| These articles are written for the debtors to know more about the happening in debt consolidation field. These articles cover Credit scores, credit card APR,Fair debt collection practices Act, Mortgage e.t.c (previous) (next) |
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Credit scores give lenders a fast, objective measurement of the credit risk.A credit score is a number which is used by lenders to make decisions on how a person will repay the loan or credit amount on time. A score is an interface of the credit risk picture at a particular point of time. |
Credit card APR ( Annual Percentage Rate )
A person assumes that he is aware of what the bank is charging for the use of his money, but it might be surprising to know that the terms have changed and payments are made as much as 18 to 20%. There won't be any saving if it is done in this way. If the current rate is 18%, the bank can be forced to drop its rate to something even at a high of 10%. |
Debt consolidation can provide a meaningful solution. |
At every step, a rule is found to protect the rights and explaining the limitations. There is a very close relationship between rights and responsibility and one cannot exist without the other. The debt story is no different, when it comes to law. All type of loans are not covered under this act. Only few like personal, family, and household debts are covered under the Act. This includes money owed for the purchase of a car or any type of automobile, for medical care, or for charge accounts. The lender cannot threaten the debtor at whatever situation he may be. A collector or a firm may contact in person, by mail, telephone, telegram, or FAX. However, a debt collector or a person cannot contact at unreasonable times or places, such as before 8 a.m. or after 9 p.m., unless being asked to. A debt collector also cannot contact at work place if the collector knows that the employer disapproves. Thus the law tries to provide all possible protection to the debtor. |
Debt repayment
When it is known that a loan has to be repaid either today or tomorrow, it is better to pay it off then and there. Device a plan today to have a debt free life tomorrow. |
Legal debt collection practices
The law has given a formal way to collect the debts. All the debtors and debt collectors are supposed to follow the legal practices. Debt consolidation care requests each and everyone to go through all the documents of law, which will help to handle some crucial situations at times. The law doesn't permit the debt collectors to harass debtors in any case. Debt collectors may not use threats of violence or harm against the person, property, or reputation. They can't use abusive language with the debtors. If they try to break the law, the debtor has the right to sue in a state or federal court within one year from the date it is believed that the law was violated. |
Home Loan
When there is a requirement of a home loan, Debt consolidation care can help to get the best financial deal. Shopping, comparing, and negotiating for the suitable loan may save thousands of dollars. Home loans are available from several types of lenders—thrift institutions, commercial banks, mortgage companies, and credit unions. Different lenders may quote different prices and the difference can be significant, so it is preferable to contact several lenders to make sure that the best price is acquired. |
Debt Management and credit counseling
Manage the debts with credit counseling. The counseling helps to explore the hidden truths. |
Fair debt collection
The debtor does not have to be afraid of the debt collectors. They can't harm anybody as the law doesn't permit them to do so. |
Mortgage
A person should be very careful while deciding for a mortgage, as a neglected spark can burn the house. Mortgage brokers can also help in getting a suitable loan. They arrange a lender for the debtor rather than lending money directly. The advantage of hiring a broker is that they offer a wider selection of loan products. A broker is acquainted to many lenders thus providing with different schemes and terms from which can be chosen. |
