Getting out of debt can be a tricky proposition. There are a number of programs that purport to help work through your debt issues, but you need to be careful. While some can provide needed assistance, others are little more than scams. One of the distinctions you should make when deciding what debt plan to go with is that between debt management and debt settlement. It is important to note that your mortgage obligation is usually not included in these types of arrangements.>>> [Read More]
Tag Archive: Credit score
Why Closing a Credit Card Account Can Affect Your Credit Score
When people pay off debt, many of them rush to close credit card accounts. Indeed, the process can be quite therapeutic. You pay off a credit card, and, to celebrate your freedom from the chains of the debt (and being on the wrong side of compound interest), you cut up the card and cancel the account.>>> [Read More]
Could Foreclosure Be a Smart Financial Move?
Ever since the subprime lending market began its decline about three years ago (there were strident warnings about subprime in 2007, a full year before the global financial crisis) there has been something of a debate surrounding whether or not foreclosure might actually be a smart financial move in some situations. There is even a name for a foreclosure done on purpose: “strategic default.” There are, of course, issues surrounding the idea of strategic default, and anyone deciding that foreclosure is the smart play will have to work through those issues.>>> [Read More]
