The Fair Debt Collection Practices Act (FDCPA) is intended to protect consumers from abusive and deceptive practices by debt collectors. To ensure that consumers received the full value of that protection and debt collectors couldn’t escape responsibility for breaking the law by claiming their actions hadn’t done any actual harm, the statute allows for two different types of FDCPA damages.
Managing debt is challenging for many people, and there’s no clear consensus on the best way to do it. In debt management, as in many other areas of life, success depends in part on finding a system that works for you—even if it makes little sense to others.Managing debt is challenging for many people, and there’s no clear consensus on the best way to do it. In debt management, as in many other areas of life, success depends in part on finding a system that works for you—even if it makes little sense to others. [Read more…] about Managing Debt: Snowball or Avalanche?
A bankruptcy discharge is intended to give you a clean slate. With legal responsibility for many unsecured debts eliminated, you have the freedom to move toward greater financial stability. The peace of mind that clean slate offers is disrupted when debt collectors pursue collection of discharged debts. Here’s what to do when facing debt collection after bankruptcy.
Your credit score impacts many areas of your life. You probably know that your credit score impacts your access to credit and the price you pay for that credit. But, many people don’t realize that credit scores can also impact things like the amount of the deposit you’re asked to pay when you connect utilities, your access to apartments, and even the price of your car insurance. [Read more…] about 5 Things You Don’t Know are Hurting Your Credit Score
According to a 2018 report from the Consumer Financial Protection Bureau (CFPB), Americans have filed nearly 1.5 million complaints with that agency, including more than 400,000 debt collection complaints. While those complaints span 7 years, the frequency of consumer complaints has increased since the CFPB began accepting reports in 2011. Currently, the Bureau receives about 30,000 complaints each month. [Read more…] about Top Debt Collection and Consumer Credit Complaints
Credit card debt is expensive and stressful, so it’s no surprise that many people who find themselves with significant credit card debt are willing to try almost anything to get that debt under control. The commitment to conquering credit card debt is great, but without a solid strategy, it’s surprisingly easy to make things worse. [Read more…] about 5 Important Credit Card Debt “Don’ts”