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4 Reasons you may Need Credit Monitoring Services

Keeping your credit score is important for your financial health. Many people may not be aware of the importance of keeping good credit. Your credit report is important because it tells lenders and other financial services about your financial behavior. You need to keep your records in place if you are to be sure of what you are doing. Whether you are a regular user or not, keeping a close eye on your credit activities can keep you out of trouble. If you cannot keep track by yourself, employing service of credit monitors can be your best solution. This are systems that monitor’s consumers’ credit reports. If they detect any information change, they notify the user. Why would you need such services? Continue reading this article to get more. You can receive a higher credit score optimization Credit score may seem just like any number. But it is a very important one. It determines your ability to repay loans and lenders can trust you based on this. The higher your score is, the higher you are likely to repay. For this reason, you need credit monitoring services that can help you ensure that there are no fraudulent activities in your ...

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3 Steps You Need To Take When Creditors Garnish Your Wages

When a creditor garnishes your wages, looming debt can suddenly tailspin into a full-blown financial crisis. A garnish on your wages can quickly make you go bankrupt or fall behind on other debts. If you’re already struggling to make mortgage payments or pay alimony, child support, rent, car payments, or any other necessary expense, a garnish on your wages will quickly have you falling behind. Unsecured creditors may take a number of legal actions against you if you have not been repaying your debt. They may move to seize physical assets, but with many exemptions in place to protect common assets, creditors may find it easier to collect with wage garnishment. With a seizure summons, a creditor can garnish up to 30 percent of your wages or if you’re self-employed, which a growing number of Canadians are, 100 percent. A garnish on your wages could actually be a blessing in disguise. It sounds unlikely, but if your creditors are taking legal action against you to collect their debts, there may be a good chance that you’re insolvent. Insolvency means that you’re eligible for a number of debt relief options that can protect you against legal action and reduce the total ...

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A Dummies Guide to Debt Solutions

Finding yourself with more debt than you realized and wondering how to right the ship? You’ve come to the right place! Debt solutions vary and ultimately come down to each debtor’s specific situation. Below we’ll outline the basic debt relief approaches and which situations are ideal for whom, so you can leave debt behind once and for all. Let’s get started.   DIY Approach Taking the DIY approach to solving debt could include taking a debt management course, consolidating debts, or a restructured debt repayment plan. All these options result from a debtor being proactive. Call your creditor(s) at the first realization that your debt might be spiraling out of control. Be as transparent as possible about your situation. Leaving creditors in the dark and then missing payments will only make things worse. There aren’t really any cons with the DIY approach because there’s nothing to lose in asking for help, especially before you start to miss payments.   Who Qualifies for the DIY Approach? The DIY approach only works for debtors who are at the early stage of falling behind and can still make payments on their debt. In other words, someone who still has options. Working with a ...

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The Pros of Getting a Personal Loan for Debt Consolidation

When it comes to getting personal loans, people are sometimes scared to take this step because they only think about the disadvantages that a personal loan has. But besides the fact that a loan has some cons, it also has a lot of pros which can clearly make you change your mind. Whatever your needs may be, a personal loan can for sure be a fast, affordable and saving solution that you need to take into consideration when it happens for you to go through some hard times. Nowadays, the application process is very easy and you will not have to fill out forms that are too complicated, so the process of getting a loan should not scare you. Nevertheless, if you are interested in knowing more about personal loans, just keep on reading.

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5 Reasons to Never Loan Money to Friends

5 Reasons to Never Loan Money to Friends

There are lots of benefits of having a close relationship with your friends. For example, you have someone to hang out with and someone who “gets” you. You also have someone you can depend on when you need help. Of course, your friends should also have these same benefits in their relationship with you. But what if they use that relationship to ask for something more? When a friend gets in a jamb, you want to help them out. But should you go so far as to also loan them money when they need it? Some people might feel differently, but there are actually several reasons you should to never loan money to friends. 1. It May Never Be Paid Back When you have a friend who needs money desperately, you probably empathize with their situation. But you should be careful to never loan money to friends without a contract in place. Without specifying these details you have no idea when or if the money will ever be paid back. In addition, the friend has no incentive to pay it back because there are no penalties for not paying. An arrangement such as this can also cause both you and ...

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