Consumer Debt to Income Ratio

The Federal Reserve Board refers to the consumer debt to income ratio as household debt service and financial obligations ratios. A consumer's debt to income ratio can play a role in a number of financial events including auto loans, mortgage approvals and credit card rates. Factors The consumer debt to income ratio is determined by two factors: monthly debt payment obligations and the amount of personal disposable income a family or household...

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What to Do When You Can't Pay Hospital Bills?

Overdue medical bills played a part in 62 percent of all bankruptcy cases in 2007, according to a 2009 study by "The American Journal of Medicine." When medical bills are overwhelming, you might be able to work out a way to pay them off, even if you do not have a job. Bankruptcy should be an option only when you exhaust all alternatives. Considerations You may have to prioritize your bills when you have an unexpected medical emergency, suggests Liz Weston of MSN Money Central. You always want to pay for the essentials first, like your mortgage...

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How to Negotiate the Full or Partial Release of a Wage Garnishment

Wage garnishment allows a debt collector to receive a percentage of your paycheck for an unpaid debt. By law, your employer must comply with wage garnishment. The only way out of the situation is to pay off the debt, negotiate with the debt collector or file for bankruptcy. Bankruptcy immediately stops wage garnishment through a powerful legal injunction called the automatic stay. A debt collector receiving payments through garnishment usually has little reason to negotiate, but there are options for making a deal. Instructions 1 Garnishment...

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How to Lease a Tanning Bed With Bad Credit

Leasing a tanning bed for business or personal use can be challenging if you have bad credit. Bad credit, however, is not the only factor that can affect your ability to obtain a lease. The leasing company needs to feel it is not taking a huge risk by renting to you. Therefore, it's vital to communicate openly about your credit and the alternative options available to you. Instructions 1 Consider purchasing a tanning bed instead. Leasing is...

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How Can I Check the Balance on My Checking Card?

Almost everyone who has a checking account has a checking card, or debit card, to go with it. It's convenient and quick, and it saves time compared to writing a check. Because funds are withdrawn directly from your checking account when you use your card, you'll need to know what the account balance is so you won't overdraw your account. You can ask a teller what your balance is when you're at the bank or check the balance at your bank's ATM machine,...

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How Creditors Can Recover on an Unpaid Credit Card Balance

Credit card debt can be a serious problem, with the ease of using credit cards making it easy to build up more debt than you can afford to pay. Unfortunately, credit card companies have a legal right to pursue repayment that can last for years. Depending on the amount of time that has passed since your last credit card payment, the credit card company may even take legal action against you in an attempt to recover their money. Internal Collection Attempts The first option available to credit card companies when credit card debts aren't...

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Oklahoma Laws on the Statute of Limitations for Judgments

If you are involved in a lawsuit in Oklahoma, take time to learn about the statute of limitations on judgment collection. Plaintiffs need to take regular action on collecting a judgment or they risk losing their right to collect if the statute of limitations run out. Defendants, on the other hand, shouldn't rely on the statute of limitations to negate their obligations, as it is easy for a judgment creditor to keep renewing it until a judgment debt is settled or paid. Statute of Limitations A statute of limitations is the legally prescribed...

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Some Simple Debt Solutions

Getting out of debt does not have to be a long, grim march fraught with sacrifice, pain and lowered living standards. It can be an opportunity to connect with what really matters in life--relationships, fulfilling work, responsibility, self-esteem and healthy pride. There is no need to resort to complex financial machinations, lawyers or counseling services. Debt solutions begin with a firm commitment to get out of debt through consistent actions....

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Can a Creditor File a Lien on My House in Maryland?

Under Maryland law, a creditor may file a lien on a debtor's house, but only after he has obtained a valid judgment issued by a court. A judgment lien has the same force and effect --- though not necessarily the same priority --- as other encumbrances on the debtor's property, and it must be paid in full before the property can be transferred or sold. Obtaining A Judgment A creditor must first file suit against the debtor for the balance owed. For consumer debt, the provisions of the Fair Debt Collection Practices Act require that the suit...

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Can You Negotiate Credit Card Debt Without Affecting Your Credit Score?

Negotiating credit card debt can most definitely help you to dig yourself out of a financial hole, but the cost to your credit score may be something you decide is too high. Whether or not this is the case depends largely on your individual circumstances prior to negotiation. It also depends on being very persuasive with creditors about what terminology is used on your credit report. Types Credit card debt negotiation may simply involve asking creditors to lower your interest rates so that you can apply more of your payments toward the...

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Life Without Debt Sponsoring Tips

Living without debt and getting out of debt are different processes. There are ways to get out of debt, including budgeting, debt management, frugal living and saving. Once the debts are cleared, staying debt-free is the next challenge. Living without debt brings distinct advantages, but it also brings its own set of challenges. Such a lifestyle requires sacrifice and discipline, such as living within your means and coming up with alternatives to...

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Definition of Installment Debt

Consumer debt falls into two categories, installment debt and revolving debt. Installment debt always has a fixed term; revolving debt does not. Installment debt has several variations, all of which still have a set period of payment. Time Frame Installment debt always has a fixed period; you know in advance when the last payment is due. Auto loans and mortgages are generally installment loans. Types Most installment debt has fixed...

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How to Dispute Credit Legally

While it is impossible to dispute negative items that rightfully appear on your credit report, you may be able to dispute the items if they were falsely reported. For example, if you were up-to-date on your payments and a creditor reported that you defaulted or missed payments, you have a right to dispute that claim. You may also dispute falsely acquired debts on your credit report that appear due to identity or credit card theft. Instructions 1 Analyze your credit report carefully. Review and compare the information provided on your credit...

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How Not to Graduate With Thousands in Debt

Student loan debt can limit what you do once you have graduated from college. Many students do not realize how much they will need to pay each month after finishing school. There are ways to limit or avoid student loan debt altogether. It is also important to avoid credit card debt. Limit the Amount You Borrow The best way to avoid graduating with a lot of debt is to limit the amount you borrow. You should use several strategies to help you...

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Statute of Limitations on Debt Recovery

Consumer protection laws in each state limit the amount of time creditors have to sue an individual for a debt owed. Creditors and collection agencies may not file a lawsuit against a consumer for unpaid debt after the statute of limitations has expired. Types The statute of limitations depends on whether the debt was incurred through a verbal, open or written contract, and varies by type and state. According to MSN Money, most states consider...

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What Kinds of Credit Can Be Settled?

If a settlement is becoming a necessity for you to overcome your debt obligations, you need to be aware that not all debts can be settled. However, if you are struggling with unsecured debts, then you will be able to begin the process of debt settlement. Secured debts, however, cannot be settled no matter what your circumstances. What are Unsecured Debts? Unsecured debts are those against which there is no collateral. For example, unsecured debts commonly arise from items, such as home improvement loans or vacations. Unsecured debts can...

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Refinance Vs. Home Equity Line of Credit

When a person is seeking to better his financial situation, he may consider using his home as a means of freeing up some cash. There are several ways in which the person can do this. One of the most popular methods is to take out a home equity line of credit. Another is to refinance his home loan into a cash-out loan, in which he is loaned a sum of money. Both these tactics have advantages and disadvantages. Refinance Advantages Perhaps the main advantage of refinancing into another mortgage is that the new loan can take many different...

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How to Freeze Credit Reports in Georgia

A credit report freeze prevents access to your credit file and your credit score. The freeze only pertains to new inquiries; existing lenders, insurance companies and law enforcement agencies still have access to both the file information and your credit score. The laws and fees for freezing credit reports vary from state to state. In Georgia, consumers must pay $3 to each of the three credit reporting agencies to initiate a freeze of their credit file. People age 65 and older or victims of identity theft can initiate a freeze for free. Instructions...

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Who Does the Debt Get Passed on to After Death?

Children and other relatives may worry they will be held responsible for the debt of loved one after she dies. However, debt cannot be inherited or transferred to someone else after the borrower dies. This means you do not need to worry about paying off debt you did not personally borrow or sign for. Dealing with Creditors After Death The executor of the estate will be responsible for settling the person's debt after she dies. The executor...

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How to View My Visa Credit Card Account Online

The evolution of the Internet has provided consumers with many different convenience features. One convenient function is the ability to check the Visa account online. The ability to check your Visa account online varies depending on your credit card provider, but in most cases you can check your balance, see your account activity and check your available credit without picking up the phone. Instructions 1 Check with a credit card provider before signing up for your Visa card to see if offers online access for your Visa account. According...

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How to Stop Check Garnishment

Wage garnishment is when a creditor obtains a judgment against you in court and obtains a writ of garnishment, which allows a creditor to take a certain percentage of your wages (usually no more than 25 percent) until the judgment is paid in full. You are sometimes served a writ of garnishment before your wages are taken, but more often than not your first notice is when your employer gives you a drastically reduced paycheck. Your employer has a legal obligation to send the money to the court, so it's no use bargaining or begging with your employer...

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Types of Settlements for a Credit Summons

One of the most stressful times in your life can occur when you receive a credit summons to appear in court. At some point you spent more than you had, transferring a balance from one credit card to another, unable to pay. Therefore, you stopped paying and are now being sued. You must file an answer to the suit and be prepared to defend yourself. Most plead guilty, as most are. Here are some types of settlements and options for a credit summons and...

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How to Settle Charged Off Credit Card Debt

Settling a charged-off credit card debt allows you to resolve the delinquent account by paying less than the full amount owed. The process, which is known as debt settlement, often results in significant savings. Credit card companies and debt collectors often settle charged-off accounts for around 50 percent of the balance, according to the MSN Money website. Credit card companies generally close credit card accounts after you fall six months behind. The card company lists the account internally as a write-off for tax purposes, but still holds...

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How to get out of a credit card machine lease

Do you have either a credit card or check reader lease with Global finance, Lease Finance Group, LFG? Did you sign up with a vendor that uses them to get credit for the scanners? Remember, just because you signed for the lease as a business, you probably signed a personal guarantee, which means even if the business is no longer you still owe the debt Instructions 1 If you want to be honest about it, you can settle with them very easily usually down to 1/2 of the balance and payments. call the Collection agency or write a letter with why...

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Can I Go to Jail for Not Paying My Debts?

If you cannot afford to pay your debts, you may face a number of severe consequences, such as being sued or having your wages garnished. As of 2010, people do not normally go to jail for failing to pay debts, and the Federal Fair Debt Collection Practices Act (FDCPA) forbids debt collectors to threaten debtors with jail time. In some states, however, a prison sentence may indirectly result from failing to pay debts. For instance, you could be put in jail for missing a court date, or failing to fill out legally required paperwork. Lawsuit ...

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Debt Roll Down Strategy

A debt roll down strategy is a method for paying off all of your outstanding debts much more quickly than you would by paying just the minimum amounts. Using this strategy, you can quickly pay off one bill and add the monthly payment from it to the next bill as extra. By rolling payments down the list as each debt is paid off, you're creating what the financial author Dave Ramsey refers to as a "debt snowball" that picks up speed as it goes. ...

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About National Credit Reporting Agencies

A credit reporting agency gathers consumer- and business-credit information from various sources and provides that information to businesses and consumers. This information is used to determine a credit score, which can affect a consumer in many ways: from interest rates on loans to getting a job. Credit Reporting Agencies in the United States There are four credit-reporting agencies in the United States: Experian, TransUnion, Equifax and Innovis. These agencies compile data on consumers based on public records and the consumers' payment...

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How Do I Get a Copy of a Lien Release?

When an installment loan has been paid in full, the proof that it's been paid lies in the lien release. The lender or lien holder usually provides this automatically to the borrower at the end of the deal term. However, you may have to request it if you're completing a short sale, foreclosure or other distressed sale or negotiation. Instructions 1 Contact your lien holder's customer service department and request information on securing a...

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Does It Hurt My Credit Score if Debtors Keep Selling My Accounts?

When a debtor falls behind in paying a creditor, the creditor will often choose to sell the debtor's debt to another party. This party will then attempt to collect on the debt, either providing a portion of the earnings to the original creditor or keeping all of the money for itself, depending on the financial agreement. A person's debt can be sold many times. While debt will hurt a person's credit score, the sale of debt all by itself won't harm it. Selling Debt A debt is similar to a bond or other financial security related to money owed...

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What Causes Debts?

Knowing the cause of debt may help you understand ways you can avoid personal insolvency. There are many reasons that people get into debt, and this can be a problem if you lose control of your debts and face bankruptcy. However, owing money is commonplace, with 77 percent of U.S. families in some kind of debt in 2007, according to census.gov. Many debts are controllable with regular payments and won't necessarily lead you to insolvency. Medical...

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Is Debt Settlement a Good Option?

Sometimes, even if you prepare a budget well, debt still piles up due to job loss, unexpected bills and increases in the cost of living that don't correspond with pay increases. Often, people look to debt settlement if debts become overwhelming. This strategy for coping with what you owe isn't for everyone. How Settlement Works When you opt to settle your debt, you hire a company to negotiate with your creditors so the creditors forgive some...

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How to Make Payment on My HSI

HSI Financial Services, LLC is a debt collection agency specializing in debt recovery from patients in the health care industry. HSI offers payment options to patients with outstanding debts, as an attempt to collect or recover delinquent costs accrued during a hospital stay or any other service provided by a health care facility. Established in 1983, the HSI headquarters is in Atlanta, Georgia. HSI offers two ways for patients to make account payments, online and by mailing in the payment. Instructions Online 1 Visit the HSI Financial Services...

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What If You Cannot Pay Your Bills?

Individuals facing financial struggles such as unemployment, disability or medical problems may find it difficult or impossible to come up with the cash to pay their bills. Creditors have set consequences for individuals unable to pay their bills. Specifically, if you are unable to pay your bills, it can have lasting ramifications on your finances, regardless of the reason you cannot make payments. Function After you do not pay a bill, many companies will quickly start the "collections process," in which they attempt to recover the money...

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How to Resolve a Judgment

A court judgment is a very serious legal issue and can negatively impact your finances and credit score. Judgments stem from lawsuits, with a judge ordering the defendant to make full payment for a delinquent debt, or for damages in a civil case. Judgments appear on credit reports for seven years and in public court records. Even more damaging is the potential for bank or wage garnishment. Garnishment freezes bank accounts, allowing debt collectors to take money to satisfy the judgment. Wage garnishment forces an employer to deduct money from the...

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What Does Credit Limit/High Balance Mean?

Determining your credit score is not a simple process, as credit reporting agencies use several fairly complex ratios and formulas to assess your overall creditworthiness. One important ratio is your credit utilization rate, which compares your outstanding balances to your available limits. Improving your credit utilization rates will also improve your credit score. Identification Your account balance is the total amount you owe on a debt...

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Senior Citizen Debt Help

The most common source of debt for senior citizens is health care costs. With often only a fixed retirement income to sustain them, many elderly people turn to lenders for assistance to cover health care and long-term housing expenses. Finding legitimate debt help can keep senior citizens out of financial difficulty, while managing the everyday costs associated with aging. Increasing Debt As of 2011, senior citizens make up a segment of the...

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Texas Home Equity Loan Laws

When a homeowner in Texas needs to borrow for any purpose, he can make a home equity loan and secure the loan with a lien on his property. Equity is simply the difference between the current fair market value of your property, less them amount that he owes on it. So, if you still owe $100,000 on a house worth $300,000, you are said to have $200,000 worth of equity. Home equity loans were not available in Texas until 1997, and its laws go farther...

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What Is Debt Ridden?

Whether it is a country, company, state, or person, there are a number of present-day examples of entities being debt-ridden. In short, debt-ridden is classified as anything or anyone that has borrowed a significant amount of money that is unable to be paid back. Combinations of spending more than can be made and bad investments can quickly lead to an enormous amount of debt. Personal Debt Macmillan Dictionary defines debt-ridden as, in serious...

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