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March 2016 Archives

Tips for reducing the risk of credit card debt deluge

When you are facing the beginnings of a debt or income crisis, credit card accounts can be a welcome tool. When money is especially low, you might be able to keep up with other bills by using any incoming cash to make those payments while using credit card accounts to fund daily living expenses such as fuel or groceries. But this can lead to even more problems with debt, because you are adding a new debt when you might not be able to raise your income in time to make the new payments.

Is a reverse mortgage a good debt relief plan?

In later years, individuals who have previously paid all their dues and worked hard all their life can suddenly run into issues of debt. Often late-life debt comes from medical bills, but it could also come from unplanned personal expenses, choices to live a lifestyle that is no longer supported by retirement income or helping adult children or other loved ones with money issues. No matter how the debt situation occurred late-life debt can be vexing.

Don't buckle under creditor harassment

Creditor harassment can be frightening, annoying and nonstop. In an onslaught of official-sounding letters and evening phone calls, it can be easy to give in and let yourself be forced into payment arrangements that simply aren't in keeping with the realistic limits of your person income and budget at this time. We're not saying that you should avoid paying creditors at all costs, but we do want you to know there are other options.

What if it's the IRS that you owe?

What kind of debt relief is there if you owe money to the Internal Revenue Service? While there is actually some relief available from Uncle Sam, it comes in the form of a payment agreement rather than a debt discharge. While you can negotiate -- often with the help of a tax attorney -- your IRS debts, you can't get out of them via bankruptcy.

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