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Bankruptcy hits individuals, businesses as well as government entities
A job loss, overwhelming credit card debt, interest rate hikes for many of your financial obligations, medical bills, college cost, divorce and many other reasons lead people to declare bankruptcy. Lately, bankruptcy is not just limited to individuals and businesses. More and more cities are also looking at bankruptcy as a way to reduce or even eliminate their financial obligations. The City of Stockton... [Read more]
Your credit score matters
Your credit score tells everything about your finances and therefore, becomes important for many reasons. First lenders constantly look at your FICO score and other credit information before even they delve into your credit history. Based on your credit score they set the rate they are going to charge you for credit cards, lines of credit, mortgage, and even for a car loan. A lower score to them... [Read more]
Plan a strategy to get ahead of debt
According to the U.S. Census Bureau, more than 69 percent of Americans carry some sort of debt whether it is credit card debt or student loan debt. It is a vicious circle that requires some pre-planning on your part to get ahead of debt. Make a monthly budget and stick to it: You should not spend more than you earn a month. Preparing a budget help you to understand where money is going and help you... [Read more]
Is Chapter 7 bankruptcy right for you?
Chapter 7 of the Title 11 of the United States Code is the most common form of bankruptcy in the country. Many call it the bankruptcy code. It provides for a liquidation process for individuals, individual who own a business and property to file in Federal court for “straight bankruptcy” or liquidation of most types of unsecured debt. The US residents can file for relief in federal court under... [Read more]
Re-establishing your credit worthiness
Many face bad credit problems and get their credit messed up. This should not be a distraction to re-establish your credit worthiness again. It will require will power and development of good financial discipline. Keep in mind, there are no quick fixes and it takes time. Open new accounts and pay them on time. Repaying proves that you are disciplined. Instead of one or two credit lines and carrying... [Read more]
What to do if you discover an identity theft
Many of us do not check our credit reports regularly. But an identity theft can change this instantaneously. If you discover an identity theft by checking your credit report, here are few steps you need to take immediately. Immediately put a fraud alert with all credit reporting agencies of Equifax, Experian and Trans Union. Traditionally, a posting with one agency is picked up by the others. This... [Read more]
The impact of fraud alerts on your credit score
Article submitted by Racmaghreb. The Internet is riddled with credit card fraud and fraud alerts. Alerts warn card holders as well as lenders that they are at higher risk and to be vigilant and closely monitor financial accounts including bank and credit card accounts. Traditionally, these alerts expire within 90 days says Experian, one of the credit reporting agencies. Traditionally, fraud alerts... [Read more]
Which debt to pay first?
Experts say that to attack the debt with the highest interest rate first. But there are few factors that you need to consider before you prioritize which debt to pay off first. Consider paying off the debt with highest interest rate as well as with no tax advantage first. Interest you pay on home mortgage in many cases is tax deductible. On the other hand consumer debt such as credit cards including... [Read more]
Death and taxes
Benjamin Franklin once said “in this world nothing can be said to be certain, except death and taxes.” The Federal government’s estate tax exclusion now is at $5.25 million. Many estates are much less than the limit and therefore, many thinks that their beneficiaries can escape from paying estate tax when they die. It may be true for Federal tax purposes but not for state taxes. A total of... [Read more]
Not all debt is bad
The average American household credit card debt in 2012 is estimated at $15,590. Most credit cards charge a hefty interest rate. Controlling your personal finance is the best way to get out of debt and manage your money wisely. Not all debt is bad. Home mortgages and student loans are considered good debt. Home mortgage not only allow you to buy your own shelter while giving you a tax break on... [Read more]
