Posts Categorized: Credit and Debt

No-interest credit card offers are increasingly common these days, and while they may seem incredibly attractive, here are a few things to consider before rushing into one of these deals. While you may get 0% interest for a few months, maybe even a year, do you have to pay any fees during this period? Read…

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The best debt help we can offer is to teach consumers to manage their credit effectively. One key to this end is to review every statement you get. Too often, we pay the bill and file it away without taking a few extra minutes to review it fully. Credit card companies do occasionally make errors,…

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People seeking credit counseling advice are often curious about cancelling credit cards. We’ve written frequently about how closing accounts isn’t necessarily good for your credit score, but once an account is closed it can’t be used to accumulate more debt, making credit counseling that much easier to achieve. Whether cancelling credit cards is or isn’t…

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Under the Fair Debt Collection Practices Act, debt collectors are required to identify themselves in any communication with a debtor. This rule prevents collection agents from tricking consumers into returning calls or other communications without knowing the nature of the communication. There are also privacy protections built into the FDCPA that prohibit collectors from disclosing…

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It’s not uncommon to receive a phone call or notice in the mail from a collection agency looking for payments. When a debt collector contacts you about an unpaid debt, your first order of business should be to obtain a debt validation (DV) letter. Under the Fair Debt Collection Practices Act (FDCPA), collection agencies are…

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In the midst of the global financial crisis, Americans cited credit and debit card fraud as their number one fear, surpassing that of terrorism, computer and health viruses and personal safety.[1] For many Americans, this fear is not unwarranted. Each year, credit card fraud costs cardholders and issuers alike hundreds of millions, if not billions,…

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We’ve recommended that students get credit early and use it wisely to establish a healthy credit record.

Unfortunately, that’s easier said than done. There’s a reason laws like the Credit CARD Act of 2009 get passed: students averaged over $3500 in credit card debt, with 85% of cardholders carrying a balance from month to month and paying hefty fees and interest.

Here at Springboard, a former client was excited to tell us that her credit score was 723. That’s a respectable score, and much higher than she expected given her credit history. Another consumer who had recently been the victim of identity theft checked her credit and was ecstatic to learn that her score was right at 800, which is as high a score as anyone needs.

Unfortunately, they had both been misled. Their scores weren’t nearly as good as they thought.