Free Credit Counseling & Debt Settlement Program

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Stop credit card collection calls Today and get relief from payday loan debt. Federated Financial offers payday loan & debt consolidation programs. Dear Readers, We sometimes get asked about payday loans and debt consolidation.. Payday loans are short-term loans where an individual can borrow funds needed to cover unexpected expenses until the date of their next paycheck. Providers of CareOne Debt Relief Services® have helped over 5 million people. Learn more about our options for debt consolidation without a loan.

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Find out how much you can save in minutes. Get a free savings estimate right now. Fill out the form to find out more. Our founder, Bernie Dancel , has been where you are. He was in debt and got a lot of bad advice which motivated him to create CareOne Services, Inc. Watch his short story here. Published Friday, December 12, 8: I've already got the majority of my Christmas shopping for finished.

The items are hid away in the Published Friday, November 21, 8: The providers of CareOne Debt Relief Services know what you're going through and understand how important it is to be able to select a debt relief solution that is right for you. Because of that, our mission is to help you get back on track by offering multiple debt consolidation and debt reduction options.

Our Certified Credit Counselors will work with you to create a personalized solution based on your situation, and will carefully explain your options, including a Debt Management Plan and settlement.

Because many of us have battled debt ourselves, and some have even completed a CareOne debt relief plan, you never have to worry about being forced into a solution that doesn't work for you. A DMP can offer significant interest and time savings, and can provide you with a plan to repay your debts in five years or less.

With a DMP, we'll help you consolidate your unsecured debt into one monthly payment that you can afford. A CareOne DMP is not a debt consolidation loan, where the equity in your home is used to pay down your debt, nor is it bankruptcy.

Debt Settlement is a negotiation, by a settlement service provider or lawyer, with your creditors to pay back a portion of your unsecured debt. With settlement, you do not make monthly payments to your creditors. Instead, you make monthly deposits into a debt settlement account in an amount that you can afford. They would have to sue you and obtain a court order before they could seize any of your possessions. Defaulting on an unsecured debt also has a significant impact on a credit score.

Secured debt is any debt backed by an asset. The most common types of secured debt include home loans and car loans. These debts are secured because if you default on your loans, the bank can take possession of your assets, like your car or home. Secured loans tend to have lower interest rates as well. There are two different types of student loans: Private loans are financed by banks, while federal loans are financed by the government.

Each type of loan has different qualifications and rates. Student debt relief companies offer refinancing and consolidation for those looking to manage their student debt. Another benefit of using a debt management program is the access to credit counselors and education programs to help you identify the causes of your financial troubles.

Credit counseling helps consumers understand the behaviors that led them to their current financial situations, so hopefully, they can change those behaviors and live a debt-free life. Most credit counselors provide solutions that you can take with you after completing the program.

Tax relief companies help those who either struggle to pay or cannot pay their taxes. These companies help consumers reduce the level of tax debt, stop wage garnishments, and walk customers through audits and reaching tax relief agreements with the IRS. While researching the best company to help you become debt free, you may still have to field phone calls from debt collectors.

Many collectors try to catch people off guard and unfortunately can take advantage of people by talking fast on the phone. Because of the Fair Debt Collection Practices Act, debt collectors have to send consumers a written notice within five days of making contact. The letter must detail how much is owed, the identity of the creditor, and what measures consumers should pursue if they dispute the notion that they are in arrears. If you receive a call, request that this letter be sent for your review before your next phone call.

Keep a detailed record of all letters and phone calls received from debt collectors. Again, there are certain practices that debt collectors must adhere to and keeping a record of every interaction with the collector will make it easy to see if they are stepping out of line.

Debt collectors are not allowed to use foul language, call a place of employment if they have been instructed not to do so, or engage in harassment through repeated calls. For more of our tips about how to deal with debt collectors, please see our blog post on the topic.

Hopefully, this overview has helped you feel empowered to take the next step in choosing the right partner for you to help you on your journey to financial freedom.

Check out our expert reviews of the top-ranked debt settlement companies, debt consolidation companies, and tax debt relief companies. The debt you carry makes up just under one-third of your credit score. So by paying off debt, especially credit card debt, you will see an improvement in that part of your score. How much it will affect your credit score depends on what your credit score looks like now.

If your payment history always shows on-time payments, it might be affected more than someone who is already delinquent on their payments. Debt settlement companies negotiate with creditors to help settle your debts for less than you owe.

Debt consolidation is the combining of debts from different creditors and taking out a loan to pay them all in one payment, hopefully at a reduced interest rate. The best debt relief program for someone else might not be the best program for you.

It depends on what type of debt you are looking to get rid of as well as the amount of debt owed. Take a look at our top-ranked companies to learn what company and program is the best fit for you. Other options are available to most payday loan customers. The Pew Charitable Trusts found in their study on the ways in which users pay off payday loans that borrowers often took a payday loan to avoid one of these alternatives, only to turn to one of them to pay off the payday loan. If the consumer owns their own vehicle, an auto title loan would be an alternative for a payday loan, as auto title loans use the equity of the vehicle as the credit instead of payment history and employment history.

Basic banking services are also often provided through their postal systems. Payday lenders do not compare their interest rates to those of mainstream lenders.

Instead, they compare their fees to the overdraft , late payment, penalty fees and other fees that will be incurred if the customer is unable to secure any credit whatsoever.

The lenders may list a different set of alternatives with costs expressed as APRs for two-week terms, even though these alternatives do not compound their interest or have longer terms: A minority of mainstream banks and TxtLoan companies lending short-term credit over mobile phone text messaging offer virtual credit advances for customers whose paychecks or other funds are deposited electronically into their accounts.

The terms are similar to those of a payday loan; a customer receives a predetermined cash credit available for immediate withdrawal. The amount is deducted, along with a fee, usually about 10 percent of the amount borrowed, when the next direct deposit is posted to the customer's account.

After the programs attracted regulatory attention, [89] [90] Wells Fargo called its fee "voluntary" and offered to waive it for any reason. It later scaled back the program in several states. Income tax refund anticipation loans are not technically payday loans because they are repayable upon receipt of the borrower's income tax refund, not at his next payday , but they have similar credit and cost characteristics. A car title loan is secured by the borrower's car, but are available only to borrowers who hold clear title i.

The maximum amount of the loan is some fraction of the resale value of the car. A similar credit facility seen in the UK is a logbook loan secured against a car's logbook , which the lender retains. If the borrower defaults, then the lender can attempt to recover costs by repossessing and reselling the car. Many countries offer basic banking services through their postal systems. Media related to Payday loans at Wikimedia Commons. From Wikipedia, the free encyclopedia.

This is the latest accepted revision , reviewed on 13 September Payday loans in Australia. Payday loans in Canada. Payday loans in the United Kingdom.

Payday loans in the United States. Retrieved 7 October Retrieved 27 August Over a year The Profitability of Payday Loans. Federal Deposit Insurance Corp.

Retrieved 26 August Howard Jacob Karger, "Scamming the Poor: The New York Times. Google Public Policy Blog. Retrieved May 31, Do the Costs Justify the Price?

Ludwig von Mises Institute. Retrieved 3 August An Act to amend the Criminal Code criminal interest rate ". Office of Fair Trading. Archived from the original PDF on Retrieved 22 November Retrieved August 27, Consumer Financial Protection Bureau. Retrieved 30 December Tribal Immunity and Internet Payday Lending". Legal and Policy Implication".

UK Intellectual Property Office. Personal finance Alternative financial services Financial literacy.