By Laura H.
Foreclosure is a process in which a person who took out a mortgage loan fails to repay according to the agreement he signed with the lender. If the borrower becomes more than 30 days late, he will receive his first notice of warning. If the borrower continues to fall behind on his payments, he will eventually be removed from the property through foreclosure, and the lender will claim ownership of ...
By M.D.W.
Before applying for a loan, such as a car loan or home loan, financial professionals usually recommend that a consumer reviews his credit report to make sure that there are no errors and to learn his credit history. Due to a federal law passed in 2004, all states have instituted programs requiring the three major credit reporting agencies--TransUnion, Equifax and Experian--to provide their...
By Zac Wassink
Credit cards can be very convenient when you need to make an expensive purchase or you have to buy many items at once. You must be careful, however, when using these cards. Acquiring more credit card debt than you can handle can happen very quickly. For this reason, it's very important that you know how to manage your debt and how to pay off your credit cards. Doing so will keep your credit...
By Hannah Rice Myers
A charge-off is a debt that has been written off by a creditor as uncollectable. Even if, at some point, the debtor pays what he owes, it will remain on his credit report for a period of 7 years. There are ways to have these charge-offs removed legally, whether they are paid or not. Some people choose to do it themselves, while others enlist the aid of an experienced law firm. Review your credit ...
By Billy Kirk
Tough times sometimes call for creative measures. If you're low on dough and looking for a way to pay your monthly bills, there are always a few tricks you can try on a temporary basis to boost your cash flow. Whether you are walking dogs or blogging online, there's always a way to make quick cash. The Internet is your friend. If your regular job income just is not cutting it anymore, or ...
By Candy Webb
For people with little credit or poor credit, a prepaid credit card can help build their credit ratings. Prepaid credit cards are offered by many traditional credit card companies and are insured with the same rules as traditional credit cards. While prepaid credit cards can help rebuild credit, they can also be costly to use and maintain. Prepaid credit cards provide a method for consumers who...
By Kimberly Ripley
In most areas of the country the winter months can mean leaner times. Heating our homes costs more money. The price of fresh fruits and vegetables is often more. Children and adults alike require warm-weather clothing. Most people are reeling from expenses occurred during the holidays, and all of these extra expenses can add up quickly. Take heed, however. Don't negate everything about the...
By Robert Vaux
Credit-card companies usually ask for a minimum monthly payment, which covers any interest you have generated on your debt plus a little extra. If you don't pay your credit-card bills in full each month, your debt will increase rapidly. Eventually, you may go into delinquency and your financial status could become dire. There are several specific things you can expect to happen if you...
By Lashon Fryer
A debit card offers most of the same conveniences of a credit card. You don't have to carry around a pocket full of cash--and the risk of overspending is minimal. However, without exercising a little financial discipline, the convenience and security provided by your debit card may be followed by hefty service charges. A debit card service charge is any expense related to your debit card...
By Amy Jorgensen
Reverse mortgages may seem like a relatively new option for homeowners. However, the first of these loans was made in 1961 in Portland, Maine. Between then and the late 1980s, many studies were conducted on the feasibility of making reverse mortgages more widely available. That finally occurred in 1987, when HUD (the Department of Housing and Urban Development) developed the program. Today, these ...
By Sharon L. Cohen
Not even a decade ago, only one major credit counseling service worked with credit card companies, financial institutions and other lenders to negotiate lower interest rates and payment plans for people who fell behind in their monthly money owed. Today, the number of such counseling services has skyrocketed. Some of these organizations mean well and do create repayment plans. Yet many other...