Dealing with debt collectors can be unpleasant. They can be relentless and will often use any trick in the book to get the person on the other end of the call to pay on a debt. It is important that consumers be aware of their rights and know how to react when communicating with debt collectors. The following ten tips are proven to be successful with debt collection calls.
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Steps to Take to Keep Your Home and Avoid Foreclosure
When someone is facing a difficult financial situation, one of the main concerns that person may have is losing his or her home. If a person is not able to pay day-to-day expenses, one of the biggest bills that will go unpaid is the mortgage bill. However, if the mortgage is not paid on time for more than 180 days, the lender may decide to proceed with a foreclosure action. The key is to respond quickly to avoid losing your home through foreclosure.
Why So Many Americans Over the Age of 55 are Filing for Bankruptcy.
Bankruptcy offers filers a fresh financial start, but for many bankruptcy petitioners, that start comes later in life. In the past three decades, the number of people over the age of 55 who have filed for bankruptcy has gone up significantly. This increase has many financial experts wondering why so many individuals nearing retirement are filing for bankruptcy.
According to a paper by Robert Lawless, the percentage of older Americans, specifically between the ages of 55 and 64, increased by 66 percent between the year 1991 and 2016. The number of bankruptcies filed by individuals between 65 and 74 increased by more than 200 percent between this time period. In fact, approximately 12 percent of all bankruptcy filers are over the age of 65.
Steps for Filing Chapter 7 Bankruptcy in Florida
If someone is considering filing for Chapter 7 bankruptcy, the path that person needs to take may not always be clear. While everyone’s situation differs in some respects, certain steps must be taken when it comes to proceeding with Chapter 7 bankruptcy.
Review Your Financial Situation
Before proceeding, it is always recommended that the filer sit down with an experienced bankruptcy attorney and go over what types of debt the person has, as well as what property would be protected by Florida’s bankruptcy exemptions.
Senior Education Official Resigns, Calls for Massive Student Loan Debt Forgiveness
A senior official appointed by U.S. Department of Education Secretary Betsy DeVos has resigned, declaring the student loan system to be “fundamentally broken” and calling for the forgiveness of billions of dollars of student loan debt.
The official, A. Wayne Johnson, was appointed as the Chief Operating Officer of the Department of Education’s Office of Federal Student Aid. This office manages the country’s outstanding student loan debt, which stands at an estimated $1.6 trillion. During his tenure, Johnson worked in a role specifically dealing with managing how student loans are serviced.
Foreclosure Rates in U.S. Dip to a 20-Year Low
The national foreclosure rate has fallen to the lowest levels seen in two decades following housing reports from July 2019. Financial experts believe this drop is due to a stronger job market and a lower unemployment rate.
According to Bureau of Labor Statistics, the national unemployment rate fell to a 50-year low of 3.5 percent as of September 2019 with 136,000 jobs being added to the market. In addition, the hourly earning for all employees has gone up 2.9 percent from the prior year. As Americans have more money to spend, the chances of them falling short of meeting their monthly expenses also goes down.
Recent Court Decision Sheds Light on the Deceptive Practices of Student Loan Service Providers
A recent Seventh Circuit court ruling is providing hope to many student loan borrowers who are finding themselves in a difficult financial situation due to the heavy burden of their debt. The Seventh Circuit has ruled that a student loan servicer may be liable for damages caused as a result of their promises to advise student loan borrowers on how to handle their financial situations, directing them into plans that only benefit the lenders and hurt borrowers in the long run.
The case at the center of it all is Nelson v. Great Lakes Higher Education, which was a case brought by student borrower, Nicole Nelson. Nelson paid for her college education through federal student loans, which she began repaying in 2009. However, she soon found herself in a tough situation when her income dropped due to a job change two years later.
Credit Card Debt and the Effects It Can Have on Your Health
Credit card debt can be a necessary evil, especially when it comes to establishing one’s credit score. However, the problems arise when that credit card balance gets out of hand to the point where the cardholder can no longer pay down the balance. The stress of mounting credit card debt can also affect a person’s health, according to a study from CompareCards.com.
The study shows that credit card debt is taking its toll on the health and well-being of many American consumers. According to the report, fewer cardholders can pay their balances in full at the end of each month. Anything left on those balances roll over to the next month and are compounded even more by interest. Before long, those balances inch closer and closer to the allotted credit limit. One in three consumers surveyed by WalletHub reported being fearful that they will max out their credit cards.
Credit Card Repayment Tips To Pay Off Debt – FAST
If you are struggling with credit card debt, you are not alone. The average American household has around $8,161 in revolving debt, approximately $6,577 of which is credit card debt. There are ways to get out of credit card debt. Here are some quick tips and repayment methods.
Repayment Methods
Several different repayment methods are commonly used and are successful in paying down credit card debt quickly. The first of these is the debt avalanche method, whereby the cardholder focuses on paying off the credit card with the highest interest rate first, then focusing on the card with the next highest rate after that one is paid and so on. The next method is the debt snowball method where the cardholder pays off the smallest debt first. It is hoped that this first debt paid off will motivate the person to continue making payments as he or she continues to pay off debt. Adjust your budget so that you can focus your efforts on paying down debt through one of these methods, this situation is ideal.
Six-Figure Parent Loans and the True Cost of Parent PLUS Loans
Parents will often do anything they need to when it comes to their children, and for many parents, that means taking on student loans for them, on top of the ones they already have left over from their own college education. These loans are normally taken on in the form of Parent PLUS Loans, and can often end up being a struggle for the parent to pay off in the end.
The Parent PLUS program was introduced in the 1980s as a means of financial support for middle- and upper-income families to help pay for their children’s college expenses. Most of the time, parents in these income classes did not qualify for other financial assistance, but the Parent PLUS program allowed them to obtain financing while keeping their liquid assets. However, since that time, the program has also become more popular among lower-income families who may not be able to pay down the loans once they are taken so easily.