Archive for October 2010

Card Debt: Credit Card Trickery – Not a Halloween Matter

This year legislation was passed to ban certain billing practices by credit card companies.

Now they have created new ways to trick consumers.

According to The Wall Street Journal,  “ some of the biggest card issuers in the U.S., including Citigroup Inc. , J.P. Morgan Chase & Co.and Discover Financial Services , are already rolling out a slew of fees designed to recapture some of their lost income, in part by skirting the new rules. Some banks may even be violating the law outright, say consumer advocates.

You can read the complete story here http://finance.yahoo.com/banking-budgeting/article/110213/the-new-credit-card-tricks?mod=oneclick


How long does negative information stay on your credit report?

According to Credit.com, negative information on your credit report has a statute of limitations.  In other words, negative information will stay of your credit report for 7 years in most cases (seven years from the date that the initial missed payment that led to the delinquency). Active positive stays on the report indefinitely, unless the account was closed, then it is 10 years.

If an account has or was ever in “collection: status, then that negative information stays for 7 years from the date of the first 180-day late payment

 However there are always exceptions to every rule.

Avoiding Bankruptcy

How to use a reputable debt relief company to help avoid bankruptcy, a review of one such company:  http://www.debtsolution-strategies.com/avoid-bankruptcy.htm