No matter how tight our budgets or how stringent we think we are with our spending, it can seem like our money just evaporates. Instead of cutting out whole aspects of your life, it can be a good idea to consider specific things you consistently overspend on and try to cut back or find cheaper alternatives.
Jason Athas
How do I obtain my free credit report?
What is a credit report? If you’ve ever applied for a credit card, a personal loan, or insurance, there’s a file about you.
The Consumer Perils of a Car Title Loan
Is it worth the risk of losing your car for a loan that charges 300 percent interest?
That’s what’s at stake when you take out a car title loan, a lending tool in which an individual uses his car as collateral to borrow money. But despite the potential long-term risks, it’s a less-known form of subprime lending.
Permanent Access to Free Credit reports
The three national credit reporting agencies — Equifax, Experian, and TransUnion — have permanently extended a program that lets you check your credit report at each of the agencies once a week for free.
Visit AnnualCreditReport.com to request free copies of your credit reports. Other sites may charge you or be fraudulent sites set up to steal your personal information. By law, everyone is entitled to one free credit report every twelve months from each of the three credit
reporting agencies. In 2020, soon after the COVID-19 pandemic upended the finances of millions of people, the three agencies announced they would temporarily make free reports available every week. The program was extended twice and is now permanent.
Why check your credit report? Your report shows things like how many credit cards and loans you have, whether you pay your bills on time, and whether any debts have been turned over to collections. Conversely your credit score is calculated using all of the information on your credit report. A mistake left unchecked on your report could impede your credit score. Creditors, insurers, some employers, and other businesses use your credit score to decide if they want to do business with you and the terms (interest rate) they’ll offer you.
Mistakes, like accounts or bankruptcies that aren’t yours, can hurt your credit, increase how much you’ll have to pay to borrow money, and even derail your chances of getting a loan, insurance, a rental home, or a job. Mistakes can result from errors by businesses that report credit information to credit reporting agencies. They also can be a sign of identity theft. The sooner you spot a mistake, the sooner you can dispute the error or if it results from identity theft, report it at IdentityTheft.gov.
DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt. Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org.DMCC is located at 1330 SE 4th Ave, Suite F, Fort Lauderdale, FL 33316.
SOURCE: Colleen Tressler, Division of Consumer and Business Education, FTC
4 Money Mistakes People Often Make After a Spouse Dies
In the wake of a spouse’s death, it may seem too soon to think about how to manage your money from here on out. And you would be right.
But at some point, it’s one of those topics you need to examine carefully. If this was the love of your life, and you’re in deep grief, then you’re in a state of mind that’s prone to making financial mistakes. According to a number of financial experts, there are at least four major money missteps widowers and widows tend to make once a spouse passes on.
Holiday Spending Tips
How much do you plan to spend on holiday gifts this year? If you’re anything like the average American then you’ll likely fork out nearly $900 on gifts this season. Our credit counselors warn you could end up spending a lot more if you don’t budget ahead or take advantage of deals.
Debt Management vs. Debt Settlement
Out-of-control debt has a way of taking over your life. High interest rates can cause your balances to climb higher each month, and the higher balances hurt your credit score, making it more difficult to obtain financing for important household expenses or personal needs. As the debt grows, so does your stress.
What you need to know about bankruptcy
If your debts have become unmanageable and you feel there is no other way out, you may be wondering if bankruptcy is your next best step. While it’s true that nobody wants to leave their financial fate in the hands of the courts, there are times when bankruptcy really is the only solution that can work. Keep reading to learn the basics of bankruptcy, how to file and what to keep in mind before you do.
Everything you need to know about freezing your credit
Over the last decade, we have seen far too many data breaches put consumer information at risk. That most recent debacle was the Equifax data breach of 2017, which released the sensitive personal information of up to 143 million Americans to hackers and thieves.
If your debt is discharged, do you still owe it?
I recently read an online forum which said that a creditor charges off a debt once it’s turned over to collections. What’s more, I gathered that a person does not have to repay this debt and can write “cancelled” on any invoices received from a collection agency instead of paying the bill. Is this information correct?
Unfortunately, the Internet is often a source of misinformation. If you opt to write “cancelled” on a invoice for a debt you legitimately owe, you may find yourself being sued. If you’re already dealing with the fallout from past debts, getting sued will only further complicate your situation.