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August 2014 Archives

How can you avoid additional finance charges on credit card debt?

Michigan consumers who want to avoid late fees and other finance charges added to their credit card must avoid late payments. In fact, it may be beneficial for consumers to be aware of all the requirements of their credit card providers. While it is common for card issuers to credit an individual’s account immediately upon receipt of payment, there may be exceptions. It may, therefore, be a good idea to submit payments for credit card debt a few days prior to the due date.

Medical debt may no longer lower credit scores after FICO changes

Michigan consumers may share the concerns of many about the negative effect medical debts have on their credit scores. Medical debt is mostly unanticipated, and many consumers feel that it should not be treated in the same way as other debts. The company who creates the widely used FICO scores, Fair Isaac Corp., announced that there are imminent changes that will become effective soon.

How long before Chapter 13 or Chapter 7 discharges debts?

Consumers in Michigan who are facing overwhelming debt may be considering the protection of personal bankruptcy. They may be aware of the available options, and know that some debts may be discharged, but they could be concerned about how long this process will take to provide relief. This depends on whether the consumer qualifies for Chapter 7 or Chapter 13 bankruptcy.

Foreclosure scammers may threaten Michigan homeowners

Michigan residents are likely aware of reports about companies who prowl on struggling homeowners with false promises to save them from foreclosure. The company may advertise its services nationwide on flyers offering to assist homeowners in lowering their mortgage payments and preventing foreclosure. It is reported that one company is facing two lawsuits in different states, and more claims are suspected to follow.

Credit card debt errors of others may provide valuable lessons

Michigan consumers who are heading toward overwhelming credit card debt may find comfort in knowing that they are not alone. Many others are in the same position, and other people sharing their stories may help those in trouble. Valuable lessons can be learned from the errors made by others. While there are certainly some common mistakes that can lead to unmanageable debts, the area that seems to cause most concern is credit card debt.

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