I just got a letter from Washington Mutual also known as Wamu yesterday. They lowered my home equity line to $900. It originally started off at $27,500. It was lowered about 6 months ago to just over $8000. What are you going to do with a $900 home equity line? I told them to just close it. They said that you have to pay $55 to close it. Rather than close the line they leave a ridiculous amount on it. They are too cheap to close the thing themselves. They would rather have me pay it. Continue Reading »
Tags: banking, credit, heloc, home equity line, home equity line of credit, reduced credit line, reduced loan limits, wamu, washington mutual
Posted in General Debt Articles
How Does Debt Consolidation Work?
This article is about the advantages of doing a debt consolidation program. You may not be aware of this but debt consolidation, CCCS, credit counseling and consumer credit counseling are basically the same thing. Doing a debt consolidation plan is different than doing a debt settlement program. In debt settlement you are reducing the amount of principal that you will pay back and in credit counseling you are negotiating the amount of interest you will pay back. In consumer credit counseling you will pay all of the principal back plus some interest. Continue Reading »
Tags: american express, bank of america, cccs, collection accounts, consumer credit counseling, credit cards, credit counseling, dave ramsey, debt consolidation, debt management, discover, larry winget, late fees, lower interest rates, master card, over the limit fee, suze orman, universal default rate, visa, washington mutual, wells fargo
Posted in Consumer Credit Counseling
