Tag Archives: DebtManagement

How to Get out of Debt and Start Saving for Retirement

Saving for retirement is something that every financially secure person will suggest, but is very hard to do for people with debt or limited extra income. Not everyone has the means to immediately begin saving for retirement, but there are steps you can take to make positive changes and work towards being able to save money sooner rather than later. The earlier a retirement fund is created, the more value it will have in the future. An estimate done by CNN money says that if you place $3000 each year into a retirement fund for 10 years, starting at age 25, the investment will be worth more than $338,000 assuming a 7% annual return. Before you can start saving however, you need to neutralize bad debt-inducing habits. Examples of Bad Debt-Inducing Practices Taking on risky loans: Certain loan providers offer loans with excessively high interest rates or embedded fees, and…
Read More »

Posted in Personal Finance | Tagged | Leave a comment

How to Reclaim Money from Loan Scammers

Several different types of loan scams exist that affect loans of all kinds. Whether you are taking out student loans, auto loans, mortgage loans, or taking on debt of any kind, be on the lookout for fraudulent loans. Some scams will steal your identity and money, while other illegal loans that are more difficult to detect use predatory loan tactics to cheat you out of money. 5 Things to Watch out for When Taking out a Loan Ignoring credit history: A lender that says, “we don’t care about your credit score,” or doesn’t disclose they will pull up your credit report before allowing you to borrow, is probably a loan scammer. Lender is not registered with the state: According to the Federal Trade Commission, lenders must register to do business in the state they are in. Checking the lender’s website should allow you to locate information connecting the lender to…
Read More »

Posted in Personal Finance | Tagged , | Leave a comment

Make Sure You Aren’t Scammed If You Have Old Tax Debt

The IRS has begun using private collection companies to collect tax debts of over two years old. This opens the door for scammers, who may claim they are the IRS and ask for a phone or money transfer via phone or email. It is important to distinguish between the actual IRS and scam artists. People acting as tax preparers who charge absorbent preparation fees, and fake tax websites are things to watch out for. The four collection agencies working for the government to collect debts are: CBE Group, ConServe, Performant, and Pioneer. Any collector claiming to work for a different company from these four agencies or the IRS is likely a scammer. 6 Ways to Tell If an IRS Contact Is Legitimate The debt must be at least two years old. You will not be asked to pay over the phone with a credit or debit card, the IRS will…
Read More »

Posted in Bankruptcy | Tagged | Leave a comment