What is CCC?

What is CCC? CCC stands for consumer credit counseling. Another way you may see it abbreviated is CCCS which simply means Consumer Credit Counseling Services. The majority of consumer credit counseling programs are run by non profit companies. Just because it is a non profit company, doesn't mean that they don't charge you a fee. If you are considering joining a non profit company, you may want to check a few just to see what the difference in fees is between companies. There are some consumer credit counseling firms that are for profit. Just be aware that some creditor do not work with for profit ccc, cccs or debt management companies.

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Can a creditor call me at work?

Can a creditor call me at work? A credit can call you at work until you tell them now to. You have rights under the fair debt collections act. Creditors do have a right to call you if they owe you money but they must follow the rules. If you are getting harassed by a creditor or collection agency, it would be a good idea to become familiar with the fair debt collections practices act of 1977. If a creditor knows that you know what the rules for collection are, they will probably back off. They can be fined by the government for violating the debt collections laws.

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Can my credit card company sue me?

Can my credit card company sue me? If you stop paying your credit card bill, your credit card company can sue you for payment. They will tack on late fees and interest as well. Your best bet is to just keep paying your bills on time and stay out of trouble.

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My credit is screwed

My credit is screwed. There is always something you can do to rebuild your credit.

Tips to rebuild your credit

What is debt negotiation?

What is debt negotiation? Debt negotiation is a way for you to negotiate with your creditors and pay pennies on the dollar to settle your debt. Many people look to debt negotiation as a way to avoid filing a bankruptcy. If you are looking at doing a bk, you may want to give debt negotiation a look as an option to get out of debt. Debt negotiation will not have a negative effect on your credit as it is not reportable to the credit bureaus. Doing a bankruptcy can have a negative effect on your credit report for up to 10 years.

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What is debt consoladation?

What is debt consoladation? Debt consolidation will give you one payment instead of many. If you are getting behind on your bills and are experiencing late payments and over the limit fees, debt consolidation may be for you. It is a way to lower payments and possibly even an option to filing bankruptcy. Once you miss a few payments, your creditors are going to jack up your rates and then you are screwed. Debt consoladation is a way to break the cycle of debt. Once you enroll in a program, your interest rates and payments will be lower. Often the debt consolidation company will work out a plan for you to be out of debt in less than 5 years.

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Where can I get debt advice?

Where can I get debt advice? Advice on debt can come from many places. Often the people that are closest to you can give you some pointers. You may want to talk to someone that you know that is good with money. See what habits they have that have worked for them. You may just want to hop on Google and see what articles you can find on the subject. Debt reduction is a very popular topic on the internet. You can't read too much. There are many authors that have written books on the topic such as Suze Orman, Dave Ramsey, Oprah, Robert Kiyosaki and David Bach. There are many more, I'm sure you will find them in your search.

Where can I get debt advice?

How do I get out of debt?

How do I get out of debt? That is a question millions of Americans are asking themselves. Getting in debt is a process, so you guessed it, getting out of debt is a process. You need to really be straight with yourself about the habits that got you in the situation that you are in. Usually it will be pain that will motivate you to get yourself out of debt and that is ok. What it will take is creating a new habit. The first rule to get out of debt, don't spend more than you make. Second rule to get out of debt is to live by your needs and not your wants. You wont die without not having a new 52 inch tv set. You can just suffer with that old 32 inch flat tube set. You wont die without a cell phone or cable tv either. Ya, getting out of debt will cause you to confront places in your life that you haven't looked in a while. What would you rather have peace of mind or worry. For me the choice is simple, I'll take peace of mind any day. Living in fear of your creditors is not living. Do what you need to do and get started.

How do you eat an elephant? One bite at a time.


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What is bad debt?

What is bad debt? Bad debt to a company that is lending money, is money that is owed and not being collected. People who borrow money for various reason just stop paying. They may have lost a job, divorce or even a death in the family will halt a persons ability to repay a debt. A company when declaring it a bad debt, no longer has to count it as a receivable and they are able to write off the loss on their taxes.

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I'm behind on my bills

What is consumer debt?

What is consumer debt? Consumer debt can take many different forms. It is typically understood to be any debt that has to do with the acquisitions of goods that are consumable. A car is a consumable good because they don't last forever. Typically a consumable good will depreciate in value over time. It is very common now for people to buy consumer goods with their credit cards. Any balance that is carried on a credit card is considered to be consumer debt.

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What is debt management?

What is debt management? Debt management can mean a lot of different things. It could be a debt negotiation program or a debt settlement program. It could also refer to a consumer credit counseling program or even a bankruptcy.

I need help with my debt.

Debt Negotiation articles

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What is the debt clock?

What is the debt clock? The debt clock shows how much debt the U.S. is racking up. Some people suggest our debt is not a serious problem because of the relationship to GDP. The ballooning GDP is more of an indication of the increase in fake money being blown into the system (inflation) rather than having a relationship to monies being produced. The astounding $9 trillion gross national debt is owed by the General Fund. This is the part funded by our income taxes every year. Half of this money goes to pay interest on the old debt and the rest goes to the military.

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Will Bankruptcy stop a foreclosure?

Will Bankruptcy stop a foreclosure? Hopefully during the foreclosure process was in motion you tried to get the foreclosure to stop. You could have tried a loan forbearance, deed in lieu of foreclosure or a short sale. If you have tried these with no luck, you may want to consider a bankruptcy. You can either choose a Chapter 7 bankruptcy which is a liquidation bk or a Chapter 13 or wager earner bankruptcy. Once you file, the court should issue an order of relief which should include an automatic stay. With the automatic stay, your creditors must cease any contact with you and collection actions. This includes your mortgage company. This is not a free ride, you will have to act quick to work out something with the bank. Your lender can still ask for a motion to lift the stay so they can proceed with the foreclosure.

Can a bankruptcy stop a foreclosure?


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What is CCCS?

What is CCCS? CCCS stands for consumer credit counseling services. Typically these debt consolidation programs are run by a non profit company. Debt consoladation can get you out of debt in about 5 years vs. 30 years if you keep making the minimum payments on your credit cards. If you are behind or over the limit, you can get the late fees and over the limit fees stopped once you have enrolled into the program.

Is consumer credit counseling right for me?

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debt reduction

Feeling like you are starting to get piled on by your mounting bills? You may want to look at where the money is going. It may not be fun to get it debt but doing nothing about it can make a problem even worse. You may not want to hear this but it may be time to start living by your needs and not your wants. That's right, do you really need the premium channels on your cable tv? I don't think so, I don't know anyone that died without having cable tv. Instead of your Starbucks runs, you can make coffee at home. Don't go to the movies, check out movies from the library, they are free. Do you really need a cellphone? There was a time when people actually didn't have a phone with them all the time. It wont kill you. What will kill you is being in debt. Do yourself a favor and get started on something now. Anything would be good.


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New bankruptcy law

Filing bk is an important decision to make. The impact of this decision will have great ramifications on the rest of your life. George Bush definitely stuck it to the people when he passed the new bankruptcy law in 2005. The new law was supposedly supposed to cut down on bk fraud and reduce abuse. If was a huge gift to the credit card companies. It made it a lot tougher for people to file for bankruptcy. There is no right way to decide whether you should file bankruptcy or not.

Alternative to Bankruptcy

What is bk?

What is bk? Bk simply means bankruptcy and if you are hungry Burger King. For personal finances you can file a chapter 13 or a chapter 7 bankruptcy. Filing bankruptcy is only for extreme financial circumstances when you debts have put you in a bad financial position. Consult with an attorney when you can no longer make your financial obligations.

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Can I get a credit card after a bankruptcy

Can I get a credit card after a bankruptcy? You can, oddly enough creditors will be banging down the door to give you another credit card, so don't worry about it. You can always start off with a secured credit card or secured debt card. A secured credit card works just like a credit card except that you have to add money to it first before you can use it. It's basically just like using cash.

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I can't pay my bills

I can't pay my bills, what do I do? Many people in this country are asking the same questions right now. There are options but it will take some effort on your part. The easiest solutions is to just see how you can make more money to get yourself on track financially. If this is not an option that is available to you, you have a few options. You can look at doing one the the non profit debt consolidation programs. They will help lower your payments and interest rates. If you are getting over the limit fees and late fees, those will stop as well. The other option is you really can't pay is bankruptcy or debt negotiation.

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What is a Section 341 meeting?

The section 341 meeting which is also call a meeting of the creditors, is a meeting that a debtor must attend afer a bankruptcy is filed. The meeting is orchestrated by the case trustee or the U.S. trustee. The debtor must go to this meeting and testify about his or her financial condition. The debtor will be asked about this information that has been placed on the bk paperwork. A creditor is allowed to attend the meeting and ask questions about the financial condition of the debtor as well. If the debtor fails to show up to the meeting, the bankruptcy case can be dismissed. Most states allow you to attend the section 341 meeting without an attorney. Massachusettes requires that you have an attorney. You are going to have to pay for this. There is no way around it.

Like all legal matters, consult with an attorney first before making any financial or legal decisions.

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Tips to Negotiate unsecured debt - bankruptcy questions

With the recent changes to the BK laws, it has gotten a lot harder to file for a BK. To file for bankruptcy used to be a piece of cake it is no longer a foregone conclusion. You have to attend classes and attorneys are more stringent on what they will allow to be included and repayment plans are much higher in a lot of cases. What other options are there besides bankruptcy? No too many, but there is the debt negotiation option. Anyone can negotiation their own debt. It just takes time and thick skin. The creditors will be coming after you hard to collect. They collection agencies will use every avenue they can exploit to get you to pay up.

If you don't want to handle it yourself, there are professional debt negotiation companies that can assist you in the process. (10 tips for debt negotiation)

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How do I get Creditors to stop calling me?

Are you being harassed by your creditors? Can you get a creditor to stop calling you? The only way to get a creditor to stop calling you directly is to hire an attorney. An attorney will send out a cease and desist letter and inform the creditor not to contact you and to direct all communication to the law office. If you don't have an attorney, you do have rights. I would recommend reading the Fair Debt Collections Act. If you owe a creditor money, they do not have free reign to call you whenever and wherever they want. They can only call you certain times of the day. They are not allowed to call you at work it you tell them not to.

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Cease and desist from my debt negotiation company

If you have enrolled or are thinking of enrolling in a debt negotiation program I have one point of information for you to consider. If the company you are speaking to promises that they will be able to get the credit calls to stop with letters or a cease and desist, you may be in for a shock. Once a creditor knows that you are in a debt settlement program they are more likely to sue you. A debt negotiation company that tells you they can get the calls to stop, probably doesn't know what they are doing. This is just a sales tactic to get your money. A reputable debt settlement company will tell you to stop taking the calls or change your number frequently. I hope this helps. There are good debt management companies out there. Unfortunately there are a lot of bad ones as well. Do your homework, ask for references, check with the better business bureau but don't do anything unless all of your questions have been answered and you are satisfied.

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Low Credit Scores Can Cost You More Money For Your Insurance Policies

A negative credit report can cost you serious money in more ways than you would probably think. It seems like a seriously unfair practice, but it is more or less legal for insurance companies to factor in your credit score when determining your insurance premiums. Auto and homeowners insurance companies are now taking a closer look at their customers' credit ratings, the idea being that consumers with poor credit are actually more likely to file insurance claims. (Pay off old bills and improve your credit scores)

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Millfield Debt Counselling

Millfield Debt Counselling is a group that acts as the parent company for over 1500 IFAs or Independent Financial Advisers throughout the United Kingdom. They are professionals who are dedicated to support services to businesses and individuals. Their niche is in advanced IT, training, product expertise and regulatory supervision. They claim to offer the best service possible on their website.

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Don't feel bad for the credit card companies

I don't feel bad for the credit card companies they are experiencing defaults on their credit card customers. They deserve to take a hit for unsound lending practices. MBNA, citibank, Discover, Providian, Master Card and Visa, I don't feel bad for you guys. You business practices are dishonest and you are harming peoples lives. When it is easy to get credit cards, what do you think will happen. People that don't qualify for credit under normal circumstances are getting cards and defaulting. Getting a credit card should have similar qualifications as a full documentation mortgage loan should. You need to be able to demonstrate your ability to repay. If you can't qualify then you should not get a credit card. You should get a debit card and use it like cash. Credit card companies are predators and want to get you in debt and keep you in debt. They are looking for new slaves.

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What is USOBA?

What is USOBA? USOBA stands for The United States Organizations for Bankruptcy Alternatives. USOBA was founded by members in the industry seeking representation for debt settlement and debt negotiation outside of credit counseling and bankruptcy. The goal of USOBA is to create and advocate an agenda only for the debt settlement and debt negotiation industry.

We are seeing record levels of consumers filing bankruptcy each year, the credit counseling and debt consolidation industry under fire from the IRS, FTC, U.S. Senate and House, consumer advocates and the state legislatures, USOBA members are the last line of help before going bankrupt.

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What is TASC?

What is TASC? TASC stands for The Association of Settlement Companies.

TASC’s™ goal is to promote good practice in the debt negotiation industry, protect the interests of consumers and debtors, and lobby on behalf of debt negotiation companies on the federal and state level.

Debt negotiation companies act on behalf of consumers and debtors to help them clear their debts. They do this by entering into direct debt negotiations with creditors in order to facilitate the repayment of delinquent debts. In return for their services, debt negotiation companies are generally paid a fee by the consumer.

Membership of TASC™ is reliant upon debt settlement companies being able to show that they comply with the standards set out by TASC™ in the Bylaws.

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The Bylaws have been developed in consultation with a number of debt negotiation companies, discussions with different states’ legislators, and major lending institutions. The aim of the Bylaws, and that of TASC™, is to encourage debt negotiation companies to provide services of the highest standards to ensure the public and the credit industry’s confidence.

Why do creditors try to scare you?

Why do creditors and collection agencies try to scare you? It's simple really, they just want to collect money from you. The more you are afraid of what they are telling you they are going to do to you, the better chance they have of collecting from you. They know that most people have a fear of the unknown. Getting sued for most people is the biggest worry. If you are already not paying your bills, threatening court and wage garnishment can sound pretty horrifying. They want you to do what ever you have to do to get out of debt. You do have rights as a debtor. It would be very smart to read the fair debt collections act to see what your rights are. I think you will find out that the bark is worse than the bite sometimes. I think a little knowledge will give you some peace of mind as well. I'm not saying that you will be able to ignore it, you will have to deal with it at some point.

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What is Re Aging a credit account?

Re Aging a credit account is a way to improve your credit report and your credit scores. This approach is helpful only if you have had a short term problem, like a layoff and now you are back on your financial feet again. What is re-aging? When a creditor re ages your account they take off from your credit account negative information surrounding your late payments. Your account will go from delinquent to good standing. Your credit score should go right up again. Sometime just changing one item can have your credit score go up over 100 points.

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What is a Chapter 13?

A chapter 13 bankruptcy is a type of bankruptcy filing in the United States that is commonly referred to as debt reorganization. If an individual can show ability to pay back some or all of their debts, this option may be the way to go. This can help you keep your home and car in a time of financial crisis.

Filing a chapter 13 bk will usually stop any legal actions against you from your creditors. Once you have Chapter 13 protection, they can no longer call you or sue you. It is up to the lawyer to take the calls and correspondence once the chapter 13 option has been chosen.

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What is credit repair?

Credit repair is the process of improving your credit score. Bad credit is the major factor for people not being able to finance their consumer or home purchases. It can also be a process of disputing or fixing discrepancies shown on your credit report in the credit bureaus. A credit must be able to show proof of the existence of a debt. If they can't, they must take it off of your credit report.

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What is a charge off?

A charge off is an accounting method that allows a company to remove a bad debt from the company balance sheet. This can be utilized when a bad debt is clearly no going to be paid by a debtor. Charge offs provide several advantages for a company. It eliminates the appearance of the line item on the income statement for the corporation. This would mean that the bad debt does not appear as net income on the financial records of the company and would not be subject to taxes. The people that handle the accounting, no longer have to spend time dealing with it.

As a debtor, a charge off would be a negative mark on your credit report and would impact your credit score greatly. It is in your best interest to try to negotiate or pay the bad debt off. You can contact a lawyer or a debt negotiator to try and help you if you are not comfortable doing it yourself.

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What is the Universal Default Rate

The Universal Default Rate in relation to the financial services industry allows a lender to change the term of a loan from the normal terms to a new default term. Typically a default rate will be activated when loan payments are missed or a loan goes into default. The term is most associated with credit cards in that when a consumer fails to make a payment on a credit card, interest rates can soar to over 30% in some cases. Once you are in a default rate on a credit card, there is not much you can do to get out of the high rates. You may want to consider doing a debt consolidation program. Once you enter a debt consolidation program, your interest rates will be reduced, over limit fees stopped as will as late fees.

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What is the Fair Debt Act?

The fair debt collection practices act of 1977 is a federal law that outlines what creditors and debt collectors can get on you. It is specific on how debt collectors and bill collectors can communicat with you at home and at work. These collections agencies rules are designed to protect the debtor from abusive debt practices and harassment, trick and illegal debt collection tactics.

More on the Fair Debt Act

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What is a judgment

A judgment is simply a legal document stating the reason for a judges or judicial decision. They are written by a singe judge. In a court of law they require the repayment of a debt, the court has the authority to place a lien against the debtor's real property as collateral for the judgments creditor.

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What is CCCS

CCCS stands for consumer credit counseling services or debt management. You will also sometimes see it written as CCC. Essentially it is the same thing. A debt management company is a third party that will help you restructure your repayment of debt in a more manageable manor. Typically a debt management company will help you lower interest rates, stop late and over the limit fees. Most debt management companies design plans to have you out of debt in 5 years or less.

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What is debt settlement?

Debt settlement is essentially the same thing as debt negotiation. Debt settlement is a process by which you negotiate your charge offs and collection accounts to get out of debt or avoid filing a bankruptcy. Creditors do want to work with you to resolve your debt issues. In fact they will often times take less than what you actually owe them just to close the account out quickly. Debt settlement can be performed by a third party debt negotiator or an attorney. Typically you can save anywhere between 40 and 60 percent of what your original balance was.

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