May 26
adminUncategorized debt collection, debt consolidation, payday advance, personal credit
Can creditors come after family members of a deceased spouse or parent?
Generally speaking, creditors cannot come after the family members of a deceased spouse or parent. However, if you have joint accounts or co-signed on something, you could be held responsible. This has unfortunate effects on your personal credit score; sometimes though, creditors are willing to work with you depending on your individual situation.
If, however, the deceased is your spouse and you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), debts acquired during the marriage are considered community property and you are likely responsible for them.
If you feel like you’re being held accountable to pay money for a debt that you’re not responsible for, you should get in touch with a consumer law attorney. Or, if you’re struggling to repay legitimate debt of a deceased relative, it may be a good idea to consult a debt consolidation company.
May 24
adminUncategorized need credit, payday advance, personal credit, The CARD Act
The CARD Act
If you need credit, there’s good news! As of May 2009, President Obama signed The Credit Card Accountability Responsibility and Disclosure (CARD) Act into effect. The new laws were scheduled to roll out in three phases over a 15-month time span. The first phase went into effect on August 20, 2009, and included the new 45-day advance notice to cardholders regarding significant account changes or interest rate increases. It also required that issuers mail out statements 21 days (rather than 14 days) before the due date.
The second phase of the roll out, and the most extensive, went into effect on February 22, 2010.
But what exactly does the CARD Act mean for consumers? How does is effect your personal credit? Read more about the major provisions of The CARD Act.
May 20
adminUncategorized cash advance, credit, credit card statement, need money, payday advance
Need Money to Pay Credit Card Bills
Are your credit card bills piling up on your counter top? Feeling overwhelmed and need money now?
The best way to take on a mountain of bills is to sit down and map out a plan of attack. With a plan in place, you’ll be able to rest easier and avoid any additional stress. First, decide how much you can afford to put towards your credit card payments. Your first priority is to pay your basic living expenses; things like rent, utilities, food, etc. Then, take each credit card statement and lay it out according to highest interest rate. Take half of the amount you’ve set aside for credit card bills and put it towards your highest interest rate card.
For example, let’s say you can afford to pay $250 per month towards all of your credit cards. The first $125 should be put towards the highest rate credit card. Next, take the remaining $125 and divide it among the other cards. Repeat this process each month until you pay off every card. You’ll be glad you did, when you no longer need money to pay credit card bills. Instead, you can focus your energy on things you enjoy.
May 18
adminUncategorized annual percentage rate, apr, cash advance, payday advance
What does APR stand for?
APR is an acronym for: annual percentage rate. When you apply for a loan, you’re required to repay the loan amount plus an interest fee, which is usually expressed as an annual percentage rate. The interest rate is computed in terms of one year. Depending on the loan term in the contract, the interest is calculated accordingly. In other words, you only have to pay interest for as long as you owe the loan.
The interest fees on payday advances are calculated differently according to your state regulations. Typically, most cash advance interest fees are calculated based on a percentage of the loan amount. This fee, if calculated in terms of an annual (meaning one-year term) is 300%-800%. However, it’s important to understand the difference in a one-year loan and a payday advance. Because a payday advance usually has a 14-day term, the interest applied appears to be much higher than it actually is. For example, the average interest fee is $15 for every $100 borrowed. So, it may appear much more when calculated with a one-year term.
May 10
adminUncategorized avoid personal loan, energy saving tips, payday advance, tips to save energy
Easy Ways to Save Energy
These days everyone’s looking for ways to save money and avoid costly personal loans. Here are a few easy things you can do:
Install a programmable thermostat. Rather than cranking the temperature up or down, it’s much more efficient to keep it within a comfortable range.
Trade out your old light bulbs for compact fluorescent bulbs.
Air dry dishes and laundry instead of using your appliances.
Turn off your computer and monitor when not in use.
Plug home electronics, such as TVs and DVD players, into power strips; turn the power strips off when the equipment is not in use (TVs and DVDs in standby mode still use several watts of power).
Lower the thermostat on your hot water heater to 120°F.
Take short showers instead of baths.
Wash only full loads of dishes and clothes.
Drive like an old lady. Aggressive driving (speeding and slamming on the brakes) wastes gasoline.
For more ways to save money, check out these tips to avoid Payday Advances.
U.S. Department of Energy
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