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Welcome - Debt OMG! Blog |
| Welcome to Debt OMG!'s financial blog. Let us help you with all your debt and financial needs. Select a category to the right or see some of our most recent blog posts below: |
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When a credit payment is severely past due, it’s not only embarrassing but it may result in the debt being sent to a collection agency. Just the thought of a debt collection call can be scary, but the job of a collection agency isn’t to threaten or frighten you into paying. Their goal is to help you work out repayment plan. Once you agree to begin paying, they collect their fee, which is typically a percentage of the collected debt. While most consumers wouldn’t consider a debt collector a helpful resource, you may want to rethink their role, especially with the amount of damage a collection account can have on your credit. More
Financial experts are constantly stressing the importance of your credit report, and you’d be wise to take their advice seriously. If you’ve ever used credit for any reason, like an auto loan or credit card, all of the activity will be collected on your credit report and your credit score is then calculated using the data, such as: payment history, amount of outstanding debt and your total available credit. Your credit history and score reflect how well you manage your finances and directly impact whether you are approved or denied for further credit. But it’s not just financial institutions that may be using your credit report. More
Sometimes life can be difficult. Just when you think you’re getting ahead, an unexpected event sets you back and you’re struggling to make ends meet again. Life can be like that – with a mortgage or apartment payment, the increasing cost of life essentials like food, clothing and fuel. Add important security issues like insurance and healthcare costs, and it’s easy to see why so many people are struggling to save for the future. But one surefire way to save money is to examine how you’re managing your finances and change those things that are keeping you from making the most of every cent. More
It often starts with a single purchase that puts your credit card balance out of reach. Then begins the rationalization that a little debt won’t hurt – potentially, the first step down a slippery slope that ends up in a big pile of debt. The emotional
lift that comes from buying stuff, even when you can’t afford the payment, may feel like getting something for nothing. But the more debt
that you create and the more interest that accumulates, the better chance you have of ending up in serious debt trouble. The financial implications are obvious, but debt can hurt more than just your wallet or checkbook. More
Debt collectors have a thankless job – but one that needs to be done. With so many Americans falling behind on their financial obligations, lenders have little recourse but to attempt to collect what’s owed (unless it’s a secured loan with repossession as an option). According to the Federal Reserve, consumer credit increased by almost 5 percent last year. While there is no way to calculate the impact that bad loans have on our economy, statistics from June 2011 show nearly 10 percent of outstanding debt is in some way delinquent. More
Each of us has a personal shopping style that influences how we buy groceries. Many people shop for food on a specific day of the week, while others make the trip whenever they need something. Some people look forward to grocery shopping and time away from work and family, while others consider it a troublesome chore. But no matter how you feel about grocery shopping, if you want to save money you’ll need to break some common money-wasting habits. Wholesale food prices rose by almost 8 percent in 2011 and are expected to rise by an estimated 2.5 to 3.5 percent in 2012, so even small changes will have a big impact. More
Convenience determines the success of just about every type of product. And for time-strapped consumers who are looking for quicker ways to do just about everything, convenience is a premium that can’t be overlooked. The claim that time is money means that we can benefit financially from these conveniences as well. As Benjamin Franklin observed, “Lost time is never found again,” and we should make every attempt to use time-saving techniques and save money, especially on the mundane tasks of life — such as paying bills. More
The cost of maintaining good health is the last in our series of money saving tips. With ever-increasing health insurance premiums, higher deductibles and sky-rocketing, out-of-pocket medical expenses taking a bigger bite out of the average household budget, a medical emergency can easily turn into a crisis for many Americans. Healthcare costs can quickly add up during a chronic or catastrophic illness with the potential to bring overwhelming debt and the accompanying stress that comes when trying to deal with it. More
For the first time, consumers are being asked their opinion about credit cards by a government agency. The newly established Consumer Financial Protection Bureau (CFPB) is designed to assist Americans in dealing with personal financial matters. The first issue to be dealt with is credit cards. More than 5,000 complaints were filed by consumers in the first three months of the projects initiation. From billing errors to issues with identity theft, perhaps you’ll agree with the most popular consumer credit card complaints listed below: More
When it comes to saving money, some of the toughest cuts to make are the ones that relieve stress and offer a bit of escape. Whether you find solace in being creative or appreciate the rise in serotonin from a vigorous physical workout or sporting event, leisure and entertainment are important aspects of living a full life; especially when dealing the day-to-day stresses that are so hard to avoid. A higher income would be the solution to many people’s problems, but for most of us,
that’s not a reasonable option. Finding ways to spend less and still enjoy the things that bring us happiness can be a struggle. Here are a few suggestions: More
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