Posts tagged "credit"

This guide from the Federal Trade Commission can help.

If you’re only making the minimum payment on a credit card, find out how long it will take to pay it off and what it will cost.

The Bankruptcy Process Explained

Declaring personal bankruptcy is often a last resort option for debt management. If you declare bankruptcy, you are granted a court order saying you don’t have to pay off certain debts.

However, the effects of filing for bankruptcy are long-lasting. It stays on your credit report for 10 years and can make it hard to get a line of credit, buy a home, or sometimes even get a job.

The U.S. Courts put together a video series explaining the bankruptcy process, the relief it offers and how to find legal help you might need. If you’re considering filing for bankruptcy, these videos could help you understand what’s involved.

Learn more about what’s involved in filing for bankruptcy.

To learn about other free resources to help you no matter what your financial situation, sign up for our e-mail list or visit our page.

3 Steps You Can Take to Get Debt Under Control

There is no such thing as a quick and easy way to get out of debt, but there are realistic steps you can take to get debt under control.

Develop a budget: Assess how much money you make and how much you spend. Writing down all your expenses is an easy way to get a realistic picture of where your money goes. Your goal should be to make sure you can pay for the essentials, like food and shelter, with enough left over to tackle your bills.

Contact your creditors: If you’re having trouble making payments, you may be able to work out a modified payment plan with your creditors. Let them know right away if you’re struggling before the accounts get turned over to debt collectors. If your accounts do get turned over to debt collectors, this video from the Federal Trade Commission can help you understand your rights.

Look into debt relief services: Credit counseling could help you set up a plan to pay off your debts. Even though many credit counseling groups are nonprofits, their services aren’t necessarily free.

Get more tips for managing your debt.

To learn about other free resources to help you no matter what your financial situation, sign up for our e-mail list or visit our page.

Asked by Anonymous

how can i get help with a credit card ripping me off

We know that it can be tough to navigate the complex terms of your credit card agreement, but the Consumer Financial Protection Bureau (CFPB) is here to help. The CFPB is a government agency dedicated to shedding light on the financial landscape, and we hope you’ll take advantage of the resources we provide.

For example, we recently launched Ask CFPB, a search tool that can help you get plain-language answers to your financial questions and even features a whole section on credit cards. You can rate the questions on Ask CFPB and even suggest your own if you don’t find what you’re looking for.

Sometimes information isn’t enough. That’s why we continue to take your complaints. You can submit a complaint about your credit card company on our website or by calling (855) 411-2372. When you submit your complaint, you will be given a password and a tracking number to follow its progress. We’ll work to get a response from your card issuer.

Or, if you don’t want to submit a formal complaint, you can tell us your story. Share your experiences with personal financial products and services – good or bad – and help inform our ability to protect others.

Answer provided by Maggie Anderson, Consumer Financial Protection Bureau, Office of Consumer Engagement.