Debt & Credit Repair

Debt & Credit Repair

What's the Best Way to Pay Off Credit Card Debt?

If the only thing that matters to you when paying off debt is saving dollars and cents, the payment strategy that clearly makes the most financial sense is paying off your balance with the highest interest rate first.  So try this method out and start watching your balances shrink!

Updated by Joshua Heckathorn on Mon, 2022-09-26 14:50

How to Prioritize Your Debt.

Depending on how much debt you have and how many bills you need to pay, it may be impossible to pay it all off at once. Instead, it is necessary to prioritize the ones that are most in need of being paid.

Updated by Alice Bryant on Fri, 2017-04-28 11:11

Learn Your Rights Under the CROA

The Credit Repair Organizations Act, also known as CROA, is a section of the Consumer Credit Protection Act that protects consumers from credit repair scams.

Credit repair organizations can be an easy fix for consumers who are buried in debt with bad credit. By using a credit repair organization, experts can help you control your finances and teach you how to manage your money correctly. These services often offer continuous credit score monitoring and debt management for a monthly payment.
Updated by Joshua Heckathorn on Thu, 2016-09-01 16:46

See What Income-Based Repayment Can Do For You

Are you struggling to keep up with your federal student loan payments? If so, a provision of the 2007 College Cost Reduction And Access Act, known as IBR (Income-Based Repayment), may be just what you've been searching for.

Although the law was passed in 2007, it actually took effect on July 1st of 2009 and is available to anyone with an eligible federal student loan. IBR essentially allows qualified borrowers to restructure student loan payments based on a formula that takes into account two major variables—level of income and the number of family members in their household.

Updated by Joshua Heckathorn on Fri, 2016-05-20 12:39

Foreclosure and Your FICO Credit Scores

A foreclosure ranks high among the most damaging hits to your credit score. In fact, FICO has stated that foreclosures will typically result in a loss of 85 to 105 points for someone with a 680 credit score. And if you have better credit, say a FICO score of around 780, the hit to your credit score could even be worse—potentially in the 140-160 range.

Updated by Joshua Heckathorn on Thu, 2016-02-04 02:58

Weekly Tip: Lower your debts.

Everyone has gone through moments in life when bills just add up to the point where there's not enough income to pay everything on time. For anyone that is struggling with money as of late, either due to recent unemployment or because expenses have simply spiked uncontrollably, it is possible to slowly recover from this and pay back all of the debts that are owed before they get out of hand. All it takes is patience and a handle on the monthly budget and expenses.

1. Take An Inventory of the Situation

Updated by Yael Kent on Fri, 2015-05-15 16:56

Building Credit with Credit Cards for Bad Credit

Nobody wants to deal with repairing damaged credit, but the truth is many of us are just one serious illness or job loss away from a credit nightmare. And while it can take years of responsible credit management to build great FICO scores, it unfortunately takes just a few missed credit card payments to inflict major damage on your credit history. The good news is that bad credit isn't a permanent thing. No matter how bad your credit scores are, they can always get better! Time, in conjunction with responsible use of credit cards for poor credit, can heal all credit wounds.

Updated by Joshua Heckathorn on Mon, 2012-04-23 17:00

Foreclosure and Your Federal Tax Bill

When a lender forecloses on a home, it can choose to either forgive any remaining debt or pursue the homeowner for a deficiency judgment. If the lender chooses to forgive the debt, which is often the case, it will send a form 1099-C to the homeowner for the amount of debt that was forgiven.

Updated by Joshua Heckathorn on Mon, 2012-01-23 16:00

Tackle Your Credit Card Debt with P2P Lending

Interest rates may be at historic lows, but average interest rates for even the best credit cards are still in the double digits. For consumers struggling to pay off high-interest credit card debt, the task can almost seem insurmountable!

Updated by Joshua Heckathorn on Thu, 2011-11-10 16:00

What Happens to Charge Offs After Debts are Paid?

You finally paid off the collection agency that's been hounding you over an old debt for years, but what about the creditor that originally owned your account? What happens to the charge off they've been reporting on your credit reports?

Updated by Joshua Heckathorn on Mon, 2011-06-20 17:00

Pages