Finance Globe

Many financially distressed consumers have found themselves in a bad situation over the past couple of years. It’s the sign of the times.But consumers troubled with debt should know that the only way to get ahead of their finances is to spend less than they make, and pay their bills and credit accounts diligently.“Credit repair” agencies often prey on consumers who are financially distressed and loaded down with debt, promising that an easy enrollment in one...

It’s an unfortunate situation when one doesn’t answer their own phone because they know it’s a debt collector calling.But if you have found yourself in this predicament, it helps to know your rights as a consumer.Consumer rights are protected under the Fair Debt Collection Practices Act (FDCPA), a set of laws that creditors, collection agencies, lawyers who collect debts regularly, and other debt collectors must abide by when attempting to collect a debt.These laws won’t get...

Understand what it really means if you're considering cosigning a loan for someone. A creditor may require a cosigner when the applicant doesn't have the credit history that a lender requires to approve the loan - maybe they have no credit history or a poor credit history. A cosigner may be required for an auto loan, a personal loan, or even a home loan. The main benefit to getting a cosigner is that the lender will...

Paying off debt is a concern for many consumers, and there are different opinions on the best way to go about doing it. Mathematically, it makes more sense to first pay off the debts that have the highest interest rate, and thus, are costing you more money in the long run. But, handling finances and debts is more than mathematics; human emotion is responsible for many of the financial decisions we make. Feeling discouraged from making...

Credit utilization ratio - a significant factor in your credit scoreMost consumers who keep a close eye on their credit score know exactly what a credit utilization ratio is; it's the percentage of your total credit limits that you actually use.A balance of $1000, with a $5000 total credit limit on all revolving accounts, equals a 20% credit utilization ratio.A low credit utilization ratio is good for your credit score; it's recommended to keep it under...

Living from paycheck to paycheck? Using your credit cards to pay your monthly expenses? Wondering how you'll ever get on top of your debt when the credit card balances seem to grow little by little each month? You're not the only one. Though it may be possible to play the game for some time, it's important to take back control of your finances now, before the problem grows any bigger. Small steps will get you back...

The credit crunchThe U.S. mortgage meltdown of 2007 started the whole process of a global credit crunch. Extreme bank losses, due to record numbers of defaults and foreclosures, put some lenders out of business, and caused many secondary mortgage markets to dry up.And, to limit losses, the financial institutions that survived the meltdown have tightened the grip on their cash, becoming more cautious in granting any type of credit, whether credit card, home mortgage, or auto...

Credit monitoring services offer subscribers access to their credit reports and credit scores from one or all three of the major credit reporting agencies, Experian, Equifax, and TransUnion.Many monitoring services allow unlimited access to your reports, even as much as daily. Some have other features to help you improve your credit, and may offer tips for your particular credit situation. Most services cost about $120 to $180 a year.Consumers may have different reasons for using a...

Your credit report may not be completely accurate.It's not uncommon for consumer's credit reports to have inaccurate information. These mistakes in your credit report can mean higher interest rates, larger down payment requirements, and less competitive loan administration fees. Catching those inaccuracies before you take out a big loan can save you big bucks. Check your credit report at least once a year, and especially before any major loan purchase, such as a home mortgage or...

It would be great if we had the security of knowing that we would never lose our job, never require major medical care, and never let our debts get the best of us. But life throws a curve ball every once in a while, and sometimes debts become out of control. It can be very stressful to worry about how to pay the bills when you don't know how you're going to maintain the life you...