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All articles by Charlie Essmeier -
Americans know all too well how much it costs to use credit
cards. The average household in the U.S. now has nearly $10,000 in
credit card debt. Carrying such debt is fine, as long as you
realize that there are costs associated with it. The interest rates
aren't particularly low and the fees charged for paying late or
going over your limit can be steep. Late fees of $39 aren't
uncommon, and they are assessed if
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The economic downturn of the last five years has affected
millions of Americans, but it has also affected the budgets of
states, cities and counties. With limited tax dollars with which to
work, various government entities have had to try to stretch their
budgets to allow them to continue to function. Many government
agencies at the state and local levels have turned over debt
collection to collection agencies, even for such seemingly small
debts as parking tickets
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Home equity loans and lines of credit are useful tools for
homeowners. They allow the homeowner to borrow against the value of
his or her home for all kinds of purposes – home improvement, debt
consolidation, vacations, and more. The loans, backed by the value
of the house itself, come with attractive interest rates and the
added bonus of tax deductible interest. That interest, however, is
often variable, adjusting up and down with changes in market
conditions.
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Problem debt is rampant throughout America. In addition to
mortgages and auto loans, the average household in the U.S. has
nearly $10,000 in credit card debt. As the major credit card
companies have recently doubled their minimum payment requirements,
now is a good time to outline the various options available to most
consumers who have more debt than they can handle.
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A new study by National City Corp. looked at home values for 299
American cities and compared them to where they "should be" based
on a number of economic factors that determine home prices. The
results were not encouraging; homes in nearly one third of America
were judged to be "extremely overvalued." That's the part that's
getting headlines. A complete read of the report shows that things
are even worse, as 100 cities in the U.S.
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Credit counseling is a useful service for anyone with problem
debt. A good counseling agency can provide advice regarding money
management and debt consolidation. They can also help arrange a
repayment plan with your creditors to help you get out of debt. A
bad agency can charge excessive fees, pocket money that was
intended to pay your bills, and steer you into greater debt than
before. Predatory credit counseling has become a multibillion
dollar industry, and with
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Most consumers are aware of the importance of their credit
report. This document, offered to consumers and lenders by the
three major credit bureaus, offers a fairly complete list of
financial transactions and debts incurred by a consumer. Lenders
examine the report, along with the associated FICO score, to
determine whether a consumer is worthy of receiving additional
credit or loans. What many consumers may not know is that credit
card companies regularly check their credit reports,
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Today's real estate market is a volatile one; prices are at
record levels and Interest rates are favorable, but foreclosures
are increasing. Wages haven't kept up with home prices and some
buyers who had to stretch to find a way to obtain a mortgage in the
first place are having trouble making their payments. Usually, if a
buyer cannot meet his or her mortgage obligation, the lender
forecloses, taking the home and leaving the buyer without
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Last April, Congress passed the Bankruptcy Abuse and Consumer
Protection Act, the most sweeping reform of our nation's bankruptcy
laws in more than twenty-five years. Proponents of the bill argue
that most consumers who file for bankruptcy do so simply because
they do not wish to pay their bills. That is an arguable point, as
studies show that most bankruptcy filers have suffered illness,
injury or job loss. Regardless of the reasons, Congress has made
the changes,
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With the growing interest in real estate purchasing and
speculation, more and more lenders are offering "nontraditional"
types of mortgages. These include adjustable rate mortgages (ARM)
of every shape and size, the more popular interest-only mortgage,
and the very dangerous Option ARM mortgage, which can cause the
amount you owe to actually increase as time passes. One rapidly
growing sector of the lending market is the so-called "subprime"
market, which caters to consumers with poor credit records.
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