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Credit Card Safety Tips
Credit cards are one of the great conveniences of modern life.
They eliminate the need to carry around large amounts of cash
for large purchases or emergencies. They make it possible to
make online and mail order purchases without having to wait...
Credit Repair Help
When it comes to life the majority are always assuming, and the
most of them assume the worst. Creditors, debtors or anyone
today all base their theories on assumptions and assumptions
from the beginning of time have caused nothing but failure....
Credit Repair Scam - How To Avoid Being A Statistic?
Credit repair scam - How to avoid being a statistic? A good credit history is critically important for the consumer. A bad credit will prevent you from getting a business loan, owning a home, or even a job. Promises to "fix" your credit are always...
Free Credit Cards and Balance Transfers Allow You to Manage Your Debt Wisely
If you're being squeezed by the high interest rates and fees
charged by your credit companies, it might be time to rethink
your financial strategy. In today's marketplace, credit card
companies compete for your business. You can take advantage...
How To Get Easy Loans With Bad Credit
Let's take a little break from your promotional activities and talk about the subject of financing. Financing an e-business and the related working capital is often overlooked by many entrepreneurs,but it's the oil that greases the wheels on...
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Mandatory Credit Counseling for Those Considering Bankruptcy
Most Americans are aware of the sweeping changes in U.S. bankruptcy law that were made by Congress recently. These changes, strongly supported by the credit card industry, were designed to make it more difficult for Americans to file for bankruptcy under Chapter 7 of the Federal bankruptcy code. Chapter 7 allows consumers to essentially have all of their debts wiped away by the court. While many people will still be able to file under Chapter 7, many more will have to file under Chapter 13, which requires the establishment of a repayment plan. A less publicized provision of the bankruptcy bill is the one that requires debtors who are considering filing for bankruptcy to first undergo credit counseling. What does this mean for consumers?
Actually, the details are not yet known. The law, which takes effect on October 17, 2005, does require that debtors considering bankruptcy receive credit counseling at least six months before filing for bankruptcy. The law also requires that they receive additional counseling before the case is finalized and that any agency providing counseling services must charge an undefined “reasonable fee.” Other than that, there are no details yet. The portion of the law that deals specifically with credit counseling hasn’t yet been written, and the full
details are not expected to be released until mid-summer. Even those who work in the credit counseling industry do not know what will be expected of them once the law takes effect.
For consumers with problem debt, this confusion is only making a bad situation worse. In the Fall, more steps will be required of those filing for bankruptcy, but no one knows what those steps are, what they will cost, or how involved they will be. Anyone who has a current financial situation that they feel may lead to bankruptcy would be well advised to consider filing now. Bankruptcy should be considered a last resort for those with problem debt, as a bankruptcy filing will stay on a credit report for at least ten years. If bankruptcy appears inevitable, however, filing now will probably be easier, cheaper, and faster than filing after the new law takes effect in October.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and StructuredSettlementHelp.com, a site devoted to information on structured settlements.
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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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