How Debt Collectors are Making a Killing in 2020

How Debt Collectors are Making a Killing in 2020

The pandemic has been horrible for most people and businesses. However, one of the winners in the pandemic financial fallout has been debt collectors. In fact, your misfortune turns out to be their good fortune. There are a number of reasons for this, including the CARES Act, passed to protect workers. Let’s take a look at credit card debt and debt collectors. Buying & Selling Debt Like any other commodity, debt is sold and traded. A company wants to get the bad debt off their books and so will sell it at a discount to debt collectors. Collection agencies give […]

Whats the difference between debt consolidation and credit repair

Debt Consolidation and Credit Repair: What’s The Difference?

If you are looking for help with debt or a poor credit score, you may have stumbled across a couple of terms that you haven’t heard before or that you don’t understand, especially when they look and sound very similar. Let’s talk about the differences between debt consolidation and credit repair. We’ll discuss when you may want to use one or the other. What is Debt Consolidation? Debt Consolidation rolls all (or most) of your debt into a single monthly payment. You take a lower interest loan and then use that money to pay off your debts. The benefits come […]

What Is A Debt Validation Letter And Why You Would Need One 2

What Is A Debt Validation Letter And Why You Would Need One

Disclaimer: Pacific Debt, Inc. is not a law firm and this article should not be construed as legal advice. Only a licensed attorney in your state can provide legal advice. In many of our previous articles concerning creditors and collections agencies, we have discussed the need to prove that any debt in question is actually yours and that the debt is not older than your state’s statute of limitations. All this information can be summed up in a debt validation letter, also called a debt collection letter. Under the Federal Fair Debt Collection Practices (FDCPA), the debt collector must send […]

What's The Best Way to Pay Off a Debt in Collections

What’s The Best Way to Pay Off a Debt in Collections

Disclaimer: Pacific Debt, Inc. is not a law firm and this article should not be construed as legal advice. Only a licensed attorney in your state can provide legal advice. If you have been notified that a debt has been turned over to collections and you want to pay it off, how do you go about it? Not all debts are yours – there could be a bad address or telephone number attached to the bill, the bill could be too old to collect, or it could be a scam. How Your Debt Gets to Collections If you fail to […]

What Happens to Credit Card Debt After 7 Years

What Happens to Credit Card Debt After 7 Years

Disclaimer: Pacific Debt, Inc. is not a law firm and this article should not be construed as legal advice. Only a licensed attorney in your state can provide legal advice. Seven years seems to be a magical number for financial considerations. Seven years can clear some data off your credit report. Seven years is how long you usually need to keep tax information. However, seven years does not automatically clear away what you may owe from your credit report. Events like Chapter 7 bankruptcy can stick around much longer. And your state may have a different statute of limitations for […]

Is there another stimulus check coming

Is There Another Stimulus Check Coming?

In one of our previous articles, we discussed the first stimulus check, when it might arrive, and how to track yours. The current question is: While the Coronavirus pandemic continues to surge in some states, will Americans receive a second stimulus check? Depending on what news source you look at, you could get conflicting answers. Let’s take a look at how the stimulus check question stands as of July 7, 2020.  The CARES Act On March 27, the first stimulus package, known as the CARES Act became law and checks began to be sent out. Most single filers with an […]

How to get debt relief from the coronavirus

How to Get Credit Card Debt Relief from the Coronavirus Pandemic

With vitally important stay-at-home orders issued in most states and many businesses closed down because of the COVID-19 pandemic, you may be one of the millions who are taking a financial hit. While you pay attention to your health, you need to pay attention to your credit cards and your spending. It will be very easy to spiral deeper into debt and rack up some serious balances on your credit cards. There is also some potentially good news coming out of this situation that may help you with your credit card bills.  Speak to a debt specialist for free. They […]

Is it better to pay off debt or save money

Is It Better to Pay Off Debt or Save Money?

Maybe you just ran into a bit of money and you are wondering what to do with it. Should you pay off an existing debt at 25% interest? Should you put it in a savings account for 1% interest? Should you buy something you want? It can be a real tough decision. Let’s look at these options in more detail below so we can figure out the best place to put that money. Pay Off Debt If you focus on paying down your debt first, you are decreasing how much you pay in interest and potential penalties like late fees. […]

Getting out of debt in 2020

How to Get Out of Debt in 2020

Debt is an on-going problem for almost every American. Adding together credit cards, student loans, personal loans and other types of debt, except mortgages, the average American owes $38,000! The average amount of credit card debt alone is $6,850.  Getting out of debt and saving money is a common New Year’s resolution. If this is one of yours, you need a plan – it won’t happen magically. Let’s take a look at ways to pay down your debt and increase your savings. Speak to a debt expert who can explain all of your options for FREE. Step One: Understand Where […]

What does debt to income ratio mean and what should yours be

What Does Debt to Income Ratio Mean and What Should Yours Be

If you are applying for loans, you may have heard about debt to income ratio. Your loan rates and even the possibility of getting a loan is based, in part, on your debt to income ratio. It is also a way to see if you are financially healthy. The short version is, the lower your debt to income ratio, the better off you are. Speak to our debt experts for free so they can explain your options to you. What is Debt to Income Ratio? The debt to income ratio looks how much you owe versus how much you earn. […]

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