… rates and fees, many credit card consumers are looking for alternative sources of credit.  Even personal loans are given a second look due to their lower interest rates.  But what is a personal loan?  A personal loan is an “unsecured” credit line which is similar to “secured” loans in that there is a fixed amount of credit available and a finite time period to repay the loan. For example, you might borrower $15,000 to remodel your home using a personal loan.  That $15,000 is only …

Tags: Credit card Interest rate Loan Personal Finance

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… bankruptcy program.   For many people, filing bankruptcy is the means to surviving their own personal recession.  Many people exit bankruptcy finally feeling relief that the collection calls are gone and they can afford their life again.  Once we get past a crisis, the inclination is to lighten up.

Before and during bankruptcy, a new car wasn’t an option.  You simply had to make due with your mini van with the peeling trim.  Once the bankruptcy is over, you start paying a little …

Tags: Bankruptcy Credit card Financial crisis Personal Finance Recession

… make their biggest mistake.  They begin to load up on debt such as a car loan, credit card, personal loan and even those retailer credit cards and their ridiculously high interest rates.  This is a sure road to bankruptcy again.  Don’t do it. Take your time and avoid getting too much credit too soon.  After emerging from bankruptcy, it’s advisable to get a secured credit card at the most and to wait a year or two before buying a car or even a house.  And even then, your debt …

Tags: Bankruptcy Credit card Debt Personal Finance

… required before filing bankruptcy; but many forget or don’t realize that they must also take a personal financial management course within 45 days after filing bankruptcy.  Whether you’re filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy, all debtors are required to take this course.  If a debtor fails to take the personal financial management course after filing bankruptcy their bankruptcy case could be closed.

If you forget to take your personal financial management …

Permalink: /bankruptcy/you-must-take-a-personal-financial-management-course-after-bankruptcy/

… are “direct auto, indirect auto, closed-end home equity, home improvement, marine, mobile home, personal, and recreational vehicle loans.”

The article broke down the delinquency percentages individually, “delinquencies rose to 3.01 percent from 2.03 percent on direct auto loans, to 3.70 percent from 2.96 percent on mobile home loans, to 3.47 percent from 2.88 percent on personal loans, and to 1.52 percent from 1.38 percent on recreational vehicle loans.  They fell to 3.42 percent …

Tags: Credit card Loan Money Management Personal Finance Unemployment

… loan or even a higher interest loan.

Do your research.  Don’t just hand over your money and personal information to anyone who promises you the moon.  Do your homework on the company and find out if they are legitimate and if they have any complaints against them.  Usually a quick internet search will reveal any complaints.

Never pay an advance fee for a loan.  Legitimate lenders don’t ask for upfront fees. If a lender charges a fee, it should be charged after they have secured …

Tags: Credit card foreclosure Interest rate Mortgage loan Personal Finance

… job loss) is needed to cause a financial flood for many consumers.

For banks, it’s not personal.  It is simply a business decision which can be explained.  The article stated:   that the “The worsening unemployment situation is causing banks to worry that even good customers could quickly become risky customers. As a result, the companies are preemptively slashing credit lines, especially those that aren’t being used.”  Even though their explanation is that it’s just …

Tags: Business Credit card Financial services Money Management Personal Finance

… bankruptcy court dismissed two debtors claim that they were harmed by a creditor when the their personal information was included in a proof of claim.

The details of the bankruptcy case:

“The debtors alleged that Green Tree Servic­ing violated state and federal law by including their per­sonal information in a proof of claim and motion for stay relief filed with the bankruptcy court. The court dismissed the debtors’ cause of action under the state’ unfair trade practices act …

Permalink: /bankruptcy/creditor-reveals-debtors-personal-information-in-a-proof-of-claim/

… and disruptive under any circumstance; but especially if the vehicle is repossessed while your personal property is still in it.

The first thing car owners need to know is that creditors do not have the right to keep or sell your personal property that is found in a repossessed vehicle. They must also take reasonable care to prevent someone else from taking your personal items left in a repossessed vehicle. That said here’s the reality car owners are facing.

Reality Check #1 – …

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According to an article in the Dallas Morning News, personal bankruptcy filings have surged 33 percent since 2007. In the Dallas- Fort Worth area alone, 15,707 consumers filed for bankruptcy in 2008, a 20 percent increase since 2006.

The article said:

"Consumers are under great financial stress, with no immediate end in sight," said Samuel J. Gerdano, American Bankruptcy Institute executive director. "We expect the upward …

Permalink: /bankruptcy/personal-bankruptcy-soar/

… for debtors filing for bankruptcy to forget or not realize that they are required to take a Personal Financial Management course within 45 days after filing for bankruptcy. So what do you do if your bankruptcy case is past the 45 day mark and you never took the second required course? First, don’t panic.

Contact your bankruptcy attorney immediately and ask if the bankruptcy case has been closed. Sometimes, the 45 day filing limit is not an issue as long as you take the required …

Permalink: /filing_bankruptcy/what-to-do-if-you-miss-the-45-day-deadline-for-bankruptcys-required-personal-financial-management-class/

Personal bankruptcies are rising, up 28% from 2007. Over 22,000 Americans file for bankruptcy every week, according to the American Bankruptcy Institute which predicts this number will continue to climb as the nation plunges deeper and deeper into a recession. Those numbers are being pushed upward by a record number of two million people losing their homes to foreclosure in 2008 and an …

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