Category Archives: Consumer Credit

Filing for a bankruptcy can clear consumer credit such as credit cards and payday loans.

Bankruptcy and Credit: Should You Worry About It?

Credit scores are a common concern for people who are considering bankruptcy. In fact, worries over credit scores are a common reason why people sometimes wait to file their cases. Although bankruptcy affects your credit scores, chances are you have more important things to worry about if you are considering bankruptcy. How Bankruptcy Could Affect Your Credit Bankruptcy’s effects on credit scores will vary from person to person, but there are some universal rules. For Chapter 7 cases, the bankruptcy does appear on your credit for up to 10 years from your filing date. Chapter 13 cases remain on your credit reports for seven years after they conclude. It is important to understand that not filing for bankruptcy could have an even more negative effect on the long-term health of your credit scores. For example, creditors are still going to report unpaid debts to the three credit bureaus after a…
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How to Avoid Excessive Debt While Holiday Shopping

We all feel the pressure to get the perfect gift for family members and friends. However, spending a lot of money on gifts can put you into serious debt. Every January and February, credit counselors see a 25 percent spike in the number of people seeking financial help. Many of these consumers blame their financial woes on holiday shopping. If you want to avoid this holiday pitfall, here are some tips to make the festive season more frugal. Make a Budget How much can you afford to spend on presents this year? Look at your finances, set a spending limit and stick to it. Knowing how much you can afford to spend will help prevent excessive spending when you are in the store. Make a List of Who Is Getting Gifts Make a list of the people who are at the top of your gift buying list. You can take…
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Five Personal Finance Habits That May Improve Your Credit Scores

Your credit scores can have a major impact on several areas of your life. These scores, which are calculated from the information in your three credit reports, determine where you can live and which loan terms you receive from lenders. Credit scores can even affect the type of job offers you receive. If you have poor credit scores, the good news is that they are not permanent. You can always adopt new personal finance habits to improve your credit scores. The following personal finance habits may help you achieve this goal. Pull your credit reports often. Pull your credit reports as often as possible. You can pull your reports from Equifax, Experian and TransUnion once per year for free. However, you should try to pull these reports twice per year at a minimum. If you are able, try to pull your credit reports once every four months. Look for mistakes,…
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