Bad Economy, No Job – How Can I Repay My Debts?
When you have collection agencies calling you and you are in debt up to your eyeballs, it’s time to take action and quick. First step you need to take is to get a job, sooner than later. You cannot afford to use the bad economy as an excuse any longer. The bad economy may be standing in the way of you getting the job that you desire, but it shouldn’t keep you from obtaining gainful employment that will help you start paying your bills. Your only priority when you have debt to repay should be to get a job that allows you to have enough income to start repaying those creditors.
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Credit Card Debt – ‘Til Death Do Us Part
There are a lot of things you can’t take with you when you die, and in the case of credit card debt, it can be a good thing. However, this can change depending on where you live and whose names the credit card is under. Of course, the simplest scenario is that the credit card was on your name alone, with no joint account holders. In this case, any debt owed on the card, after death, would belong to only you and no one would inherit it.
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The Fair Debt Collection Practices Act
Although you may have defaulted on your loans and owe creditors their money, remember, you do have the right to be treated fairly by the collection agencies. Creditreportblog.com feels for its readers who are frustrated at being hounded by these collection agencies, leading to a lot of stress in their daily life. In order to keep these aggressive collection agencies in check, the Fair Debt Collection Practices Act was put into place. This act applies to those who work on behalf of creditors to collect outstanding debts from individuals, such as unpaid car loans, mortgages, credit cards, and medical bills. Under this Act, there are certain guidelines that the collection agency must adhere to.
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When do you need a credit counselor?
If you can pay your bills on time and are current on all your payments, you certainly do not need a credit counselor. Some indications that you may require the aid of a credit counselor are:
1. If you are not able to pay the minimum payments on your account.
2. If you are constantly late paying one or more of your regular bills.
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What are “Credit Bureaus”?
“Credit Bureaus” are companies that collect information about consumers’ financial activities. There are 3 major credit bureaus: EQUIFAX, EXPERIAN and TransUnion. They collect information from parties that have given you credit in the past, such as stores that may have given you credit cards, or banks that you may have obtained loans from. They then sell this information in the form of a credit report to anyone who has a legally recognized reason to request it. This would include:
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