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Category: Finance

Texas Attorney General Warns of Holiday Loan Scams


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The Texas attorney General’s office has issued a consumer alert for Texans looking to borrow money for the holidays. Advertisements for instant cash loans are everywhere this time of year and many are legitimate. However, a new kind of “loan” ad is appearing that offers fast money for an upfront “processing fee” or to cover “taxes”. The Attorney General’s office states that consumers should avoid these because authentic lenders never ask for money up-front.The scam loan offers are often promoted as on-line instant loans, or in flyers and newspapers classified. They give an appearance of authenticity by providing a toll-free number to speak to a “bank representative”, or by sending official looking sales materials in the mail. The availability of Cash loans with no hidden fees should be there for the person. The selection can be done after checking the news papers and magazines for the benefit. The taking and repaying of the loan amount will not add to the expenses of the person. 

After respondents sign up they are told to wire hundreds of dollars to cover the fees, only to have that money disappear with the con artist. Most of the scammers are based out of the country, regardless of where their correspondence appears to originate, and are extremely difficult to trace. Disposable cell phones and anonymous drop boxes are just some of the standards tools used. Texans who fall for the scam could be sending their money half-way around the world, where it can be picked up from one of thousands of locations.

Of course, Texas isn’t the only state where this kind of scam is operated. Payday lending and online cash loans make every place a target, even in states where the practices are strictly regulated. Consumers should always stop to read the fine print when applying for a loan, and shop around to compare their options. Remember that loan representatives often work on commission or bonus structures even in legitimate franchises, so be aware of sales pressure. To truly avoid paying unnecessary fees, pay day loans should be a last resort to cover expenses when all other options have been exhausted.

The Attorney General recommends that consumers who need extra money to cover expenses during the holidays look to local options first, where the exchange can be made person to person and in a state regulated operation. Legitimate local lenders will be listed with the Texas Department of Banking, and can be verified by calling the 1 (877) 276 – 5554, or at www.banking.state.tx.us. You should also guard your personal information carefully – legitimate lenders usually need Social Security numbers to run credit checks, but con artists can take that information and commit identity theft.

Five Reasons for Consumer Bankruptcy

There are five reasons why people file for bankruptcy in the country. Although, the top five reasons are only a few, they are reasons that are common with all consumers.

Medical expenses are high on the list of reasons why people go bankrupt. Health issues such as injuries and disease can cost hundreds of dollars to take care of and even people with some type of health insurance still will have medical costs to pay even after insurance has paid its share. Medical bills can clean out home equity, college funds, retirement accounts and savings accounts.

Losing ones job can be devastating, but it can affect how one will pay the bills. Even people that have a savings account, retirement fund, equity in a home or college accounts cannot live without a job. Sooner or later the money will run out. If a person takes an early withdrawal on a retirement fund or on a college fund, there will penalties and interest to pay at tax time, which can cost more than what a person has, if the person has spent the money already.

Along with losing a job, comes the loss of health insurance and the COBRA insurance is high priced that most people cannot afford it even though it is offered. Without being able to find a suitable job that paid even close to what a person was making, can weigh heavily on the choice to file for bankruptcy.

Excess credit may not be a problem when a person was working, but it will be when a person has no job. Some people that have jobs, still live outside their means and debt can eventually bite into money needed for every day living. If a person cannot manage the debt or consolidate the debts into one payment, bankruptcy is the next consideration for most.

Ending a marriage is another reason for bankruptcy. When a family is used to two incomes and has to learn to live on one income when a divorce is pending or granted, bankruptcy made be the only recourse that one or both parties have to consider. People that need to make alimony or support payments may find it hard to pay bills or even have their own place to live.

Expenses that pop up unexpectedly can have a devastating affect on income and credit. Loss of property due to natural disasters can lead to bankruptcy since more than likely the person has loss everything or most of everything and insurance doesn’t always cover everything that you would need to buy new. No one wants to find himself dealing with san diego bankruptcy attorney because of this financial issues. Surely, as stated earlier, there are several factors that could lead you to bankruptcy. But if you are careful and wise enough, you will not suffer from this frustrating situation. Hence, always make plans and make sure that every decision you make is sound and effective.

In the end, bankruptcy is the way that most consumers choose to follow. However, if people would start planning budgets and paying down debt, bankruptcy may not be needed.

How To Quickly Build Credit After Bankruptcy

Bankruptcy always proves to be a huge blow to your credit ratings. However, this does not mean that you are doomed forever. People over the years have linked eternal failure with the people who have filed for bankruptcy, which by all means is not the right thing to do. The first and the most important thing to do after you have filed for bankruptcy is to quickly build back your credit and credit ratings. I will guide you through all the required steps and attitude to build your credit ratings after bankruptcy.

The most important thing is to flush out the emotional factor linked with bankruptcy. Either you have filed for the chapter 13 or chapter 7; it does not mean that you have no right to build credit. The number of people that have filed for bankruptcy in the last four years is more than 6 million. So, you are not alone by any stretch of the imagination. Stand up to the occasion and have the belief that you can get back the credit ratings you need to have. While selecting the no 1 on yelp for bankruptcy lawyer san diego to hire, the credit ratings should be checked for fighting the case. After the completion of the case, starting of the new business will be easy for the person.

There are a number of credit loans scams trapping the recession-hit people. Try to avoid these scams and focus on core things to build your credit ratings. The bills you pay monthly can be of great help in this regard. Try to increase on the number of monthly payments you make. This can include any thing from you phone bill to your monthly cable connection dues. This will help you a great deal in adding points to your credit ratings.

Save some of your money and open a secured credit card. Watch out for any hidden fee’s they may try to tell you about and that you have to pay them. There are companies out there that want to help you rebuild and when it’s a secured credit card it’s your money not theirs. You place the 250$ in their bank and they report it as a credit card. Make sure they report as a credit card and not a pre-paid card. Just ask them when signing up.

You will also require making certain checks before you start building your credit ratings. Always check your credit ratings for any past after your bankruptcy application has been accepted. Moreover, try to get yourself a savings account in a larger Banking firm. However opening an account might not be enough. Try to save some money each month and deposit paychecks in your account. This will boost your credit ratings at a very healthy speed.

You can also start makings mall purchases using your secured credit card. However, you need to check out the interest rates and hidden costs. You can also get an old car for a down payment of sizable amount. However, follow the line of buying an old car only if you can make the monthly payments. Other wise, it can back track your other efforts to build credit ratings. All along these efforts, try to pay your bills on time.

If you do these steps and watch your payments and do not go overboard like before. You will build back your credit ratings in no time. It could take a couple years but you will get there and it’s not as hard you think it is.

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