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Debt Consolidation in Alabama

Alabama has the nation's third highest poverty rate in the nation, which unfortunately makes it prime real estate for predatory lenders. Consumers already struggling to get out of debt may find themselves being lured into predatory practices that can actually make their financial situation worse, not better.

Consumers who are struggling financially have rights, and there are several legitimate programs designed to help them consolidate debt.

Under the Fair Debt Collection Practices Act, debt collectors are required to treat consumers fairly and are prohibited from engaging in certain practices in an attempt to recover money owed to creditors. The law prevents credit collection agencies from harassing consumers by requiring them to call only during set hours of the day, and never are they permitted to contact a consumer at their place of employment. Consumers also have the right to put a request in writing for the collection agency to stop calling them about the debt, which the agency must honor.

In Alabama, consumers who are struggling with debt can chose debt consolidation as an alternative to bankruptcy. Working with a reputable credit counseling service can help consumers to consolidate their debt into a monthly payment they can afford. Consumers who do not qualify for debt consolidation can consider bankruptcy; however, it is generally considered as a last resort. According to Alabama bankruptcy law, there are exemptions for consumers who choose this route. A complete listing of bankruptcy resources is available from the Alabama Middle Bankruptcy Court, the Alabama Northern Bankruptcy Court and the Alabama Southern Bankruptcy Court.


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Debt Consolidation In The News

David's Bridal files for debt relief; aims to avoid closing

David's Bridal Inc., the country's largest specialty bridal chain, is filing for bankruptcy, but it isn't planning to close stores or interrupt operations. David's filed for court protection Monday wi...

Published:  Tue, 20 Nov 2018 00:05:00 GMT

The Debt Panel: "I borrowed Dh55,000 to invest in Bitcoin and lost it all"

Without a salary of more than Dh8,000, you will not be able to get a consolidation loan to reduce the interest on your credit card. If you have any friends or family who will lend you, at a low intere...

Published:  Tue, 20 Nov 2018 02:32:00 GMT

U.S. Small Business Administration provides information on disaster relief loans

BAY COUNTY, Fla. (WJHG/WECP) - There's still time for hurricane survivors to apply for disaster relief. The U.S. Small Business Administration is offering loans to businesses, non-profits, homeowners, ...

Published:  Mon, 19 Nov 2018 16:41:00 GMT

Here Are Four Ways to Handle Debt Forgiveness That Even Mushy Centrists Might Like

I've received dozens of emails from people who made years of payments before finding out they either needed to be in a different repayment plan or consolidate into a different kind of loan ...

Published:  Mon, 19 Nov 2018 19:38:00 GMT

Regulatory rollbacks could threaten banks' debt ratings: Fitch

A debt ratings agency said it will monitor regional banks for ... "As regulatory rules are further relaxed, bifurcation of regulatory relief between Global Systemically Important Banks and smaller pee...

Published:  Mon, 19 Nov 2018 15:37:00 GMT

30,000 People Applied for Federal Loan Forgiveness. Only 96 Got it, Report Says

and new data provided by the education department showed that only 96 people received relief, CNBC reported. Many worked in public service for 10 years and thought their loans would be forgiven ...

Published:  Mon, 19 Nov 2018 15:40:00 GMT

Leaders: Consolidation about communities, not schools

While many in attendance seemed optimistic about the idea of a consolidation, there was also plenty of discussion around some of the obstacles that could hinder the proposal, such as debt, school taxe...

Published:  Mon, 19 Nov 2018 20:59:00 GMT

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