Despite perceptions of belonging to the middle classes, many consumers fall way short of the amount of income necessary to truly belong in Middle Britain, Axa has suggested.

In a comprehensive study, the financial services provider has found that despite one-third of people believing that they belong in the Middle Britain socio-economic category, only one in five meet the true criteria of the classification. According to the group, households now need to bring in more than 62,000 pounds a year to meet the income requirements. Furthermore, real Middle Britons were also said to own their house outright, as well as having two or more cars.

The firm suggests that by definition, people in this category typically have household incomes that fall within the 70th and 90th percentile of all wage-earners. On average, this amounts to 62,000 pounds, a figure which is close to double the 35,000 pounds taken home by the average Briton. According to the firm, an estimated 20 per cent of people fall into the Middle Britain category, leaving it to insist that there is a discord between the reality of the financial situations of average UK residents and the Middle Britain categorisation criteria.

However, while it is unlikely that many Britons will join this group, it notes that equality of earnings has improved in recent years. While new statistics show that 20 per cent of residents belonged to this category, in 1998 just 15 per cent of people met such criteria.

Steve Folkard, spokesperson for the Axa Financial Task Force, states: “Ever since the days of New Labour and the rise of the so-called ‘classless society’, many people think that Middle Britain represents the majority – the middle section – of households in this country. And in fact thanks to an inflated housing market many people probably feel they belong in that category. However, our research shows that Middle Britain is in fact a smaller group of families than most people might think, though many of the same stereotypes still apply. What is also clear is that Middle Britain households have felt the effects of the rising cost of living.”

He concludes by noting that the tightening in credit and loan criteria, a contraction in the housing market and rising food and fuel costs can all contribute to a reduction in overall spending power, despite an increase in average incomes.

For those who have been planning home improvements or other major purchases to further their chosen lifestyle but have been unable to commit due to financial constraints, taking out a secured loan may provide the additional equity necessary to fund such purchases as a new car or a home extension. Indeed, Axa found that the cost of home maintenance had increased considerably over the past decade, with expenses such as mortgages, council tax and utilities expenditure equaling 10,000 pounds per year for those in the Middle Britain bracket.

According to recent research conducted by Prudential, concerns over meeting major financial commitments are becoming a problem for a growing number of people in the UK. More than half (52 per cent) of respondents said money matters were their biggest area of concern.



By: Abbi Rouse

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In today’s world debt is part of every day life and has to be closely watched, because it can easily get out of control if you’re not careful. Credit card debt in particular is among the most burdensome financial problems for consumers today, and consequently millions of credit card customers are looking for the best way of consolidating debt on your credit cards as a means to better manage their financial responsibilities. While it is important to get a good handle on your credit card accounts and ensure that you haven’t extended yourself beyond your means, consolidating credit card debt itself can sometimes create even more financial hardship if you don’t take great care in how you approach this significant financial issue.

The best way of consolidating debt on your credit cards is to transfer the balances of your higher rate cards to a credit card that has a lower annual interest rate. For instance, you may have two or three credit cards with balances of a few hundred (or few thousand) dollars each, and those cards may carry an annual interest rate of 17 percent, 18 percent, 20 percent, or even more. Obviously you should be able to save a significant amount of money each year in interest by moving those balances to a card that carries a lower interest rate. For example, you may be able to transfer the balances of those higher-rate cards to a different card that carries only a 13.5 percent interest rate. Even on a balance that is currently being charged only a few percentage points higher, such as 17 percent, you will save significant real dollars — certainly enough to consider this as a method for consolidating credit card debt.

But hold on second. Before you immediately transfer that balance, there are a number of pitfalls that you may overlook when consolidating credit card debt in this fashion, and it is important to consider them before you move your money:

The Teaser Rate:

Some credit cards offering lower interest rates may only be offering them as a “teaser” or introductory rate. That means the credit card’s annual percentage rate may increase at some point in the future, when the teaser rate expires. You should check carefully to make sure that you understand exactly what the rate will be in the future as you pay down the balance you transferred from the original card.

The Empty Card Syndrome:

If it turns out that consolidating credit card debt by moving the existing balances to a lower-rate card will work well for you, then you really need to make sure you have a plan to deal with the higher-rate card that will suddenly have a zero balance. Too often people can fall victim to the “empty card” syndrome and find themselves charging things again on that newly empty card, simply because it has no balance and it offers a convenient payment method. If you fall victim to this mentality, then you may find yourself right back where you started in no time. Instead, put that card away in a place where you’re not likely to use it, unless faced with a serious emergency. Otherwise, your decision to attempt consolidating credit card debt and saving yourself some money in interest may come back to haunt you.

Consolidating credit card debt by moving balances to a lower-rate credit card is one possible way to save money on interest, but beware the dangerous pitfalls of teaser rates and empty card syndrome. Credit and debt have to be managed wisely, or you may find yourself in serious financial trouble.

 



By: Emily Onedge

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As anyone who has seriously examined Chapter 7 bankruptcy protection knows all too well, filing bankruptcy may be the absolute worst thing that borrowers can do to improve their financial position. For desperate folk suddenly realizing that there is little they can do on their own to achieve debt relief, bankruptcy might seem like an attractive possibility. After all, from our earliest memories, Americans are taught to respect bankruptcy as the (for whatever reason) dignified end to debt crises. Whether playing board games or watching cartoons, we’re taught that bankruptcy is just what is supposed to happen once any borrower has debts that they can no longer responsibly manage. In our culture, bankruptcy is simply expected to be the final debt solutions to personal economic strife. Even as the nature of consumer debt changes from hospital bills and department store accounts to the burdens of credit cards too easily granted and too quickly filled to their limits, bankruptcy maintains a mythic allure as an all-inclusive cleanser for financial woes. 

Much as the debt protection of bankruptcy may have seemed a godsend for the generations that came before, there are now any number of new bankruptcy alternatives available for those debtors who have faced financial misfortune. More to the point, once a consumer takes time to fully analyze the Chapter 7 bankruptcy program, they may very reasonably wonder whether or not bankruptcy would be the correct choice for any debtor regardless of their own situation. Successfully filed and discharged, bankruptcy protection could indeed offer consumers new beginnings. In the best scenario, the fortunate borrowers could even start their financial lives over from ground zero, but that is only after they have suffered a harrowing ordeal that risks the utter ruination of their credit rating as well as the potential loss and seizure of any even vaguely valuable possessions. 

The relief that people may feel when entering the bankruptcy program is understandable, really. Given that most borrowers seriously considering bankruptcy have already had to deal with (the sometimes hourly) harassment from bill collection agencies and watch their mailbox fill to bursting with past due notices from credit card companies, it is not that surprising that the average consumer – struggling to pay their credit cards and other debts – would jump at the chance to have a specialist take over their affairs. The very idea that debtors would no longer be held responsible for their actions alone comes as a sort of salvation that impels otherwise cautious heads of household to essentially hand over the reins of their economic futures. Certainly, the bankruptcy lawyers charging more and more outrageous fees are not going to argue against what may as well be thought of as their own product. Despite the amount of time the lawyers may spend with their clients (they are paid by the hour, as you probably know), very few attorneys will spend even five minutes counseling borrowers about exactly what they are getting themselves into. Eliminating unsecured debts (credit cards, primarily, as these things tend to go) should be a priority, but wise debtors must recognize the limitations of bankruptcy protection under the current statutes. Above all else, they should know not to trust their attorneys for advice beyond their specialty. 

From the moment that potential clients enter their lawyers’ offices for an initial consultation, the attorneys tend to assume that the bankruptcy has already started and begin to ask questions about the best way to proceed. Of all the ways to decide whether bankruptcy is the best solution to credit card debt elimination for a client and his or her family, expecting fair and balanced advice from the lawyer potentially paid to handle their case presents problems that should be obvious to all borrowers. It is not always the lawyers’ fault, exactly. Becoming a successful attorney requires the sort of mindset that tends to ignore or flatly disregard competing notions of financial stability and methods of resolution. If anything, this mentality should be what any borrower would want to look for in their attorney, and such presumptions force the real problem. At this late stage of the game, debtors should be more interested in finding a debt management specialist who can knowledgeably tackle all of their specific issues and questions – even the questions that borrowers aren’t even aware that they have. 

Thinking, as they tend to do, that they will be able to buck the odds and turn the system to their advantage, there are a number of elements to the modern bankruptcy that most attorneys are loathe to mention despite the overwhelming importance of those elements to the people planning to file. Chapter 7 bankruptcy protection, the debt elimination bankruptcy program that was once upon a time the only sort of bankruptcy, is now far more difficult to successfully enter. Congressional legislation from just a few years ago has irrevocably changed the rules concerning the Chapter 7 process. Nowadays, borrowers attempting to file for Chapter 7 must be able to prove that they earned less than the median income for their state of residence. For debtors living in lower income regions of typically high income states like New York or California or Massachusetts, this can be absolutely ruinous. Even worse, the filers’ incomes are determined by a relatively random period set months before they actually file. If someone attempting to declare bankruptcy depends upon a seasonal rise in business or a commission that effectively makes up a dramatic percentage of their annual income, the earnings extrapolated from that small sample size could be thoroughly skewed. 

More importantly, debtors who are denied access to the Chapter 7 program by court appointed trustees should understand that they do not simply get to start over and try another avenue toward debt reduction. Instead, these borrowers are automatically switched over to the Chapter 13 debt restructuring program. With Chapter 13, debts are not eliminated. In fact, under this type of bankruptcy, borrowers are effectively forced to repay their lenders as quickly as possibly under court assessed budgets compiled using Internal Revenue Service data. As with Chapter 7 bankruptcies, the incomes that the government calculates could still be completely inaccurate depending upon the earning period from which they determine their figures and also utterly unfair since the courts do not bother to look at the specific region in which the filer lives. Within Chapter 13 bankruptcies, though, things get even more convoluted because the budget under which the borrowers are expected to survive (giving all additional funds to the accumulated creditors, naturally) also depends upon their state of residence. Meaning, people filing for bankruptcy in Seattle will be expected to have no more than the average costs of living for the entire state of Washington. In this way, the newly bankrupt have been forced to take out second jobs, pull their kids out of private schools, or even, in some extreme circumstances, sell their homes in order to relocate. 

Of course, for many of those borrowers whose financial situations are so grave that they must first contemplate the bankruptcy so-called solution, they do not need further impetus to take on a second or even a third job. This is yet another of the, for lack of a better word, hidden expenses of bankruptcy. Most borrowers have already girded themselves for the costs of bankruptcy attorneys – though they are always, ALWAYS greater than even the most well prepared debtor could dream – and the miscellaneous costs that arrive whenever the government is involved. Even the actual filing of bankruptcy shall require hundreds of dollars up front (for some reason, neither the lawyers nor the courts will allow those seeking to file bankruptcy any amount of credit). There is also the cost of essentially purposeless debt management courses from government certified instructors that filers must successfully pass before first submitting paperwork and before their ultimate discharge could be processed. As you should now expect, these courses (far from cheap – since only a few ‘schools’ per region pass government certification, they have no reason to follow the market pricing) shall be paid solely at the borrower’s expense. 

Perhaps the greatest true cost, though, is the sheer amount of time spent compiling all necessary documents and verifying that all information given to your attorney and the bankruptcy trustee is accurate beyond a shadow of a doubt. Remember, no matter what your actual intentions may have been, inexact data given to the federal authorities could be judged as fraud in criminal proceedings. Forget one teensy portion in a step-brother’s mining operation? What about that great-uncle’s time share absently gifted? And are you really sure you recorded every single bit of your income from six months ago? Every single bit? So sure that you would risk imprisonment should things turn out to be accidentally falsified? This is what bankruptcy protection actually entails. Much as there may seem a temporary relief from stress once you have passed on your credit card debts to another source, there arises an entirely different crest of tension. The bills may have stopped, true, but what exactly was on those reports? What was and was not spelled out? Beware of any supposed solutions that involve budgetary conditions prescribed by the Internal Revenue Service and guarded by the ever more ambitious watchmen of the federal justice department. 

At the end of the day, for even the luckiest of those consumers filing for bankruptcy protection, Chapter 7 still cannot guarantee the elimination of all of their personal debt loads. Secured loans, those debts maintaining attachments to actual property like cars or homes, tend to demand said collateral before giving an inch toward debt resolution. Child support and alimony – as well, if needs be said, tax liens and those financial obligations resulting from criminal trials – are obviously not to be touched, and, after a late 80s legislative fiat, student loans are also out of bounds. The medical community and various health insurance political action committees have been trying for some time to make sure that hospital bills will also be rendered immune to Chapter 7 bankruptcy protection, and, make no mistake, the credit card companies are dancing as fast as they can to ensure every single credit account receives the same treatment. 

This is not to say that there is no point to bankruptcy as we currently understand the process. As long as there is a chance to eliminate credit card debt, certain types of borrowers profoundly unlucky in their own personal finances should do whatever is necessary to attempt to clear the registers. However, for most ordinary consumers, just cutting back on purchases and maintaining a reasonable household budget shall eventually have the same effect. Whenever there is even the slightest chance of fixing personal finances without resorting to professional help, the debtor must take every last attempt to manage their own obligations however seemingly severe the deprivations. The American economy is in trouble. We are entering a recession. Still, that does not mean every worker need presume the worst nor that they should give up – which, for all intensive purposes, bankruptcy suggests. Cutting costs will never be pleasurable, debtors will have to adjust to a different lifestyle, but, once consumers look closely at the bankruptcy option, they will almost always choose any other alternative for eliminating their credit card debts. 

Even beyond careful budgeting practices, there are other maneuvers that consumers may attempt. Many credit card companies or similar lenders will offer forbearance or a stay of payment due dates if borrowers can show some cause for the delay however vague or gliding upon the rim of truth. Sickness, unemployment, familial tragedies – any decent excuse when articulately and passionately explained to an understanding representative of a lending institution may well prove the difference between bankruptcy and a survivable program of debt repayment. After all, as long as people continue to go bankrupt (and, no matter how much the enlightened borrower shall try to avoid bankruptcy, there will exist a segment of America determined to declare bankruptcy as some fated penance), creditors shall worry. Lenders don’t want to force anyone into Chapter 7 protection. Consumer credit card debt elimination as vouchsafed by the government, however rare and dangerous, would be the absolute worst possible consequence for the banks involved. 

We do understand that severe financial mishaps may necessitate governmental intervention. There is a reason that the United States originally offered such protection. However, most of the personal bankruptcies filed in America could be dealt with by other means far less damaging to the debtors’ credit and pocketbooks. Even beyond simply following disciplined household budgets and talking over the potential for re-structuring debt payments with creditor representatives, there are entire businesses that have grown up to assist consumers in their struggles with personal debt loads. Most everyone is at least familiar with the Consumer Credit Counseling program thanks to the industry’s non-stop marketing campaign, but, with increasing analysis from watchdog groups, it turns out that many of these companies are funded by the credit card conglomerates independently from whatever fees they charge their supposed clients. More to the point, the repercussions upon credit and the cost out of pocket are not much different than what borrowers could expect from bankruptcy proceedings. 

Debt settlement companies, on the other hand, though they are far less publicized (and, a new industry, exponentially less well known than bankruptcy protection by most Americans) negotiate with the credit card companies on behalf of their clients in order to reduce the total balances of the assorted debts that have accrued. Considering that – so long as bankruptcy remains a danger to their supposed holdings – lenders are more than willing to agree to something around fifty percent of the debtor’s actual obligation in exchange for virtually guaranteed payments from the debt settlement company, there is an obvious benefit for every borrower that would qualify for the settlement program. It’s not for every debtor, of course. A handful of lenders still stubbornly refuse to bargain regardless of the cause or value of the specific account. However, every debtor should at least inform themselves about the debt settlement option and take advantage of free initial consultations whenever they are available. 

As with any financial predicament, there is no way for a short article such as this to fully explain all the myriad possibilities and potentials a debtor may come across when attempting to eliminate his or her debts. Every debt scenario is different, after all, and there is no way for the borrower to come to a full understanding of what lies ahead without personal investigation. Credit card debts and unsecured floating obligations may cripple budgets temporarily, but, leaving aside the stresses unfulfilled payments may engender among heads of household, there are generally several different alternatives beyond Chapter 7 bankruptcy with which debtors may avail themselves. Look around. Cast your net around the varied solutions and see how they would best fit your particular circumstance. For an unfortunate few, bankruptcy may indeed be the only decision that makes sense, but, arduous as that choice may be, there’s a certainty that knowledge brings. Fiduciary protection (for, once again, unsecured debts; largely credit card accounts) from the federal government will always be there for the most desperate sort of borrower, the books will be balanced, but, with any luck, some chapters may not be closed.



By: John Chase

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When you have reached a level of credit card debt that warrants consideration of a debt consolidation loan, the bad news is your credit rating has already suffered. The good news is that if you do a little research to find the right company, a credit card debt consolidation loan can be a great help in turning that situation around.

Trying to keep up with payments on your own can often make things worse since the fees can add up quicker than you can make the payments. The average late fee is $25.00 to $35.00 and the over limit fees can be just as much. This means if you are making a minimum payment of $35.00 a month, you are still going deeper into credit card debt while you are making payments.

A consolidation loan will take all of your credit card debt into review. Your debt consolidation professional will negotiate away as many fees as possible and perhaps even lower your interest rate. If approved, the consolidation loan will pay the credit cards off, leaving you with onepayment to make each month that will actually reduce your balance owed each month.

Credit card balances that are over 50% of the credit limit are detrimental to your credit score, so replacing several maxed out credit card balances with one loanpayment can actually improve your credit score almost instantly. Continuing to pay that loan on time will also work wonders in raising your score a little bit more with each month that goes by.

Do not try to get out from under your credit cards debt alone when there are professional debt consolidation specialists available to help you through the process. You can rebuild your credit once you have all of the debt under control. Get the help that you need to get your debt in check and you will be amazed at how quickly your credit rating can begin to improve.



By: Yvonne Corilla

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Debt management is a topic most people will have to deal with at some point. Debt is acquired by not living within your means. Living within your means is simply that you do not spend more than you make. Debt management is controling and managing debt responsibly. To reduce or eliminate debt and create a cash flow that keeps you out of debt is debt management. To completely control your debt you need to make a budget, reduce expenses and focus on paying debt. This is the essence of debt management.

To start your debt management program and make a budget you will need to know all of your expenses and income for a set period of time. Most budgets are done on a monthly basis. You should record your monthly income and expenses on a sheet that will allow you to subtract your expenses from your income. You need to have a few sections for expenses because there are a few different types of expenses to consider in your debt management.

Fixed expenses- These are expenses, like rent, that are always the same amount or around the same amount each time they are due. These expenses are also ones that must be paid. Good debt management prioritizes expenses.

Variable expenses- This type of expense changes from month to month. They are also expenses that you can change the amount of if need be, like groceries.

Debt- Debt can be either fixed or variable, but is different because you do not pay the full amount each month. You can chose how much you want to pay or have a minimal amount you have to pay.

These three types of expenses should be noted on your budget as part of your debt management. Once you have drawn up your budget you need to balance it. Balancing your budget is also a necessary part of debt management and means that your expenses do not exceed your income. This is very important in any debt management program.

You may find that your budget is not balanced. If this is the case you will need to try to find ways to reduce your expenses. While fixed expenses are the same month to month and you have to pay them, there are still ways to reduce the amount. You should comparison shop to find the best price you can get. You can do this with utilities, especially extras like cable TV and phone service. Look at the companies that offer service in your area and find the one with the lowest price. Variable expenses are easy to manipulate and this is most likely where most of your budget cutting will happen. Reducing your expenses will not only balance your budget, but give you some more money to pay off debt quicker. Debt management will pay off with a little planning and self control.

Debt can hang around for quite some item. Most debt comes with interest charges that just keep adding up. You can try getting a lower interest rate. By calling the company you have a debt with you may find they have better payment plans or can offer you some savings. You should also always make a point to pay more than the minimum amount due, especially on credit card debt. The minimal amount due is usually mostly paying interest and not your actual debt. Be aware of creating new debt also. Pay your bills on time so you do not get extra charges applied. Debt management requires that you keep good records and stick to your budget so debt doesn’t get out of control.

Debt management may seem like a difficult task, but if you keep records and stick to your budget it actually can be easy. Try to cut expenses and remember to always live within your means. Once you get a credit card paid off do not start charging again unless you can pay the balance off in full when the bill comes. That is the simplest way to stay out of debt. Start your own debt management program and not only get out of debt but stay out. Remember, for debt management to be effective you must stick to your plan.



By: Jay Moncliff

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FAIR DEBT COLLECTION



If you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a “debtor.” If you fall behind in repaying your creditors, or an error is made on your accounts,

you may be contacted by a “debt collector.”

 

You should know that in either situation the Fair Debt Collection Practices Act requires that debt collectors treat you fairly by prohibiting certain methods of debt collection. Of course, the

law does not forgive any legitimate debt you owe.

 

This brochure provides answers to commonly asked questions to help you understand your rights under the Fair Debt Collection Practices Act.

 

What debts are covered?

 

Personal, family, and household debts are covered under the Act. This includes money owed for the purchase of an automobile, for medical care, or for charge accounts.

 

Who is a debt collector?

 

A debt collector is any person, other than the creditor, who regularly collects debts owed to others. Under a 1986 amendment to the Fair Debt Collection Practices Act, this includes attorneys who collect debts on a regular basis.

 

How may a debt collector contact you?

 

A collector may contact you in person, by mail, telephone, telegram, or FAX. However, a debt collector may not contact you at unreasonable times or places, such as before 8 a.m. or after 9 p.m., unless you agree. A debt collector also may not contact you at work if the collector knows that your employer

disapproves.

 

Can you stop a debt collector from contacting you?

 

You may stop a collector from contacting you by writing a letter to the collection agency telling them to stop. Once the agency receives your letter, they may not contact you again except to say there will be no further contact. Another exception is that the agency may notify you if the debt collector or the creditor intends to take some specific action.

 

May a debt collector contact any person other than you concerning your debt?

 

If you have an attorney, the debt collector may not contact anyone other than your attorney. If you do not have an attorney, a collector may contact other people, but only to find out where you live and work. Collectors usually are prohibited from contacting such permissible third parties more than once. In most cases, the collector is not permitted to tell anyone other than you and your attorney that you owe money.

 

What is the debt collector required to tell you about the debt?

 

Within five days after you are first contacted, the collector must send you a written notice telling you the amount of money you owe; the name of the creditor to whom you owe the money; and what action to take if you believe you do not owe the money.

 

May a debt collector continue to contact you if you believe you

do not owe money?

 

A collector may not contact you if, within 30 days after you are first contacted, you send the collection agency a letter stating you do not owe money. However, a collector can renew collection activities if you are sent proof of the debt, such as a copy of a bill for the amount owed.

 

What types of debt collection practices are prohibited?

 

Harassment.  Debt collectors may not harass, oppress, or abuse any person. For example, debt collectors may not:

 

l     use threats of violence or harm against the person, property, or reputation;

 

l     publish a list of consumers who refuse to pay their debts (except to a credit bureau);

 

l     use obscene or profane language;

 

l     repeatedly use the telephone to annoy someone;

 

l     telephone people without identifying themselves;

 

l     advertise your debt.

 

False statements.  Debt collectors may not use any false statements when collecting a debt. For example, debt collectors may not:

 

l     falsely imply that they are attorneys or government representatives;

 

l     falsely imply that you have committed a crime;

 

l     falsely represent that they operate or work for a credit bureau;

 

l     misrepresent the amount of your debt;

 

l     misrepresent the involvement of an attorney in collecting a debt;

 

l     indicate that papers being sent to you are legal forms when they are not;

 

l     indicate that papers being sent to you are not legal forms when they are.

 

Debt collectors also may not state that:

 

l     you will be arrested if you do not pay your debt;

 

l     they will seize, garnish, attach, or sell your property or wages, unless the collection agency or creditor intends to do so, and it is legal to do so;

 

l     actions, such as a lawsuit, will be taken against you, which legally may not be taken, or which they do not intend to take.

 

Debt collectors may not:

 

l     give false credit information about you to anyone;

 

l     send you anything that looks like an official document from a court or government agency when it is not;

 

l     use a false name.

 

Unfair practices.  Debt collectors may not engage in unfair practices in attempting to collect a debt. For example, collectors may not:

 

l     collect any amount greater than your debt, unless allowed by law;

 

l     deposit a post-dated check prematurely;

 

l     make you accept collect calls or pay for telegrams;

 

l     take or threaten to take your property unless this can be done legally;

 

l     contact you by postcard.

 

What control do you have over payment of debts?

 

If you owe more than one debt, any payment you make must be applied to the debt you indicate. A debt collector may not apply a payment to any debt you believe you do not owe.

 

What can you do if you believe a debt collector violated the law?

 

You have the right to sue a collector in a state or federal court within one year from the date you believe the law was violated. If you win, you may recover money for the damages you suffered. 

Court costs and attorney’s fees also can be recovered. A group of people also may sue a debt collector and recover money for damages up to $500,000, or one percent of the collector’s net worth, whichever is less.

 

Where can you report a debt collector for an alleged violation of the law?

 

Report any problems you have with a debt collector to your state Attorney General’s office and the Federal Trade Commission. Many states also have their own debt collection laws and your Attorney

General’s office can help you determine your rights.

 

If you have questions about the Fair Debt Collection Practices Act, or your rights under the Act, write: Correspondence Branch, Federal Trade Commission, Washington, D.C. 20580.  Although the FTC generally cannot intervene in individual disputes, the information you provide may indicate a pattern of possible law violations requiring action by the Commission.

 

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By: Russel Taylor

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If you are in debt then don’t give up because there is help out there that is available to you. A Government Grant can help you get your debt paid off but it is important to know some facts when searching for the right grant for you.

More Information on getting : Debt Relief Today

The Government gives aways money every year with grants because this allows people get the money they need to get out of debt. It is also a great way to stimulate the economy and the Government likes to do that.

Learn How to Get a : Government Grant Now

When you are looking around for the best grant for your needs you should know that most grant money is given out based on a persons needs. It is easier to get qualified if you are more needy and if your options are limited and the only way to get out of debt is to obtain a grant.

The times we are in are tough for every body and with gas at 4 bucks a gallon and rising, it makes it very tough to make ends meet. It is very natural for us to use our credit cards and sometimes we may get into a situation were we just can not pay our bills. It is always better to try to keep your credit score in good standing but if we face a situation were we have to take a hit then the best thing to do is try to get the debt we have paid off as quickly a possible.

It is always a good idea when looking for grant money to get some help form professionals.



By: Bryan Burbank

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Over the last few years, the Internet has exploded with opportunities for consumers to spend and save money. In these difficult economic times, it’s important to take advantage of these money saving opportunities. Remember, cheap is the new chic. Every savvy recessionista needs to keep a few tools at hand to find the best deals. Just remember, in your zeal to take advantage of online sales, make sure to keep a level head and only purchase what you need.

Coupon Sites

In this day and age, you should never have to pay full price anything. There are coupons for beverages, household good, food, personal care, entertainment, healthcare and pet care. Many websites like Coupons.com offer printable coupons for you to use in the store, or some offer exclusive online deals. A good rule of thumb when you’re searching for coupons is to go to a search engine and type in the name of the product with “coupons” or “promotional code” afterwards. The search engine will pull up all the results related to that keyword phrase. Before printing out the coupon or using it online, check the date to make sure the discounts are still valid. Sometimes search engines cache old coupon pages and you might be too late to get that deal. Also if you’re buying online, make sure that the cost of shipping doesn’t outweigh the savings you receive with the coupon.



Deal Forums

Search for hot deals on forums such as www.FatWallet.com. Fellow recessionistas search the web for the best deals and post them on the forum. You can find information on free stuff, online auctions, contests and sweepstakes, coupons, and hot deals. If you’re too busy to monitor FastWallet.com, it offers Topic Alerts. This feature will notify you via email whenever a post is made related to the item that you’re looking for. All you have to do is go to the Topic Alerts section, fill in your information and then deal alerts will be sent to you, saving you time and money.

Shopping Search Engines

Coupon sites and deal forums are great if you know exactly what you’re look for. But what if you don’t? Recessionistas don’t despair! You just need to visit a comparison shopping search engine. Google, Yahoo and MSN all have shopping sections to their search engine. Just go to the shopping engine, enter in the item you’re looking for and the search engine will pull up results. Google Product Search shows pictures and product reviews next to the items to make selection easier. Once you find what you’re looking for, you can click on “Compare Prices” to find the best deal.

Daily Deal Sites

Some online websites, like Amazon.com, offers daily deals within their website. These sale items are usually discounted at extremely low prices, offering recessionistas a great place to find quality products. There are even websites, like Woot.com, that only sell one item a day and if you don’t buy it that day then you miss the sale. Of course, the prices must be low to attract a large score of buyers. However, both of these types of sites are dangerous on the budget because it’s encouraging impulse buying. You might visit the deal of the day site and think, “Wow, that’s a great price. I don’t need it but it’s a great price!” Then you end up buying something that you don’t need, and that’s a bad idea. If you’re going to take advantage of these types of sites, make sure to look at the deals with a level head and don’t buy anything that you don’t need…no matter how good the deal is.

Online Auctions

Online auction websites, like eBay.com, are garage sales on steroids! Recessionistas come together to buy and sell products from the convenience of their homes. All you have to do is enter what product you’re looking for and the website will pull up the latest auctions. You tell the site how much you want to pay and if you’re willing to pay the highest for the product, you win. However, be very careful when using online auction sites. Sometimes bidding will start low and then as it gets closer to the auction’s closing time, you’ll find yourself in a bidding war over the item you want. Make sure you understand how much you’re willing to pay and don’t allow your ego to talk you into paying too much for what you want. Also, watch out for outrageous shipping and handling charges. Sometimes auctioneers will discount the price but make up for the discount by charging a higher than normal shipping and handling charge.



Online Classifieds

Remember the days when you would flip through the newspaper, looking at the classifieds? Well with the advent of Craigslist and other online classified sites, there’s no need to pick up a newspaper. Modern recessionistas just look at online classifieds. Go to Craigslist. Select the city in which you live, type in the item you’re looking for and read over the classifieds. Buyer Beware: out of all the places to find great deals, this one offers the least amount of anonymity. There isn’t any buyer’s protection. Oftentimes you have to contact the person directly to pick up the item and complete the sale.

Lastly, consider joining an online community, like Twitter, and following a few recessionistas that are tracking hot deals. These coupon clipping, deal watching ladies tweet the latest sales from their Twitter accounts. Or if Twitter isn’t for you, consider collecting a few RSS feeds from the shopping savvy. Just go to Google Blog Search and type in “hot deals”. It will pull up the most recent blog posts and you can choose which ones to subscribe to. Good luck and happy deal hunting.

For more information on how to shop smart and save money, read Shopping and Saving at Consolidated Credit’s website.



By: Kathryn Katz

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