Avoiding 'Credit Repair' Scams
"Credit repair" companies may sound tempting. But the truth is, there is no such thing as a "quick fix" when it comes to your credit. Learn how to recognize legitimate credit counseling organizations vs. scams.
Debt management is not a one-size-fits-all solution but rather an amalgamation of choices you can make to best pay off your outstanding debts. If you have a large amount of debt, whether it's "good debt" like a mortgage or student loans, or other debts like credit card debt, it can impact your credit scores depending on how well you manage the debt. Whatever your reason for wanting to reduce what you owe, like enhancing your credit history before applying for a mortgage or loan, success starts with building a strategy that will move you forward. Creating debt management plans, debt reduction strategies, or seeking the help of a credit counselor are all viable ways to help with your debt management. However, seeking the best solution depends on your unique situation, along with the type and amount of debt you owe. Other debt reduction strategies include short-term and long-term strategies to help better manage the amount of debt you owe, so you can plan ahead while still taking your lifestyle into account. Meanwhile, credit counseling is when a person or team sets you up with a budget and teaches you money management skills while creating a plan for helping eliminate your debts. However, one should look out for credit counseling scams, which could put you deeper in debt.
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What Is Credit Counseling and How Can It Help?
Bankruptcy isn't the only solution for those struggling with major debt. Credit counseling may be a helpful option.
[Video] How Can I Prioritize My Debt Payments?
Try these two strategies if you’re juggling multiple debts and unsure how to get started on repayment.
How Can I Lower My Monthly Bills?
Don’t dread paying bills each month and make sure you’re not paying more than you should.
[Video] COVID + CREDIT: How to Negotiate with Lenders
If you’re having trouble keeping up with your bills during the Covid-19 pandemic, your lenders may be more willing to work with you than you think.
[Video] COVID + Credit: Can I negotiate medical bills with my doctor or hospital?
If you need treatment for Covid-19 or another ailment, be sure to know your options.
Can I Negotiate with Debt Collectors?
If you have a debt in collections, negotiating with a debt collector may help you pay less and resolve the issue faster.
Dealing with Debt Collectors: What Are Your Rights?
How will you be affected when debt collectors start calling - and what can you do to better protect yourself? It's important to know your rights.
You Ask. Bev Answers: Should I Pay Down Debt or Save?
Should you pay down debt or save during the Covid-19 pandemic? It depends on your situation and financial goals
Can My Partner’s Student Loan Debt Affect Me?
Do you need to worry about your partner’s student debt affecting your finances?
What Are the Different kinds of Debt?
You may think that all debt is the same, but loans and other debts can have different impacts on your credit scores.
You Ask. Bev Answers: How Long Will Unpaid Medical Debt Remain on My Credit Reports?
Unpaid medical bills are an issue for many Americans. Bev explains how long health care debt may linger on your credit reports.