Credit and Debt Blog

The Federal Trade Commission announced that EdebitPay will pay $2,258,258 to compensate consumers affected by unauthorized debits. The FTC also alleged that EdebitPay was guilty of deceptive marketing practices.

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Republicans and Democrats hailed the newly announced income tax rebates as a preventative measure to ward off recession. The rebates amounting to $600 for individual taxpayers and $1,200 for joint tax filers are supposed to ratchet up consumer spending. Even those earning $3,000 or more would get $300 back, even though they do not pay [...]

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A foreclosure rescue operation was sued in Broward County Circuit Court on allegations of fraud. National Foreclosure Management Inc., which also does business as American Home Rescue Inc. was charged with violating Florida’s deceptive and unfair trade laws. About 80 homeowners were affected, representing approximately $1.7 million in equity. Most of these homeowners had substantial [...]

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DON’T! That should just about sum it up. Debt settlement companies: Cannot reduce the debt lower than you can negotiate Cannot help you avoid legal action such as judgment and garnishment Charge you monthly fees of $35 or more Charge you a percentage of the savings Fail to disclose potential taxes on forgiven debt that [...]

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Holders of adjustable rate mortgages (ARMs) that are facing a reset (dramatic increase) in their rates and monthly payments should consider refinancing with a fixed rate mortgage loan. Actions by the Fed to cut short-term interest rates should hold mortgage rates low for the next several months.

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The Federal Reserve Board voted to reduce both the federal funds rate and the discount rate by three quarters of a percent. In an emergency move, the Fed acted ahead of next week’s scheduled meeting. Huge sell-offs in Asian and European markets were expected to be matched by a similarly drastic fall in US stock [...]

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Have you ever wondered how much debt collectors paid for your debt? Knowing their investment in the debt can help you know what they might be willing to settle for. The answer might surprise you!

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In a change announced Thursday, RBC Centura announced that they would be simplifying their name. Considered by some to be a mouthful, RBC Centura will become RBC Bank. The change is expected to finalize in April, when the bank will officially become RBC Bank. It will take some time for the changes to be fully [...]

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Choosing a reputable credit counseling agency is about to get easier. Consider these tips when deciding which credit counseling agency will best be able to help you improve your financial situation.

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In a rare move, the City of Cleveland filed a lawsuit in Cuyahoga County Common Pleas Court, suing 21 banks over the foreclosure crisis. As some consumer advocates applaud the move, we know that it is too little too late.

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