Credit & Debt Management

If you neglect to pay a debt that you owe, your creditor may opt to file a lawsuit against you. If the judge rules against you or you do not show up at the hearing, your creditor will be awarded a...

If you've fallen behind on your consumer debt payments, there is a possibility that a creditor may sue to recoup the money they are owed. Whether or not a creditor will sue depends on a number of...

With the exception of debts you owe to the government, all debts have a legal statute of limitations for collection. This protects you from old, unpaid credit card debt haunting you forever. Debts...

By negotiating the terms of your current debt agreements, you can save money and get out of debt quicker. Provided that you take the necessary precautions to ensure that your credit rating is not...

Credit reporting agencies and lenders often make serious errors on personal credit reports. Monitor your credit file for any errors and maintain personal documentation of all bills, records of...

Any time you owe a credit card debt that is still within your state's statute of limitations, the creditor may sue you in an attempt to get a legal judgment levied against you. If you are...

Having blemishes on your credit report can hurt you when you are trying to obtain a loan and you have bad things on your record from the past. You need to know that there are steps that you can...

A settlement and a charge-off are both common occurrences in the credit card industry. Settling a debt, however, will require you to pay at least some of the balance and will have a different...

Americans are entitled to a free copy of their credit report every 12 months. Take advantage of this opportunity to ensure that your credit history is being reported accurately. In the event of...

Eliminating defaulted student loans is extraordinarily difficult. A public student loan enters default if no payments have been made for nine months. Some private loans can enter default on the...

Getting phone calls from a debt collection agency can be frustrating and humiliating. It can be even worse if the collector is abusive and tries to use dishonest tactics to get you to pay your...

A deficiency judgment is a public record that appears within your credit history. Deficiency judgments often occur after a home foreclosure or a vehicle repossession and have a negative effect on...

A judgment is a legally binding decision made by a judge in a civil court case. When a creditor wins a lawsuit against an account holder, a judgment is recorded that legally acknowledges that the...

Incorrect information on your credit report can damage your credit rating and reduce your ability to obtain loans and other credit. Unfortunately, many people aren't aware of the information on...

Forgiven debt is when a credit card company allows you to pay less that your outstanding balance as a settlement. The portion of debt not paid is called forgiven debt. In other situations a...

Credit reports are important to understand if you are looking to raise your credit score. If errors are found on your report, it is your responsibility to contact the reporting company to notify...

Debts you incur on your credit card accounts are only legally valid for a limited amount of time. This is known as the debt collection statute of limitations and it varies by state. After the...

If you are swimming in credit card debt and are considering bankruptcy, you may want to try for a credit card settlement first. A credit card settlement is an agreement you make with the creditor...

Filing for bankruptcy is a stressful process that may not leave you debt free. Your creditors have the right to contest being included in a bankruptcy filing. In addition, a bankruptcy can...

When credit card debt goes unpaid, a credit card judgment can be the result. If you allow your credit card bills to pile up and do not make a payment for six months, most credit card companies...

A judgment is a public record that can appear on your credit report. Judgments are considered to be derogatory accounts and having one appear within your credit file will lower your credit score.

If a debt goes unpaid for a long enough period of time, usually 180 days, the original creditor will sell the debt to a collection agency, which will then attempt to recover the unpaid balance. If...

This article provides an overview of three legal debt cures that can be effective in eliminating large or small amounts of debt: family budgets, debt consolidation and debt settlement.

Mistakes on your credit report can have devastating consequences on your ability to obtain credit to purchase a car, a house or even to find employment. Credit report inaccuracies may range from a...

Having a bad mark on your credit report can greatly affect many situations, from securing a good loan for a house or car to getting a job you've applied for. Removing a mark from your credit...

Credit cards can come in handy for emergencies, or for times when you do not have cash available for a purchase. Sometimes people end up in a financial situation where they are unable to pay the...

Managing your credit is an important part of life. Every person has a credit score, which is a numeric representation of your ability to obtain credit and pay your bills on time, according to any...

A number of people have an excessive amount of consumer debt, including credit cards, lines of credit, automobile loans, home equity loans and mortgages. Having too much debt can be painful and...

Negative credit can result in the denial of loans, insurance, and employment. It can result in higher rates for standard services like cell phones. Therefore, it's important to know your credit...

Maybe you got laid off or maybe you didn’t realize that your credit card debts or other debts were adding up so quickly. Whatever the reason, you’re now in over your head and you need to find a...

If debt collection agencies are calling non-stop and sending you letter after letter on official-looking stationary, you can make them stop. If you don’t have the money to pay your bills, someone...

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...

Your credit report can make or break the approval of your dream house, dream car, and in some cases your dream job. After reviewing your credit report, you may determine that there may have been...

Once a year, it's a good idea to get a copy of your credit report to review the status. Once you have a copy, you may find some old debts that you had forgotten. Some old debt needs to be handled...

The convenience of electronic financing has unfortunately ushered in a new threat: credit fraud. The downside of easy money flows through computer systems is the easier access for hackers and...

Many people who have excessive debt decide to do a debt settlement. These can turn out to be bad in certain cases. You need all the facts before you negotiate with a creditor for a settlement.

When a repossessed car is sold at an auction the proceeds may not be sufficient to pay the balance you owe. If your car was repossessed and you had a balance remaining, some creditors will require...

Occasionally a company hired to collect a debt will have incorrect or incomplete information about the debtor. This can result in the wrong individual being pursued for the debt. If a debt...

If you want to get debtors that are in default to pay, you must follow sound collection procedures and strategies. When a debtor becomes unemployed, for whatever reason, he may default on a number...

In a difficult economy, even responsible people can find themselves buried in debt. At the same time, creditors often are desperate for cash and might be willing to settle debts, even valid...

Having bad credit can bar you from buying a home or opening a credit card account. Poor credit can even cause some employers to decide not to hire you. There are some legal ways to erase bad...

Payday loans, like credit cards, can become a vicious and seemingly never-ending cycle of debt. Often, the staggering interest rates associated with these types of loans can make them impossible...

Credit reports and your credit scores are invaluable to your financial success. Often they can determine your ability to get future credit, such as car and home loans. This article will help you...

Credit is one of the most important things in a person's financial life. It can determine whether you can purchase a home, rent an apartment, buy a new car, get a student loan and can even be used...

When reviewing your credit history, you may come across accounts or information that you do not recognize. You are legally allowed, according to the Fair Credit Reporting Act (FCRA), to dispute...

If ignored, credit card and medical debt result in a charge-off. Charge-offs have serious consequences for your credit score. In addition, the IRS will require you to pay taxes on the...

Sometimes simple clicking and entering information on a Web page is enough for an identity thief or scammer to get all the information he needs on you to take money fraudulently. Trust that gut...

Debt Settlement is a process that many people have to go through in order to satisfy delinquent accounts. This usually results from months of being unable to pay a bill for multiple reasons and is...

If you would prefer to settle your own debt simply out of fear that you could be the victim of a scam, you are not alone. Enough Americans have fallen victim to unethical debt settlement practices...

When a debt goes unpaid, the repayment amount of the debt can increase due to late fees or decrease if you are eligible for a settlement. Paying a debt before it defaults can prevent legal action...