The Financial Reform Act Explained

July 26, 2010 – 6:32 pm

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On Wednesday, July 21, 2010, President Obama signed the Wall Street Reform and Consumer Protection Act. He and the Democratic Party have been both applauded and demonized for it.

What does the new law actually do, and why do people love/hate it? Its a little confusing, so we decided to break it down:

What’s the problem?

The financial crisis cost millions of jobs, wiped out billions in retirement savings, and caused the foreclosure of countless homes. I

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Credit Card Debt and Balance Transfers

July 26, 2010 – 1:33 am

What should you do if you receive a balance transfer offer in the mail? All you have to do is fill out the little checks or call a toll-free number to activate a transfer offer. It’s an easy process that could help you reduce credit card debt…or can it. There are some pros and cons for using balance transfer offers for credit card debt.

Debt Reduction Takes Time

Even if you choose to use a balance transfer offer you still need to come up with a debt reduction plan. A transfer won’t erase your credit card debt. Only you can do that by coming up with the cash to pay down your balance month by month. This t

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Eligibility Criteria for HAMP Loan Modification Program

July 25, 2010 – 9:41 pm

Eligibility Criteria for HAMP Loan Modification Program

Posted on July 26, 2010. Filed under: Uncategorized | Tags: loan modification, HAMP, loan modification criteria |

The Obama loan modification program was designed to help millions of homeowners who were affected in recession. Obama has allocated $75 billion in funding for the homeowners to shun foreclosure of their homes. Loan modification plan allows getting a reduction in the interest rate and the principal amount of the loan.

Among the different home loan modification plan, HARP federal home affordable refinance is one among them.

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Are You Ready for Debt Counseling?

July 22, 2010 – 3:01 pm

Have you considered working with a debt counseling firm to get your bills under control? A debt counselor can work with you to get at the root of any spending problems you have, and help you become a better manager of your money. Here are some things to look for when looking for a debt counseling firm.

• Debt counseling only works if you are willing to change your behavior. It won’t do any good to seek debt help if you are resistant to doing the work that needs to be done. Digging out of a lot of debt won’t happen overnight, so you have to be committed sticking with the program for as long as necessary.
• Debt counseling should be free or low-cost. Som

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Numbers Don’t Tell Debt Reduction Story

July 22, 2010 – 6:34 am

A recent news story from the Associated Press offers more evidence that consumers are getting better at debt reduction. According to the story, five of the nations top six issuers of credit cards report that delinquent payments are falling. At the same time, five of the top six credit card companies report that charge-offs have become less frequent. A charge-off occurs when credit card companies give up on ever collecting a specific consumer debt. The fact that both charge-offs and payments that are delinquent 30 days or more are on the decline would seem to suggest that U.S. consumers are doing a better job of consolidating debt.

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