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Answers to Your Credit Help Questions

Answers to Your Credit Help Questions
Daniel Cohen
UpdatedApr 3, 2024
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    4 min read
Key Takeaways:
  • Falling behind in payments or being in default can be very stressful.
  • Credit Help can come in the form of loans, including loan consolidation.
  • Credit Help tools: offers many tools, including the saving machine and debt coach to help you solve credit problems.

How Can I Get Help With My Credit Problems?

If you are behind in your payments or in default on your loans, then you are facing a stressful situation. Many times, just the mere threat of being in default can cause panic. Be careful not to pay for bills that you do not owe. Fraudulent debt collectors run scams and get people to pay for bills that they do not owe. This is especially true for small sums, where people feel it is not worth fighting or disputing the bill. receives many questions regarding different types of credit problems. Here are a few of the topics:

  1. Collection calls and lawsuits
  2. Credit repair
  3. Getting a loan with bad credit

Credit Help With Collection Calls and Lawsuits

Once the creditor or collection agency sues you, your best alternative may be to seek professional legal advice. However, before you get there learn about your rights. Be familiar with these terms:

  • Statute of Limitation (SOL): There are laws that govern the amount of time a debt is collectible. These differ by the type of debt (written contract, oral contract, previous judgments) and state laws. Remember, if the SOL has expired, the creditor may still sue you, but you can use the SOL as a defense to have the case ruled in your favor.
  • Collection Laws: Many times, it is advantageous to negotiate a settlement before you are sued. There are different ways for creditors to collect money for unsecured debts, such as credit card debt. For secured debt, such as mortgage loans or auto loans, creditors will foreclose or reposes the asset; however, if there is a deficiency balance, they will use other collection tools. The three main tools are wage garnishments, bank levies, and liens on personal property. The laws and regulations regarding collection laws are very complicated and vary between states. There are limits and exemptions regarding amount of money that can be garnished or levied.

Here are some tips on how to deal with your credit problems:

  1. Verify that the debt is yours. If in doubt, validate the debt.
  2. If you own the debt, negotiate a settlement. The account will fall off your credit report 7 years after the first date of delinquency.
  3. If you are overwhelmed by your debts, seek a debt relief program. I recommend that you start by reading the debt relief article, and you will learn more about debt settlement, credit counseling and debt management program, bankruptcy, and loan consolidation.
Quick tip

Contact one of's pre-screened debt providers for a free, no-hassle debt relief quote.

How Can I Repair my Credit Score?

Credit Help: Getting Answers to Your Questions

It is important to monitor your credit report, in order to determine if your accounts are being correctly reported. If you see items that are incorrectly reported, then you can have them removed by disputing the items. You don't need to hire a professional credit repair firm; you can dispute inaccurate items on your own.

Your credit score is based on five main criteria including your payment history, credit utilization, credit mix, age of credit, and new credit inquiries. In order to build a good credit score, the most important tip is to make your payments on time.

How Can I Get a Loan With Bad Credit?

Many times readers have asked for credit help, by asking how they can get a loan if they or their spouse has bad credit. There are a few solutions, although in today's market, lenders are more conservative and have stricter rules. Here are a few possibilities:

  • If you are looking for a mortgage loan, the look for a FHA loan, which have a lower credit score requirement.
  • If one of the couple has a good score, and can qualify based on their income and debt ratio, then take a conventional loan on one person's name only.
  • Wait, improve your credit score, and then shop for a loan.

Do You Need Credit Help? has tools to help you! receives many credit help questions, from people with a variety of credit problems. In order to help you with your situation, offers many articles and tools. Here are a few tools you will find helpful.

Personal Budget: The personal budget guide will help you set up a system to monitor your cash flow, both your income and your expenses. When you keep track of your expenses, remember to monitor your debt expenses and your debt to income ratios.

My Savings Machine: The savings machine will give you tons of idea about how to save money. For example, you will be amazed to find out how much you can save just by cutting down on purchasing coffee.

Debt Coach: The Debt Coach is an innovative tool, and easy to use. The debt coach will help you analyze your personal situation and give to you a recommendation based on five proven debt relief solutions

Debt statistics

If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q4 2023 was $17.503 trillion. Student loan debt was $1.601 trillion and credit card debt was $1.129 trillion.

According to data gathered by from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 8% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.

Each state has its rate of delinquency and share of debts in collections. For example, in Arizona credit card delinquency rate was 3%, and the median credit card debt was $441.

To maintain an excellent credit score it is vital to make timely payments. However, there are many circumstances that lead to late payments or debt in collections. The good news is that there are a lot of ways to deal with debt including debt consolidation and debt relief solutions.