• Dr. Debt Answers Your Questions

      question-mark2With all the breaking news going on this morning, we had to let Dr. Debt go today.

      If you forgot to send in your questions for Dr. Debt send them in today! Below are someanswers we wanted to bring you on today's segment.

      1. Regarding Credit consolidation on Fox News you said there were reputable companies that did not charge a fee for helping solve credit problems. Could you list some of those companies?

      ANSWER:

      To find out more information about free and low-cost credit counseling assistance, please visit the National Foundation for Credit Counseling Web site at www.nfcc.org. The National Foundation for Credit Counseling is a nonprofit network of credit counselors that can refer you to a reputable company. In addition to the budget calculator available on the Ask Doctor Debt Web site, the NFCC Web site also has tools you can use for free such as a budget worksheet and helpful consumer tips.

      2. Can a collection agency keep my credit card information on their files or banking information without consent?

      ANSWER: Debt collectors often retain certain information regarding an existing financial obligation, including credit card information or certain banking information. However debt collectors must follow both federal and state law to ensure information they retain is protected.

      3. What happens to a defaulted, guaranteed, non-discharged student loan after the automatic stay of bankruptcy has been lifted?

      ANSWER: If a debt is not discharged, it is still owed even after a bankruptcy proceeding has concluded. Once the automatic stay is lifted, the lender may resume attempts to collect the loan.