What is a Credit Crunch?
A CREDIT CRUNCH IS A REDUCTION IN THE GENERAL AVAILABILITY OF LOANS, or even a sudden tightening of the conditions required to obtain a loan from the banks. Either scenario is not good for you and I. The current credit crunch was partially caused by careless and inappropriate bank lending which resulted in [...]
Credit Card Issuers are Saying One Thing and Doing Another
THE WALL STREET JOURNAL BLOG REPORTED TODAY that “Card issuers are saying one thing and doing another” in response to the credit-card industry reforms that will take effect in February 2010. The post is based upon a Credit Card Study by Bankrate, which looks at the details of 20 card issuers. One thing that will [...]
Credit Card Companies Will Continue to Take Advantage of Consumers
REUTERS REPORTS THAT CREDIT CARD COMPANIES WILL CONTINUE TO MAKE “LUCRATIVE” RETURNS. Just in case you were worried that the new rules of the Obama administration might harm the credit card companies by limiting their ability to rake consumers over the coals, today Reuters reported that:
“The credit card industry will continue to provide one [...]
5 Ways to Improve Your Credit Score
REVIEW THE FUNDAMENTALS OF YOUR CREDIT SCORE for the purpose of keeping it high, or helping to move it higher in the longer term. A higher credit score means lower interest payments for an auto loan, home loan, personal loans, new credit cards, etc. Maintaining a high credit score can save you thousands of dollars [...]
What is Debt Validation?
UNDER THE FAIR DEBT COLLECTION PRACTICES ACT (a federal law regulating debt collectors), you have the right to request that any debt collector send you proof of the debt in question. This process is called debt validation or debt verification.
The right to dispute a debt and receive validation are part of the consumer’s rights.
A debt [...]
How Debt Settlement Works
GET OUT OF DEBT THROUGH A PROFESSIONAL FINANCIAL SERVICES FIRM. Debt settlement, also known as debt arbitration or debt negotiation, is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. Debt settlement firms work with consumers, who have [...]
How Many Errors Are On Your Credit Report?
IS THERE WRONG INFORMATION BEING REPORTED ABOUT YOUR CREDIT? A study released by the U.S. Public Interest Research Group (PIRG) in June 2004 found that 79% of the consumer credit reports surveyed contained some kind of error or mistake. That represents a significant majority of the population that would be effected by incorrect information [...]
Bank Failure List Tops 45
TODAY, MONEY.CNN.COM REPORTED THAT the list of bank failures topped 45. The article states: “The financial crisis has taken a heavy toll on small banks across the nation as losses in the housing market mount and unemployment dents household wealth. Analysts expect the trend to continue even as larger banks stabilize and the overall economy [...]
Are Creditors Taking Advantage of You?
STOP HARASSMENT FROM CREDITORS: Federal and state debt collection laws protect you from abusive and harassing debt collector conduct. You probably already know that creditors aren’t in business to help you. It does not matter to them what unfortunate circumstances have befallen you – they are all the more pleased about your financial [...]
Signs of Economic Improvement
HAVE YOU STARTED YOUR PERSONAL FINANCIAL RECOVERY? Bloomberg reported today that “The index of U.S. leading economic indicators rose in May for a second consecutive month and a regional factory gauge climbed more than forecast in June, showing the worst recession in five decades may soon end.”
That is good news for the economy. But it [...]
Good News About Debt Negotiation
EFFECTIVE FINANCIAL SERVICES (EFS) is a professional debt negotiation company. EFS can settle your UNSECURED debt for much less than what you currently owe. You can reduce your credit card debt from 50% – 70%, as well as other unsecured debt and avoid bankruptcy. EFS can give you debt relief without the need [...]
Free Credit Report
HAVE YOU CHECKED YOUR CREDIT? Not everyone in the United States is aware that Americans are entitled to one free credit report within a 12-month period from each of the three credit bureaus. (This would be evidenced by the fact that some companies charge for this information.) And to make it easier to [...]