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Take Appropriate Action To Prevent a Tax Levy


by Andrea Miller on February 22, 2019  0 Comment

Take Appropriate Action To Prevent a Tax Levy
A tax levy allows the IRS to legally seize personal property, wages, or bank account funds to pay your tax debt. A levy is the last resort for tax collection if other attempts to satisfy a tax debt have been unsuccessful. You can avoid a levy by arranging for a payment plan or applying for other IRS relief programs. With a tax levy, the IRS can legally seize personal property and assets to satisfy an outstanding tax debt. These property and assets can include homes and other real estate, vehicles, bank accounts, wages, and other items. If you are in danger of receiving a tax levy, you will receive an official IRS notice titled Final Notice of Intent to Levy ...

Government Debt Relief Programs


by Staff Writer on February 05, 2019  0 Comment

Government Debt Relief Programs
Although government debt relief programs are rare, you may have some federally-sponsored options if you're struggling with a mortgage or student loan debt. The Home Affordable Refinance Program (HARP) This mortgage relief program was established by the Federal Housing Finance Agency (FHFA) to provide refinancing options for homeowners who have little or no equity in their homes. This program may allow you to access a lower monthly payment or interest rate. You can also shorten the term of your loan to decrease the total interest amount you will pay.  To qualify for HARP, you must: Be current on your monthly mortgage payments Have a mortgage loan that is backed or owned by either Freddie Mac or Fannie Mae Have a ...

Can I Get a Loan to Pay Off Tax Debt?


by Staff Writer on February 05, 2019  0 Comment

Can I Get a Loan to Pay Off Tax Debt?
Every year, many Americans find themselves owing the IRS more than they can afford to pay. Whether you owe back taxes after an audit or miscalculated when making estimated quarterly payments, those in trouble with the IRS often have the same question: Can I get a loan to pay off tax debt? The short answer is yes. Personal loans, in particular, are very versatile and can be used for almost any legitimate purpose. That includes paying your taxes. However, depending on your situation, getting a loan may not be wise or even feasible. To determine whether you can or should get a loan to pay off your tax debt, consider the following questions. How Much Do I Owe? Most personal ...

Should You Pay Off Credit Card Debt with a 401(k) Loan


by Staff Writer on February 05, 2019  0 Comment

Should You Pay Off Credit Card Debt with a 401(k) Loan
If you're struggling to pay off credit card debt, then you're likely looking for any solution possible to get rid of this debt for good. Out of all the different options you could choose to help you pay off your debt, taking out a loan against your retirement plan is a solution that you should be cautious about choosing. While taking out such a loan can certainly help you get rid of your debt, it can also put your future in jeopardy if you're not careful. Here are some of the pros and cons of taking out a 401(k) loan to pay off credit card debt that you should consider before you choose this debt relief option. Do You Have ...

Florida’s Statute of Limitations for Credit Card Debt


by Staff Writer on February 05, 2019  0 Comment

Florida’s Statute of Limitations for Credit Card Debt
If you live in Florida and are dealing with credit card debt, one of the most important things to understand is exactly how long your creditors have to sue you for your debt. In Florida, as in most states, there's a statute of limitations (SOL) that applies to credit card debt. Once this time period has expired, creditors have a limited number of options to collect your debt, which is why this issue is so important. Here is some key information about the statute of limitations credit card debt in Florida that everyone who is living with debt should understand. Why is there a Statute of Limitations? Before we discuss how long Florida creditors have to pursue you for credit ...

Statute of Limitations on Credit Card Debt


by Andrea Miller on February 05, 2019  0 Comment

Statute of Limitations on Credit Card Debt
Although it may seem like credit card debt will follow you forever, the truth is that credit card companies can only attempt to collect this debt for a limited time. If your finances are affected by high-interest credit cards and bills you are unable to pay, here's what you need to know about the statute of limitations on credit card debt. State-by-State Statutes The amount of time for which a debt is collectible is determined by state law and thus varies by state as follows: Three years: Alabama, Alaska, Delaware, Kansas, Louisiana, Maryland, Mississippi, New Hampshire, North Carolina, South Carolina, Virginia, and Washington, DC Four years: California, Nebraska, Nevada, New Mexico, Pennsylvania, and Texas Five years: Arkansas, Florida, Idaho, Illinois, ...

Struggling With Credit Card Debt? Here’s How To Pay It Off for Good


by Andrea Miller on February 05, 2019  0 Comment

Struggling With Credit Card Debt? Here’s How To Pay It Off for Good
If you're like many Americans, you spend a significant amount of time wondering how you'll ever be able to pay off your credit card debt. Making the minimum payment and hoping for the best won't cut it. Here's what you need to know about tried and true strategies to get rid of those high-interest balances and secure your financial future. Change Your Perspective The thought of having $15,000 in credit card debt is overwhelming. Reframe your situation by mentally grouping the debt into smaller chunks: three cards with a $5,000 balance each, for example. If you have multiple cards, list each balance amount, interest rate, and minimum payment. Then, take a look at your budget and determine the amount of ...

Tips for Managing Credit Card Debt


by Staff Writer on January 29, 2019  0 Comment

Tips for Managing Credit Card Debt
The average U.S. household carries close to $16,000 in credit card debt, which continues to add interest and grow over time. Adding to the burden, the national average credit card interest rate is 16.14%. With this much debt, families may find buying a home, putting money away in a college fund, saving for emergencies, saving for retirement, or balancing everyday living expenses to be difficult. For many, this debt can be overwhelming and difficult to overcome, but by approaching the situation with a change in spending habits, a commitment to saving, and a debt payoff strategy, you can manage your credit card debt. Spending Habits In many cases, poor spending habits lead to credit card debt. To pay off credit ...

Credit Card Debt Relief Programs


by Staff Writer on January 29, 2019  0 Comment

Credit Card Debt Relief Programs
Plenty of TV ads and internet pop-ups tout the benefits of debt relief programs that can wipe out your credit card debt for good. While credit card debt relief programs do exist, qualifying can be difficult. If you can move forward with this type of plan, your credit score can be irrevocably damaged, making it difficult to obtain a mortgage or loan in the future. Here's what you need to know about credit card debt relief programs and steps you should take if you're struggling to pay off your debt. How Does Debt Forgiveness Work? If you have a high credit card balance and you're behind on your payments, the credit card company will sell your debt to a collection ...

How Much Credit Card Debt Is Too Much?


by Staff Writer on January 29, 2019  0 Comment

How Much Credit Card Debt Is Too Much?
You've been feeling overwhelmed by your credit card bills recently. If you are having trouble paying even the minimum balance, you probably have too much debt. How much credit card debt is excessive? Although the answer depends on your financial situation, certain factors can indicate whether you're in danger of having a debt you're unable to repay. September 2017 data from the Federal Reserve indicates that more than 77% of American families are in debt. While credit can be a lifesaver in emergencies and a smart financial tool when used effectively, it's easy to get in over your head. Signs You Have Excessive Credit Card Debt If you have trouble thinking about your debt because you feel anxious or nervous, ...

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