A Simple Path to Financial Stability, the 50/30/20 Rule
Managing money can feel overwhelming, but it doesn’t have to be. One of the most effective and easy-to-follow budgeting methods is the 50/30/20 rule.
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GET STARTED NOWFederal law protects consumers from a variety of deceptive or fraudulent credit and debt practices, or practices that compromise your right to privacy. Know your rights. If you suspect your rights have been violated, use the contact information provided below to file a complaint.
Fair Debt Collection Practices Act (FDCPA)
The law outlines consumers' rights to dispute overdue bills placed with collection agencies, an original creditor using a different name to collect the debt, or a lawyer collecting a debt for a creditor.
The FDCPA stops debt collectors from using unfair, abusive, or deceptive practices to collect overdue bills. Some illegal practices include:
The Act also requires collectors provide people with the following information when they are attempting to collect a debt:
How Do I Report a Fair Debt Collection Practices Act Violation?
Contact the Federal Trade Commission and your states Attorney General Office. You will need the following to report the violation:
Fair Credit Reporting Act (FCRA)
This Act gives you the right to learn what credit information is being distributed about you to credit reporting agencies. Everyone is entitled to receive a free copy of their credit report once a year from each of the three major credit reporting agencies; Equifax, Experian or TransUnion. The law also establishes procedures for correcting errors in your credit record and protects your privacy. Find out more about getting Your Credit Report and Correcting Mistakes by clicking here.
How Does the Fair Credit Reporting Act Protect Me?
FCRA protects you from having inaccurate or obsolete information on your credit report.
Report FCRA violations to the Federal Trade Commission (FTC); the FTC oversees all three of the major credit reporting agencies.
Fair Credit Billing Act
The Fair Credit Billing Act regulates all credit and charge card billings related to:
The creditor must acknowledge the letter within 30 days and correct the error or explain why they won't within two billing cycles.
Truth in Lending Act
The Truth in Lending Act (TILA) covers many different areas of lending. It has rules that apply to credit card lending (open-ended loans), mortgage lending (closed-ended loans) and other types of loans.
Under TILA a person’s liability for a lost or stolen card is
TILA also lets you cancel a loan secured by your home (but not used to purchase or build the home) until midnight of the third day after you signed the contract. This typically applies to second mortgages, home equity lines of credit and home improvement loans.
In addition TILA requires all lenders disclose specific information about the mortgage, credit card or other type of loan you are requesting. The information that must be provided by the lender is:
If the lender violates any of the above regulations contact your state Attorney General’s Office for information on how to file a complaint. For credit cards, collection agencies, or credit bureaus you should also notify the Federal Trade Commission at www.ftc.gov or 1-877-382-4357 or by mail at:
Federal Trade Commission
Consumer Response Center
CRC-240
600 Pennsylvania Avenue, NW
Washington, DC 20580
Browse our recent blog articles and you will see and learn about the various ways AFS can help you, as well as educate yourself.
Managing money can feel overwhelming, but it doesn’t have to be. One of the most effective and easy-to-follow budgeting methods is the 50/30/20 rule.
In today’s economic climate, the struggle to balance rising living costs with stagnant wages has led to a concerning trend: the increasing dependence on credit cards and personal loans. Recent data reveals that credit card debt has grown at its fastest rate since 2005.
In today’s fast-paced digital world, the rise of "Buy Now, Pay Later" (BNPL) services like Afterpay, Klarna, and Affirm has transformed how we shop. These services offer an enticing promise: purchase what you want now and pay for it later, typically in small, interest-free installments. It’s no wonder millions of people find BNPL options irresistible. But as with any financial tool, the convenience comes with risks—especially when people juggle multiple BNPL accounts.
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