Zombie Credit Card Debts

Did you know you can be sued on old credit card debt for 15 years? Even worse, every time you make a payment the 15 year time frame is extended. Some companies specialize in collecting old debts. They try to get people to make payments on debts that are more than 15 years old. Continue reading

Report Explains Failure Of Mortgage Modification Program

Only 340,000 homeowners received a permanent modification of their mortgages under the federal program in the last 15 months. This falls far short of the expected three to four million people the program should have helped. Why has the program failed to assist more homeowners? Two reasons were cited in a recent report to Congress. The Treasury Department, the agency that oversees the program, failed to provide clear goals. The program pays mortgage service providers for loans that get modified. But in many cases, the service providers may more money if the family goes through foreclosure. Continue reading

Debt Settlement Scams

Have you considered using a debt settlement company to deal with your debts? Be careful. The New York Times reported settlement companies typically have fees of 15 to 20 percent of credit card balances. Even worse, they tend to collect fees upfront, regardless of whether a customer’s debt is actually reduced. Continue reading