can take if you do not recognize the account in question, do not own the account or know that the amount requested is incorrect. Debt collectors are required, under law, to provide proof that a debt is valid if requested to do so by the consumer they have contacted. Instructions 1 Gather any documentation you may have about the account, including receipts, invoices, bills, canceled checks, bank statements, credit card statements and any other correspondence...

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Financial Advice for the Young

Some people wait until their adult years to get serious about their personal finances. But developing good money habits during youth or as a young adult can put you on the right path financially. Rather than make unwise decisions and spend money frivolously, change your personal habits and increase your personal wealth. Start Saving Saving money may be the last thing on your mind. However, the earlier you begin a personal savings or retirement...

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How to Get a Chapter 13 Off Credit If It's Dismissed

A Chapter 13 bankruptcy allows an individual to "reorganize" his debts so he has some time to pay them off. In cases where the bankruptcy filing was rejected or removed, it is important to make sure it does not appear on your credit report. If it shows up on your credit report, you may not be able to borrow money from lenders. Insurance companies and employers who see the information may reject your applications. Removing the Chapter 13 bankruptcy...

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Help With Secured Debt

Secured debts are financial obligations tied to real assets and include mortgages and auto loans. Other secured debts, such as federal student loans, carry a guarantee of payment from the federal government. When a debtor defaults on a secured loan, the creditor has the right to seize any property tied to the debt. Preventing default on secured loans begins with a debtor being as proactive as possible. The longer he waits, the less options are available. Contact the Lender Contacting your lender should be the first step in obtaining help...

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How to Make a Counteroffer for a Judgment

A counteroffer for a judgment is actually an attempt to resolve the issue by paying the judgment in whole or in part. Judgments are legal orders signed in court by a judge after a lawsuit. A judge issues a judgment after deciding that the defendant failed to pay a debt or is liable for monetary damages for other reasons. The judgment becomes a public record and appears on the defendant's credit report for seven years. Instructions 1 Get a copy of the judgment order from the county courthouse, if necessary. A clerk can assist in locating...

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How to Settle with Credit Cards Companies Due to Hardship

The U.S. credit card debt amount, reported by Nilson Reports (April 2009) is a staggering $972.73 billion. In the Javelin Strategy & Research, "Credit Card Issuer Profitability in a Difficult Economy," July 2008 issue, 28 percent of those surveyed reported difficulty in making credit card payments. Negotiating a settlement with the creditor when faced with difficulty can be the best option. Lump Sum Creditors will most likely agree to...

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Are Victims of Identity Theft Liable for Debt?

When you become a victim of identity theft, someone could use your information to accumulate debt in your name. The thought of having to pay for someone else's debt can be frightening, but there are laws in place that will limit your personal liability if this happens to you. Credit Card Charges One of the most common ways that identity theft occurs is with fraudulent credit card charges. When this happens, you will not be held liable for most credit card charges. In most cases, the most that you could have to pay for is $50. As long as...

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Does Capital One Garnish Wages on Repossessions?

You never want to leave your house, keys in hand, only to discover that your car is no longer sitting where you parked it the night before. For many consumers who miss a car payment or two -- intending to catch up on payments when they can -- this scenario is a sad reality. Unfortunately, the hardship doesn't always stop with the repossession itself. If you took out an auto loan with Capital One, you could find yourself facing a wage garnishment...

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Laws on Payday Loans for Not Paying

Although payday loans generally carry higher interest rates than other consumer loans, the rules that attend borrowing them are similar to the rules applied to other loans. A borrower who takes out a payday loan must pay the loan back in the amount and in the time period specified by the contract he signed when he took out the loan. Otherwise, he may face civil and, in rare cases, criminal penalties. Payday Loan Contracts All states have laws that guarantee the sanctity of business contracts. If a person fails to uphold his end of the contract,...

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Credit Card Delinquency & Creditor Lawsuit Risks

Credit cards are the most common form of unsecured debt. If you do not pay an unsecured debt, your creditor cannot place a lien on your home or take your belongings to cover the balance you owe. You can, however, be sued. A lawsuit can result in a judgment being levied against you. Your wages also may be garnished, depending on the laws in your state. You can minimize the risk of being sued for a delinquent debt by taking advantage of your right...

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How to Start Store Credit

Store credit cards are usually either revolving accounts or charge cards that, when used, offer discounts on store products. These cards are also usually affiliated with top-name credit agencies, such as Visa and MasterCard. If you want to open a store credit card, you first need to make sure that you'll qualify. Submitting applications for credit and getting denied could possible harm your credit score. Instructions 1 Pull a copy of your...

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How to Calculate Interest Paid on Credit Cards

Each month that you do not pay off the balance on your credit card, the credit company charges you a monthly interest amount based on the ending balance for the month represented in your latest billing statement. While your monthly statement does not include the formula, you can calculate the amount of interest accrued for the month and determine how much interest you have paid in the previous billing period. Instructions 1 Plug the total balance shown on your credit card statement as well as your interest rate into the following formula....

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Should I Refinance My Mortgage & Consolidate My Debt?

When a person falls into debt, he has options as to how he can manage this debt. If the person has a home loan, he may be able to refinance the loan into one with terms that are more manageable. If the person has multiple outstanding debts, he may also be able to trade these debts to a finance company, which will issue him a single, large loan. These options have various advantages and disadvantages. Refinancing Generally, an individual will seek to refinance her mortgage to get better terms on it. In some cases, the individual may be able...

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How to Find a Debt Collection Agency by Telephone Number

Collection agencies work on their own behalf---they do not work for original creditors or banks. They simply purchase delinquent debts from banks and finance companies at a lesser value than the outstanding amount, then they attempt to make a profit by collecting on the entire balance due. These collectors are often obscure and, therefore, difficult to track down. But there are methods available to pinpoint information about them. Instructions 1 Start with the original creditor. For example, if the loan originally was with Bank of America,...

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Free Credit Reports that Do Not Require Credit Card Information

Credit reports provide a complete listing of your personal credit history. They include information on every credit account that you've maintained over the years -- opened and closed. Creditors reviewing your report can see how many accounts you presently hold, the balances and credit limits. But oftentimes, mistakes on credit reports can take points off your credit score. To ensure the best rating possible, it's imperative to check your own report at least once a year. Annual Credit Report The Federal Reserve says that Annual Credit Report...

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