- Home >
- Managing Debt Learning Center
Managing Debt Learning Center
Our experts can help you understand how to get control over your debt -- the smart way. They share strategies for paying down your debt without hurting your credit score, negotiating with lenders, and dealing with debt collectors. They also highlight your rights as a borrower, explain your bankruptcy options, as well as give you an honest assessment of payday loans.
It could happen to anyone at anytime. A trip to the emergency room or bad news from your doctor
could result in thousands of dollars in medical bills.
A payday loan, or cash advance loan, is a short-term, high interest loan designed to be repaid within one or two pay periods.
In return for the loan, the borrower either provides a post-dated check or direct debit authorization to their checking account.
Uh oh, you've been turned down for a loan. What's the next step?
Should you check your credit ? Figure out why you were turned down? Apply for a loan somewhere else?
First you should relax and take a deep breath.
You just gave a telemarketer your credit card number. Or you owe a bank money for your new car or family home.
It seems like payday loan offers are everywhere these days. From the local strip mall to the Internet,
the payday lending industry is booming. But what is a payday loan?
If you are falling behind on your bills, your phone is probably ringing off the hook with calls from creditors
and/or debt collectors. While the last thing you probably want to do is talk with them, you may find
that they are willing to work with you.
In reality, most of us are fairly generous people, and we want to help a family member or
friend with a loan when we can. The other reality is that a person who can't borrow money from
a traditional source (especially in today's easy credit environment) often has damaged credit or
no credit, both of which make such a borrower a greater credit risk.
Foreclosure is a legal process where a creditor (for example: a lender or mortgage holder) can
repossess or sell property for the purpose of repaying the debt owed on that property.
Feeling strapped for cash and falling behind on monthly bills is not a fun experience.
Debt issues can be hard to manage. And a collection call from a persistent creditor can makes
a challenging financial situation all the more stressful.
Do you want to have fewer bills to pay each month and save money at the same time?
Who doesn't?! But simply consolidating a bunch of debts at a lower interest rate won't necessarily get you there.
The letters...the calls...dealing with collection agencies can be stressful.
After all, it is their job to get you to pay up. But if you understand your rights under the Fair Debt Collection
Act and learn a few negotiation tricks, you can take control of the situation.
With a little dedication and prior planning, it is possible to reduce your debts on your own.
Why pay debt counselors and consolidation agencies fees for things you can do yourself?
If you are thinking about filing bankruptcy, there will be a lot of numbers involved: your income,
debts, value of things you own (assets) and more. Three very important numbers will be 7, 11 and 13.
They refer to the chapters of the bankruptcy code that your case may be filed under.
A bankruptcy may be listed on your credit report for up to 10 years and there is a good chance your credit
score will be rather low until you take the necessary steps to rebuild your credit.
Stressed about your debts? Seeking help from a credit counselor may be just
what you need to get your credit and your financial life back on track.