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, even for those with the best of credit and the best of mortgage loans. It is no secret that as homes...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...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 your cards are lost or stolen.In general, here is what you should do:You should report the loss or theft of your credit card or ATM card to the card issuers as soon as possible. This is easy to do as most companies have toll-free numbers and 24-hour customer service set up to deal with these types of problems. It is always a good idea to follow up the phone call with a letter. Within the letter, include your account number, when you discovered that your card was missing, and the date you first reported the loss to the company.For Credit Card Loss: According to the FCBA, if you report the loss before the cards are used the card issuer cannot hold you responsible for any unauthorized charges. If the card is used before you report it missing, the most you will be responsible for in unauthorized charges is $50 per card. This is true even if your credit card is used at an ATM machine to access your credit card account.Consumers should always...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 requirements, and often they only allow three to six withdrawals from the account per month. With most...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 put into a CD will earn interest, and usually it will earn more interest than a simple savings...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 and Chapter 13, but the main difference between Chapter 13 and Chapter 7 is Chapter 13 often allows a debtor (the person filing for bankruptcy) to keep certain assets that would otherwise be lost under the Chapter 7 rules. In many cases, you are allowed to keep your home and your car under either plan as long as your equity does not exceed certain limits. Under Chapter 7, however, you would not be able to keep rental properties, antique collections, and things of that nature, which you can retain under Chapter 13.In general, a Chapter 13 bankruptcy is usually filed for people who have too much income to file under Chapter 7. This also includes persons who have a large amount of non-dischargeable property.Chapter 13 bankruptcy is for individuals, or small business owners, who want to repay their creditors but are in financial hardship. Chapter 13 normally protects individuals from the collection efforts of creditors and permits those...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
Most people are familiar with the word bankruptcy, but many do not know much about Chapter 7 bankruptcy. This article deals with some of the more common issues associated with this particular form of bankruptcy.First of all, Chapter 7 is the most...more
Debt repair companies can do wonders for some consumers but as with all things associated with money, consumers should be careful before signing up.Consumers should begin by understanding that there are differences between credit counselors and...more
There has been a lot of talk in the news lately about sub-prime mortgages and how they are affecting the housing market as well as some of the other economic sectors. Many consumers may be wondering just what are sub-prime mortgages. It is a fair...more
Internet marketing has come a long way in a short time. With tons of competition just a click away you need to have an Internet marketing strategy that works. Try these 8 tips for successful Internet marketing.1. Get on top of the search heap. ...more