How to Reduce Minimum Payments on Credit Cards

The average amount of credit card debt is nearly $16,000 per household as of August 2011, according to CreditCard.com. Reducing or eliminating your credit card debt can help you secure lower interest rates on loans, improve your credit score and give you peace of mind. Many people struggle to pay minimum payments and in turn, rack up interest charges and late fees. There are steps to make you pay off your credit cards as soon as possible. Instructions...

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Credit Help in North Carolina

Getting help for your credit challenges will remove some of the burden of attempting to fix a situation that you do not fully understand. There are various avenues to pursue for help in North Carolina. Understanding the reason you want to improve your credit now will direct you to the right resource for help. Reasons for Help You may need to increase your credit score for a variety of reasons. Home buying, rate reduction for insurance, even...

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Can You Make Payments on Debt Settlement?

Debt settlement is an option available to a consumer who has significantly fallen behind on payments. Settlement arrangements typically occur once a consumer has reached the 90-day past due on an account, or when the account has been referred to a collection agency. Significance Debt settlement options allow a consumer and creditor to come to an agreement settling debt for less than the balance. This can be as much as 50 percent less than...

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Are Debt Consolidation Loans a Good Idea?

Debt consolidation has a number of advantages for consumers trying to get a handle on their debt. However, many factors should be weighed and lifestyle changes made before embarking upon a debt management program. Purpose Debt consolidation loans are obviously designed to consolidate all of your debt under one loan so you will only have to keep track of one payment each month. This is also intended to place high-interest credit card debt under a lower interest rate so you will end up paying less in the long run. Many people use home equity...

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Emergency Fund Vs. Paying Off Debt

When you are beginning to take control of your finances, you may need to choose between establishing an emergency fund and paying off your debt. It is important to have an emergency fund and to get out of debt as quickly as you can, but how do you choose which one to complete first? Emergency Fund An emergency fund is money set aside to cover unexpected expenses, such as a car repair, a medical emergency or a job loss. As you become more...

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How to Remove Collections From a Credit Report

Collection accounts on your credit report can significantly affect your credit score negatively. A good credit score is imperative today. If the collection account on your credit report is valid, technically, it "can't" be removed. However, with some clever negotiation, you may be able to remove collections from a credit report. Instructions 1 Let's assume the collection account on your credit report is yours, technically it has a right to...

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What Happens When I Walk Away From My Debt?

Debt burdens many of us. Sometimes it becomes so onerous that we feel like we don't have any options left. This feeling of hopelessness can cause excess fear and frustration. This clouds our judgment and sometimes causes us to make a bad situation worse and we throw up our hands and make the decision to walk away from our debts. Debt is Sold to a Collection Agency When we stop paying our debts, several things can happen. In the case of unsecured...

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How Can Collection Agencies Recover Debt?

Collection agencies work on behalf of creditors to recover debts that aren't secured by property. A collection agency either collects debt on behalf of the original creditor and retains a percentage of the amount collected, or purchases debts from creditors for less than what the consumer owes and profits by collecting the full amount from the consumer. Collection methods vary depending on company policy and the laws in the debtor's state of residence. Telephone Calls A collection agency's primary collection tool is the telephone. Although...

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What If a Lender Files Suit Before I File for Bankruptcy?

Facing a lawsuit filed against you as you contemplate seeking bankruptcy protection can leave you confused. You need to understand how a bankruptcy impacts a pending lawsuit as well as what impact that litigation has on a bankruptcy case. Time Frame Although you don't have to rush to the bankruptcy court if someone files a lawsuit against you, do not unduly delay seeking bankruptcy protection either. Certainly file bankruptcy, if that is...

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Letter to Dispute Credit Report Information

If you see an error on your credit report from any of the three credit reporting agencies, you are able to dispute that error and ask for it to be changed. According to the Federal Trade Commission the reporting agencies must respond to a dispute within 30 days. (And they normally do.) Identification You can dispute any of the information found on your credit report from the spelling of your name, to the account balance being reported on...

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Is It Better to Pay Debt Collectors or Have Them Write Off Debt?

If you have accounts that have been charged off by your creditors and sold to a collection agency, think carefully before committing to a collector's debt repayment plan. Although you may find it morally reprehensible to ignore a collection agency, your priority should be to remake yourself in the mold of a financially responsible consumer. If you re-start the debt collection clock by making a payment, it may be years before you realize that dream....

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Laws on Unsecured Loan Defaults

Unsecured loans are offered based solely on the borrowers creditworthiness. The lender receives no collateral or other security for the loan repayment other than the borrowers intentions to make good on the full principal and interest due. When a borrower defaults on an unsecured loan, the lender has little recourse to recover the debt. The lender must make a case to, in essence, convert an unsecured loan into a secured amount to seize assets equal...

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How to Remove False Entries From a Credit Report

Your credit report is your pathway to obtaining auto loans, mortgages and credit cards--even employment or rental housing. The integrity of your credit report is very important, so ensuring that the information contained in it is accurate is critical. If you find incorrect information on your credit report, getting it fixed is a relatively pain-free process that can be done through the mail or from the comfort of your own home on your computer. Instructions 1 Take note of all credit report items that you feel are incorrect or are unfamiliar...

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About the Fair Credit Reporting Act of 1968

The Fair Credit Reporting Act was the federal government's first law regulating the credit industry. The act was intended to protect individuals by regulating the way business gathers and uses credit information about them. The act also makes it easier for individuals to learn about errors in their report and correct those errors. Coverage The Fair Credit Reporting Act covers consumer reporting agencies such as credit bureaus. It defines reporting agencies as any individual or company that gathers and evaluates credit information in order...

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Can the IRS Seize a Checking Account?

The Internal Revenue Service can seize any of your property, including automobiles, personal property and your bank accounts, to pay your back tax debts. A bank levy on your checking account can grind your finances to a halt, causing checks to bounce and severe damage to your credit score. If you have received a notice of an impending bank levy, it's important to become proactive and make arraignments to pay your tax debt. What is a Bank Levy? A bank levy is a hold the Internal Revenue Service may place on any bank account you have in your...

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How to Write a Cash Advance Check From a Mastercard

MasterCard Worldwide is one of the world's largest brands of credit cards, but the multinational company also offers a wide variety of financial services and products. MasterCard licenses financial institutions such as banks and private lenders to offer several types of MasterCard-branded credit card accounts: Standard, Gold, Platinum, World and World Elite, each with its own set of benefits, rules and privileges. Depending on the financial institution...

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How to Get Defaulted Student Loans Back on Track

Difficulty finding a job after graduation can hinder timely payments to your student loan lender. Unfortunately, insufficient funds or unemployment isn't a valid reason to ignore student loan payments, and getting behind can trigger credit problems and other fees. But if you're already behind, you can get your student loan back on track. Instructions 1 Talk to your lender to see if you qualify for loan deferment. Severe economic hardship triggered by unemployment or other issues may qualify you for a student loan deferment. This process...

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What Is Included in Personal Debt?

Personal debts are the obligations for which you, as an individual, are responsible for repaying to your creditors. Any loan, credit card or lease that you filed in your individual name qualifies as a personal debt. These debts impact your FICO score and play a key part in a lender's decision to extend you credit. You should be aware of each item that comprises your personal debt. Credit Cards The most common personal debt is unsecured credit...

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Debt Relief Agreements

There might come a time when you find yourself overburdened with debt and looking for relief. While there are reputable agencies available to you, you need to be careful of unscrupulous businesses attempting to take advantage of you. By exercising a little caution and doing a little digging, you should be able to avoid the less savory debt relief agencies. Tax Agreements If the debt you find yourself in has to do with taxes, there are approaches you can use in order to get some relief. One way to help relieve your tax debt is to hire a...

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The Best Way to Pay Off Credit Cards

For many, paying off credit cards is the first step in becoming debt free. You'll never pay off your debt by paying the minimum monthly payments, and so you must use an effective strategy. Paying off your credit cards takes dedication, and perhaps surrendering a few extras, but the feeling of being debt-free at the end is worth the sacrifice. Facing Your Debt Often, the scariest thing about paying off credit cards is taking a good look at...

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Explanation of Credit Debt Ratios

A credit-to-debt ratio and credit utilization ratio are important figures to understand when examining your financial health. The two ratios, which are opposite calculations of the same thing, often indicate whether you are financially secure, and they can impact your ability to get approved for a mortgage loan, a car loan or some other loan. You can calculate your credit utilization ratio periodically to note how it changes, and you can make changes in your personal lifestyle to improve the ratio if needed. What is a Credit-to-Debt and Credit...

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What Is No FICO Financing?

Getting credit is an important part of overall financial planning. Purchasing a home or a car is much more feasible by getting a loan. However, lenders do not just give away their money. Most loans require a credit check that includes your credit score. That credit score lets the lender know at a glance what your credit history looks like. But, what if you don't have a credit score, or if yours is too low? No FICO financing might be an option for...

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Can Federal Taxes Be Taken for a Garnishment?

When you have a judgment issued against you, the court that issues the judgment has no authority to order the collection of the judgment. To ensure that he will receive payment, your creditor must go back to court. He has several options when he returns -- he can request a discovery of your assets and seize your property, garnish your wages or freeze your bank account. He cannot seize your federal taxes. Wage Garnishment If you have a judgment issued against you, and your creditor wants to enforce the judgment, he can request that the payments...

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How to Divide Marriage Debt

When going through a divorce, you'll have to divide the debt you incurred during marriage as well as the property your purchased together. Dividing up debt from marriage is often stressful, particularly if one member of the couple primarily benefited from the debt--such as student loans--or if one person will have a more difficult time repaying the debt. Despite this, you need to work together to fairly divide marriage debt. Instructions 1 Take stock of your debts. Order a copy of the current debt statements from all of your lenders. Make...

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The Statue of Limitations for Collecting in Pennsylvania

The statute of limitations for collecting debt in Pennsylvania varies by debt type. Once the statute expires, a debtor gains a legitimate defense in civil court if her creditor sues her to force payment. The debt collection laws in Pennsylvania also limit how a creditor may force a debtor to repay money owed. Open Accounts An open account is an extension of credit without a fixed term of repayment like a credit card or line of credit. The borrower may use the credit available in the open account as long as the account remains in good standing...

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Can Debt Collectors Take Your Social Security Disability Payments?

Social Security disability payments are payments made by the Social Security Administration to individuals who have suffered debilitating injuries that prevent them from working. These payments are meant to help a person pay for living expenses while unable to work. If a person on disability incurs a debt, the debt collector may attempt to garnish or seize money from his bank account. In nearly all cases, however, Social Security benefits are immune from garnishment and seizure. Social Security Disability Benefits There are two types of...

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Filing for Bankruptcy Vs. Credit Repair

Excessive debt and poor credit scores tend to go hand-in-hand because when you fail to make payments on your debt, that causes more debt by making your interest rates rise while it places a negative item on your credit report. In such a situation, you may be able to benefit from bankruptcy, credit repair or both. Each has advantages and disadvantages. Basics of Bankruptcy Individuals who file for bankruptcy generally file for either Chapter 7 or Chapter 13. Chapter 7 will wipe most of your debts clean, but it may require you to forfeit...

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How to Cleanup Your Derogatory Credit

Derogatory credit can create problems if you approach a lender for a loan or apply for another type of credit. Lenders and creditors view credit reports beforehand, approving only applicants with proven track records. Maintaining good credit habits betters your chances of being considered creditworthy by a lender. Even if you have made serious mistakes and ruined your credit, you still can clean up your history and rebuild your score. Instructions...

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How to Get a Creditor to Mark a Credit Report Paid As Agreed

Creditors want to get their money when you are late paying a debt. They will pursue you for about six months before writing off the money for tax purposes and selling your account to a collection agency. Your credit records are hurt as soon as the payment moves to 30 days delinquent, and the damage worsens as you continue to ignore the bill. You can sometimes undo that harm if the creditor is willing to negotiate in exchange for repayment. Instructions 1 Evaluate your finances to see if you can realistically pay off the delinquent account....

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Debt Consolidation Companies & Some of the Pitfalls

Job loss, divorce, a lawsuit or another major event can turn your financial situation upside down. Debt can quickly become overwhelming when creditors tack on late charges and other fees to the outstanding balance. The resulting damage to your credit may disqualify you from getting a debt consolidation loan to pay off the creditors. Some people turn to debt consolidation companies believing it will solve their problems. However, there are pitfalls...

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What Is the Best Way to Get Rid of Delinquent Debt From My Credit?

Delinquent debt on a credit report will drop a credit score (also known as a FICO score) extremely fast. Delinquencies are weighed very heavily when the three main credit bureaus--TransUnion, Experian and Equifax--calculate credit scores. Removing delinquencies can be challenging. Time can also be a factor. However, with diligence and patience, you can clear up your credit. Instructions 1 Obtain a current copy of your credit report from annualcreditreport.com....

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Do I Report Adjustable Gross Income or Taxable Income on a FAFSA?

Going to college is exciting and can result in getting an education that leads to a career path of your choice. The negative part about going to college is the expense. Depending on the school and your degree path, the costs can vary from a few thousand a year to tens of thousands per year. Grants, scholarships and student loans can help pay for your college expenses but you must complete a FAFSA form to start the process. FAFSA A FAFSA is...

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How Do Thieves Get Information to Use Your Credit Card or Steal Your Identity?

Identity theft occurs when someone steals your personal information, such as credit card numbers or Social Security numbers, and then uses this information to open accounts or make purchases in your name. Going undetected, identity theft can result in a damaged credit rating. You can prevent theft of your personal information. But first you have to know the techniques used by thieves to acquire your information. Trash Bins Some people have a bad habit of throwing old credit card statements and other documents, including their personal information,...

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How to Set Up an AA Checking Account

The Citibank/AAdvantage debit card works in conjunction with a Citibank checking account. Once you've enrolled in the program, you'll earn a certain amount of AAdvantage bonus miles for every dollar you spend with the card. Depending on which plan you select, you can save up to either 60,000 or 100,000 bonus miles which can then be used to fly to various destinations serviced by American Airlines. Setting up the AAdvantage debit card is a fairly straightforward process. Instructions 1 Visit the American Airlines website via the link provided...

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Tips on Increasing My Credit Card Limits

Credit card companies impose credit limits, which set the maximum balance a cardholder can maintain at any given time. Credit bureaus calculate credit scores based on several factors, each with its own importance. Nearly 30 percent of your credit score depends on the ratio of debt compared to your available credit, essentially the amount of debt you owe, according to MyFico.com. Raising your credit card limits can reduce the available-credit to debt...

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How To Get a Credit Card With a Low APR With Bad Credit

Bad credit will follow you not just in your finances, but also when you are applying for jobs and seeking housing. Improving a credit score can be challenging, but it is essential. If you currently have a poor credit score, you can still get a low-interest credit card to begin improving your credit history. It can be difficult--especially if you are relying only on your credit report. Instructions 1 Pull a recent copy of your credit report. Visit this website: www.annualcreditreport.com. This will give you access to a free credit report....

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How to Make a Payment on a Credit Card for a First Premier Card

First Premier Bank issues the First Premier credit card, which is a traditional card you can use to make a purchase from any vendor that accepts MasterCard. Like all credit card issuers, First Premier Bank sends card users a statement each month. While you can elect to follow the instructions on the statement and mail your payment, you can also choose more convenient payment options. Instructions 1 Print the Premier Pay form. Fill it out in its entirety. The form asks for your name, First Premier credit card information, address and bank...

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