CreditCardsCo Blog Topic - ' Debt Consolidation'
Debt settlement programs might not be the best option for consumers with credit card debt. FCC has some recommendations.
Debt collection credit cards are controversial. Consumers see a way to improve their credit, but collection agencies and banks see a way to start the clock again on debt that’s past the statute of limitations.
Many Americans find themselves overwhelmed with credit card debt. There are ways to find yourself back to rosier financial health. It requires patience and homework – but it can make a world of difference for your finances.
When credit card companies can’t collect delinquent accounts, they turn them over to collection agencies. There are laws to protect you if this ever happens.
Remember the settlement you made with your credit card company last year? You now must claim the amount that was written off as part of your taxable income on your tax returns.
Consumer debt, which comprises of credit card debt and loans, is at an all time high along with a huge number of unemployed debtors. Despite being unemployed, many consumers still have to repay balances on their credit cards and loans. Poor debt management and a high reliance on unsecured loans have led to an increase in the number of people filing for bankruptcy. Here are 5 steps to manage debt while unemployed.
More than 1,800 debt settlement companies have sprang up in Texas and New York within the past 4 years. This is probably due to the economy and the fact that a higher than ever number of Americans are in debt.