Active duty military personnel who are having financial problems with their mortgage payments have some avenue of help under the Soldiers and Sailors Relief Act which can be very beneficial to them and to their families.Who is eligible for this program?The provisions of the SSRA apply to active duty military personnel who had a mortgage obligation prior to enlistment or prior to being ordered to active duty (for Reservists). This includes members...more
Cosigning on a loan can be a great way to help a family member or close friend when they need help, but it can also be a great way to ruin your own credit if things do not work out.Before you decide to cosign on a loan, you should always read the cosigning agreement that lenders have for these. By law, the lender must show you a copy of the agreement before you sign for the loan. In some states this is called a cosigner's notice.The cosigner's...more
Many consumers know that they have a credit score but they may not know what the score is. As well, many consumers know that there are some actions or inactions that they can take that will help or hurt their score. Again, they know the broad picture, but not the details. Here are some of the things that consumers do that all but massacres their credit score.First of all, consumers should understand that lenders and creditors are constantly updating the information that is on a person's credit report. This is one of the most important reasons why consumers must keep an eye out for mistakes or omissions on their reports. Credit reports are not static.Some actions or inactions that can kill a credit score follow:Not examining credit reports often enough is one of the most common problems that consumers face. These reports are used to determine your credit score. If there are mistakes, you need to get them corrected. The truth is one in four credit reports contain errors that are serious enough to hurt a consumer's chances of getting loan.FICO credit scores are calculated from five categories listed on credit reports: your payment history, amount of money owed, length of credit...more
Most consumers are aware of the current problems that some financial institutions are experiencing. This has caused some concern for large investors, those with CD investments over the maximum amount that is covered by the Federal Deposit Insurance Corporation. Currently, the maximum allowed is $100,000 per account.The simple answer to this problem...more
By now most American consumers have heard about the sub-prime mortgage crisis. It would be difficult not to have heard about it. What many consumers have not heard much about is the increasing belief that even homeowners with prime mortgages may be facing some issues in the near future.Of particular importance is the threat of lower home values,...more
Did you know that today more individuals are turning toward personal bankruptcy as a way of solving their financial hardships? It is true.During the period from 1998 through 2000 there was a decrease in the filings for bankruptcies but that is not how it is now. New estimates say this year nearly 1 in 70 people will file for some sort of bankruptcy protection. Depending on how the sub-prime mortgage fiasco goes that number may go higher.One of the major reasons people seek protection from the courts is the unrelenting pressure that some bill collectors place on people who are delinquent on their payments. Others may find that bankruptcy is the only way they get their debts discharged with any sense of organization or with any hope of ever getting back to some sense of a normal life.For those who absolutely need it, bankruptcy can be the best answer, but there are drawbacks to filing for it. These drawbacks can be severe for most people.New laws have been passed that make it much harder to find relief from the courts. The simple truth is that many big financial institutions have been spending millions of dollars on Political Action Committee (PACs) to push tougher laws through...more
Do you know what to do if your credit cards or ATM cards are stolen? You might be surprised at how many people do not.All consumers should know that the Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) offer procedures if...more
Just like a regular savings account, a money market account is a type of savings account that is offered by banks and credit unions. The main difference is that money market accounts will usually pay higher interest, have higher minimum balance...more
Many consumers have found that putting money into CD's (certificate of deposit) accounts is a good way to earn additional interest over regular savings accounts. Just like the regular savings account that most of us are familiar with, money that you...more
Most consumers have heard of Chapter 7 bankruptcy but there is another type known as Chapter 13. This article details some of the differences between the two and how they may affect someone who has to file.There are many differences between Chapter 7...more
Most consumers realize that there is a relationship between their debt and their credit reports. The truth is there are several relationships between a consumer's debt and his or her credit reports and ultimately the credit score that is calculated...more
Credit card debt reduction services are becoming more popular as more people find themselves in financial trouble. Consumers who believe that credit card debt reduction services may be an option for them should first do some homework. Two things are...more