What Is a Negotiated Debt Settlement?
If youre buried by credit card debt, a negotiated debt settlement with your creditor may be worth checking into. Negotiated debt settlement is a general term for discharging debt in a way that appeals to the credit card holder and the cards issuer.Its best to negotiate from a position of strength by not having submitted late payments or having missed them, which can cause a credit score to fall. If that happens, cardholders will likely have a harder time getting concessions in a negotiated debt settlement. Instead, they should start talking to their creditor soon after realizing theyre having trouble repaying their debts.ForbearanceThere are a few types of negotiated debt settlements, and the simplest one is called forbearance. Banks offer these programs to reduce interest rates, waive late fees and extend repayment terms.Forbearance doesnt forgive any debt, but offers better terms for repayment. Unemployed cardholders typically are approved for forbearance, and the plans should have no impact on the cardholders credit score.Workout ArrangementsIn these programs, card issuers lower or eliminate interest rates and fees, either temporarily or permanently until all of the debt is paid. A credit line may be reduced so that the credit card can no longer be used.Like forbearance, a workout agreement doesnt reduce the principal owed. It can affect a credit score, depending on how the bank reports it to the credit agencies.Lump SumA lump-sum settlement is where a cardholder offers to pay less than the full amount owed so that the entire debt is eliminated.These are often accepted in two or three payments and are a way for banks to avoid trying to get payment through a debt collection agency. Interest and fees are likely to be forgiven in lump-sum settlements, however the principal will still need to be paid.It can have several downsides. The bank will be charging off its loss, which will hurt the cardholders credit score. Also, cardholders must pay taxes on any forgiven principal of $600 or more and treat it like income.Debt Management ProgramThis type of negotiated debt settlement is for people who dont want to negotiate directly with their lender. A third party does it for a fee.Some for-profit debt management companies can be unscrupulous and charge large up-front fees. To find a reputable credit counselor, check with the National Foundation for Credit Counseling, or the Financial Counseling Association of America.Published with permission from RISMedia.
What Identity Thieves Want from Your Facebook Profile
Social media is just that"social. And a big part of it is sharing photos when youre out celebrating something, such as your birthday.However, these two things"photos of yourself and your date of birth"can be all someone needs to steal your identity and start opening bank accounts, credit cards and other things in your name.Frank Abagnale, a famous fraud-prevention specialist, has said that “98 percent of stealing a persons identity is just finding their date of birth and an image of them.”While you may not want to delete every photo of yourself from Facebook, or leave your birthday off your profile page, you can at least limit who sees them.Hiding Your Date of BirthClick on your name and then click on the About tab. On the left are several categories that you can edit. Click on Contact and Basic Info to get to your birthdate"hover over it and an Edit button should appear. After clicking on Edit, you can change who sees either your birth month and day, or the year you were born.You can change any of those, but Facebook only allows it a certain number of times. Instead of changing the date and lying to Facebook, which could get you kicked off the service, you can hide your birthday so that only you can view it. Or, you can customize your share options to display your birthdate to the public, all friends or only certain friends.Hiding PhotosHiding photos on Facebook can take a little more work, though the steps are simple.Start by limiting who can see your Facebook page to only your friends. Just as you can hide your date of birth from the About tab, you can also hide who can view your contact information.Your name and profile photo are always public on Facebook, partly as a way to help people find you. If you dont want anyone stealing a photo of you so they can fraudulently use it, make your profile photo something generic.When you post something on your timeline, you choose who sees that post. Limit those to your friends only and dont make them public. Use the View As tool to see what your profile looks like to other people, including the public and specific friends. You can also control the privacy for each photo individually after it has been posted by clicking on a photo and then on Edit Post.If someone tags you in a photo, by default it publishes without giving you the option to review it first. You can change this by clicking on your name, then Timeline Settings, and then you can choose to review photos you’re tagged in before they are published.Reviewing anything youre tagged in will help prevent new photos of you from showing up without your approval.Published with permission from RISMedia.
3 Tips for Displaying Your Art Collection at Home
Significant works of art require being exhibited in a way that does them justice.Heres what you need to know about displaying your art at home… Assess the SpaceIs the space best for a few large paintings or several smaller works? Group pieces that are connected in some way, like style, color or motif.LightingWarm, dimmable light bulbs are best to illuminate the artworks natural hues. Avoid direct sunlight, as it can cause fading.Consult a ProfessionalBring in a professional to help curate your space. Services can outfit your home with museum quality hanging systems to take your collection to the next level.Published with permission from RISMedia.
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