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Monday, 21 November 2011 09:39 |
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Article by Nancy C. L. Stein, Esq., Staff Writer, PR4Lawyers
Faced with literally thousands of dollars in unpaid high-interest credit card and other debt, Americans are searching for ways to ease their financial burden. Among the popular methods of debt reduction or elimination is debt consolidation. Debt consolidation is used to combine the debts you are paying off such as credit cards, personal and student loans, and car payments. Monthly bills such as rent, water and electric bills and insurance premiums are not eligible for consolidation.
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Last Updated on Monday, 21 November 2011 09:42 |
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Sunday, 02 October 2011 09:40 |
Article by Richard S. Feinsilver, Esq.
If you feel like you're in over your head with personal debt, you're not alone. Millions of Americans have become overextended, many as a result of easy credit provided by banks and impact of the most recent recession. Credit cards, medical bills, personal loans, and high interest rates do not make a good financial mix.
Five strategies you may want to avoid:
The first piece of advice from leading financial advisors is to be sure you don't make your situation worse by making these common mistakes:
1. Beware of just paying the minimum payments on your debts. This will result in your overall debt actually growing and your problems will only become worse.
2. Avoid borrowing from your retirement savings. Your retirement account is the one thing that is absolutely beyond the reach of creditors regardless of your financial situation.
3. Avoid taking out a new high-interest loan to pay off lower interest rate loans. It may be easier to just have one payment, but it will actually increase the amount you have to pay back.
4. Beware of unscrupulous credit counselors that demand cash upfront or high fees for help they promise, but don't deliver.
5. Beware of relying on friends and family, as it could damage relationships with the most important people in your life.
Debt Settlement vs Bankruptcy - Why Should You Pay Twice
You may have heard about companies advertising that they can settle your debt for less than what you owe. Is this process legitimate? Debt settlement company is a possible solution for many people struggling with a financial hardship, but you have to understand all of the implications before you begin.
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Last Updated on Sunday, 02 October 2011 11:42 |
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Tuesday, 20 September 2011 08:53 |
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By: John Positano, Esq., Staff Writer, PR4Lawyers
Your rights against creditors….
Foreclosure defense
Powerful and effective tools exist to stop foreclosures and other collection efforts, but these tools are best used by attorneys experienced in defending your assets. Each tool has advantages and disadvantages, and only an experienced attorney knows the best overall solution to your problems. The basic tools are creditor negotiations, lawsuit defense, foreclosure defense, use of new Federal programs to help home-owners, and Bankruptcy Law. Beware of anyone who is unlicensed and unregulated and offers you advice in foreclosure defense or loan modifications.
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Monday, 19 September 2011 13:19 |
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By: John Positano, Esq., Staff Writer, PR4Lawyers
The economic turmoil of the past several years has caused great financial stress for millions of Americans. Job loss, unanticipated medical bills and declining home values have brought many previously solvent people to the brink of financial disaster. Fortunately, there is help.
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Last Updated on Monday, 19 September 2011 13:19 |
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Wednesday, 23 March 2011 08:23 |
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I read the article in the March 2011 issue of O Magazine (“What To Do When You’re Facing Foreclosure”). Although I usually like Ms. Orman’s tough-love advice, I disagree with her analysis that the homeowners should sell their home.
Owning a home is the most important investment that a family can make. It usually starts with the family providing a down payment. Ms. Orman’s suggestion that the Cartwrights should walk away from their home, pocket the money and move to an apartment is certainly misguided.
Ms. Orman rightfully criticized the government-backed Home Affordable Modification Program. It is true that HAMP’s track record for approving loan modifications is somewhat low. This is because most homeowners are not sophisticated enough in the application process.
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Last Updated on Tuesday, 03 May 2011 16:34 |
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