If you’re struggling with credit card debt, you may be considering different ways to address it. During your research, you may have come across debt management plans. But do debt management plans work? And how can they help you achieve your goal of becoming debt-free?
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If you’re struggling with your debt, there is hope. Credit counseling agencies and debt resolution programs are available to help you get some relief and a new start. But what are the differences between debt management vs. debt settlement? The answer can help you decide which is the better approach for you.
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Debt collectors tend to dole out a lot of threats, but one of them they can’t make good on is sending you to prison. Can you go to jail for debt? Generally speaking, no. It’s illegal to imprison someone over a civil debt, and collectors are forbidden by law to threaten it.
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The name sounds ominous, and the impact can be damaging if you’re not careful. Zombie debt is old debt that’s been revived by a debt collector. Here’s what you need to know about zombie credit card debt and other forms of it and how you can respond.
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The student loan debt crisis has worsened over the last decade, with an average balance of more than $30,000. If you’re struggling to keep up with your monthly payments, you may be wondering, “Can you settle student loans?”
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Whether you owe money on a past-due debt or not, you may be the target of debt collector scams. These scams typically include harassment and threats of all kinds. However, when you try to get the information you’re entitled to by law, they balk.
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Consolidating debt can have a significant positive impact on your finances, especially if it helps you pay down your debt more quickly and with interest savings. But you may be wondering, “Does debt consolidation hurt your credit score?”
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If you’ve stopped making payments on a debt balance, your lender or a debt collection agency will likely start actively trying to collect within a handful of months. But states have instituted a statute of limitations on debt, which can help protect you from old debts.
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Debt consolidation is an umbrella term that includes many different approaches to paying off debt. For example, many debt settlement companies advertise themselves as debt consolidation companies, even if they don’t use traditional consolidation programs.
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Collection accounts can hurt your credit to the point where it can be difficult to qualify for a loan or credit card. Over time, though, the negative impact of a collection account can diminish.
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