Beat Your Debt Today!

Collection Service Made To Pay $2.8 Million Fine

The largest fine in history for a violation of the Fair Debt Collection Practices Act has been leveled on a collection agency by the Federal Trade Commission last month. The Georgia company, West Asset Management, allegedly violated the Act with its aggressive techniques, and agreed to pay a settlement of $2.8 million. The settlement came after thousands of customer complaints against the collection agency, which employs about 1,500 people in 13 states, as well as in the Philippines. The collection agency has many clients in several industries, including government services, health care, telecommunications, and consumer credit.

The FTC claims that West Asset Management utilized several illegal techniques, including numerous harassing phone calls to debtors, improperly informing third parties about consumer debts, and claiming that it was a law firm that could have consumers jailed or fined, garnish their wages, or seize and sell their property if they did not pay debts.

Read full article…

Tags: Fine, Million Fine

Posted in Debt Consolidation | No Comments »

Collection Fees On HOA Bills

Collection agencies could charge up to $1,950 plus “reasonable attorney fees” on a house that is late on its homeowner association assessment under a bill passed out of committee Friday by Senate Democrats.

Senate Bill 174 passed along party lines after an intense debate that had Republicans accusing Democrats of wading into a legal battle in favor of collection agencies.

The bill is usually supported by homeowner associations and collection agencies and opposed by consumer protection groups and investors. Sen. Allison Copening, D-Las Vegas, argued that the fee cap would protect homeowners from the excessive collection practices, and “reasonable attorney fees” could be settled by a judge. She said that the collection agency fees are required to keep homeowner associations solvent and able to provide services for existing residents.

Copening works as a lifestyle director for a homeowner association management company, and critics, including homeowners unhappy with their association boards, have said her outside employment presents an issue.

The legislation has been a source of drama this week, and a sign that the Democratic assembly is less than iron clad. Read full article…

Tags: Fees, Fees Hoa

Posted in Debt Consolidation | No Comments »

Saving Money through Frugal Living

Putting aside money every month is a must for everyone. Frugal living is the key to creating more wealth through monthly savings. Frugal living is not the same as depriving yourself of every luxury; it simply refers to living below your means and being conscious of how you spend your money.

Here are some simple tips that can help you save money:

Coupons and Discounts

Before you go shopping, look for a coupons, special offers or discounts. However, you do need to compare prices because sometimes a discounted item can still be bought for cheaper elsewhere.

A lot of people think that always looking for a good bargain is cheapskate behavior so don’t take it to extremes. You should definitely not take out a coupon when you are eating at a restaurant with your boss, for example. On the other hand, if you are buying some new furniture, there’s nothing wrong with getting a great price on these items.

Reduce Debts

One big reason to adopt a more frugal lifestyle is to reduce debts. You

Read full article…

Tags: Frugal Living, Living

Posted in Debt Consolidation | No Comments »

Dollar Cost Averaging

Dollar-cost averaging is a common method of investing for the long term.

If you’ve been burned before by buying high and selling low, you may want to think about placing your investments on cruise control with dollar-cost averaging.

Dollar-cost averaging is the practice of investing a set amount each month in a particular investment vehicle. As the share price of your investment fluctuates, so will the number of shares your set amount buys. Sometimes you will pay more and sometimes the stock or mutual fund will decrease in financial worth, allowing you to purchase more shares.

Americans set a record in 2004 for investing in IRAs and employer-sponsored savings plans, displaying a renewed interest in this old technique. With the boundless and assorted information available on investing, many Americans have chosen to stop chasing yesterday’s high returns. Read full article…

Tags: Averaging, Cost Averaging

Posted in Debt Consolidation | No Comments »

How to Reduce Credit Card Debt Fast

Credit cards can be a great asset as they allow you to have access to a line of credit that you may not have otherwise if it were not for the credit card. Used right they can really aid your cash flow each month. On the other hand, if you have already accessed this line of credit and find yourself now in the position of having to pay this debt back and want to do if fast, then there are some things you can do speed up the paying-back process (which will also save you lots of money on interest payments!).

1. Create a Household Budget

Before you can start reducing your debt you need to figure out why you are going into debt and find ways to change your spending habits. Add up all your in-comings and outgoings and then break down the money being spent into categories to see where you can cut back. Are you spending too much on dining out and entertainment, too much clothes shopping or is it going elsewhere? Find areas to cut back and include making extra credit card repayments as part of your monthly budget.

Read full article…

Tags: Card, Credit Card

Posted in Debt Consolidation | No Comments »