(Dave from Michigan) My credit card balances are near their limits with high rates. I’ve been making minimum payments for a long time. If I were to pay off the balance on one of the cards with a lump sum, would this put me in a position to negotiate a much lower rate and subsequently transfer another credit card balance to it? (more…)
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Archive for May, 2009
50% Payoff: Is this a Good Deal?
(Brett from Nevada) Ford has offered me a 50% payoff on $9000.00 owed after a repo. They say they will report as fully paid yet they cannot remove the chargeoff on my report as it is illegal for them to do so. they have sent me a letter stating that the account will show as paid in full. Is thus a good deal? (more…)
Cuomo: Debt Settlement a Rogue Industry
On Thursday May 7, 2009 New York Attorney General Andrew Cuomo issued subpoenas to 14 debt settlement companies and a law firm. Cuomo is part of a multistate effort to regulate debt settlement companies, which Cuomo says are “offering consumers false hope, charging tremendous fees and leaving them in a worse financial situation.” (more…)
What is Debt Forgiveness?
When examining debt relief options, clearly forgiveness of debt can be an appealing idea. Imagine getting all or a portion of your debt forgiven rather than having to deal with debt collectors and legal action! If it sounds too good to be true, understand that there are many consequences of debt forgiveness that could leave you in worse shape. (more…)
Ask Ken Your Financial Questions
When you are looking for an answer to a very specific question, it may sometimes be difficult to find exactly what you are looking for. That is because your situation is unique, and most other situations that you read about are just not the same as yours. Now you can ask your questions directly. (more…)
