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April 2013 Archives

Considerations before you consolidate

Scores of Washington, D.C. residents are seeking debt relief from loans, credit cards and other borrowing opportunities. Debt consolidation may seem like a life raft for those who are sinking in financial mire, but industry experts warn consolidation alone may not be the panacea for all money problems. Even though many consolidation companies promise lower payments, better interest rates and more convenient processes, the reality often brings just the opposite. Here's how to avoid the common traps that can befall people seeking debt consolidation.

Foreclosure doesn't kill homeowners' dreams

Home buyers in Washington, D.C., who have been affected by financial difficulties such as foreclosures may be given new homes in the newly rebounding economy. These so-called "boomerang buyers" are often able to afford homes that are even better than those they lost during the recent economic downturn; financial experts say they will be bringing a much-needed cash injection into the recovering housing market.

Avoid Creditors' Abuse on Social Media

Social media is playing an increasingly important role in every part of our lives. Now, debt collectors are using social networking sites such as Facebook to circumvent federal laws that limit their ability to contact borrowers. No formal regulations exist to protect borrowers from social media abuse by lenders, a situation that can cause great emotional distress for people seeking debt relief.

Should You Transfer Your Car Debt to a Card?

Did you know that you can trade your car loan debt for credit card debt? That's right! Many credit agencies are now allowing consumers to effectively pay off their car loan with a zero-balance credit card transfer, a situation that allows you to trade the secured debt for one that is unsecured. Strategic transferring can, in fact, save you up to $1,000 in extra charges. Is this a one-size-fits-all tactic, or should people use discretion when considering their debt relief actions? Experts weigh in on this unconventional debt management method.

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