Every day thousands of consumers — hard working businessmen and women, mothers, fathers, grandmothers, students — walk through airport security where their purses, bags and wallets are screened and cleared on their way to their new destinations. Yet, unbeknownst to their carriers and their fellow passengers, they are carrying highly explosive materials onto their planes […]
Banks – Saints or Enablers – Money Blogger Gets It Wrong
Did consumers create the sophisticated loan programs that are not done blowing up in our nations face? No. How could they? They are money LOSERS in your words.
FICO Reveals Timely Credit Score Damage Details For the Struggling Consumer
Despite the FICO data, I must caution you not to base your decision about which debt relief option to pursue based on that information. All debt relief options — credit counseling, settlement and bankruptcy — will have a negative effect on your credit histories and/or FICO scores for some time. (See my recent blog, Debt Relief Options vs. Your Credit Score).
Credit Card Interest Rate Reduction Robo Calls a Scam
The FTC announced this week that it had filed lawsuits against three companies: Economic Relief Technologies LLC, Dynamic Financial Group (U.S.A.) Inc., and JPM Accelerated Services, https://www.ftc.gov/opa/2009/12/robocall.shtm. The lawsuits, which were filed in Florida, Georgia and Illinois, allege that the companies have been marketing worthless credit card interest rate reduction programs to consumers via automated […]
Dubious Debt Settlement Marketing Strategies – Don’t Buy into It
Every day, I receive a daily Google alert in my e-mail inbox that features links to articles, press releases and blogs about some aspect of debt settlement. It’s one of the ways that I stay abreast of what is happening in my industry. It’s the kind of information that any financially-troubled consumer might find by […]
Debt Collection Laws and Much Needed Change
If you are old enough, think back to how you communicated with others back in 1977, the year that the federal Fair Debt Collection Practices Act was written, which is the primary law protecting consumers from abusive debt collectors. You called people using a landlines, wrote letters or met face to face. There was no […]
How and Why Banks Settle Debt with You
Why are credit card companies willing to accept less than normal payments and even settle for less than the full balance due? The math!
Avoid Debt Settlement Scams
Debt settlement is not a scam. Far from it. Settling with creditors is a great way to deal with debt when you are unable to maintain consistent payments. It is however, not a cake walk, though many debt settlement companies will sell it as such. This post was inspired by a consult I did this […]
Can Settling your Debts make it Easier to Find a Good Job in Today’s Tough Job Market?
In a recent blog post written by Diane Stafford with the Kansas City Star entitled: Bankruptcy filing thwarts re-employment, Stafford highlights a key reason why consumers who can qualify for a Chapter 7 liquidation of debt bankruptcy should research ways to avoid it, if at all possible. The concern here is your credit report when […]
Banks Raise Credit Card Interest Rates Based on Risk – But This Leads to Losses
More than half of all of the people that have consulted with Consumer Recovery Network over the years, have indicated that credit card interest rate increases had made it harder for them to keep up with their monthly payments. Why are these increases happening? In many cases it’s because of something called the universal default, […]