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Credit Repair Services vs. 'Do-It-Yourself' Credit Repair
Millions of Americans suffer because of bad credit these days, and almost all of these people turn to the Internet for help. In the past 5 years hundreds of ‘internet-based’ credit repair services have sprung up , preying on consumers in need of...
How to Handle and Avoid Credit Card Debt
If you are trying to avoid credit card debt, it probably seems like the entire world is working against you. Anyone with a mailbox receives hundreds of credit cards offers every year. And although credit cards can be lifesavers when used...
Is Your Website Credit Card Friendly?
Small Business Q&A with Tim Knox In my last column I discussed the process of credit card enabling your brick-and-mortar business. I pointed out that research has shown that accepting credit cards can help increase revenue and enhance cash flow....
Online Credit Card Precautions
With the economies and companies going global, there is an enormous rise in the number of the virtual stores. More and more people are beginning to shop online rather than going to the market and wasting hours. Now the product of your choice is just...
Poor Credit Mortgage Refinance - Refinancing Your Home After Your Credit Score Has Dropped
You can still refinance with bad credit, but you will need to
shop around. Each refinance application is looked at on an
individual basis. So even if you have bad credit, other factors
could qualify you for a low interest rate. However, if you...
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Ask the Credit Counselor
Q: I am getting married soon. My credit is great, but my husband can’t even get a credit card in his own name due to past credit problems. How will his credit affect mine?
A: The good news is that the credit histories of spouses are not merged. In fact, it is possible to keep your credit history completely separate from your future husband’s, as long as you don’t add each other to your existing accounts or get new credit in both your names.
Keep in mind, though, that if you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin) debts incurred by either spouse during the marriage are considered community property. That means if he does start qualifying for credit again, you could be responsible for any debts he incurs while you’re married.
Also be careful about helping your husband rebuild his credit by cosigning new loans with him. By cosigning, you will be entirely responsible for those loans or credit cards. I may sound a bit cynical, but I see these problems all the time. While your betrothed may have told you his poor credit history was due to circumstances beyond his control (and that may be true), my experience is that most people with credit problems don’t learn the skills they need to keep them from repeating their failures.
It sounds like you and your husband have different approaches to handling money. It’s best to sort those issues out before you tie the knot, since money challenges are cited as the number one cause of divorce. Before you walk down the aisle, run – don’t walk – together to a money management course where you can learn how to see eye to eye on this important issue.
Q: Over the past two years I was unemployed and working temporary jobs. I ran up about $20,000 on five credit cards. I am working again full-time and need to lower my interest rates and get on a regular payment schedule. I’ve considered credit counseling, but wonder if I
shouldn’t just try to negotiate lower interest rates on my own. Why not?
A: It’s very important for consumers to keep the lines of communication open with their creditors if they are experiencing problems making payments. At the same time, I doubt you’ll be able to negotiate the same terms that a counseling agency can.
There are several reasons why. First, creditors know when someone enters into a counseling program that they are making a serious effort to repay their debt. Consumers in a counseling program, for example, agree not to take on additional debt. Secondly, creditors know they will be treated fairly when a consumer is in a counseling program. Without the counseling agency as the “go between,” consumers might feel pressured to pay one creditor (you know the “squeaky wheel” adage), which could mean other payments slide. Finally, the counseling agency takes on the responsibility of making monthly payments to each participating creditor. That makes it easier for you, since you only have one monthly payment to make to the counseling agency, but it also means the creditor knows they can get a reliable answer from the agency if a payment isn’t received on time. Together, all this means that most creditors feel much more comfortable negotiating with a professional credit counseling agency instead of directly with consumers.
-- Howard Dvorkin, founder of Consolidated Credit Counseling Services Inc.
Credit Counseling Services Inc., all rights reserved. To ask a question, or to learn more about strategies to reduce your debt, visit www.ConsolidatedCredit.org or call 800-210-3481.
About the Author
Mr. Howard Dvorkin, MBA, CPA, is the Founder of Consolidated Credit
Counseling Services, Inc.™ and www.ConsolidatedCredit.org. He is a noted
financial expert on consumer credit, personal financial planning, and tax
strategies, as well as specializing in both private consumer debt law and
IRS practices and procedures.
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| News and resource directory about credit unions. |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
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