Author: Arturo Guerrero

Paying off your debt can be difficult. It might take all of your extra money each month just to keep up with your monthly bills and save for a rainy day. But, making only the minimum payments to your creditors could leave you in debt for a long time. To avoid this, try to pay more than the minimum payment each month. There are many options available to help you get out of debt, and not all of them have to be unpleasant. You can work on your budget to free up funds to pay more than the minimum amount…

When you’re in debt, it can feel like there’s no way out. You might be wondering whether bankruptcy is your only option. There are many ways to address significant debt, and bankruptcy is just one option. Other options include cutting your expenses and consolidating your debt. Bankruptcy can help people get rid of some of their debts or restructure them so that they are easier to pay, but it is not the only way to deal with a lot of debt. Types of Bankruptcy When considering bankruptcy, consumers should be aware of the two main types. Each type can be…

Debt consolidation can help you manage your debts by rolling them all into a single loan. With one monthly payment, it can be easier to stay on top of your obligations. You may also be able to pay off your debts sooner with a consolidation loan, particularly if the terms are better than what you’re currently working with. There are a few key ways in which nonprofit debt consolidation differs from traditional methods. Most importantly, you won’t have to get a new loan or use a credit card to pay off your balances. Instead, you’ll work with a non-profit organization…

There has been an uptick in reports of debt collection scams. In 2021, the Federal Trade Commission got more than 154,272 reports. Of those, 50.1% were about unfair debt collection or debts that weren’t owed by the consumer. Don’t be a victim of such a scam! Be aware of the signs: calls, texts, or written correspondence from a debt collector that seems suspicious. Don’t hesitate to report any suspicious activity to the FTC. There are many honest and professional debt collectors out there. However, some scammers pose as debt collectors to take advantage of unsuspecting people. It is important to…

When it comes to paying off debt, it is important to have a comprehensive plan that takes into all of your debts, income, and monthly budget. This can be an overwhelming process, but by breaking it down into manageable steps, you can create a successful debt payoff plan. Consider all of your options and make the best decision for your financial future. Debt can be a huge burden on your finances and keep you from having a safe future. When you’re in debt, you may have to forego purchasing things you want or living as comfortably as you’d like. However,…

Assuming you’re able to make the minimum payments on your debts, it is still important to have the plan to pay them off as soon as possible. The longer you go without paying off your debt, the more likely it is that you will be contacted by a debt collector. There are a few situations where a debt collector may be able to repossess your car for lack of payment. However, this is not always the case and depends on the type of debt involved. Here is more information on when repossession may be possible. Are there any assets that…

Balance transfer credit cards can be an extremely helpful way to get out of debt, but it is important to be aware that they almost always come with balance transfer fees. These fees are required to take advantage of most balance transfer offers, which usually include 0% APR for a limited period of time. While the balance transfer fee may seem like an obstacle, it is important to remember that this fee allows you to pay off your debt without accruing any interest during the promotional period. In other words, every penny you pay toward your debts goes directly toward…

When you don’t pay a debt, the court may tell your employer to take money out of your paycheck to pay for it. This is called wage garnishment. For example, the IRS can garnish your unemployment benefits if you fail to pay your taxes. Bankruptcy may be able to stop wage garnishment in some cases, but there are exceptions. For example, people who file for bankruptcy under Chapter 7 may still have child support or alimony payments taken out of their paychecks. Wage garnishment: how does it work? Wage garnishment is one way that creditors collect on debts that are…

Debt settlement is the process of negotiating with your creditors to try to agree on a reduced payoff amount. You can do this yourself, or you can hire a third-party company to do it for you. There are some potential benefits to doing this, but there are also some risks involved. One big risk is that your credit score will almost certainly take a hit. How does debt settlement work? 6 things to watch out for What is debt settlement? Debt settlement is an agreement between you and your creditor to pay off your debts for less than the full…

Chapter 7 bankruptcy can be a helpful tool for people who are struggling to keep up with their finances. Once your case is resolved, many of your unsecured debts, such as personal loans and credit cards, can be cleared under a court order. This can provide some relief from debt collectors contacting you or garnishing your wages. Before you even file for bankruptcy, beware of spending money frivolously, as it could jeopardize your case. Also, after you file for bankruptcy, continue to be mindful of your spending habits, as certain types of spending can look like fraud. It is important…