Category: Consumer Information
By Jessica Stokes, DMCC Due to the recent state of our economy, many people have been confronted with an unpredictable loss of income as companies are forced to restructure their workforce. Layoffs, downsizing and foreclosure seem to be constantly in the news. Companies are also cutting back on overtime, which can cause a profound reduction [...]
By: Phil Heinemann, DMCC If you are struggling to pay your credit cards or other unsecured debts each month and you simply to do not have sufficient income to balance your budget, there are three primary options that may provide you the relief you need. Debt Management Plans (DMPs) DMPs are offered by your creditors [...]
STEPS TO OBTAIN FREE ONLINE CREDIT REPORT Step 1: Open a browser and go to www.annualcreditreport.com. Step 2: Select your state using the drop down menu and click “Request Report”. Step 3: Complete the online form and click “Continue”. Step 4: Click on the check box next to TransUnion (you may also choose Experian or [...]
Are you in Debt Trouble? Here are some ways to tell if you are. 1. You do not have any savings. 2. You make minimum payments on your credit cards. 3. You use credit cards for things you used to buy with cash, such as groceries. 4. You use increasing amounts of your total income [...]
Getting out of debt is a great concern for Americans today. Those who suffer from extreme debt often feel like there is no way out of their situation, but the reality is that with careful planning even those in the direst circumstances can look forward to a debt-free tomorrow. There are many different options for [...]
Starting in 2011, many credit-seeking consumers will get more information about how their credit report or credit score can impact a lender’s decision to grant credit and the terms under which credit is offered. Beginning January 1, new rules from the Federal Reserve and the Federal Trade Commission require lenders to provide new information to [...]
“I just need enough cash to tide me over until payday.” “GET CASH UNTIL PAYDAY! . . . $100 OR MORE . . . FAST.” The ads are on the radio, television, the Internet, even in the mail. They refer to payday loans, cash advance loans, check advance loans, post-dated check loans, or deferred deposit [...]
New Federal Reserve rules give debit and ATM card users additional options regarding overdrafts. In the coming months, banks, credit unions, and other financial institutions must offer you the ability to make decisions about overdrafts for transactions made with your debit or ATM cards. Expect your bank to send you an explanation about how it [...]
8 ways to avoid pitfalls in areas such as interest rate and fee increases As previously reported, Congress in 2009 passed a new law for credit cards that helps protect consumers from most instances of sudden interest rate increases and other unfavorable changes in fees and account terms. Most of the rules implementing the law [...]
Prohibitions and Restrictions on Interest Rate Increases: Card issuers generally can’t increase the interest rate on a credit card for one year after an account is opened, and after that, the rate can generally only rise on new transactions. However, there are several exceptions that allow for rate increases during the first year and on [...]
How many people does it take to screw in a CFL light bulb? One but what a smart consumer. CFLs or Compact Florescent Lamps may not be a shoppers first choice when picking out bulbs but they should be. These bulbs retail for about $4. Much more costly then the traditional incandescent bulbs many households still use. [...]
FTC Adds “Do Not Call” Registry to Current Telemarketing Sales Rule The Federal Trade Commission’s amended Telemarketing Sales Rule puts consumers in control of telemarketing calls they receive at home. With the creation of the National ”Do Not Call” Registry, the FTC will make it easier and more efficient for consumers to stop getting unwanted telemarketing. The National [...]
