Jason Athas

If your debt is discharged, do you still owe it?

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I recently read an online forum which said that a creditor charges off a debt once it’s turned over to collections. What’s more, I gathered that a person does not have to repay this debt and can write “cancelled” on any invoices received from a collection agency instead of paying the bill. Is this information correct?

Unfortunately, the Internet is often a source of misinformation.  If you opt to write “cancelled” on a invoice for a debt you legitimately owe, you may find yourself being sued.  If you’re already dealing with the fallout from past debts, getting sued will only further complicate your situation.

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Save Your Money

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Saving money is one of the single most important steps to achieving most of your financial goals in life and becoming financially sound.

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How to deal with financial hardship

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The past few years have been tough for many people, financially and otherwise. If you’re struggling to make ends meet, there are a few things you can do to get back on track.

Create a budget. This may seem obvious, but it’s important to have a clear understanding of where your money is going. Once you know where your money is going, you can start to make changes to save more and reduce your debt.

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Car Insurance

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Congratulations, you have just purchased the car of your dreams; you worked a great deal, now it is time to insure it. Car insurance is mandatory in all states, and must be maintained throughout ownership. Insurance quotes can vary from company to company, and there are a few factors that you can control, and other factors you cannot.

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How to Stop Living Paycheck to Paycheck in 8 Steps

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Does it feel like your paycheck is gone the moment you get it? Here’s how to break that vicious cycle.

Are you stuck in the all-too-common habit of living paycheck to paycheck? You don’t need me to tell you that’s a self-defeating cycle. You simply can’t get ahead that way.

But escaping isn’t easy, especially if your paycheck is tight. Change involves not just the hard work of making a new habit, but also changing your ways of thinking.

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How Can I Keep My Money from Slipping Away?

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As with virtually all financial matters, the easiest way to be successful with a cash management program is to develop a systematic and disciplined approach.

By spending a few minutes each week to maintain your cash management program, you not only have the opportunity to enhance your current financial position, but you can save yourself some money in tax preparation, time, and fees.

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Beware of Using Debt Settlement Companies

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Debt settlement companies can be a dangerous option for people struggling with debt. They promise to negotiate with your creditors to reduce your debt, but they often charge high fees and don’t always deliver on their promises.

Here are some of the dangers of using a debt settlement company:

  • High fees. Debt settlement companies typically charge a fee of 15% to 25% of the amount of debt that they settle. This can be a significant fee, especially if you have a lot of debt.
  • Damage to your credit score. When you stop making payments on your debts, your creditors will report this to the credit bureaus. This can damage your credit score and make it more difficult to qualify for loans and credit cards in the future.
  • Risk of being sued. If you stop making payments on your debts, your creditors may sue you. This could lead to a wage garnishment or even bankruptcy.
  • Potential for scams. There are many scams in the debt settlement industry. Some companies may take your money and then disappear, or they may charge you exorbitant fees.

If you are considering using a debt settlement company, it is important to do your research and choose a reputable company. You should also be aware of the risks involved and understand that debt settlement is not a guaranteed solution.

Here are some tips for avoiding debt settlement scams:

  • Beware of companies that charge upfront fees. Legitimate debt settlement companies typically don’t charge any fees until they have successfully settled some of your debt.
  • Don’t stop making payments on your debts until you have a signed agreement with a debt settlement company. If you stop making payments before you have a signed agreement, you could damage your credit score and risk being sued by your creditors.
  • Get everything in writing. Before you sign any agreement with a debt settlement company, be sure to get everything in writing, including the fees they will charge and the services they will provide.

If you are struggling with debt, there are other options available to you, such as credit counseling and debt consolidation. You should talk to a financial advisor to discuss your options and choose the best solution for your situation.

DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt.  Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org.DMCC is located at 1330 SE 4th Ave, Suite F, Fort Lauderdale, FL 33316.

Avoiding Bank Fees

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Banking fees can add up over time, especially if you’re not careful. There are a number of ways to avoid banking fees, however. Here are a few tips:

Choose a free checking account. Many banks now offer free checking accounts. These accounts typically don’t have monthly maintenance fees or ATM fees. However, they may have other fees, such as overdraft fees or foreign transaction fees. Be sure to read the fine print before opening a free checking account.

Keep a minimum balance. Some banks waive monthly maintenance fees if you keep a minimum balance in your checking account. The minimum balance requirement varies from bank to bank, so be sure to check with your bank to find out what it is.

Set up direct deposit. Many banks waive monthly maintenance fees if you set up direct deposit for your paycheck or Social Security benefits. Direct deposit is a convenient way to get your money directly into your checking account each month.

Use your bank’s ATMs. If you withdraw cash from an ATM that’s not owned by your bank, you may be charged a fee. To avoid this fee, use ATMs that are owned by your bank or that are part of a network of fee-free ATMs.

Avoid overdrafts. Overdraft fees can be expensive. To avoid overdrafts, set up overdraft protection or keep track of your balance carefully.

Be aware of other fees. Banks may charge other fees, such as foreign transaction fees, wire transfer fees, and stop payment fees. Be sure to read the fine print before opening a bank account or using a banking service.

Here are some additional tips for avoiding banking fees:

  • Shop around for a bank that has low fees. Compare the fees charged by different banks before opening an account.
  • Negotiate with your bank. If you’re a good customer, your bank may be willing to waive fees or give you a discount.
  • Bundle your accounts. Some banks offer discounts on fees if you have multiple accounts with them, such as a checking account and a savings account.
  • Use online banking. Online banking can save you money on fees, such as statement fees and ATM fees.

By following these tips, you can avoid banking fees and save money on your banking services.

DMCC is a 501 (c)3 nonprofit organization committed to educating consumers on financial issues and providing personal assistance to consumers who have become overextended with debt.  Education is provided free of charge to consumers, as well as personal counseling to identify the best options for the repayment of their debt. To speak to a certified credit counselor, call toll-free 866-618-3328 or email contact@dmcconline.org.DMCC is located at 1330 SE 4th Ave, Suite F, Fort Lauderdale, FL 33316.

Facts About Debit Cards

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Debit cards  also known as check cards, ATM cards, and express checking cards can be used to withdraw cash from your bank account via ATM and make purchases without using credit. They look similar to a credit card and work by taking the money directly out of your bank account.

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