How To Stop Bill Collectors From Harrassing You

A reader at Sample Debt Validation Letter asks how to get a collection agent to stop harassing her ... . Who can I report her to? And how do I get her to quit harassing me? The debt is an old credit card ... of all, once you enter the world of defaulted credit card debt - what good is it doing to talk to these people [more...]

Date: 2008-12-02 03:45:37

Blog posts (152) | Videos (93)
 

Capitalism Falls: 1.1

We are pleased to announce a new series on the fall of American looter capitalism ... and the coming wave of retail closures, credit card defaults, commercial property defaults ... informative although largely unheard of radio program Unwelcome Guests (which has a tremendous archive [more...]

Date: 2009-01-03 15:16:00

Additional Thoughts on the Bailout By Paul Craig Roberts

Dandelion Salad By Paul Craig RobertsOctober 16, 2008 “Information Clearinghouse“ “We hang the petty thieves and appoint the great ones to public ... , necessitating the purchase of yet more troubled instruments. If credit card debt has also been securitized and sold as investments, as the economy worsens defaults on credit card debt [more...]

Date: 2008-10-17 22:15:23

Links 12/19/08 (And Happy Birthday to This Blog!)

We are two years old today! Thanks to all you great readers! ... , Insurance Co Claims Smoke Killing 3 In Fire Was "Pollution" Consumerist Credit-Card Users Feel ... Independent Glencore: credit default swaps suggest something amiss Ed Harrison Even Winners May [more...]

Date: 2008-12-19 09:30:24

Advanta Credit Card Scam

by John Monderine I sit at my desk completely frustrated with Advanta. I opened up a business credit card with them 3 years ago and made a purchase of $6500 to help ... sense. They should lower my rate if they think I will default on my credit card. How will an increase [more...]

Date: 2009-01-12 09:01:11

Is Ulrich's Move at Target Good for Bill Ackman? $$

A new CEO always makes some changes. Will Steinhafel look closer at Pershing Square's proposal? Here is the news:The WSJ Reports:Target Corp ... of its shoppers default on credit-card payments. "As we look to the future, we are completely confident ... from Ackman:The plan was endorsed by Lazard.Target (TGT) is facing increasing credit card losses [more...]

Date: 2009-01-16 01:15:00

6 Steps to Doomsday: A Great Depression II Scenario

I have to get this out of my system. BP’s interview with historians Michael Allen and Larry Schweikart helped assuage my fears some ... , out of money, default on their mortgages, car loans, student loans, credit card loans, etc. Bond ... access to credit, you can’t get that loan to start up the new business you’ve been planning [more...]

Date: 2008-10-07 18:00:29

Fear is back on Wall Street

NEW YORK (Fortune) -- Fears about the health of big financial firms and the overall economy have roared back into play, ... by souring mortgages and trading losses - will be eroded by rising defaults on credit cards, auto loans ... billion in federal aid and loan guarantees in recent months. Citi said Tuesday it would spin off 51 [more...]

Date: 2009-01-15 01:40:18

Restrictions on Wage Garnishment for Debt Collection

Many debtors that have defaulted on their credit card debt or other unsecured loans are concerned about their wages being garnished. Often collection agencies will threaten to turn your debt over to their ‘legal department’ ... for you… at no charge. The U.S. Department of Labor has developed The Federal Wage Garnishment Law [more...]

Date: 2008-11-30 16:13:23

Taxpayer Advocate Gripes About IRS

Taxpayer Advocate Gripes About IRS August 25th, 2008 According to the Seattle Post Intelligencer, Nina Olson, ... in place to assist victims of identity theft. • Cancellation of debt income. When an individual ... their homes to foreclosure or who default on car loans or credit card debts. Last year, Congress passed [more...]

Date: 2008-08-25 13:51:49

JPMorgan chief sees bleak year ahead

The US financial and economic crisis will worsen this year as hard-hit consumers default on credit cards and other loans, Jamie Dimon, chief executive of JPMorgan Chase, has predicted. Dimon, whose bank will report Q4 results on Thursday, gave his bleak assessment in an FT interview as bank shares tumbled in key markets on fears [more...]

Date: 2009-01-15 05:31:17

Stocks Recoup Sessions Losses

FINANCIALS EVIDENCE HOPE FOR CONGRESSIONAL BAILOUT U.S ... and has moved narrowly higher in the session’s later trading. Capital One (COF), the consumer-lending giant that reported credit-card defaults continued to widen in December, recouped its early losses to move [more...]

Date: 2009-01-15 19:56:41

Paulson's New Program: Giving People Money They Can't Afford To Spend

The news is as old as the Magna Carta. The consumer is broke. He does not have a dime. He is out of work. He is defaulting on his home equity loan, and the bank has reposed his credit card. It may ... of auto loans, student loans and credit cards." The head of the Treasury is concerned that people [more...]

Date: 2008-11-25 10:50:07

Economic Crises Deepens: JPMorgan Chief Says 2009 Will Be Bleak

Jump to CommentsBy Francesco Guerrera in New YorkThe Financial Times The US financial and economic crisis will worsen this year as hard-hit consumers default on credit cards and other loans, Jamie Dimon, chief executive of JPMorgan Chase ... to deteriorate for most of 2009,” said Mr Dimon. “In terms of our sector, we expect consumer loans [more...]

Date: 2009-01-15 18:20:12

Debt Consolidation - How Obama is Making it Easier to Eliminate Credit Card Debt

Amazon.de Widgets Recent economic conditions and massive government spending have actually made it easier for consumers to eliminate credit card debt. The passage of the financial stimulus bills has given creditors much more flexibility when negotiating debt settlements. Not only do creditors have a lot of stimulus money to hedge their losses on debt settlements but they are also very worried about defaults on delinquent accounts. [more...]

Date: 2009-09-16 08:49:45

IRS Tax levy, Tax Collection, Tax Lien, Foreclosure Debt Foregiveness Rules May Be Amended.

Los Angeles, California - IRS will be improving IRS tax procedures to protect victims of tax-related identity theft and expanding outreach and ... to assist identity theft victims. 3. Cancellation of Debt Income. When an individual or business ... to foreclosure or who default on car loans or credit card debts. Taxpayers may exclude the amount [more...]

Date: 2008-07-22 19:43:56

The Basics of Dealing with a Loan Default

Over the past few weeks, ... ). Eventually, a loan default results in repossession or foreclosure (if your debt has collateral) or having that debt turned over to a collection agency (if your debt doesn’t have collateral). The impact [more...]

Date: 2008-12-09 20:00:29

Collection Agency calling from 571-431-1958 (Washington, VA)

Steve reported a Collection Agency (5714311958 from Washington area, VA) . The following comments were posted: AACC AACC AACC 5127689800 AACC 804-234-9056 assetacceptance.com Asset Acceptance is a leading purchaser and collector of charged-off consumer debt. Since 1962, we have provided credit originators such as credit card issuers, consumer finance companies, retail merchants, utilities and others an efficient alternative in recovering defaulted consumer debt. [more...]

Date: 2009-09-25 19:53:49

is it true if you use debt consolidation svc, they want your power of attorney to act on your behalf?

I've delayed getting help for credit-card debt because I was told by one company they want my power of attorney which needs to be notarized before I can do business with them. I think that's scary! Yes….this is true. Most want a limited power of attorney… Stay away from any "debt consolidation" company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. [more...]

Date: 2009-06-18 06:21:17

Vonage Says "If You Hang Up We'll Cancel Your Account" [Vonage]

We don't know what the hell happened with this customer service situation, ... and canceled my account and $92 was debited from my credit card. As I write this letter I am talking ... by default to a service cancellation and $92 cancellation fee. That sounds like the kind of angry-CSR [more...]

Date: 2009-01-10 00:12:39

How trust worthy is American Debt Settlement Group?

I talked to someone from that group with the address 7590 E Gray Road Scottsdale, AZ 85260 I want to know can I trust these people do help settle my credit card debt? How do I know it's not a scam? Stay away from any "debt consolidation" company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. [more...]

Date: 2009-05-21 23:36:18

Economic Turmoil Causing Credit Card Changes

The economy's roller coaster ride has left most Americans wondering how the recent events will affect their personal financial situation ... , CEO of LowCards.com and author of The CreditCard Guidebook. "Lenders are now focused on limiting ... against cardholders who have taken on too much debt and have increased the risk of defaulting [more...]

Date: 2008-10-02 20:27:18

Data destruction best practices for obsolete PCs

In the realm of data security, technicians and systems administrators must learn a wide variety techniques for keeping electronic information safe.  Whether it is making sure passwords for users on a network are not reused, or maintaining an encrypted VPN, there is a constant and dynamic thought process involved with computer security. Though keeping usable data safe is a priority, it is equally important to know how to destroy information that is no longer needed. [more...]

Date: 2009-09-26 10:03:41

The 7 new rules of financial security

In a world turned upside down, you must re-examine some basic assumptions. A good place to start: understanding the true nature of risk.John Maynard Keynes, the Depression-era economist who’s having quite the comeback, once quipped when he was accused of inconsistency: “When the facts change, I change my mind. What do you do, sir?”Money has long advocated the benefits of consistency in your investing and financial planning. [more...]

Date: 2009-09-29 10:57:27

The Situation of Credit Card Regulation

Situationist Contributor Adam Benforado recently published the following op-ed, titled “Time to Rein in Tricks of the Financial Trade,” in Cap Times . * * * I have a confession: I teach contract law, and I do not understand everything in my credit card agreement. If business law professors are getting lost in the fine print of consumer financial products, we have a fundamental problem. Back in the early 1980s, the average credit card contract filled up a single page. [more...]

Date: 2009-09-28 04:01:16

How to Be Aware of What Credit Counselors and Consolidators are Really Offering

This is a guest post from Matt B . Matt writes about all aspects of personal finance at Financial Methods . Please visit the site and let him know what you think. If you are at a point in your life where you have realized that the debt you lug around behind you weighs you down too much, good for you. If you are stuck at the beginning of the battle and not sure where to go next, just know that there are plenty of options. [more...]

Date: 2009-09-28 11:01:51

Credit Card Laws and Court Rulings–Have They Helped Consumers?

This is a guest post by Bill Hardekopf, CEO of LowCards.com . Congress passed the Credit CARD Act in May but gave issuers and banks almost one year to implement the major provisions of the bill. Since then, issuers did exactly what they threatened to do–raise rates and fees on a broad group of cardholders. Consumers and elected officials are not happy about this, and members of Congress plan to introduce a bill to accelerate the effective date of the bill from February 22, 2010 to December 1, 2009. [more...]

Date: 2009-09-25 19:18:38

AEI Interns’ Transcripts in Date Order: Their Own First Draft of History

First of all, I want to reemphasize everything Laurie just said. This is not a new threat, and this is not a threat we did not know about. Saddam Hussein has, in many ways, openly dreamed of mass death in the United States. He has shared his dreams with his nation and the world many times. We also know he has actively planned to do so many times, and Laurie’s book is a rather convincing argument that he is active and successfully implemented plans to do so as well. [more...]

Date: 2009-09-28 08:30:21

Credit Card Issuers Growth Prospects From A Micro Level View

This is a guest post by Mr Credit Card from Mr Credit Card . Mr Credit Card has a review site full of credit card offers . Today, he is going to talk about insights from his perspective that might influence credit card issuers stock. If you are looking for a new card, check out his best credit card offer and deals section. Since the stock market hit its lows in March of 2009, it has been on a steady rise since (depending on when you read this post, things may be different off course). [more...]

Date: 2009-09-27 13:29:16

Words from the (investment) wise 9.27.09

Words from the (investment) wise for the week that was (September 21 – 27, 2009) After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 12:05:27

Volcker and Blankfein on ‘too big to fail’

The central bankers strike back. Former chairman of the Federal Reserve Paul Volcker today pulled the rug from under the current direction of reregulation of our financial system, which he suggested was “papering over and tinkering around the edges of a broken system”. In testimony to the US Congress , he took the argument that many of America’s (and indeed Britain’s) biggest financial institutions remained too big to fail. [more...]

Date: 2009-09-25 17:11:59

Where has the Bailout Money Gone? Good Billions After Bad

Where has the Bailout Money Gone? Good Billions After Bad Vanity Fair by Donald L. Barlett and James B. Steele As the Bush administration waned, the Treasury shoveled more than a quarter of a trillion dollars in tarp funds into the financial system—without restrictions, accountability, or even common sense. The authors reveal how much of it ended up in the wrong hands, doing the opposite of what was needed. Just inside the entrance to the U.S. [more...]

Date: 2009-09-28 06:17:36

Banks vs Retailers: The Battle For Card Usage

Lately, I’ve noticed a card war brewing.On one side, stand the Banks and Credit Card firms. They get paid a percentage of every sale when you swipe your Amex, Master Card or Visa in a credit card machine.On the other side, are the Retailers.In the middle, the Consumer. The battle between the two giant sectors means that choices (and potential costs) are multiplying — if consumers become aware of them.The battle is over that 3% or so processing fee (it varies) when you swipe your card at a store. [more...]

Date: 2009-09-29 12:00:40

How Can I Get Money for Plastic Surgery?

by Leonard Dawson Financing plastic surgery is not like financing a car or a home. Banks, as you may have guessed, are very careful about who they loan plastic surgery money to. They will very carefully consider your credit history, including late payments, defaults, your bill payment history, and how long you’ve had credit accounts. A loan to pay for plastic surgery is an unsecured debt, meaning there’s not collateral for the bank to repossess in the event of a default. [more...]

Date: 2009-09-29 20:33:13

Words from the (Investment) Wise (Sept. 27, 2009)

After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 14:33:29

JPMorgan Offers Charge Card and Credit Cards For Small Businesses

The second largest bank in the United States, JPMorgan Chase & Co. launched their charge card aimed at small businesses last Wednesday. This move puts them directly in competition with American Express Co, the dominant company in this particular market.Along with the launch of their charge card, JPMorgan also launched three new credit cards specifically targeted at small businesses. These credit cards offer several incentives for card holders such as cash backs, rewards and large credit limits. [more...]

Date: 2009-09-27 19:27:39

Palm webOS 1.2.0 Now Available, App Purchases are Coming

Palm Pre users rejoice: a new version of webOS, 1.2.0, is now available . It’s about 79 megabytes heavy, and it brings several new important features, one of them being support for paid app purchases from the App Catalog. Other new features include backup of bookmarks, many calendar improvements, easier email search (as well as many other email improvements), louder default ringtone, MP3 purchasing from Amazon, support for JPG, BMP, and PNG formats, file downloading from the browser, and many more. [more...]

Date: 2009-09-29 07:20:59

Palm webOS 1.2.0 Now Available, App Purchases are Coming

Palm Pre users rejoice: a new version of webOS, 1.2.0, is now available . It’s about 79 megabytes heavy, and it brings several new important features, one of them being support for paid app purchases from the App Catalog. Other new features include backup of bookmarks, many calendar improvements, easier email search (as well as many other email improvements), louder default ringtone, MP3 purchasing from Amazon, support for JPG, BMP, and PNG formats, file downloading from the browser, and many more. [more...]

Date: 2009-09-29 14:01:04

Palm webOS 1.2.0 Now Available, App Purchases are Coming

Palm Pre users rejoice: a new version of webOS, 1.2.0, is now available. It’s about 79 megabytes heavy, and it brings several new important features, one of them being support for paid app purchases from the App Catalog.Other new features include backup of bookmarks, many calendar improvements, easier email search (as well as many other email improvements), louder default ringtone, MP3 purchasing from Amazon, support for JPG, BMP, and PNG formats, file downloading from the browser, and many more. [more...]

Date: 2009-09-29 09:30:10

In The News Today

Jim Sinclair’s Commentary As in the 70s central banks first slowed down their gold sales then turned into gold buyers. The Chinese are already on the buy side now. Gold is going to $1224, $1650 and then on to Alf’s numbers. UPDATE 1-German Bundesbank to keep lid on gold sales this year Fri Sep 25, 2009 1:10pm GMT FRANKFURT, Sept 25 (Reuters) – Germany’s Bundesbank will refrain from big gold sales in the first year ofa new central bank gold sales agreement, it said on Friday. [more...]

Date: 2009-09-25 18:31:20

Discover How To Make The Best Deals With Original Creditors

By Michael Redbourn There are lots of articles around that explain how to talk or not talk to debt collectors and many people think that they should handle negotiations with the original creditor in the same way, and that's absolutely wrong. The original lender doesn't have to help you at all, but if you handle the negotiations in the right way you might save yourself around 45% of your total debt, and you might get the very best comment on your credit report too. [more...]

Date: 2009-09-29 01:02:09

Words from the (investment) wise for the week that was (September 21 – 27, 2009)

After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 07:51:48

Words from the (investment) wise for the week that was (September 21 – 27, 2009)

After hitting its best levels of the year on Wednesday ahead of the Federal Open Market Committee’s (FOMC) communiqué, the S&P 500 Index ran into heavy weather on the realization that the Fed could start scaling back on emergency support of the economy. US equities dropped further later in the week on renewed concerns about the state of the troubled housing market and weaker-than-expected durable goods orders. [more...]

Date: 2009-09-27 07:51:48

Wall Street Breakfast: Must-Know News

Chugging along towards a bailout. After multiple false starts, sources say an auto bailout could be unveiled today that would see General Motors ( ... through their credit arms, GMAC (GKM) and Chrysler Financial. Yes We Can (fix the economy)! President ... potentially lowering General Electric's (GE) AAA credit rating, sending shares down 8.2%. The [more...]

Date: 2008-12-19 12:18:35

Fab Five - A Simple Holiday Edition

A few members of The Life Skills Network put together an outstanding resource around the theme of simplifying the holidays ... , to the Benefit of Cardholders.  A vote this Thursday could eliminate such credit card nastiness as double ... : Breathe (@Simple Mom) Debt Elimination Tips: How To Reduce Debt With These Do’s and Don’ts.  Enjoyed [more...]

Date: 2008-12-17 19:00:46

The Alternate Finance Crisis Glossary

The BBC website has just posted a rather good glossary of terms that've cropped up a lot in coverage of the Continuing Financial Crisis From Hell ... . Contrast with liabilities, which sit in the left-hand column. Hence the saying "the problem ... . Chapter 11 What companies do when it all becomes too much to handle. Collateralised debt obligation [more...]

Date: 2009-01-13 10:36:38

Downturn Pounds Commercial Real Estate

And despite the tone of this article, some people believe it will be worse than the residential crash: Contractors, ... reeling from a historic housing depression. “This is a rolling problem that’s only going ... values. “Businesses need to be able to access the credit market when their debt comes due [more...]

Date: 2009-01-12 15:04:37

A “Computer Glitch” Caused Macy’s Customers to be Charged Twice

On December 22, a representative for Visa wrote about that company’s protection for customers who use debit cards: If your account is compromised, ... provisional credit for losses from unauthorized card use within 5 business days of notification ... Visa is committed to setting things right without further aggravation or inconvenience [more...]

Date: 2008-12-30 20:00:49

Derivatives and human hubris.

Learning of the kinds of exotic instruments used by Wall Street in the years before the crash can be a mind-boggling experience ... sums of “paper wealth” they produced. AIG and other firms sold credit default swaps in such massive numbers that there was at one point insurance on over $60 trillion in credit. In other words [more...]

Date: 2008-12-24 15:32:03

Suren Ramasubbu: 10 Things to Consider Before Giving an iPhone to Your Kids

Most parents that we talk to did not even think about it until they brought the iPhone (or iPod Touch ) home. They spend a few minutes on it and discover that they love to play with it. But their kids love it even more and can stay occupied playing with it for long periods of "quiet" time! The second thought that hits them is, hey, this is a mini-computer. I couldn't agree more. [more...]

Date: 2009-09-26 18:11:31

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