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Debt Consolidation in Alaska

According to the Urban Institute, a third of Americans currently are delinquent on their debt. The average debt of Alaskans is $68,524, with 33.1 percent of that debt currently in collections. Consumers whose debt has gone into collections have rights during the collections process.

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.

Other guidelines debt collection agencies must follow include not making false statements in an attempt to collect debt. For instance, a collection agency cannot misrepresent who they are when they call and they cannot say that a consumer be jailed for failure to pay debt. They may not issue threats to consumers including suggestions of bodily harm, as well as using profanity. Finally, improper disclosure to family, friends or coworkers. Debt collection agencies are not permitted to disclose the nature of a consumer?s debt to anyone except the consumer.

Even for consumers whose debt has entered the collections phase, it is not too late to consolidate debt to achieve lower monthly payments. A reputable credit counseling service can assist consumers in consolidating their debt into one low monthly payment. Under state law, creditors are required to work with consumers who qualify for debt consolidation.

 

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Debt Consolidation In The News

9 Common Student Loan Myths That Can Cost Borrowers Big Time

Myth 2: Federal student loan consolidation will save you money on interest. Truth: A lot of times, the terms "consolidation" and "refinancing" are used interchangeably. In reality, they're two very di...

Published:  Thu, 19 Jul 2018 08:34:00 GMT



More student borrowers may be eligible to cancel federal student loans than have applied for relief

The large number of California students who attended for-profit colleges at the time of their closure suggests many more may be eligible for student loan debt relief than have applied under the federa...

Published:  Thu, 19 Jul 2018 21:20:00 GMT



Sobering Study Shows PLUS Loans Actually Widening Income Gap for African-American Families, Says Ameritech Financial

While PLUS loans were expanded to increase access to low-income students, they had the negative consequence of burdening two generations within the same family," said Knickerbocker. "At Ameritech Fina...

Published:  Thu, 19 Jul 2018 13:18:00 GMT



One loan vs many: Is debt consolidation the answer

PETALING JAYA: For those who are left with only meagre funds in their bank accounts after paying their personal loans every month, debt consolidation can sound like a very attractive prospect. Debt co...

Published:  Sat, 23 Jun 2018 05:00:00 GMT



IMF: Greek economy improved, but may need more debt relief

ATHENS, Greece (AP) - Greece has significantly improved its economy as it heads toward the end of its bailout program in August, but its debt will remain difficult to manage in the long term, the Inte...

Published:  Fri, 29 Jun 2018 12:41:00 GMT



How Greece's PM celebrated European debt relief package

Greece's Prime Minister has welcomed the decision by eurozone creditors to offer debt relief - and marked the occasion by wearing a tie. Alexis Tsipras often joked that he would start wearing a tie on...

Published:  Fri, 22 Jun 2018 15:48:00 GMT



Are you eligible to have your federal student loan debt canceled

Education Department Information on Debt Relief Process Consumer Financial Protection Bureau Information About Student Debt The Institute for College Access & Success Public Law Center The Debt Collec...

Published:  Thu, 19 Jul 2018 21:22:00 GMT



Nearly 35,000 former Corinthian College students in California will see debt relief

Almost 35,000 former Corinthian College students in California will have the remainder of their private loan balances forgiven and some may receive payment refunds after an investigation by the state ...

Published:  Fri, 15 Jun 2018 03:30:00 GMT



Best Debt Relief Companies In Baltimore Named By Best Debt Settlement Companies

Best Debt Settlement Companies recently reviewed and launched the list of top three debt relief companies that can help Baltimore residents get out of their mounting credit card debts. New York, Unite...

Published:  Tue, 05 Jun 2018 01:14:00 GMT



Student loan debt relief company barred from Mass. operations

BOSTON - United Advisors Group LLC, branded as a student-loan debt relief company, has agreed to stop operating in Massachusetts after allegations that it charged unlawful upfront fees and misled cust...

Published:  Tue, 12 Jun 2018 12:15:00 GMT




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