Days Left » debt

What makes up your FICO score

Mike — Wed, 16 Jun 2010 19:24:45 +0000

What makes up your FICO score?

35% of your score is based on your debt history.
30% is based on your debt level.
15% is based on the length of time you’ve been in debt.
10% is based on new debt.
10% is based on type of debt.

How much $ per taxpayer?

Mike — Tue, 03 Feb 2009 18:21:01 +0000

How much money per taxpayer is all the bailout and stimulus really worth? Many taxpaying citizens like myself really do think the money would be better off going back to the taxpayers. But how much really?

I have heard numbers from $1 million per taxpayer, and other figures all over the place.

Here is your answer.

http://money.cnn.com/galleries/2009/news/0901/gallery.money_summit/index.html

What are Collection Triggers?

Mike — Mon, 25 Jun 2007 19:22:35 +0000

In an effort to help financial
services organizations collect on large volumes of uncollected debt,
Experian(R), a global information solutions provider, today announced the
launch of Collection Triggers(SM). Collection Triggers is a robust and
flexible collections solution that monitors a company’s portfolio of
collections accounts. When new information on one of these accounts becomes
available, indicating the possibility of recovering the debt, the organization
is notified within 24 hours and can then resume efforts to contact the
consumer and collect the outstanding debt.

So you are now getting back on your feet and are ready to start paying off old debt? The old advice was to just call one creditor at a time and setup a payment plan with them. This would avoid the barrage of calls and mail from all your old creditors at once, and allow you to pay off the debts one at a time. But if one of those creditors subscribes to this new collection trigger service, as soon as you start making payments to one creditor, you are going to “trigger” others to start coming after you.

Read the full press release: Experian Collection Triggers

How Bankruptcy Works

Mike — Sat, 24 Feb 2007 03:50:34 +0000

How Bankruptcy Works

Student Loan Payoff

Mike — Tue, 06 Feb 2007 13:22:16 +0000

I recently paid off my student loan debt. Felt great! I have been out of college since 1995. That is 11 years of debt that was hanging over me. Part of the problem was right after school everyone told me. “Don’t worry about student loan debt.” Not sure why everyone felt this was good advice, but I seemed to hear it over and over. So soon within a year of graduating I consolidated all my loans thus taking down a 400 month payment to around 200. And there it pretty much sat for about 9 years. Month after month….felt like the payment had always been there and would always be there. I didn’t see anyway of getting rid of so much student loan debt. In that long time, it had barely budged downward.

It was time to get serious, so for a few years I hammered away and saved up and worked anything extra I could do. It feels to great to get rid of that burden.

Going through school, I never thought more than a second about the loans I was getting. After all everyone does it right. Just sign on the line and move on. I didn’t even have any idea how much I really owed until I was all done with school.

Now that the debt is gone… (actually all my debt is gone except for my home but I’ll get into this later on), it feels great.