Archive for the ‘Debt Management’ Category

Will debt settlement affect my credit worse than through nonprofit credit counseling?

Posted on: January 22nd, 2013 by Kenneth Long No Comments

(Ask a Question) I am in a position of receiving a little unexpected money this week.  I would like to pay off as many bills as possible with this money to make it go as far as possible.  I contacted one creditor and inquired if they might settle.  They agreed to settling the balance at about 55%. The savings is just under $600. Will this affect my credit score in a worse way than continuing paying monthly through a non-profit consumer credit counseling company? (more…)

I have several credit cards–can I just settle my biggest one?

Posted on: January 10th, 2013 by Kenneth Long 1 Comment

(Ask a Question) I have serval credits with low balances that I can pay, but I have one that is huge that I cannot afford their min payment. Can I just do debt settlement on this one without going through my whole financial life. (more…)

Can I Legally Stop Credit Card Debt from Destroying my Credit?

Posted on: May 21st, 2012 by Kenneth Long No Comments

(Jocelyn from Florida) I am trying to buy a house but my credit cards have big balances. Can I legally stop credit card debt from destroying my credit? (more…)

Western Sky Scam is More than Just Usury

Posted on: May 20th, 2012 by Kenneth Long 11 Comments

Western Sky Financial has been one of the most prominent and most successful lenders over the past couple of years. Desperate consumers continue to flock to the high-interest lender to obtain loans that they believe will somehow alleviate their financial situation.

Skeptical consumers often ask, “is Western Sky Financial legal?” Of course they are referring to the usurious interest rates charged that often exceed state usury limits where the consumer lives. While the rate itself is often actually illegal, what is really interesting is the illegal steps taken by the lender to obtain a judgment against those who fail to repay the nearly impossible to repay loans. (more…)

Do you Offer Credit Counseling Services Relating to Payday Loans?

Posted on: July 26th, 2011 by Kenneth Long No Comments

(Deanne from Wisconsin) Do you offer credit counseling services relating to payday loans? (more…)

Ohio Credit Counseling Hotline

Posted on: March 19th, 2009 by Kenneth Long No Comments

A hotline has been set up for Ohio residents that need to speak with a credit counselor immediately. The hotline is staffed by trained counselors that are both Accredited Credit Counselors and Accredited Financial Counselors. This should expedite the process for Ohio residents that are seeking debt relief, especially considering the long delays at some agencies in responding to requests for help. (more…)

Payoff Bills

Posted on: February 1st, 2009 by Kenneth Long No Comments

Each month, you probably receive several bills in your mailbox or email inbox. Some are inevitable such as utilities and rent and/or mortgage, but others you wish you could get rid of. There are several different routes you can take in order to payoff these bills. (more…)

Quickest Way Out of Debt

Posted on: December 17th, 2007 by Kenneth Long 2 Comments

The quickest way out of credit card debt is to dramatically cut your interest rates. There is no other factor that matters as much as the rate in which your finance charges are compounded. So how do you eliminate credit card debt? Here’s how. (more…)

Does Credit Counseling Affect Credit?

Posted on: November 16th, 2007 by Kenneth Long 1 Comment

I hear some people say that credit counseling is just like bankruptcy. Others say that you cannot get a loan if you are on a debt management plan. There is so much incorrect information being discussed, and regrettably, it is often by professional mortgage loan officers and bankers.

Let’s bury the hatchet on those old urban legends. Here is the truth, from Fair Isaac Corporation, the Federal Housing Administration (FHA) and the US Department of Housing and Urban Development. (more…)

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