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For 35 percent of Americans, their debt is past due to the point that it has been placed into collections. Anyone who has ever had the unpleasant experience of being hounded by debt collectors knows that being in debt is one of the most stressful experiences consumers can face. In Delaware, 37.8 percent of consumers currently have outstanding debt in the collections process, with 71 percent of those in debt due to failure to pay their mortgages on time.
Consumers who are being harassed by debt collection agencies should record the calls and file a complaint with the Federal Trade Commission. Because Delaware is a one-party consent state, it is legal for consumers to record calls with debt collectors without their knowledge or consent.
Working with a consumer credit counseling agency can help consumers to get themselves out of debt without resorting to bankruptcy, which can damage their credit rating. Consumer credit counseling agencies are able to negotiate lower payments for consumers, and even assist them in applying for debt consolidation.
Consumers who are unable to qualify for debt consolidation programs and truly have no other option can consider filing for bankruptcy. Chapter 13 bankruptcy allows consumers to keep some of their possessions, including property that may be mortgaged, while they pay off their debt. Chapter 7 erases all debt without the consumer having to pay what is owed. The tradeoff is that property can be seized as part of the process.
Debt Consolidation In The News
BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc's finance ministers said on Monday, steps that should help underpin its economic recovery.
Published: Mon, 12 Mar 2018 13:40:00 GMT
The code has been copied to your clipboard. The URL has been copied to your clipboard A group of past students at the former Corinthian Colleges are taking legal action against the United States Department of Education. In early March, the former students ...
Published: Sun, 25 Mar 2018 03:02:00 GMT
Legislators turn their attention to problems facing student borrowers, backing bills that would keep them from being overwhelmed by loan repayments New Jersey lawmakers, who were disturbed in the last legislative session by the practices of the agency that ...
Published: Thu, 12 Apr 2018 05:00:00 GMT
The joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them ...
Published: Wed, 07 Mar 2018 16:00:00 GMT
The federal government and 11 states have joined together to accuse 30 purported debt relief operations of using deception and false promises to swindle more than $95 million from student loan borrowers. "Operation Game of Loans" - the eyeroll-worthy ...
Published: Fri, 13 Oct 2017 10:44:00 GMT
GCredit card consolidation refers to merging all your existing debt into one loan, which is different than restructuring your debt, which refers to renegotiating the terms or amounts of your debt. Using credit card debt consolidation as a debt management ...
Published: Sat, 30 Dec 2017 20:00:00 GMT
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