Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Congress may soon vote on H.R. 3609, which is titled the Emergency Ownership and Mortgage Equity Protection Act. The idea is to provide bankruptcy judges the authority to modify mortgage loans to help families afford the payments.
The bill proposes allowing distressed homeowners to include their mortgage in a Chapter 13 bankruptcy filing. There are some other important proposed changes also. 
It is a known fact that most debt collectors routinely violate federal laws when attempting to collect on a delinquent account. Their greatest ally is consumer ignorance. Most people just do not understand their rights.
One such right is listed in the most comprehensive law related to consumer debt collection. This right is what can stop an abusive debt collector in their tracks. Instead of going to court, you can threaten a more feasible option by saying two words.
Credit card issuers have been more than happy to take advantage of the subprime mortgage debacle. They know that distressed homeowners will often run up credit card balances rather than fall behind on a mortgage payment. As many of the adjustable rate mortgages reset their fees, many homeowners tried to keep up by charging living expenses on credit cards.
Up to now, some credit card issuers have profited handsomely from the increased credit card use. The question is, how long can credit cards absorb the further eroding of consumer finances? There are signs that the credit card industry is set for a big hit.
Tired of getting those pre-approved card offers? You may have found that you can opt out of these offers by calling 888-5-OPT-OUT. This works across all 3 main credit bureaus.
Some mortgage brokers say that this has another unintended affect. They claim that it can give you a couple of extra points on your credit score–points that could get you into a lower interest mortgage.
This month, numerous debt settlement operations received restraining orders from the Federal Trade Commission. They cited The Debt Settlement Company, The Debt Elimination Center, Money Helps, Edge Solutions, and Pay Help, Inc. All of these companies marketed debt relief through the Debt Meltdown Program. These were operated by Miriam and Robert Lovinger.
This is not the first time the federal government has worked to shut down debt settlement companies that misrepresent the value of the services that they can provide. What is remarkable is that these failed programs are no different than most other debt settlement companies!
Home Equity Conversion Mortgages (HECM), also called reverse mortgages, are one of the hottest products available to the increasing number of baby boomers entering retirement. In order to assess whether a reverse mortgage is right for you, you should understand the costs and benefits associated with a reverse mortgage.
First, consider the benefits of a reverse mortgage. If you are house rich and money poor, you may feel the pressure of upkeep on your home while paying ordinary living expenses. You have a good net worth, but you cannot tap into it.
If you have ever fallen behind on your credit cards, you have probably received a few courtesy phone calls as a reminder to make your minimum payment. If you have found yourself a month or more behind, then you may have realized that it is time to seek credit counseling.
Once all of your credit card accounts are turned over to debt collectors, you have likely realized that the collection calls are less pleasant. Some debt collectors are downright rude. Would you believe that almost all debt collectors routinely violate federal law?
Maybe you thought that your financial shortfall would be temporary. Perhaps it was. What many people find is that being maxed out presents a new list of challenges.
We evaluated the situations of hundreds of clients to list the most common challenges being faced once a family finds themselves maxed out. These are the results of our review.
If you have experienced calls from debt collectors, you know how frustrating and embarrassing these calls can be. They come morning, afternoon and evening seven days a week. Not even Sunday is a day of rest for debt collectors.
Many debt collectors routinely will reveal information about your debt to employers, neighbors, relatives and family members. Their purpose is to embarrass you to the point that you will do anything to pay that debt off.
Late fees on credit cards have increased steadily throughout the past ten years. Most credit card issuers have begun raising their late fees to as high as $39. If you have been late on your first credit card payment, then there are ways to get around it.
Did you know that most major credit card issuers will forgive a late payment? Here are four reasons why you should contact your credit card issuer when you make a late payment.
