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How do I find free money?

You can find out if someone owes you money for free at www.missingmoney.com. Missingmoney.com is a database of governmental unclaimed property records. You might find money from things like: Bank accounts and safe deposit boxes CDs and trust funds Stocks, mutual funds and dividends Uncashed checks and wages Utility deposits Escrow accounts This site will […]

Can credit card companies increase my interest rate?

Yes. If you are more than 60 days late on a credit card payment, then the issuer can impose a penalty APR as high as 29%. If this happens the issuer is permitted to apply the 29% APR to your outstanding balances. In most cases, the Credit Card Act prevents credit card companies from raising […]

What is Unsecured Debt?

Unsecured debt is debt that is not secured by an asset like a house, land, or car. Unsecured debt is the type of debt where creditors did not require collateral before giving you access to the money. This typically includes credit cards, medical bills, department store cards, and utility bills.

Will this impact my taxes?

The short answer is no. However, can you be taxed for the forgiveness of debt? Yes. And that’s done with a Form 1099. The IRS views debt forgiveness like this: If somebody writes off a portion of your debt, then you have to declare that as income. You have to declare that as 1099 income […]