Home HomeNewsEducationHealthTechManufacturing & LogisticsLife SciencesAg INnovationINPower INnovatorsBigWigs & New GigsVideoPurchase Gerry DickGerry's ViewSpeaking Engagement RequestSubscribeNewslettersPODCASTAppRSSOn-AirTV & Radio Listings ContactAbout IIBMeet the TeamContact UsIntern with IIBFlagship Stations Select a Topic: Personal Finance Business Small Business Money home 6 things debt collectors may not want you to know Updated: Monday, August 21, 2017 9:00 AM EDT© iStockphoto / ThinkstockMore from Bills.comMore>> Bills.com Budget GuideBills.com Budget GuideDownload this free guide which shows how to manage a budget. (PDF: 1MB)This guide explains the importance of budgets & shows how to keep track of one. (PDF: 1MB)6 things to teach your children about debt, savings and money6 things to teach your children about debt, savings and moneyiStockphoto.com / Rob FriedmanApril is Financial Literacy MonthApril is Financial Literacy Month5 … [Read more...] about 6 things debt collectors may not want you to know
Settling medical debt with collection agency
After a devastating horse-riding accident in January 2017 landed him in the hospital for about 30 days, requiring trauma care and hospital-based therapy, Jeff Woodard considered himself lucky.The bills amounted to hundreds of thousands of dollars. But Woodard’s employer-sponsored health insurance limited his out-of-pocket maximum payment to $5,000. He reached that "within like a day," he recalled.His retired parents relocated from their small town in Massachusetts to help Woodard, now 27, who lives just outside of Denver, through his recovery. With their support, and regular outpatient therapy, he returned to working full time in just two months.MORE HEALTH NEWS: Inducing labor at 39 weeks may be better for mother and baby, USF study saysBut he didn’t expect another set of payments to haunt him and his parents for nearly a year, ultimately going to collections, and threatening to weaken his credit rating for years more.While medical bills are a leading source of personal … [Read more...] about When medical bills hurt your credit rating
SIOUX CITY -- For a while, most Siouxlanders are able to juggle debt by using credit cards to cover food, gas and other monthly essentials.But eventually, Lori Scott, a certified credit counselor at Center For Siouxland, said they get to a point where they're unable to make payments on that debt."Student loans become a huge problem for people of any age. It's not just brand new kids out of college. It's people in their 40s and 50s still struggling. They feel like there's just no end in sight," said Scott, who said people of all income levels are affected by debt. "They get scared and don't know how to handle it, so then they put those bills in a drawer and just think they're going to go away."Wage stagnation and rising housing costs may lead some to turn to payday loans, but Scott said others, who have higher paying jobs, are falling into the same trap."They're used to a certain lifestyle, or maybe they have overtime that they get consistently and all of a sudden they no longer get … [Read more...] about Buried in debt? Center For Siouxland can help
There are times when you can be right but still wrong.During one of my recent online chats, a reader wanted to know if a sibling was doing the right thing regarding his debt.“My brother has been sharing information with me about debt collectors,” the person wrote. “When you have an original debt and it is written off by the company or sold to a debt collector, how do you feel about requesting that the company show you the burden of proof that they now actually own the debt?”The reader’s brother has been challenging debt companies to verify that the debts are in his name.“When the companies can’t, he fights to have the debts removed from his three credit reports,” the reader wrote.Let me clear up some common misunderstandings about debt collection.When you stop paying on a debt — credit card, medical bills, auto loan — the original creditor may hire a company to collect the money for them.However, if this collection process … [Read more...] about Color of Money: When is it morally right to duck debt?
I’ll be writing a check to Uncle Sam soon to pay my taxes.That’s unpleasant but I recognize it’s necessary. We all must pay our fair share, right? We should, but we don’t.Too many taxpayers get out of paying what they owe and there’s too little effort by the IRS to chase down deadbeats.About 82 percent of taxpayers play by the rules and file and pay on time, according to the most recent estimate from the IRS. That rate increases to about 84 percent after accounting for late payments and those who pony up after some nudging from the IRS. The “tax gap,” the difference between what should be collected and what was collected, was an estimated $458 billion per year from 2008 to 2010.The IRS acknowledges it is important for everyone to pay their share.“A high level of voluntary tax compliance remains critical to help ensure taxpayer faith and fairness in the tax system. Those who don’t pay what they owe ultimately shift the tax burden to … [Read more...] about IRS lets tax deadbeats off the hook with ‘compromise’ program that’s unfair to the rest of us