Credit Card Debt

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A dime of every dollar goes to the average American's debt

The amount of money from the paycheck of the average American that goes to service debt is virtually at an all-time low. The Federal Reserve reports that the average American is spending a dime out of every dollar for servicing the debt they have. Month after month, average Americans have ...

Credit companies resume offers to those with damaged credit

The spigot has really opened back up on credit lending. Folks who have great credit have seen the credit card offers pour in lately. And these offers are getting more and more generous, chock-full of bonuses, special rates and rewards. If your credit is really good (around 740 or above), ...

Today's financial triage emphasizes car loans and credit cards, not mortgages

When you're in a tough spot financially, which bills should take the highest priority in your life? My traditional advice is being distorted by the breakdown of the mortgage market. In the past, I've said the highest priority for you should be paying your mortgage first, so you can have ...

Why credit protection insurance is a rip-off

Banks, credit card companies and really any company in the financial services industry are trying to steal your money right now by getting you to sign up for credit protection plans. The basic pitch here is that your lender will take care of your minimum payments in the event you ...

Is forgiven debt taxable income for you?

If you've received a surprise 1099-C tax form in the mail, you may be wondering if it's taxable income for you. I want to explain. The 1099-Cs popping up in people's mailboxes are really fallout from the financial crisis over the last five years. Let's say hypothetically you lost your ...

New website talks finance for 20-somethings

If you're a 20-something, there's an entrepreneur out there who wants to talk to you about money in your own language. Eric Bell, 28, had the feeling there was a big gap in the information available and nobody was reaching young people in a way that spoke to them. So ...

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Heads-up advice for furniture shoppers

There are a few circumstances where plastic trumps cash, check or debit card. If you're a homeowner, you'll want to pay close attention to this one!

Your rights when dealing with debt collectors

A leading debt-collecting agency has been fined for a pattern of unlawful attempts to collect on old debts. Asset Acceptance agreed to a $2.5 million settlement with the Federal Trade Commission. The firm had been trying to con people into making partial payments against expired debts. In some states, paying ...

Chase allegedly changed the amounts due on delinquent accounts

Agents of Chase Bank reportedly were jacking up the amount owed on some delinquent accounts before referring them out to third party collectors. This practice is called "pencil whipping." When an account would go delinquent, before it was turned over to a collection agency or outside lawyer to sue against ...

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Opt out of overdraft fees

Are you being hit with giant fees for unintentionally overdrawing your checking account? Did you know you can opt out?