Sometimes lenders make mistakes when reporting information to the credit bureaus. That's why it's important to regularly review your credit reports. As soon as you spot a problem, notify the lender and the reporting agency in writing.
Debt counseling is not just for individuals. Business owners whose finances are in disarray can benefit from our services to help keep their company afloat.
Paying your bills on time is important. Late and delinquent payments have a negative impact on your credit, and can bring increases in the interest rates you're charged for credit cards.
Your FICO score is based on the information in your credit report and it represents your credit worthiness. Scores range from 250-850, and it is best to keep it over 700. If you're at 750 or higher, your credit is in tip-top shape.
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According to a survey by the Federal Reserve Bank, the national average credit card debt is rising, with the average household credit card debt at $5,331. Families struggling with credit card debt should work with experts to get their spending under control.
Borrowing for home and education is something that is not bad. However, you should not borrow more than you can afford to pay back. Search for better rates before settling for one.
You can contact a creditor to have a charge-off removed from your credit report. Work with your creditors to resolve your debt, either by full payment or negotiating an acceptable settlement.
As scary as being stuck in debt might be, it's important to understand that there is a way out. This might mean giving up your credit card and/or taking on a second job to cover what you owe. You can also opt to consult with a debt counselor who can help you create a roadmap out of the predicament you're in.
If you have a lot of student loan debt and do not know how to work things out, then a visit to a debt counselor may be in order. Given their experience, these professionals can help you come up with an action plan that will allow you to clear out your old obligations and keep pace with your new ones.
Even if you are being swallowed in debt, bankruptcy should be considered a last recourse. Instead, work with a credit counseling agency to find other ways to resolve your financial issues.
Do not open any additional credit accounts unless absolutely needed. A high number of credit inquiries will hurt your credit score, and a large number of accounts could signal that you are overextended.
Having debt isn't a bad thing, according to credit experts. However, if all the balances on your credit cards are near the card limits, that indicates you are not managing your money well and will lead to a lower credit score.
Credit card companies, banks, and other lending institutions are businesses, and they know that getting at least part of what they're owed is better than nothing. As a debt counseling service, we can show you how to negotiate a satisfactory solution to your debt problem.
Not all debt is eligible for negotiation through the debt settlement process. We will review your situation and the debt load you're carrying and let you know what can be mediated and what can't.
If you are already in a financial crunch, don't use credit cards as they are the quickest way to fall into debt. Instead, put cash aside each month for essential items and pay bills in full.
According to a research, consumers who get their first credit card in the ages between 21 and 24 accumulate the most credit card debt at $6461. The next highest are those who get their first card between 18 and 20.
Since the 1800s, farmers used a concept similar to credit cards. Because their income was seasonal, farmers had to rely on store credit to survive. Local stores would then issue credit cards made of cardboard to associate farmers with their respective accounts.
There are many factors that may lead to debt accumulation, some of which are not entirely the borrower’s fault. Illness, divorce, and job loss are some reasons someone could acquire enormous debt, which can be remedied through proper debt counseling.
Good credit will influence the cost, amount, and quality of the insurance coverage you receive. Our credit repair service can help improve your credit score so you can save on your monthly premiums.