Credit experts are explaining the new trend of American debtors paying credit cards off to the detriment of their home mortgages as the 'new payment hierarchy." But what some so-called credit experts may describe as a new payment hierarchy is really just more damaging behavior that could lands millions of Americans into foreclosure and on [...]
Despite a push to increase small-business lending, it is still very difficult for small companies to get traditional loans from banks. That fact has many small businesses looking to less traditional means to finance their business ventures; however this trend could land some start-ups in financial straits. A recent survey by the National Small Business [...]
Debtors delay bankruptcy for many reasons and while there may be some legitimate reasons to delay bankruptcy most of them are not legitimate. Below are four bad reasons for delaying bankruptcy: You're hoping that you will "come into" some money soon, (new job, salary increase, lotto winning etc.) and that it will be enough to [...]
If you're applying for a job in finance, accounting or a position that requires the handling of cash, expensive merchandise or a security clearance, you may be subjected to a credit check. If you're behind on your bills, have delinquencies, defaults, judgments or liens, there a few things you should know. While a company is [...]
According to an article in the Salt Lake Tribune, since the recession began many consumers are choosing prepaid credit cards over traditional bank accounts and unsecured credit card accounts. How It Works The consumer buys a prepaid credit card from a retailer, loads it with money and sometimes even creates a direct deposit account with [...]
According to an article in the Market Watch, credit card consumers are launching a massive, but silent revolt against credit card companies in response to higher interest rates, outrageous fees and unwarranted cuts to their credit limits. The article said: "...consumers cut $11.98 billion in borrowing in August, trimming their outstanding debt to $2.46 trillion, [...]
1. There is no such thing as a bankruptcy just for those who did everything right. Let's get this straight, bankruptcy is designed for any debtor who is drowning in debt and can no longer afford to pay his/her bills. It doesn't matter if you made foolish decisions in the past or if you did [...]
According to an article in the Star-Telegram, moderate House Democrats are drafting a proposal that would shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts. The article said: "...their proposal, spearheaded by Illinois Democratic Rep. Melissa Bean, isn't sitting well with consumer advocates who say banks shouldn't be allowed [...]
After filing for bankruptcy, a debtor's credit card purchases will come under scrutiny by the bankruptcy trustee at the 341 meeting. During the 341 meeting, the bankruptcy trustee will probably ask the debtor questions about what assets they purchased with their credit card and which of those assets do they still have. For example, if [...]
After bankruptcy, a credit history statement can make your credit report look better. After your bankruptcy is complete, you need to get your financial life in order. Of course one of the first steps to doing this is to improve your credit report. You probably have heard all of the common ways to improve your credit [...]