How to Make a Debt Chart

If you want to manage your money wisely, learning how to keep track of personal debt is a worthwhile endeavor. It's easy to owe more than you make without realizing it if you don't have a system in place to manage your spending habits. One way to monitor your expenses is through visual means. You can make a debt chart to have a clear picture of how much you owe your creditors and how long it will take to bring your balances to zero. In addition to helping you stay organized, a debt chart can also provide a source of encouragement as you see your...

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Annual Credit Report Laws

The website Annualcreditreport.com reports that a credit file disclosure---better known as a credit report--details all of your information held by consumer reporting agencies that may be provided to a third party via consumer report. Mortgage lenders, auto financing lenders or credit cards may request a copy of your credit report to see if you are a credit risk. Your credit file also lists all companies who have received copies of your credit...

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What Is Credit Card Debt Counseling?

If your credit card debt has gotten out of control, credit card debt counseling can be a beneficial alternative to more drastic actions, such as bankruptcy. Credit card debt counseling through reputable organizations helps you to understand your financial situation in detail, as well as what steps you can take to get and keep yourself out of debt in the future. Choosing a Counselor Many different organizations offer credit card debt counseling services, but not all of them are working in your best interest. Even when they claim to be a...

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How to Write a Pay for Delete Letter

Cleaning up your credit history can prove challenging if you have collection accounts or charge-offs on your credit file. Creditors and lenders report both items after nonpayment on an account after several months. Paying off these old bills doesn't result in an automatic deletion of the item. If you want to pay off the debt and improve your personal score, write a pay-for-delete letter. This involves a creditor or collection agency agreeing to delete a negative item upon receipt of full payment. Instructions 1 Get the name of the company...

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How Can I Break My Apartment Lease in a Medical Emergency?

Medical emergencies can lead to bills totaling thousands of dollars, making it difficult or impossible to continue paying rent for an apartment. Breaking the lease and perhaps moving in temporarily with a friend or relative can help with finances. However, getting out of a lease because of a medical emergency is not easy. The lease is a contract that typically doesn't include early termination clauses for medical reasons. The New York Times reports...

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How to Stop Connecticut Unemployment Claims Online

The Connecticut Department of Labor processes requests and inquiries regarding unemployment benefits via the TeleBenefits Line and Connecticut Department of Labor website. If you are currently receiving unemployment benefits in Connecticut and secure a new job, you must stop your current unemployment claim. While this can be done by mail with your claim form, you may have already sent it in before you got the new job. If so, you can take care of stopping your Connecticut unemployment benefits on the Web. Instructions 1 Visit the Connecticut...

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Louisiana Garnishee Laws

Garnishment is the process by which a creditor obtains a court order to intercept part of an employee's paycheck and use it to satisfy an outstanding debt. Though federal law acts as the ultimate legal authority that provides Big Picture guidance to the garnishment process, Louisiana also has well-developed rules that function to make sure all parties are being served as fairly as possible. The process of garnishment begins when a creditor declares in court that he is owed a valid debt and has exhausted other options for collection. Exempt...

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Important Information About Your Credit Report

Credit reports contain important information about your credit-related activity. Creditors and debt collectors regularly provide information to the three major credit bureaus -- TransUnion, Experian and Equifax. Credit bureaus regularly share the information with your creditors and with other lenders when you apply for credit. A lender's credit decision is based in large part on information listed in the report, although other factors are considered as well. Potential employers may also review your credit report during the hiring process or make...

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Do it Yourself Debt Settlement and Negotiation Tips

Although attorneys and debt settlement and negotiation companies are options for working with your creditors, you also can negotiate and settle on your own. This typically is a good option if your debt situation is uncomplicated, and you feel confident in your knowledge of your rights. Following a few tips in do-it-yourself negotiation and settlement may help you get the result you want. Statute of Limitations Laws regarding debt collection...

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How to Absolve Debt

You can achieve a complete absolution of your debt through a variety of ways, the most extreme of which is bankruptcy. Absolving debt means eliminating it, and filing for personal bankruptcy can certainly accomplish that. Chapter 7 bankruptcy, which is for people with low-to-modest incomes, allows you to eliminate credit card debt and other unsecured debt in about four months. Chapter 13 bankruptcy, the other form of personal bankruptcy, requires...

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What Is Interest-Free Credit?

When a person takes out a loan, he is generally required to pay interest on the principal of the loan. This interest is calculated as a percentage of the total loan amount and is assessed over a specific period of time. For example, a loan may carry an annual interest rate of 5 percent. "Interest-free" credit is a type of loan that does not carry any interest. Loans When a person takes out a loan, he will generally agree to pay back the loan over a specific period of time. In most economies, money loses value over time due to inflation....

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How to Know if Your Student Loan Is Delinquent

When you have a student loan that is approaching repayment status, your lender will send you an initial notice detailing a payment date as well as the amount that you must pay. The day after your payment is due, your loan becomes delinquent or late. If you are not sure if your student loan is delinquent, you need to take action before it goes into default and negatively affects your credit score. Instructions 1 Verify the date of your payment on your student loan statements from your lender. Look for the words "Due Date." If you don't receive...

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Will Food Stamps Affect When I Can File Taxes?

Food stamps, also called SNAP -- supplemental nutrition assistance benefits -- are government-provided vouchers that allow low-income people to purchase groceries. Although these benefits are administered by state governments, funding is provided mainly by the Social Security Administration, a federal agency. Federal agencies are financed primarily by federal tax revenues. Receiving food stamps, however, will not affect when you are required to file your taxes. Food Stamps Food stamps are meant to help people buy groceries. These vouchers...

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How Does Being in a Debt Relief Program Affect Credit?

If you have fallen behind on paying back unsecured debts such as credit card bills, debt relief may be an option. Debt relief programs allow you to pay your debt management company a lump sum each month, which it then distributed to your creditors. You can pay off your debts using such a program, often at reduced interest rates; however, you must consider the effects of the program on your credit. Short-Term Debt relief may negatively impact a person's credit in the short term. Credit reporting agencies note in the person's credit history...

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Can I Write a Letter of Discrepancy for Everything on My Credit Report?

The federal government gives each person with a credit report the right to review and contest items found within it. If a person wishes to contest every item on her credit report, she's required to be meticulous in her documentation and provide sound evidence and reasoning why the information contained on the report is inaccurate. This is necessary for any credit bureau to take the claim seriously. Your Guaranteed Rights The Fair Credit Reporting Act requires all three major credit reporting bureaus--Equifax, TransUnion and Experian--to...

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What Are the Advantages and Disadvantages of Credit Cards & Consumerism?

Credit cards and consumerism are closely linked. Often, people choose to purchase objects by borrowing money rather than by spending money they already have. This is often done through the use of lines of credit accessed via credit cards. Consumerism -- the creation of a desire to purchase goods -- often pushes people to use these cards. Consumerism and credit cards, examined together, have a number of advantages and disadvantages. Credit Card Advantages One of the main advantages of credit cards is that they allow people access to money...

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How Much Will Debt Consolidation Affect My Credit?

When debt looms, debt consolidation is just one of several solutions. Debt consolidation involves taking out an additional loan with which you pay off some or all of your debts. This doesn't necessarily reduce what you owe, but sometimes you can get better interest rates and monthly payment minimums that are more reasonable given your budget. However, consolidation is not without an impact on your credit. The amount of the impact depends on multiple...

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How Does Slow or Non-Payment of Medical Bills Affect Your Credit?

Medical bills are a fact of American life. Whether you have insurance or not, the high cost of medical care means that most of us will eventually rack up medical bills that are difficult or impossible to pay. But if you are slow to pay medical bills, or do not pay at all, you may find your credit will suffer. Reporting to Credit Bureaus Whether your credit will be affected by unpaid medical bills depends upon whether your medical provider reports to credit bureaus. Chances are the provider does, which means that nonpayment shows up on...

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Is My Partner's Debt Mine?

You may have said "for richer or poorer" when you said your vows, but financial difficulties ruin many a marriage. Debt incurred before and during a marriage can be a point of contention, so it's smart to openly discuss responsibilities. You may not have a legal obligation to pay your partner's debt, but you might feel a moral obligation to help out. Pre-marriage Debt When you marry, your partner's debt remains in his name and is still his responsibility. This doesn't pose a problem if he is actively making payments on it. However, in a...

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How to Answer a Summons for Breach of Contract on a Credit Card

Failing to make payments as agreed on your credit card account may result in the card company or a debt collector suing you for breach of contract. You would receive a summons, which is a legal notification of the lawsuit. Generally summonses are hand-delivered to your home or place of business. A second document, called a complaint, is attached to the summons. The complaint is the actual lawsuit and explains why you are being sued. You must respond...

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Late on Payments Vs. Filing Bankruptcy

If you are unable to make payments on time for your credit cards, loans and other credit accounts, these delinquencies can have a bad effect on your credit report. Bankruptcy is an option to pursue if you are unable to make any payments, but it has its own effects on your credit. Credit Score Your credit score contains information on each of your credit accounts as well as negative information, such as public records of bankruptcy. The numerical score is affected by the amount of time that you have had credit accounts, the amount of credit...

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What Is a Settled Balance?

Bankruptcy is a legal method to deal with high debts and receive a fresh credit start. Unfortunately, filing bankruptcy has a snowball effect that starts with a drop in credit scores and could end in the inability to acquire new financing. As an alternative to filing bankruptcy to deal with debt, talk to your lenders or creditors about a debt settlement. What is a Settlement? A debt settlement involves paying your outstanding debts. But instead of paying the full balance to satisfy the debt, you strike a deal with your creditors to pay...

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Pros and Cons of Credit Card Transfers

Just when you think you're drowning in a sea of debt, you get a life preserver thrown your way, or so you think. The life preserver comes in the form of an offer to open a new credit card account and transfer existing credit card balances to the new card. This new card may offer an attractive low or no-interest rate for an introductory period. Depending on the terms and conditions associated with the balance transfer offer, you may be able to save...

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Collection Agency Telephone Restrictions

If you have bills you are unable to pay, chances are a collection agency will acquire the debt and take steps to collect the money owed. While agencies have a right to attempt to collect the money, they do not have free reign to make harassing phone calls. Collection agencies must follow certain guidelines for making debt collection calls, which are detailed in the Fair Debt Collection Practices Act, or FDCPA. The FDCPA is enforced by the Federal...

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What Happens If the Co-Signer Dies on a Private Student Loan and You Have Been Paying?

A private student loan is one in which the borrowing student obtains through a private lending institution, such as a bank or credit union. If the borrower has a co-signer who later dies, the borrower is still responsible for repaying the loan, though the details of the loan agreement largely determine the repayment terms. Talk to a local attorney for advice about the impact a co-signer's death has on your private student loan. Co-Signer When a borrower takes out a student loan, that borrower sometimes uses a co-signer to act as a co-guarantor...

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Can I Consolidate a Sallie Mae Loan Into a Federal Direct Loan?

Consolidating your student loans can not only simplify your finances by allowing you to make just one payment each month, but it can also lower your monthly payment by lengthening your repayment term. When you have a Direct Loan issued by the federal government and a loan through Sallie Mae, you might be able to consolidate them depending on what type of Sallie Mae loan you have. Types of Loans Sallie Mae loans come in two major varieties, and the type you have will affect whether you can consolidate your Sallie Mae loan with your federal...

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Debt Collection Laws for Kentucky

Sometimes when people are struggling with debt a debt collection agency gets involved. A debt collector is hired to try and recoup an unpaid amount of money to a third party and sometimes it can be a stressful experience dealing with the process of debt collection. Unlike most states, Kentucky doesn't have state laws dealing with debt collection. Kentucky debt collection practices are governed by the Fair Debt Collection Practices Act. Debt Collector...

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Can I Become a Home Buyer Even if I've Had Bad Credit?

At one time, a lackluster credit score was not much of a barrier to homeownership. Subprime mortgage lenders were willing to extend a mortgage, even under questionable circumstances. Underwriting standards have tightened up considerably, however, since the housing market shakeup that started in 2008. As a result, your creditworthiness must be stronger than before. Minimum Credit Scores Most lenders won't even consider you if your credit score...

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How to Get Rid of Upside-Down Car Payments

Being "upside down" on your car payment means that you owe more for the car than what it's worth. For example, perhaps you purchased the car for $10,000 and paid little or no money down. Now, after depreciation, the car is worth just $7,500 but you still owe more than that on the car loan. That makes the car difficult to sell, yet you may just want to get rid of it --- along with the car payment. Unfortunately, your options are limited. Automotive website Edmunds.com reports that you may be better off sticking it out and keeping the car. Instructions...

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How Long After a Bill Payoff Does It Take to Show on a Credit Score?

Not paying off your bills will damage your credit score. Negative information on your credit report will raise red flags with lenders and credit card companies. This could result in unattractive interest rates and denial of credit due to the risk you present. However, paying off your bills will help to restore your credit score. After paying off a delinquent bill, you can see changes on your credit score as soon as after one billing cycle. Billing...

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How to Sell a Personal Loan

Personal loans are traditionally small, unsecured loans that are revolving or closed-end. The most common type of personal loan is the credit card. However, smaller banks offer small closed-end loans--those which have an expiration date and a standard monthly payment. For loan officers, these are often the easiest products to sell to a potential borrower. There isn't too much risk on either side of the table, but loan officers must be able to effectively...

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Online Debt Management Tips

The Internet can be used as resource to help you manage your debt. There are many different ways you can use the services provided online to reduce your debt and to find better loan options to help you gain control of your debt. Since it is online, you will need to make sure you are using reputable and secure sites to handle your finances. Monitor Accounts Monitoring accounts can save you time and reduce the amount you worry about your debt. You can switch to online statements, which can prevent identity theft from having your statements...

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Does Credit Counseling Hurt My Ability to Get Credit?

Enrolling in a credit counseling plan by itself generally has no negative impact on your credit score or creditworthiness and should not directly affect your ability to borrow money. However, sometimes the subsequent activity that comes with enrolling in a credit counseling program may damage your credit report and restrict your overall ability to borrow money. High Balances/Bad History Credit counseling enrollees may already be experiencing problems on their credit reports due to late payments, high debt utilization ratios and over-the-limit...

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How to Write a Debt Settlement Letter

Credit card and loan debt plague millions of Americans every year. Whether it's due to poor choices in your younger years or unexpected situations such as an injury or loss of work, the inability to repay financial debts can hinder you for life. Unsettled debts destroy your credit score, making it nearly impossible to recover. While it can be overwhelming once you are able to pay these debts, writing a debt settlement letter can assist you in settling your debts without burdening your current financial position. Instructions 1 Question the...

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Is There Real Help With Credit Card Debt?

Many consumers find themselves deep in credit card debt. With most credit cards charging high interest rates, a large portion of most monthly payments goes to interest, making it difficult to pay down the debt. However, there are a number of ways that consumers can find help to reduce their credit card debt and get their finances back under control. Credit Counseling Credit counseling is a service that may help a consumer in credit card debt...

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How to Fix Your Credit in Canada While Living in the USA

The major credit reporting agencies in Canada are Equifax Canada and Transunion Canada. Although these companies have sister companies in the United States, they don't necessarily share information across the border. This means that you most likely won't carry poor records into the U.S. unless your Canadian lenders decide to pursue legal action across the border. Fixing your Canadian credit score while living in the United States will most likely...

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How to: Credit Clean Up

Consumers and business stakeholders rely heavily on business and personal credit records to secure financial assistance in the form of loans or advances. Small businesses or start-ups may not yet have an established business credit history with vendors or other companies and must rely on personal credit for business purposes. Lenders typically require high credit scores before offering loans from banking or investment institutions, and credit cleanup...

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