There are lots of street myths about debts and payments. One prevalent one is that the credit card company can’t do anything if you are making even bare minimum payments. This simply isn’t true. The statement you receive from the credit card company each...
Eugene S. Melchionne in his article entitled: "Is A Reverse Mortgage Right For You?" provides a excellent summary of the pros and cons of the reverse mortgage and is necessary reading if you are considering a reverse mortgage. So what if you have weighed the pros...
Just when you thought you had heard it all in the world of credit card rip-offs, debt collection and bankruptcy, something interesting happened in the office last week. I met with two different potential clients who stated that their credit cards were cancelled, despite the clients having zero balances on the credit lines and decent credit scores.
When I asked why that happened? Their responses were both the same: I have no idea. The card had not been used lately, and there was no abuse. So, it must have been either one of two things that can be happening that I could think of:
First, the banks are starting to close down credit lines before they become a problem, or second the lenders underwriting the department store cards are requiring the retailers to start monitoring their existing credit lines and tighten up the available credit lines now, in an effort to stop the bleeding. I actually laughed a little at this.