Operators of foreclosure rescue scams have been active in Michigan, and many homeowners have been victims of their devious promises. The Homeowner Protection Fund has a division that provides restitution for victims of these unscrupulous scammers. The Attorney General has recently announced that $144,542 will be dispersed to over 112 homeowners who fell prey to the Hope4Homeowners foreclosure rescue scam. After complaints from homeowners, investigations were conducted into the activities of Hope4Homeowners. Following the investigation, the scamming company was charged with three counts of violating Michigan's Credit Services Act.
Teach Michigan children about credit card debt
Most Michigan parents may recall that the time they went to college was the first time they had their own credit card. They may also remember how they had to learn through their mistakes and how long it took to build up a good credit score in order to be regarded as credit worthy when they wanted to buy a car or rent an apartment. Some feel that it would be better if we taught our children how to manage credit card debt and start building their credit score while they are much younger so they can be ready for financial responsibility during and after college.
Credit card debt in Michigan: Is debt transfer a good option?
After the effects of the recent recession, enticing offers made by credit card issuers to transfer credit card balances to cards with zero or low interest rates could be hard to resist. Michigan credit card holders may want to consider such offers carefully. When one's credit card debt is at a level that causes anxiety, it could be easy to accept offers for very low interest rates, without realizing that one may be worse off in the long run.
Credit card debt escalates when it is used as an emergency fund
Michigan readers may be interested in the findings of a recent poll regarding credit card debt and savings. The poll showed that 28 percent of Americans have credit card debts that exceed their personal savings and 17 percent have no credit card debt but also no savings. This indicates that almost half of all American citizens have insufficient or no savings, while over a quarter have excessive credit card debt.
