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Tough lessons of credit
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As credit card companies ramp up their efforts to lure young people, more than 80% of college students are now flashing plastic and nearly a third have four cards or more.
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Wolves in credit counselors' clothing
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You see the ads every day: in print, in your e-mail box; on the radio and television. Everywhere it seems there are promises to fix your debts, specifically your unsecured credit card debts. You can't really avoid the ads, but you can be wise enough to not fall for them.
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Coping with new bankruptcy law
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President Bush is soon expected to sign into law a bill that will make it difficult, if not impossible, for many consumers to wipe away their debts through bankruptcy.
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Congress Passes Bankruptcy Reform Bill
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Recently Congress passed the most sweeping bankruptcy reform legislation in more than 25 years, seriously reducing the ability of consumers to file for bankruptcy.
'Congress simply sold out to the credit card industry,' says Hinsley.
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Can't pay your tax? IRS, state can help
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Taxpayers can designate how much they want to pay monthly and on what day they want their payments due.
'In most cases we will accept an installment payment offer if the tax will be repaid within three years,' Stell said. 'But remember that the more money you pay per month, the less penalty and interest.'
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Refund? Pay those credit cards
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There are definitely wrong ways to spend a tax refund, said Christine Carleton, a financial planner with the Asset Advisory Group. Carleton and other experts are almost unanimous as to what to do with a tax refund: Pay off credit card debt or any other high-interest debt.
'You're paying 15 to 22 percent interest' on credit card debt, said Richard Feinberg, a professor of retail management at Purdue University.
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Credit Card balance transfers can trip you up
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Checking out those nifty offers to transfer credit-card balances to low-rate cards? Go slowly. The terms and the fine print are tricky, and you get rewarded only if you have the best credit.
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Bankruptcy reform legislation: Debtors options dwindling
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The bankruptcy reform legislation that's widely expected to be approved by Congress this week and go into effect in October will require many consumers to repay a portion of the money owed instead of walking away from the debt. It's a striking difference from the current law, which erased the debt of more than two-thirds of filers in 2004, according to the American Bankruptcy Institute.
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Pending bill could boost personal bankruptcies
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Bankruptcy attorneys will soon flood the television airwaves urging people to file for bankruptcy protection, predicts one consumer advocate.
The reason: a sweeping overhaul of the rules governing personal bankruptcies, which will make it harder for individuals to walk away from their debts, is expected to take effect in October.
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consumers increased their borrowing on credit cards,
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Charges on credit cards and other types of revolving credit rose at a 6.1 percent rate in February compared to an 8.9 percent rate of increase in January. Loans to buy cars, boats and other types of nonrevolving credit rose at a 1.3 percent rate in February, compared to a 5.3 percent rate of increase in January.
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The upside of debt
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What sounds like a dubious consumer credit pitch could describe the premise behind Fidelity Leveraged Company Stock fund, which buys shares of companies carrying substantial debt loads.
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Debt can increase workplace stress
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No one likes debt, nor the financial scramble to pay it off. But many people don't realize the secondary costs of this burden, from stress to family discord.
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Creditors Can't Seize IRAs
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The Supreme Court ruled unanimously that creditors may not seize Individual Retirement Accounts (IRAs) from people who file for bankruptcy, according to an article by The Associated Press. Under bankruptcy law, benefits associated with age, disability or illness including, IRAs, 401(k)s, Social Security and pensions are all protected. More than 1.6 million people filed for personal bankruptcy in 2004. Experts say many of them are people over the age of 55 who recently lost their jobs.
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NFCC Applauds FTC's Recommendations for Consumers Seeking Debt Assistance
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The nation's largest and longest serving non-profit credit counseling network, applauds the Federal Trade Commission (FTC) for providing consumers with a 'Must-Do List' - enabling them to recognize legitimate credit counseling organizations from those who have deceived and defrauded consumers.
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Students' credit cards need caveats
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College students are a big target for credit card companies, which have found a lucrative market for their high-interest credit card products. We expect individuals old enough to apply for a credit card to understand they are responsible for repaying the loans, but too many students are without the real-world experience to fully understand the consequences.
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Consumers use credit cards to pay taxes
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Some analysts warn that the trend of paying tax bills with credit or debit cards might put more people deeper in debt. Many consumers find that using plastic is convenient and also boosts their rewards points. On the other hand, credit experts worry that the trend suggests more people are digging themselves deeper into debt.
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