Does Credit Counseling Hurt Your Credit
Before I wrote this article, I did a quick google search for Does Credit Counseling Hurt Your Credit and I learned 2 things. 1. That the prevailing wisdom (if that is what we are calling the first page of Google these days) seems to indicate that no, Credit Counseling also known as a Debt Management Program (DMP) does not Hurt your Credit Score. 2. Prevailing wisdom is not always an accurate...
Read MoreShould I Borrow from 401K to Pay Credit Cards
One of the major pitfalls to acting on financial advice given to a general audience is that the advice is…well, general. A perfect example revolves around using a 401k to pay off debt. If a consumer was to read several personal finance books and blogs, they would easily come to the conclusion that you should never use a 401k to pay off credit cards. I disagree with that conclusion and say...
Read MoreHow to Check Out a Business or Company to Avoid Getting Scammed or Ripped Off
Here is a guide to help try to avoid being cheated or scammed by a business or company and check out or evaluate a company for free before you decide to pay them money for services. Over the years a common theme has emerged where people feel they are scammed by a company or taken advantage of and it appears they have not checked them out before giving up their hard earned money for services....
Read MoreCost of Livin – High and Going Up
Ronnie Dunn, Cost Of Livin’ Lyrics Everything to know about me Is written on this page The number you can reach me My social and my age Yes I served in the army It’s where I learned to shoot Eighteen months in the desert Pourin’ sand out of my boots No I’ve never been convicted of a crime I could start this job at any time. I got a strong back Steel toes I rarely call in sick A good...
Read MoreHow To Get Out Of Debt – Carnival of Personal Finance
Today I thought I would try something different and take a stab at hosting a Personal Finance Blog Carnival started by my friend Steve Rhode over at How to Get Out of Debt. For those of you who don’t move in blogospheric circles, a blog carnival is simply a roundup of articles from various blogs, typically centered around a common topic. I’ll admit that I was fairly selective this...
Read MoreDebt Settlement Pros and Cons
Debt Settlement Pros and Cons. This article may be a bit satirical and exaggerated, but any consumer that has found themselves in the unfortunate situation to have to get some straight answers about the different debt relief options available can certainly appreciate how this article closely mimics reality. Ask a Credit Counselor and a Debt Settlement Representative about the pros and cons of...
Read MoreTaxes on Debt Settlement
Why must I pay Taxes on Debt Settlement? The concept, although quite simple, can actually be very confusing for consumers, especially because of false information offered by some debt relief sales people. The bottom line: Unless exempted by the insolvency rules or another exemption, you will owe taxes on debt that has been forgiven by a creditor. In this article I assume that none of the...
Read MoreDefendants Lose The Weight Of Their Assets In “Hoodia” Weight Loss Case
In April of 2009 the Federal Trade Commission (FTC) charged makers of a “Hoodia” weight loss supplement with deceptive advertising. The companies, Nutraceuticals International, Stella Labs and key company players and controllers David Romeo, Deborah Vickery, Craig Payton, and Zoltan Klivinyi claimed that using their product would lead to weight loss and appetite suppression. In its...
Read MoreHomeowner Forecloses on Bank of America – Ya, You Read it Right
Attorney Todd Allen in Collier County Florida gets my vote for Man of the Year for defending home owners against foreclosure. Apparently Bank of America tried to foreclose on Maurenn Nyergers and her husband. However the homeowners claimed to have a valid defense. Their defense was, not only did they not owe any money on the home, but that they had paid cash for the house and didn’t...
Read MoreLegal Helpers Debt Resolution Review – Secret Business Plan Exposed
Legal Helpers Debt Resolution Review After listening to and reading about countless stories from unhappy former clients of Legal Helpers Debt Resolution, reviewing their contract myself, and observing the process they put their clients through, I have formed a personal opinion about the business model of Legal Helpers Debt Resolution and in past articles I have not been shy about my...
Read MoreCredit Collections Defense Network Gets Spanked by West Virginia AG’s Office
Credit Collections Defense Network Recently, West Virginia Attorney General Darrell McGraw, won a victory for consumers against Credit Collections Defense Network (CCDN). The judgment was granted against CCDN, Robert Lock Jr. and Phillip Manger and bars them from doing business in the state. In addition to the permanent injunction, the court also imposed a $130,000 civil penalty against each...
Read MoreLegal Helpers Debt Resolution Sued in 30 Page Complaint Filed by Illinois AG
Legal Helpers It is nice to see regulators on several fronts stepping up the pressure on Legal Helpers and taking action against programs that I have been warning consumers about for quite a long time. Click the video player to listen to the news story and hear some of the allegations of the Illinois Attorney General. Among other things, it is alleged that… 1. Legal Helpers...
Read MorePreferred Financial Services Makes Dumb Move by Publishing Dumb List
Preferred Financial Services “The 5 dumbest things you can do if you have too much debt,” says the headline. Naturally, I want to know what someone thinks the 5 dumbest things are, so I click. Here is what I see… 1. Paying only the minimum payment on your debt, as this will result in the amount you owe actually growing, and your problems will only become worse. 2. Relying...
Read MoreGrandparent Scam Strikes Again
Put yourself in the shoes of a caring Grandmother. Let’s say one day you receive a call from your grandson telling you they’ve been in an accident and are being held in jail in the Dominican Republic. They want you to keep their little debacle a secret but they need you to wire money to them ASAP to get them out of jail. What would you do? Claudia Beach of Jacksonville, Florida recently faced...
Read MoreDave makes Thousands Screwing Consumers, way to go Dave!
When you call most 800 numbers looking for help with your debt, you will usually be talking to someone like Dave. Here is a guy that laughs all the way to the bank for pocketing $7680 for throwing some unlucky consumer into a B.S. Front loaded fee debt settlement program that is a horrible financial solution under any circumstances. Keep in mind, that was just his commission for screwing this...
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