Harassing Phone Calls: What to do When the Debt Collector Calls
If you are in a situation in which you have fallen behind on payments you shouldn’t be surprised when you start receiving harassing phone calls from debt collectors. You may also find yourself in a situation where you receive a call from a debt collector over an old debt that you thought had been paid, discharged or had aged beyond the statute of limitations. That call may surprise you.
In either case, you should be armed with the information, steps and tactics that will protect your rights while getting you to a positive resolution. More alarmingly, phony debt collectors are proliferating with the sole intent of stealing your identity. So, it is essential to know what to ask, what to say and what you should and shouldn’t do when confronted by a debt collector.
Steps to Take When You Owe the Debt
- Do not ignore the calls. They have every right to contact you until you tell them to stop. Just
Bank of America Cut Jobs To Streamline Costs
In an attempt to cope with increasing losses and financial difficulties, Bank of America president Brian T. Moynihan has revealed that approximately 30,000 of the banks employees will be let go in the near future.
The announcement is somewhat expected, but while the estimate is that 30,000 staff will become unemployed, The Wall Street Journal has estimated that around 14 percent of the banks workforce will be joining the unemployment line putting the real figure may well be in excess of 40,000 as Bank of America struggles to streamline banking operations over coming months.
Mr Moynihan did admit that there would be drastic cuts in the banks workforce, but he remained tight lipped about how and when the jobs will be cut. With the holiday season growing ever closer, Bank of America employees are hoping they can last until the end of the year.
It is hoped that by cutting jobs the bank will be able to reduce costs.
Debit Card Issuers Introducing New Fees
Wells isn’t alone; Chase began testing a $3 monthly debit card fee in Wisconsin in February 2011, SunTrust charges $5 a month and Regions Bank $4 a month. Bank of America is evaluating this and hasn’t made a decision. I have (or had) a SunTrust check card, closed it, and replaced it with a USAA Bank debit card, which has no fee.
Some banks have taken other steps to increase revenue such as eliminating debit card rewards, eliminating free checking, or limiting the number of debit card transactions. Banks are trying to make up for the revenue they will lose when the Durbin Amendment becomes law, which will cut their debit card transaction revenue in half. According to the Nilson Report, bank revenue from debit card swipe fees charged to merchants was estimated to be $19.7 billion in 2009 and $1.39 trillion was spent using debit cards in the U.S. in 201
What Happens if I Default on my Student Loans?
Like credit cards, car payments, and a mortgage, student loans carry serious consequences if payments go unsatisfied. Part of being an adult is paying back what you borrow, and unfortunately, student loans fall into that category even if they aren’t as much fun as owning a house or picking out a shiny new car. The financial damage has been done and now it’s time to pay it back.
You may be wondering, but what happens if I can’t pay back my student loans… Its important to remember that this type of debt will be viewed similarly to other types of debt you may acquire. It’s very important to ensure you can make your payments for the outstanding debt you owe, regardless of the other things you want in life. Set a budget and live within it. Defaulting on your student loans can bring serious consequences to your credit score and your financial situation in general.
The 7 Deadly Credit Card Sins
We’ve all committed at least one or two of the following credit card sins. We’re not perfect. Those little rectangles of plastic tucked away in our wallets have helped us build our credit in healthy ways, but they’ve also gotten us into trouble.
Why it’s no good: A lust-worthy rewards credit card with great travel perks like double miles on each dollar spent is a tempting, but unless you have an excellent credit score around 720 or higher, it’s difficult to get approved for this card. Applying means your credit score will be hit by a hard inquiry, and if you’re not approved, all you get in return is a few points shaved off of your credit score.
Why it’s no good: A maxed-out credit card can damage your credit card utilization. Your credit c