All Articles Tagged "debt consolidation"
(BET) — Debt: It’s a word that many Americans do not like to hear, but lots of people—and governments—have it and must find ways to pay it off. Americans love their credit cards. So much so that the average credit card holder has 3.5 cards, with the average debt per household reaching over $15,000. Though we love our credit cards, amid last week’s new federal debt deal and the U.S.’s 70-year credit rating being downgraded from AAA to AA+, it’s not very comforting to know that America going deeper in debt could make your personal finances fall down a steep slope as well. Americans could be faced with higher interest rates and ultimately, a slower economy.
(Black Enterprise) — Debt settlement might seem like an easy out, but there are many risks involved. Learn what to watch out for by reading part one of this post, What You Should Know Before Settling Your Credit Card Debt. If you’re considering hiring the services of a debt settlement company, get as much information as possible about the process. Before you sign on the dotted line, here’s a list of the top 10 questions you should ask.
1. What are your fees? Most of the fees should be based upon performance and results. Many companies charge a flat fee based upon a percentage of your debt amount. Their fees are collected in the beginning months of the program, even if no settlements are completed. If fees are based upon a percentage of the debt and not tied to results, this is a big red flag.