Management

Be Wary of Debt Relief Offers

Posted on April 1, 2002
Consumer debt is at an all-time high, and record numbers of Americans are filing for bankruptcy, according to a Federal Trade Commission (FTC) consumer alert. “In your effort to get solvent, be on the alert for advertisements that offer seemingly quick fixes,” says the alert. “While the ads pitch the promise of debt relief, they rarely say relief may be spelled b-a-n-k-r-u-p-t-c-y.” Though bankruptcy is a legitimate option for dealing with financial hardships, it should generally be an option of last resort, as it has long-term negative impact on your credit rating. A bankruptcy stays on your credit report for 10 years and can hinder your ability to get credit, a job, insurance or a place to live. Some advertising lines to be wary of, according to the FTC: “Consolidate your bills into one monthly payment without borrowing.” “Stop credit harassment, foreclosures, repossessions, tax levies and garnishments. Keep your property.” “Wipe out your debts! Consolidate your bills! How? By using the protection and assistance provided by federal law. For once, let the law work for you!” Such phrases often involve bankruptcy proceedings, which not only hurt your credit, but can also cost you attorneys’ fees. If you’re having trouble paying your bills, the FTC recommends you consider the following options before filing for bankruptcy: • Talk to your creditors. They may be willing to work out a modified payment plan. • Contact a credit counseling service. These organizations work with you and your creditors to develop debt repayment plans. You deposit money each month with the counseling service and the service pays your creditors. Some nonprofit agencies charge little or nothing for their services. • Carefully consider a second mortgage or home equity line of credit. While these loans may allow you to consolidate your debt, they also require your home as collateral.
Comments ( 0 )
More Stories
News

School Bus Driver Suspended After Bathroom Break to Keep Job

A New Jersey superintendent’s call to fire Gaye Kish for using her phone, having a friend board her bus, and taking a bathroom break during her route is rejected by the board of education. Kish cites a medical condition as the reason for taking the break.

Product

Convertible Seating Solution

Blue Bird Corp. and supplier partner HSM’s convertible NextGen seat is designed to allow the customer to change the seat back frame to have a three-point or child-restraint seat without having to purchase new seats for reinstallation into a bus.

Transfinder President and CEO Antonio Civitella presents the company's Ambassador of the Year award to Kecia Ling, the director of transportation operations at Savannah-Chatham County (Ga.) Public School System.
News

Transfinder Names ‘Ambassador of the Year’

The software developer selects Kecia Ling, the director of transportation operations at Savannah-Chatham County (Ga.) Public School System, for building routes for over 26,000 students in four months and overcoming transportation challenges during Hurricane Matthew.

Be the First to Know

Get the latest news and most popular articles from SBF delivered straight to your inbox. Stay on top of the school bus industry and don't miss a thing!