6 Common Lies Debt Collectors Will Tell You
Lynnette Khalfani-Cox, The Money Coach
June 7, 2011
If you’ve ever had to deal with debt collectors, you know that many of them can be extremely persistent, rude and even downright obnoxious. But
Debt
Debt is a multi trillion dollar problem in America. If you look around you, you no doubt know somebody who has debt of some kind. You probably even have debt of your own you’re looking to pay off.
What to Do if Your Wages or Unemployment Benefits are Garnished
Lynnette Khalfani-Cox, The Money Coach
June 2, 2011
UPDATE: As of March 13, 2020 – the date that President Donald Trump declared the coronavirus crisis a national disaster – your federal benefits such
What to Do When Bill Collectors Won’t Negotiate With You
Lynnette Khalfani-Cox, The Money Coach
May 16, 2011
You probably already know that it’s in your best interest not to ignore phone calls and correspondence from debt collectors, but what do you do when
How to Get Out of Debt
Lynnette Khalfani-Cox, The Money Coach
May 13, 2011
If one of your personal or financial goals is to get out of debt this year – or at least eliminate your debt as soon
5 Tips for Getting Your Financial House in Order
Lynnette Khalfani-Cox, The Money Coach
February 16, 2011
The inauguration of Barack Obama as the 44th President of the United States ushered in a new era. As he said in his speech on
5 Tips if You’re Facing Court Action from a Debt Collector
Lynnette Khalfani-Cox, The Money Coach
December 8, 2010
Creditors can sell your debt. When your debt is sold to collectors, some might use the threat of court action to try to intimidate you in order to get you to pay up.
Technically, it is illegal for collectors or creditors to threaten court action if they do not intend to carry through with it. Taking you to court is time consuming and expensive for them, and there is no guarantee it will result in the outcome the creditor wants. So typically, a court action is a tactic to get you to pay up, or to obtain a default judgment against you if you don’t respond to a summons and complaint.
How Did Lynnette Khalfani-Cox Erase $100,000 in Debt in 3 Years?
Lynnette Khalfani-Cox, The Money Coach
December 1, 2010
In my book, Zero Debt, I explain how I got into debt (mainly via overspending), and also what it took to get me out of
Should I Pay Off My Debt Or Use My Savings To Buy A Second Home?
Lynnette Khalfani-Cox, The Money Coach
December 1, 2010
A woman needs advice on wheter to pay off her debt or use her money to buy a second home. Click now to hear Lynnette’s advice.
Deep in Debt? You Could Get Locked Up!
Lynnette Khalfani-Cox, The Money Coach
October 20, 2010
If you had asked me before today if you could get get locked up for having outstanding credit card bills, I would have said: Absolutely
How to handle harassment by a collection agency
Lynnette Khalfani-Cox, The Money Coach
October 13, 2010
Don’t pay them anything. Send a cease and desist letter in which you tell them to stop contacting you. Harassing people about debts (old debts, like yours, or current ones) is illegal under the Fair Debt Collection Practices Act.
How to Get Out of a Debt Management Program
Lynnette Khalfani-Cox, The Money Coach
October 9, 2010
A woman is in a 5 year debt management program but wants to get out of it. What should she do?
Don’t Go Broke With Minimum Payments
Lynnette Khalfani-Cox, The Money Coach
October 7, 2010
Paying so-called minimum payments now actually ends up costing you more – a lot more – over the long haul. The math behind some of the calculations that determine your interest rate can be tricky. And I won’t get into all the complex, and sometimes mind-boggling formulas that are used to calculate your Annual Percentage Rate (APR). But suffice to say that for every $1,000 you owe, if you paid a minimum of say 4%, you’d only be paying $40 a month. With just $2,500 in debt on a card with an 18% interest rate, you’d spend 10 years paying it off and you’d pay more than $1,400 in finance charges on top of what you originally spent.
All Debt Is Not Created Equally
Lynnette Khalfani-Cox, The Money Coach
September 15, 2010
Debt is a massive problem in America. We’re up to our eyeballs in debt of all types: mortgage loans, credit cards, student loans, automobile loans. Moreover, the average mortgage balance in the U.S. is about $200,000; the typical family carries a monthly credit-card balance of $10,000; the average college graduate owes more than $20,000 in student loans; and the median car note now exceeds $27,000. Is it any wonder that Americans owe $2.5 trillion in consumer debt, excluding their mortgages? Throw in another $14 trillion in home loans, and it’s clear why our collective debt won’t go away any time soon.
Can a Creditor Seize My Husband’s Bank Account If I am Sued?
Lynnette Khalfani-Cox, The Money Coach
September 11, 2010
Q: I Live in Michigan and Lost My Job in May 2009. I have Quite a Bit of Credit Card Debt that is in My Name Only. My Only Income is Unemployment. I Do Not Have a Bank Account in My Name. My Unemployment is Deposited to My Husband’s Bank Account. If I am Sued, Can a Creditor Seize My Husband’s Account Even Though It Isn’t His Debt, since the Unemployment is Going Into His Account?
The Statute of Limitations in a Nutshell
Lynnette Khalfani-Cox, The Money Coach
August 27, 2010
Question: I am a 23-year-old college student with a bad debt of about $12,000 with American Express. I believe the Statute of Limitations in Maryland