Speed Up Your Settlement Program by Overfunding Your Next Savings Deposit with Your Tax Refund

Posted Under: Blog, Debt Settlement, Taxes

Every month that you continue to fund your debt settlement savings account means you are that much closer to living a life free from the shackles of high interest credit card debt.  You’ve made a few sacrifices, tightened your budget, and made few sensible adjustments to your lifestyle and spending ...

Understanding Credit Lifecycle: What Happens To All That Debt?

Posted Under: Blog, Debt Collection, Debt Relief

Part 1: Stages of The Credit Lifecycle and How the Value of Debt Changes Over Time In an effort to take some of the mystery out of credit, credit collections, and loan defaults, we have put together a five-part series on the credit lifecycle. Today we start with the value ...

What You Need to Know About the Key Factors Impacting the Settlement of a Debt

Posted Under: Blog, Debt Relief, Debt Settlement

Before granting a loan approval, a creditor will assess the risk of the borrower, aiming to maximize profits and limit losses. In addition to looking at your raw credit score, credit grantors will also take into account many of the individual factors that make up your credit scores such as ...

Is Debt Settlement Legit?

Posted Under: Blog, Debt Relief, Debt Settlement

Key Takeaways Multiple state and federal agencies strictly regulate the debt settlement industry. Protections that went into effect in 2010 increased the oversight and scrutiny of the industry, eliminating companies that utilized unethical practices to scam consumers. All types of debt relief programs come with negative consequences, including non-profit credit ...

How Credit Counseling Influences Your Credit, Even If It Does Not Directly Lower Your Credit Score

Posted Under: Blog, Credit Counseling, Credit Score, Debt Relief

GREAT! You’ve decided to finally do something about the tens of thousands of dollars you have in credit card debt.  It is no longer enough to make minimum monthly payments and reduce balances slowly. You’re done with that!  You want to put your debt reduction strategy into hyperdrive, without dinging ...

Why Making Minimum Payments to Pay Off Credit Card Debt Ensures You Will Die Broke

Posted Under: Blog, Credit Cards, Debt Relief

Key Takeaways Making just the minimum payment required each month on credit card debt will maximize the amount of interest you pay to creditors. The combination of high-interest charges and low monthly payments is a toxic combination that will keep you indebted for a longer period than it takes to ...

Concerned About Receiving a 1099-C on Forgiven Debt?

Posted Under: Blog, Debt Relief, Debt Settlement, Taxes

How to Reduce or Eliminate the Impact of a 1099-C on Settled Debt Are you concerned about entering a debt settlement program because others have warned you about the tax implications cutting into your savings?  Have you paid off a debt through debt settlement and now dread the trip to ...

Understand Why Minimum Payments Trap You in a Cycle of Perpetual Debt

Posted Under: Blog, Credit Cards, Debt Relief

As you scan your mail, it’s easy to quickly pick up or click on the important items in which to open. Yes, bills always make the list. You glance at each bill, look at the “amount due,” and schedule your payment. But the data is clear, more Americans than ever ...

What is Credit Counseling?

Posted Under: Blog, Credit Counseling, Debt Relief

Been there, done that…AND that, about your debt on your cards. You made minimum payments for years, only to watch your balances grow.  You’ve tried the snowball and stacking methods to eliminate your credit card debt, without success.  Whether it is too much temptation, the lack of discipline, or the ...

Why Credit Card Balances Grow So Fast: The Power of Compound Interest

Posted Under: Blog, Credit Cards, Debt Relief

Borrowing money includes certain costs, which often include upfront fees, interest charges on the principal balance and a late charge if you miss a payment. What you might not expect are the hidden costs associated with borrowing money due to compound interest.  What is Compound Interest? Banks set their interest ...