CREDIT BLOG

Divorce and Credit … Read this NOW!

The other week, I got an email that made me cringe.

The email was from a man had just been through a divorce. He explained that he lost 94 percent of everything when he and his wife divorced.

“She got the properties, and I got the mortgages.”

Per the terms of their divorce decree, his monthly spousal support check was to include the cost of the mortgages.

When I read that, I just knew what he was going to say next, and that’s when I cringed…

His ex-wife was cashing the checks, but she wasn’t paying the mortgages on time… the very same mortgages in his name.

This Happens All the Time

This situation is common, so if you ever go through a divorce, make sure you protect your credit.

In short, here’s my advice:

1. Refinance the mortgage in your ex’s name only. In the case of the man who emailed me, he should keep paying spousal support. If his ex fails to pay the mortgage, she will be the only one who suffers. He cannot do anything about the past, but in the future, refinancing in her name will protect his credit.

2. If she cannot qualify for a refinance, he should renegotiate the terms of his spousal support so that he pays the mortgage directly, sending his ex a spousal support check for the remainder.

Click here to read a longer article about divorce and credit.

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Credit Score = Your Financial Reputation, How Much Are You Losing?

Whenever I was in basic training, each recruit, each private was assigned their own roster number. That roster number was our identifier. We had to put it on all our gear. I had to have it strapped across a tape on my Kevlar, which is our helmet. It dictated as far as when we would eat chow and what order we would fall in. It also would designate when we would draw our weapon from the arms room when we had to go to the different ranges. Our roster number was our second name. First name was Private, and the second name was our roster number. Every time you heard your roster number yelled by a drill sergeant or a captain, you always knew either you were called to do something, or you got caught doing something you shouldn’t have been doing.
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Your Identity Theft Stories….

Please post them here… so we can all learn from each other!

Include as much information as possible:

1) What happened?
2) How did you find out you were a victim?
3) What did you do?
4) How did it all work out?
5) Was your credit impacted?

Thank you.

Philip Tirone

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Amazing How to Get Out of Debt Calculator

Every single day I help people for free to find good solutions for problem debt. Not long ago I was talking with some friends and it occurred to me there was no one single tool people could use to better understand all of their options to tackle their debt. Why not?

So in collaboration with the smart technology people at USDR we created just such an online calculator to give people a somewhat personalized side-by-side comparison of the options, costs and payments of the different approaches to eliminate their debt.

We’ve just launched the How to Get Out of Debt Calculator and I think it gives people an impartial and detached view of what they can do to tackle their debt.

The use of the calculator is free and does not require people to share any personal identifying information.

Each option for getting out of debt certainly has plusses and minuses. But through education and awareness each person can make a better choice about the approach that’s right for them.

The calculator is not designed to be the creator of a final plan to implement, in fact we don’t sell any debt relief services at GetOutOfDebt.org.

At GetOutOfDebt.org what we do is provide information, education, free help and resources for people dealing with debt. This new free online educational tool helps us to further that mission.

The unique online calculator is designed to give people a wider eyed view of the logical solutions available so they can have an educated discussion with any for-profit or non-profit debt relief provider they ultimately choose to work with.

And now, without further fanfare, I invite you to try and enjoy The Amazing How to Get Out of Debt Calculator. I think you’ll find it to be pretty amazing in the distilled education it presents users.

Feel free to link to the How to Get Out of Debt Calculator in an effort to help people better understand their options. Your link to the calculator simply helps us to help people.

And in the interest of educating consumers further I’ve also just recently released another online tool that provides comprehensive information to show consumers the regulation, licensing, and registration required of debt relief companies on a state-by-state basis. It’s yet another free resource available through GetOutOfDebt.org to protect consumers looking for debt help. You can find links to this in the resource section at GetOutOfDebt.org.

This guest post is by Steve Rhode. Steve is a consumer debt expert that helps people for free to learn about getting out of debt and how to avoid scams. Feel free to report a scam if you know of one.

Source: Introducing The Amazing How to Get Out of Debt Calculator

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Debt Settlement Scams- 10 Stupid and Simple Ways to Get Burned

Over the past few years I have heard non-stop stories from consumers who were taken for costly rides by debt settlement scams. While it is true that there are a few good and well intentioned programs available that provide real debt solutions, my experience shows that a vast majority of these outfits are simply money grubbing nightmares for cash strapped consumers.

The debt relief world can be a very confusing place, especially when people are in a seemingly desperate financial situation. With that in mind I would like to shed a little light on this industry and present:
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