Consolidate Debt to Avoid Costly Debt-Consolidation Disputes

July 17, 2010 – 11:22 pm

Consumers who owe a significant amount of money on their credit cards may think about taking steps to consolidate debt rather than face the calls of a collection agency. At least that seems to be the consensus of officials with the Federal Trade Commission. The Wall Street Journal recently reported that the commission is requesting that states change their laws and arbitration rules regarding consumer debt-collection disputes. According to the FTC, the systems in place for handling collection disputes is broken, and weighs far too heavily in favor of creditors, putting too much pressure on debtors.

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Debt Settlement, Consolidation Not One and the Same

July 13, 2010 – 11:43 pm

Consumers often make the mistake of lumping debt settlement and debt consolidation services together. In reality, though, debt settlement and consolidation are two extremely different financial tools. And consumers should know that they each come with their own potential pitfalls and rewards.

Debt Settlement

The purpose of working with a debt settlement company is, not surprisingly, to eliminate debt. Consumers who work with debt consolidation companies, though, have a different goal: They want to consolidate bills. When consumers take out a debt consolidation loan, all of their debts are lumped into one monthly payment.

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Friedman & Wexler – Debt Collector Shuts Down

July 13, 2010 – 11:20 am

Friedman & Wexler – Debt Collector Shuts Down

Posted on July 12, 2010. Filed under: Debt Collectors,Debt in America,finance | Tags: friedman and wexler |

Friedman & Wexler pursued students who did not pay off their loans on time, car buyers who missed payments and Chicago residents who were late with their water bills. Lately, though, the Chicago law firm has been accused of not paying its own bills.

Friedman & Wexler is embroiled in several lawsuits with former clients, including the state of Illinois, that allege the firm and two of its principals, lawyers Norman Wexler and Mitchell Wexler, withheld funds. On

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Learn About the Changes to Your Credit Card Statement

July 12, 2010 – 8:37 pm

Changes keep rolling out in credit cards category – some which may provide information to credit card users that might help them manage their debt levels better. One recent change is that as of July 1, 2010, the credit card companies are now required to inform card holders of the amount of time it will take to pay off their credit card debt balance if they only make the minimum payment. Do you think this information might help you to change how you view your debt load?

The folks over at FiveCentNickel (a blog which has a list of zero percent balance transfer credit card offers and a summary of what they consider the best credit cards) have used information from the Federal Reserve to explain all the changes to your credit card statement.

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Debt Consolidation Research is Easier than Ever

July 10, 2010 – 11:04 pm

Researching debt consolidation companies used to be a challenge. It required consumers to call dozens of companies that offered debt consolidation loans to quiz them about the interest rates and fees they charged. Today, though, the process has gotten far easier. You can thank the Internet for this. The Internet has changed the way people shop, get their news, entertain themselves and communicate with each other. It should be little surprise, then, that it has also changed the way in which people deal with their debt.

Online Homework

When consumers face overwhelming debt today, they can turn to their favorite search engines to start their research on which debt consolidation companies are right for them.

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