Charles Phelan

Why Most Debt Elimination Programs Are a Waste of Money

Perhaps you've seen ads for 'total debt elimination' and wondered what it is. Well, never forget the old saw: 'If it sounds too good to be true, it probably is.' That's certainly the case here ? the kind of debt elimination where slick sales copy or a fas... Read >

Debt Elimination Scams -- A Growing Problem for Consumers

Consumers seeking debt assistance are faced with a bewildering assortment of debt companies, services, programs, books, ebooks, and websites. How to tell the scams from the legitimate options? The purpose of this article is to help consumers easily spot a... Read >

When Debt Collectors Cross the Line – Bogus Threats & Illegal Collection Tactics

If you are behind on your bills and on the receiving end of collection phone calls, you will probably hear collectors make some very threatening statements. While most debt collection professionals try to stay within the boundaries defined by the Federal ... Read >

Commodity Futures Trading – Why It's Not For Average Investors

If you don't mind losing $5,000 in 10 minutes, you may enjoy trading commodity futures contracts. There's an old saying among commodity traders: "It's easy to make a small fortune in commodities. Just start with a large fortune!" This is not a business fo... Read >

Debt-to-Income Ratio –- It's Just as Important as Your Credit Score When Buying a New Home

Your debt-to-income ratio (DTI) is a simple way of calculating how much of your monthly income goes toward debt payments. Lenders use the DTI to determine how much money they can safely loan you toward a home purchase or mortgage refinancing. Everyone kno... Read >

How to Quickly Improve Your Credit Score by Adding Positive Payment History to Your Credit Report

Most consumers are aware that negative items on a credit report can be disputed with the three major credit reporting bureaus. Often, this process can lead to a significant improvement in credit score through deletion of the derogatory items that were low... Read >

The New Bankruptcy Law

With the new bankruptcy law in effect as of October 17, 2005, there is a lot of confusion with regard to the new "means test" requirement. The means test will be used by the courts to determine eligibility for Chapter 7 or Chapter 13 bankruptcy. The purpo... Read >

Debt Settlement -- Why the Critics Are Wrong

After October 17, 2005, a lot of people are going to become interested in debt settlement as an alternative to bankruptcy. That's the date the new bankruptcy law goes into effect, and it means a rude awakening for many consumers seeking a fresh start in b... Read >

The New Bankruptcy Law -- How Will It Affect Debt Negotiation?

In April 2005, Congress made sweeping changes in U.S. bankruptcy law that will go into effect on October 17, 2005. It's called the "Bankruptcy Abuse Prevention and Consumer Protection Act of 2005," and it means big trouble for Americans struggling with de... Read >

Budgeting – The Critical Flaw That Causes Most Budgets to Fail

Budgeting. It's a word we're all familiar with. Everyone knows what a budget is, right? Yet how many of us actually make and stick to a solid monthly budget? The truth is that most of us start out with the best of intentions, but an unexpected expense com... Read >

Credit Cards for People With Bad Credit – How to Avoid Getting Ripped Off

If you've had credit problems, then you've probably received offers for credit cards aimed at people with bad credit. These offers range from legitimate, to questionable, to outright scams. How can you tell the difference? The answer is to read the fine p... Read >

Credit Protection Insurance – Just Another Consumer Rip-Off

Credit protection insurance is a good example of a consumer rip-off that affects millions of people, yet gets little attention in the financial media. Simply stated, you should NEVER buy "credit protection insurance," or a "payment protection plan" or any... Read >

Legally terminate credit card debt!

"Legally terminate credit card debt! You can be debt-free in 4-6 months!" Advertisements like this are for a new type of program that has spread via the Internet over the past few years. It's called "Credit Card Debt Termination," and victims are pa... Read >

Credit Counseling -- Why It Doesn't Work for Most Debtors

"Cut Your Payments in Half!" the headline screams. "Consolidate Your Bills into One Low Monthly Payment!" When you see ads like this, they are often from Credit Counseling firms. In this article, I'll explain the principles behind the Credit Co... Read >