Finance Globe

Debt collectors are known for using intimidation tactics to bully people into paying outstanding debts. Don’t get me wrong – there’s nothing wrong with a creditor or collector pursuing you for a debt that you’ve agreed to pay. However, it’s often the way collectors go about collecting debts that keeps them in trouble with the authorities. No matter how much weight they throw around, you’re not totally powerless against debt collectors. You don’t have to live...

The amount of outstanding student loan debt has surpassed that of credit card debt for the first time in history. Studies predict the amount of student debt could pass $1 trillion this year. Student loan borrowers all over the country are crushed by student loan debt. What makes student loans more burdensome than other types of debt is that it’s nearly impossible to have the debt discharged in bankruptcy. The Bankruptcy Abuse Prevention and Consumer Protection...

“You can run, but you can’t hide” is never truer than when it comes to money, more specifically to owing money. You can get away with not paying your bills for a little bit, but eventually your creditors, lenders, the IRS, and every other person you owe will all catch up to you. The longer it takes, the worse the consequences can be. Credit card delinquency Credit card debt seems harmless. The creditor doesn’t have the...

Out of all the bills you pay every month, only a few of them are routinely reported to the credit bureaus. For example, credit cards and loan payments are almost always updated on your credit report each month. On the other hand, payments on your utility bills, cell phone, or insurance generally won’t be listed on your credit report. Pay on time or pay a few days late, the credit bureaus won’t know (you’ll probably incur...

Marriage affects many aspects of your life, but credit isn't necessarily one of them. Marriage itself does not affect your credit. Contrary to a common myth, your credit report doesn’t merge with your spouse’s once you get married. Nor does your marital status affect your credit rating. Single, married, separated, or divorced, your credit rating is based strictly on your credit history. So, the mere act of saying “I do” and signing a marriage license won’t...

The effects of bankruptcy are devastating and long-lasting. So, if you’ve decided to file bankruptcy, chances are the situation is pretty bad. You’ve likely considered all your options, but before you head to attorney’s office to complete the paperwork, consider them all again. Have you considered debt settlement? Debt settlement has almost as bad a reputation as bankruptcy, but that’s mostly because of the companies who sell debt settlement services, not because of debt settlement itself....

One of the biggest misconceptions people have about credit scores is that checking their own credit scores is damaging. And of course, if consumers think they’ll be hurting themselves by checking scores, then they’re also more likely to remain in the dark about where their credit truly stands. Living without a clue of your credit score is dangerous, especially if you plan to apply for any type of financial product or service. You never know whether...

Statistics for payday loans are mind-blowing. According to the Center for Responsible Lending, the average payday borrower has nine transactions each year and is in payday loan debt for 212 days of the year. Even though the cost of borrowing a payday loan seems cheap, often $10 for every $100 borrowed, the loans get expensive when they’re not paid off immediately. The CRL cites that flipping a typical $325 payday loan eight times leads to $469...

Year-after-year, the debt collection industry tops the FTC’s complaint list. In 2011, the FTC received 117,374 complaints against third-party debt collectors. The complaints the FTC receives may not represent the true number of debt collector complaints since consumers may not realize they can go to federal agency with these types of complaints. Many of those complaints fell within just a few categories. The biggest complaint category was with harassing phone calls. This includes collectors calling continuously,...

Most people realize that credit cards and loans affect their credit score. Even the occasional blemish from an unpaid utility bill won’t surprise many people. But who’d expect medical bills to affect credit scores? To clarify, not all medical bills will hurt your credit score. Particularly, if you receive a medical bill and you pay it off within a few days or weeks, your credit score is usually safe. However, unpaid medical bills that wind up...