Personal Credit Coach

Illegal 'zombie' debt collections rampant in Florida, advocate says

Stephen Leifer - Thursday, March 08, 2018
Illegal 'zombie' debt collections rampant in Florida, advocate says David LyonsSun-Sentinel Invalid and illegal debt collections are at record levels across the U.S., and Florida is No. 2 for complaints about the practice, according to a national tracker of frequent flier programs and credit card rewards. The practice, dubbed “zombie debt collections” by RewardExpert, are defined as attempts to collect debts not owed, those that were already paid or discharged, de ..

The Many Ways to Be Relieved of Your Timeshare Obligations

Stephen Leifer - Friday, February 02, 2018
While it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable. This misconception is perpetuated by timeshare companies and user groups that are funded, maintained and controlled by the timeshare industry. The truth of the matter is, that under the law, contracts are cancellable for a variety of reasons, inc ..

Paying off Your Mortgage in 15 Years vs 30

Stephen Leifer - Friday, January 19, 2018
Paying off your mortgage early and living mortgage-free so you can use the money for other things—such as travel and an early retirement—can sound like a pipe-dream that’s impossible to get to, but it doesn’t have to be. If you have a 30-year mortgage, there are a few ways to cut that time in half, or at least come close to it: Add a monthly payment each year This easy step will cut about three years off a 30-year mortgage by spreading out one extra mon ..

Why millennials can’t buy homes

Stephen Leifer - Wednesday, November 08, 2017
https://www.marketwatch.com/story/student-debt-is-delaying-millennial-homeownership-by-seven-years-2017-09-18 ..

Student Loan Debt: Avoiding these Mistakes Can Save You in the Long Run

Stephen Leifer - Friday, August 18, 2017
Student loan debt is a challenge for many young adults. Not only can it be difficult to make payments when you are just out of college and looking for a job, it can continue to weigh on your budget even after you are earning a steady income. Paying off your debt is the best way to prevent problems, but there are a few other things you can do to help your cause: Do not Wait Until the Grace Period Expires Everyone with a student loan is given a grace period after  ..

Three Tips for Coping with Debt

Stephen Leifer - Thursday, May 18, 2017
Life Happens! If you are living from paycheck to paycheck and some life event like illness, divorce, loss of a job occurs you are likely to be having trouble paying your bills and the result of that is hearing from creditors on a regular basis, there are several things that you can do to make your financial situation better. Where should you begin? Decide What You Can Handle on Your Own There are several things you can do to help yourself dig out of your finan ..

Tips for Managing Credit Card Debt

Stephen Leifer - Friday, April 21, 2017
Being in debt is extremely stressful and if you feel as if you are drowning under an insurmountable amount of it, it can be downright depressing. Credit Card debt is the most insidious. That piece of plastic in your pocket gives you the ability to spend beyond your means. Furthermore, the cost for using that ability, the use of their money, carries a very high rate of interest. The good news is there are things you can do to get a handle on it and improve your credit situation. Firs ..

Why Even 800 FICO Scores Can Still Result in Denial

Stephen Leifer - Wednesday, October 26, 2016
You have worked so hard to achieve that 800 credit score and are shocked when your application for a new credit card or loan is swiftly denied. In this more conservative age in lending, a near perfect credit score does not guarantee acceptance of every application.Furthermore, credit scores are considered in addition to other factors. Some reasons you may still be denied include: Employment or Income Matters FICO scores do not indicate whether you are currently ..

What To Do After Screwing Up Financially

Stephen Leifer - Wednesday, October 19, 2016
If you have blown your budget, wound up in collections, bounced a check, took on debt that you cannot afford or made another major money mistake, you are in the same boat as a lot of Americans. It is very easy to make a simple mistake but more difficult to repair the damage afterward. In many cases, it takes time to fix the flub. However, there are ways that you can react to minimize the damage. Admit the Mistake Recognize the mistake you made. Consider the factors  ..

Understanding the Timeclock for Debt Purposes

Stephen Leifer - Tuesday, August 16, 2016
Each state has what is called a “statute of limitations” for the purposes of collecting debt. This is essentially a timeclock that a creditor or debt collection company has to file a legal complaint against a person that owes a debt to it. Normally, the timeclock starts ticking on the date of last activity for the account. However, the time limit varies by each state, with some states allowing for debts to be collected three, five or seven years from this date or other amounts ..