How long does it take credit to recover from a vehicle repossession?
Consumer First Financial Blog
by Consumer First Financial
4M ago
Seriously, how long will it take for my credit to recover from a repossession? Repossession of a vehicle is a legal process where a bank or other lender can regain possession of your vehicle. Vehicle repo laws differ state by state, but your vehicle purchase contract should include all the details regarding your state laws. After your vehicle is repossessed, the credit bureaus may report the repossession for up to seven years. If you still owe money on your vehicle loan, the lender can eventually hand over the debt to a collection agency. In some cases, you may find yourself facing a balance o ..read more
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How do you stack up to the average credit card debt?
Consumer First Financial Blog
by Consumer First Financial
7M ago
What is credit card debt? Americans have several different types of debt, beyond credit card debt, which includes mortgages, auto loans, and student loans. All are totaling up to an average debt per household of $132,529. Besides standard credit card debt, like an everyday credit card, consumer finance accounts also fall under this umbrella of ‘credit card debt.’ Consumer finance accounts can be thought of as loans extended to consumers on behalf of a company. Examples of this category include store cards, payday loans, and short-term loans. What is the average credit card debt? It’s easier to ..read more
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What Does it Really Mean to Be Debt Free?
Consumer First Financial Blog
by Consumer First Financial
7M ago
Being debt free doesn’t always mean having no debt. For most of us, debt is inescapable. It’s the sole reason why we can move into the house of our dreams, or rev up the operations of our own business.  However, debt is often an angel in disguise; it can provide us a better way of life while also causing grief and struggle. The first thing to understand is being debt free doesn’t necessarily mean you have no debt. I realize this may sound counterintuitive given the phrase is “debt free”… but it’s all about the type, and amount of debt you have. While debt has its fair share of disadvantag ..read more
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Americans Have Credit Card Debt. A Lot of It.
Consumer First Financial Blog
by Consumer First Financial
7M ago
American’s Average Credit Card Debt: How Do You Measure Up?  Despite minor growth in household income levels over the past few years, Americans are still largely burdened by consumer debt. This is by and large due to student loans, mortgage and of course, credit card debt.  According to the Wall Street Journal, the total credit card debt for American households reached a peak at $930 billion this year. This follows a financial analysis conducted early December of last year, where households totaled only $466.2 billion in credit card balances. What this signifies is not just a rapid r ..read more
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How Does Debt Fit into Your Retirement Planning?
Consumer First Financial Blog
by Consumer First Financial
7M ago
I wish I spent more time retirement planning: An all too common wish. Regardless where you live or what work you engage in, you always have a plan to successfully retire with the means to satisfy your needs and wants. Perhaps go on a tour across Europe or Africa, or spend time on a cruise ship voyaging across the Pacific – we all have hopes and dreams that we would one day like to accomplish. But will you have the finances to live your golden years to their fullest potential? Debt can quickly deter your dreams without proper retirement planning. Of course, retirement isn’t as simple as ending ..read more
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Store Credit Card: Worth the Rewards or a Path to Debt?
Consumer First Financial Blog
by Consumer First Financial
7M ago
Store Credit Cards Account For Over $90 billion of Consumer Debt. You’re heading toward the cash counter, holding a few items you’ve picked out. You’re taking your wallet out to pay for your purchases when you hear the question you’ve heard a number of times before – ‘Do you have a store credit card?’ – followed by a ‘Would you like to get one?’  Nowadays, it is difficult to find any retail shop which does not offer their personal store credit card for customers. And with the benefits that it’s glossed with, it’s tempting to get one for yourself. However, most of us sign up for a store cr ..read more
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Making minimum payments on your credit card is like treading water.
Consumer First Financial Blog
by Consumer First Financial
7M ago
The Real Cost of Making Minimum Payments on Your Credit Cards Like any rational consumer, minimizing loss and maximizing gains is the ultimate goal for your finances. A credit card can easily give you a false sense of security, emboldening you to spend when you should be saving. A creditor is dependent on you making payments to your credit card, while earning profits in the form of interest. If you were unable to keep up with your balances prior to taking on a credit card, it’s unlikely you’ll be able to make much more than minimum payments. Is making minimum payments on your credit cards a so ..read more
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Handling Finances Through Life Changes.
Consumer First Financial Blog
by Consumer First Financial
7M ago
Change is good, except when it’s not. Life is full of uncertainty and change is inevitable. But in most cases, the human brain tends to crave certainty and consistency. This is why we experience physical and emotional stress when faced with a major life change, especially when it concerns finances. When a life change occurs that affects your finances, our brains are met with major uncertainty. This often causes a state of panic or worry. How will you handle these new, often unexpected financial changes? Today, we’re going to discuss managing finances when life throws you changes. Not all chang ..read more
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6 Ways to Eliminate Your Debt
Consumer First Financial Blog
by Consumer First Financial
7M ago
Debt, it’s time we broke up So you want to eliminate your debt? First of all, great choice. High interest debt can drag down your finances, credit score, and overall financial health. But deciding how to pay off your debt is the first decision. The good news is you have options. There are many different situations when it comes to debt. Each of these can benefit from a unique approach. Your debt relief options have qualification requirements, too. Meeting these requirements can help narrow down what’s best for you to eliminate your debt. While you may not qualify for bankruptcy, you still may ..read more
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How Do Creditors Find You? The Tricks of the Collections Industry.
Consumer First Financial Blog
by Consumer First Financial
1y ago
I changed my contact information, how do creditors find me? In today’s digital age, creditors and collectors are increasingly turning to sophisticated technologies to locate debtors and collect unpaid debts. With advancements in skip tracing software, automated dialing systems, location tracking tools, and social media monitoring, these collection agencies are able to track down debtors more efficiently and effectively than ever before. As a result, debtors may encounter new challenges in dealing with debt collection efforts. In this article, we will explore some of the newest technologies use ..read more
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