The article details the experience of Karen Stevens who paid off her delinquent credit card debt but was pursued by collections agencies that demanded she pay the debt again. Stevens had to h...
Studies had shown significant mental health and financial improvements for other types of debt relief, such as paying off student loans or mortgages. But those debts have more urgency: Homeowners who do not pay their mortgages could quickly lose their homes, whereas a hospital bi...
You can also make some changes at home to free up some cash. To helppay off debt,move to a bare-bones budget and only spend what you must until you catch up. Consider having a garage sale or selling unessential items online to generate income you can use to pay down your debt. You ...
Wondering why you should pay an account in collections? You can avoid more trouble, like a lawsuit or additional interest and fees, and you'll look better to lenders.
Not everyone has the time, energy, or ability to take on a side hustle. If you can add one or even get a raise at your current job, you’ll be able to pay off debt much faster, though. The more income you earn while maintaining or cutting back on your lifestyle spending, the mor...
Beyond the immediate financial impact, debt settlement can also have long-term consequences that extend far beyond your credit score. The process of negotiation with creditors can be a stressful and drawn-out affair. There's no guarantee of success, and you may face a per...
Having medical debt isn't uncommon — according to the Consumer Financial Protection Bureau, almost 1 in 5 households in the United States have overdue medical debt [1]. But paying off medical debt isn’t as clear-cut as resolving other forms of debt, such as a loan or credit card. Th...
When a bill, such as a cable bill, is not paid, it is sent to a debt collector for collection. From then on, the outstanding debt will remain on your credit for seven years plus 180 days since your bill was due.5 How Much Does an Unpaid Bill Affect My Credit Score?
Don't use Bad Debt. That isn't the condition for you. This is not a Write off; it is awaiting collection. Create an Other Charge Type item linked to an Other Asset account named for Collections. Use this on a Credit Memo and apply it to the o...
Depending how far behind you are, your landlord could use a debt collector. And that could wind up on your credit report if the debt collector makes a negative report to the credit bureaus. You can learn more abouthow debt collections workfrom the CFPB. ...