Money

It seems that as long as people exist, there will be scams. Methods change with time, but at their heart, scams will always be about preying on your fears. The most effective scams are the ones that successfully use your desire to help others and stay out of trouble against you.

The “Can You Hear Me?” Scam

This particular scam started picking up steam late last year. It’s essentially a robocall (automated dialer) with a recording that asks something to the effect of, “Can you hear me?” The question itself may change, but it’s usually designed to elicit a “Yes” from whoever answers the phone. The scammer wants to get a recording of you saying “yes”, which they can then use to initiate calls with financial institutions and creditors, in the hopes of accessing your accounts.

Just hang up. If able, avoid calls from numbers you don’t recognize.

The FBI Calling Scam

This scam comes in many different shades and hues, but it basically amounts to a scammer calling from an official seeming number and demanding a payment.

Recently, there has been a rash of calls from scammers spoofing local FBI field office phone numbers. Based on what your caller ID is telling you, it looks like a legitimate call from the FBI. So when the person on the line starts demanding that you make an immediate money order payment on old student loans or unpaid parking tickets or else risk being arrested, you’d be forgiven for rushing to do as they say.

These kinds of calls can also come from places like the police or the IRS. Of course, the FBI, the IRS, and your local police department are not debt collectors. They will never call you and ask for a payment. So feel free to hang up.

As a general rule of thumb, never make a payment or give out sensitive information on a phone call you did not initiate. If you’re curious about the debt mentioned, follow up with your creditor directly. Just don’t use the phone number the caller provides – look up the phone number from a credible source.

Unsolicited Check Scams

Recently, consumers in multiple states have received checks in the mail, along with instructions. The instructions are for a “mystery shopper” program (most often at Walmart), and direct recipients to cash the checks, use the money to purchase a MoneyGram at a particular store, and then complete a survey on the experience.

Financial institutions can only hold funds for so long – unfortunately, not long enough to verify that the check is a fake. By then you’ll have sent a MoneyGram to the scammers and you’ll be on the hook with your bank or credit union in the amount of the bounced check.

Mystery shopper programs do exist, but they don’t typically hire strangers through the mail. There are a lot of variations on this scam, so make it a point to never, ever cash a check from a stranger, especially if that check comes on the condition that you “repay” some amount or wire funds to a third party.

Charity Scams

Scammers aren’t ones for ethics. Sadly, that extends to bilking money out of good citizens in the name of legitimate charities. Consumers in Indiana were recently victimized by a series of phone calls from scammers claiming to be soliciting donations on behalf of the Indiana Breast Cancer Awareness Trust. Some scammers even solicit donations face-to-face, pretending to represent a charity.

The safest way to support a charity is to contact them directly, either through their website or a publicly available phone number.

The Fake Kidnapping Scam

As noted above, scammers are all about preying on your emotions. In this extremely unpleasant scam, thieves will call and claim that someone you know (usually a child) has been kidnapped and demand that you make a payment immediately. Scammers gather real information by monitoring your online social accounts. They will demand that you act quickly and not contact the police.

This scam can take a few other forms, but the central idea is that someone you know is in trouble and you need to make a payment right away. The fact that they won’t let you off the phone without a payment is a telltale sign that this is a scam. Step back from the situation and check on the person in question if you’re concerned. Otherwise, just hang up.

Whenever you encounter a scam, don’t hesitate to report it. You can use the Better Business Bureau Scam Tracker to submit scams and the Federal Trade Commission’s Scam Alert page to monitor newly reported scams.

Union Plus Debt Management

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Home Insurance

At closing, you may have been required to pre-purchase a year of homeowner's insurance. Homeowner’s insurance often costs quite a bit more than renter’s insurance, because it covers the home, in addition to your personal property. Depending upon where you live, you may also need to purchase supplemental insurance for hurricanes, floors, tornadoes, earthquakes, and other natural disasters that are not covered under your standard policy. In addition, if you own any valuable items, such as sports memorabilia or jewelry, you may want to add coverage specifically for those items.

Maintenance and Repairs

Owning a home also means that you are responsible for all maintenance and repairs. These costs can add up quickly, especially in an older home with older systems. These expenses can include the cost to repair or replace appliances, heating and cooling systems, exteriors, and anything else that needs to be fixed. Every year, you should expect to spend some money on routine maintenance, and always keep an emergency fund with money available for emergency repairs. Keeping up with routine maintenance, although expensive in the short-term, will ultimately save you money in the long-term.

Home Utilities

Also prepare to spend some additional money on utilities, including water, garbage collection, heat, and electricity. With more space, it’s likely that even the bills you paid when you rented will be higher in your new home.

Homeowners’ Association Fees

Many communities have a homeowners’ association, commonly called an HOA. An HOA is typically tasked with maintaining common areas and enforcing deed restrictions. Membership in a community HOA is often mandatory and members are charged a monthly or annual fee.

Home Furnishings

Finally, keep in mind that you’ll need to purchase furniture and décor items for your new home. Most people, when purchasing a new home, decide to paint, upgrade the décor, purchase new furniture, and buy new linens.

When purchasing a new home, factor in these items to your total budget to make sure that you are completely financially prepared for homeownership. By doing this, you’ll know that you are purchasing a home that you can afford.

Union Plus Credit Counseling

Union members can get a no-obligation money and credit assessment from certified, experienced consumer credit counselors though Union Plus Credit Counseling. Powered by the non-profit Money Management International (MMI), your free session will cover a complete financial review, assistance in budgeting, advice for working with creditors, and more.

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“It was Union Plus calling, wondering if I’d checked my email,” he said. “They waited while I did, and when I read I had won, the worst week of my life suddenly took a turn for the good. I felt hopeful, and I was so grateful. I’ll never think of Friday the 13^th the same way again.”

Valone’s $30,000 grand prize marked the end of the American Dream Sweepstakes sponsored by the Union Plus Credit Card Program, which celebrated three decades of the Union Plus member benefits program.

Prior to his retirement in 2002, Valone was a 15-year senior plant utilities engineer at the Roswell Park Cancer Center. Founded in 1898 and headquartered in Buffalo, NY, the Center is America’s first facility dedicated to cancer research. Valone savored his role because his team served as the Center’s catalyst, making sure it received the power it needed to operate 24 hours a day.

“The union was a true fraternity,” he said. “They negotiated contracts and provided benefits that I feel were well earned and deserved. We worked hard, giving the facility what it needed to succeed, and the union worked hard for us.”

Valone, a loyal Union Plus Credit Card holder for 25 years, exclusively uses it for his first love — travel.

“My wife, Michele, and I took a cross-country vacation this summer to Oregon and Washington to visit my son using our Union Plus Credit Card,” he said. “We saw Mt. Rushmore in South Dakota along the way, and I hope to get back and see the Crazy Horse Memorial.”

Valone entered the sweepstakes because it gave him a chance to dream, but he never imagined winning.

“It’s been tremendous,” he said. “My wife and I want to use this money to travel more – maybe to Maine or to Pennsylvania to ride steam trains, but it’s also great to know that while I have good insurance, this money could come in handy with my healthcare expenses.”

For Valone, father of four and grandfather of six, health is his sole focus, and he is amid intense treatment for his cancer at the very facility he helped power across his career. His prognosis is good and his sweepstakes win has buoyed him.

“I’ve enjoyed this win very much,” he said. “Even though I have this battle in front me, it gives me some assurance that things are going to be okay.”

Valone’s story caps the Union Plus 30th Anniversary American Dream Sweepstakes.

To read the stories of all the winners, visit UnionPlus.org/Winners. 

When your income suddenly decreases or disappears completely, the question quickly becomes what do you do about all those bills you're supposed to be paying? If you find yourself in such a situation, the best first step is always is to communicate with each of your creditors explaining your situation. Tell them that you are unable, not unwilling, to repay as agreed. Remember, it is always best to contact your creditors before they have to contact you.

The best way to contact your creditors is in writing; after you have written your letters:

• Maintain accurate files. Before mailing your letters, make copies to keep for your files. If you must negotiate over the phone, keep detailed notes including the representative’s name, title, and phone number. Follow-up any phone conversations in writing.
• Stay organized. Write a summary list of your financial plan for quick reference. Revisit the plan regularly to make sure you are on-track.
• Be prepared for calls. After sending your letters, you can expect some of your creditors to call with additional questions. If they do, be honest and courteous.
• Keep your end of the bargain. If you are unable to make agreed upon payments, contact your creditors immediately to renegotiate.

Utility Companies 

Each utility company has its own procedure to follow before disconnecting service. The procedure generally includes notification in person, by mail, or by phone. Before shutting off service, the company may offer a budget plan to help you repay any past due amount. Remember, utility companies do not want to discontinue your service. They might even have information about available emergency funds to help you pay past bills.

Be sure to ask for help at the first sign of financial trouble. Once your utilities are disconnected, you may have to pay the past due bill in full or pay a substantial deposit to reinitiate service. You might also have to reapply for the utility and pay installation charges.

Housing lenders 

If you do not make your mortgage payments, you home could be foreclosed. Fortunately, there are many alternatives to foreclosure. For example, if you have the amount of money required bring your loan current, the mortgage company will reinstate your mortgage. You may also contact your mortgage company and work out a repayment plan.

For help, considering speaking with a HUD-certified housing counselor. If your home loan is backed by the Department of Veteran’s Affairs, call your local VA center. You can also check with your local United Way for assistance.

If you are a renter, contact your landlord about your situation immediately. The landlord may accept partial payment for one or two months. You may want to look for less expensive housing, but be realistic and remember to include moving expenses, deposits and family adjustments as you calculate costs. If it is a private landlord and you or family members are able, you may be able to do some maintenance work in place of part of your rental costs.

Car and Other Vehicle Lenders 

If you cannot make your car or other vehicle payments, they may be repossessed. Repossession means that the creditor takes the vehicle and it is sold at a public or private auction. If the vehicle is sold for less than the amount still owed on it, as is often the case, you are liable for the remainder that is owed on the vehicle.

Check with the creditor to see if the loan can be rewritten for lower monthly payments. Ask for an extension, with the extension fee attached to the end of the loan. If you do not need the vehicle, if it is a second car or a recreational vehicle, ask the creditor if you could sell the vehicle and pay the creditor off with what you receive. Also, find out about the procedure if you sold the vehicle to someone who would take over payments.

Credit Card Issuers 

Late fees and over-the-limit charges can quickly add up to a debt problem. In addition, nonpayment could lead to your accounts being canceled and the debt may be turned over to a collection agency.

Notifying your creditors of your changed financial situation may not stop all collection activity; however, many creditors are likely to assist by waiving interest, granting extensions, or reducing payments. Do not be tempted to replace income with credit card cash advances. Available credit should be used extremely cautiously.

Insurance Issuers 

Do not allow insurance to lapse. Write your insurers immediately and explain your situation. Ask what payment options are available. Check with your insurance company; there may be a grace period in making payments from 10 to 30 days. Determine your minimum needs for insurance. Cancel duplicate and non-essential policies. For basic essential policies consider these options:

• Car Insurance. By law, you may need to retain your liability coverage. You can research the possibility of reducing your premium costs by increasing the deductible on your collision and comprehensive coverage.
• Health Insurance. Check to see if the health insurance provided by your former employer is continued. If coverage is not available or if you can’t afford the premium, find out if you qualify for Medicaid. Also, check into policies that would pay for major hospitalization and find out what community services are available for routine medical concerns.
• Life Insurance. Consider changing your policy to a less expensive form. Check into the possibility of borrowing money on your policy to pay premiums.

Union Plus Credit Counseling

Union members can get a no-obligation money and credit assessment from certified, experienced consumer credit counselors though Union Plus Credit Counseling. Powered by the non-profit Money Management International (MMI), your free session will cover a complete financial review, assistance in budgeting, advice for working with creditors, and more.

LEARN MORE

We throw the term “financial literacy” around pretty frequently, and you probably have a good idea of what it means. But how does one actually test financial literacy? And how well would you do on a test of your financial literacy?

Let’s find out.

A Little Background

Researchers at George Washington University recently released a report, based on data from the 2012 National Financial Capability Study, which concluded that millennials think they’re more financially literate than they really are. In that 2012 study, financial literacy was determined through a series of five questions. Correctly answering the first three questions would indicate a “basic understanding” of personal finance. Answering all five questions correctly would demonstrate a “high level” of understanding.

Of the millennials surveyed, only 24 percent were able to answer the first three questions correctly and only 8 percent answered all five questions correctly. Could you do better? Here are the actual questions used in the survey:

1. Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After 5 years, how much do you think you would have in the account if you left the money to grow?

• More than $102 
• Exactly $102
• Less than $102
• Do not know
• Refuse to answer

2. Imagine that the interest rate on your savings account was 1 percent per year and inflation was 2 percent per year. After 1 year, how much would you be able to buy with the money in this account?

• More than today
• Exactly the same
• Less than today 
• Do not know
• Refuse to answer

3. Please tell me whether this statement is true or false. “Buying a single company’s stock usually provides a safer return than a stock mutual fund.”

• True
• False 
• Do not know
• Refuse to answer

4. A 15-year mortgage typically requires higher monthly payments than a 30-year mortgage, but the total interest paid over the life of the loan will be less.

• True 
• False
• Do not know
• Prefer not to say

5. If interest rates rise, what will typically happen to bond prices?

• They will rise
• They will fall 
• They will stay the same
• There is no relationship between bond prices and the interest rates
• Do not know
• Prefer not to say

Ready for the answers? 1 – More than $102, 2 – Less than today, 3 – False, 4 – True, 5 – They will fall

How did you do? Did you meet your expectations? Remember that only 8 percent of the millennials surveyed were able to answer every question correctly, despite 69 percent giving themselves high grades for financial literacy. In general, it’s pretty common for many of us to think we know all that we need to know about money because we handle our money every day. In reality, however, being financially literate means having a solid grasp on a wide range of financial concepts.

If you struggled with some of the questions, don’t worry. In the weeks to come, we’ll be going in depth with each of the questions and the core concepts being tested. Besides, one of the true values of a test like this is learning what you don’t know. Once you see where the gaps are, you can work to increase your knowledge and fills those gaps.

Union Plus Credit Counseling

Union members can get a no-obligation money and credit assessment from certified, experienced consumer credit counselors though Union Plus Credit Counseling. Powered by the non-profit Money Management International (MMI), your free session will cover a complete financial review, assistance in budgeting, advice for working with creditors, and more.

LEARN MORE

Parents with young children, here’s a non-controversial statement: your kids are probably going to go to college. Presently, about 70 percent of American high school graduates go on to enroll in a college or university. Even if those rates decline in the next 18 years (and there are signs that indicate they already are), the majority of eligible young adults will likely end up in some form of secondary education. And college – as you may have already heard – is expensive.

SavingforCollege.com estimates that by 2033, the cost of a four year degree from a private college will average approximately $323,900. A public, in-state university, meanwhile, will be a comparatively inexpensive $94,800.

Wherever your children end up, it will be costly. And while financial aid and student loans will almost certainly still be available, you may want to help defer some of those costs by setting aside money. If that’s the case, the first question you want to ask yourself is, “Am I ready to start building a college savings fund?”

Consider Your Priorities

Having a sizable college fund for your children to access would be great, of course, but should it be your priority? After all, there’s only so much money to go around and there are other financial concerns you may want to address first.

Debt – Do you have any high interest loans or credit card balances? Most savings accounts offer a relatively small yield, such that focusing on saving while carrying high interest balances could be a costly and impractical use of your available money. Depending on interest rates, it may also be a little counterproductive to build up your child’s college savings account before you’ve paid off your own student loans.

Retirement – Are you saving an adequate amount for retirement? Keep in mind, the gift of a free college education isn’t much of a gift at all if you run out of money during your senior years and your kids have to pick up the bill. Make sure your retirement savings are well on track and growing steadily before you start directing money towards a college savings account.

Emergencies – Unexpected setbacks can be financially devastating if you aren’t properly prepared. Try to build a cushion equal to approximately three to six months’ worth of income before turning your attention to a college fund.

Find a Plan and Stick to It

Once you’ve gotten all your financial ducks in a row, your next step should be identifying the type of savings plan that best meets your needs. You may want to work with a qualified financial planner to help you understand all of your options. Some of the most popular savings vehicles include 529 college savings plans, prepaid tuition plans, and education IRAs.

The earlier you start, the easier it becomes to build a sizable college fund, but always remember to keep your priorities in order. Good luck!

Union Plus Credit Counseling

Union members can get a no-obligation money and credit assessment from certified, experienced consumer credit counselors though Union Plus Credit Counseling. Powered by the non-profit Money Management International (MMI), your free session will cover a complete financial review, assistance in budgeting, advice for working with creditors, and more. 

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The following article is presented for informational purposes only. If you have tax questions, please consult with a qualified tax professional.

Tax season is back again. If you’re expecting a refund this year, the last thing you want to do is make a mistake that costs you money. Sometimes that means an error that causes a delay in receiving your refund. Sometimes that means an oversight that results in you not getting the full amount owed to you.

So as you prepare to complete your tax return, do your best to avoid making the following common mistakes.

Simple Spelling or Mathematical Errors

You want to make sure that whatever names listed on your tax return match the tax identification record maintained by the Social Security Administration. If you’ve recently married or changed names, you want to make sure you’re using the name associated with your tax ID in order to avoid processing issues.

At that same token, errors in your math can cause returns to be held for review, causing a delay in your refund. Double check your math before you send!

Picking the Wrong Filing Status

For most people, selecting your filing status is one of the simpler elements to completing a tax return. But where there’s a little gray area (couples filing separately, anyone in the midst of a divorce, etc.) it’s best to understand the consequences of each choice. Finding the best status for your situation can make a sizable difference in your refund. Consider speaking with a qualified professional to help you decide which filing status is right for you.

Failing to Report Income

Failing to report income from secondary jobs or investment accounts can be costly, including potential penalties and interest on that unreported income. The IRS knows how much you made. Be sure to include all forms of income when completing your return.

Failing to Properly Document Your Charitable Giving

Charitable giving is great way to do something positive in your community and potentially reduce a bit of your taxable income. For tax purposes, at least, charitable giving won’t help if you 1) don’t remember how much you gave, and 2) don’t have any documentation of your giving.

Any small donation (under $250) requires at least a receipt from the recipient (unless a receipt isn’t obtainable), if you’d like to claim it on your income taxes. Large donations ($250 and up) require even more documentation, which you can find over on the IRS website.

Not Itemizing Your Deductions

In many cases, the standard deduction is just fine. But quite a few people avoid itemizing their deductions to their detriment. Take the time sort through all of your applicable deductions, especially if you had substantial medical or education-related fees the previous year. You can also deduct state and local taxes, which can make a big difference, especially if you live in an area with higher than average income tax rates.

Not Taking Advantage of Available Credits and Tax Breaks

There are some big tax credits out there, and you might be surprised to find that you actually qualify for one. The Earned Income Tax Credit, for example, is typically only claimed by about 20 percent of the eligible consumers. Check out this list from CNBC of the ten most popular tax credits to see if there’s one you may qualify for.

Neglecting to Amend Old Tax Returns

You’re allowed to amend prior tax returns for up to three years. If you discover, for instance, that you’ve been eligible for a certain credit all these years, you can submit an amended return and receive any additional refund owed to you. Don’t think that just because the return is out the door, that you can’t claim money that’s owed to you.

Union Plus Debt Management

Did you know that union members can get free budgeting advice from certified consumer credit counseling advisers? It's true! For union members who need additional assistance in eliminating debt, you can receive an enrollment fee waiver for a Debt Management Plan (DMP) available through Union Plus Credit Counseling.

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Fortunately, there are steps homeowners can take to offset these rising prices. Having your heating equipment serviced by a professional is the best place to start. From there, follow this step-by-step guide from the experts at Consumer Reports.

First the bad news. Homeowners who heat with oil will see the biggest increase in fuel prices, from $992 last winter up to $1,370 in 2016 to 2017. If temperatures are 10 degrees colder than expected, the cost increase could go from 38 percent to 56 percent. Natural gas households should expect to spend just under $900 throughout the season, a 22 percent jump from last year, and costs of propane will go up 26 percent, to between $1,272 and $1,991, depending on the region. Electric heat will see a modest 5 percent increase, to an annual cost of $995.

Step 1: Seal Air Leaks

If you add up all of the leaks around windows, doors, and other openings in your home’s envelope, it’s like having an open window. To stop your losses, plug those holes with a combination of weatherstripping, caulk, or expandable foam.

Professionals perform a blower door test to identify air leaks. You can try a low-tech version by turning on all of your home’s exhaust fans and holding an incense stick near windows, doors, and electrical outlets. If the smoke blows sideways, you have a leak that needs plugging.

Step 2: Set Your Thermostat

If you haven’t upgraded to a programmable thermostat yet, this is the winter to do so; see our thermostat ratings for the best models on the market. The device will automatically lower the heat when you’re asleep or away from home. That can lower your heating costs by as much as 20 percent, meaning the thermostat could pay for itself in a year or two, depending on which model you choose. For optimal efficiency, set the temperature to 68° F or lower when you’re home and awake, and set it back to 60° F all other times.

Step 3: Check the Filters

This tip applies to homes with forced-air heating. If you have the system professionally serviced, filter replacement should be included. But for optimal efficiency, you need to replace the filter every few months, so it pays to know how.

First turn off the furnace. Then remove the existing furnace filter, located just inside the furnace or return air vent. Note the furnace filter size printed on the cardboard frame. Purchase a replacement filter from a home center, hardware store, or online retailer. Check our whole-house air filter ratings for recommended models that are best at trapping dust, pollen, smoke, and other airborne particulates.

Slide the new filter into place; check for the markings that tell you which side of the filter should face the furnace. Keep a record of the date so that you’ll know when it’s time to change the furnace filter again. Replace any cover that goes over the filter.

This is also a good time to make sure the warm-air registers throughout your home aren’t blocked by furniture, because that will make the system run less efficiently, driving up your utility bills. 

These steps can combine to easily erase the price increase in home heating fuel. There are many other behavioral changes you can make, for example opening curtains on any south-facing windows during the day to allow the sunlight to warm your home, and keeping your fireplace damper closed unless a fire is burning. 

More DIY Projects to Try

Around the House

• How to Get Your Snow Blower Ready for Winter
• How to Aerate Your Soil and Other Fall Lawn Care Tips
• How to Winterize Your Lawn Mower 
• How to Replace a Lawn Mower Blade
• How to Replace a Gas Grill Burner
• How to Clean a Deck With a Pressure Washer
• How to Stay Safe on a Ladder
• How to Paint a Room and Get It Right the First Time 

In the Kitchen

• How to Clean Your Coffee Maker
• How to Load a Dishwasher
• How to Get Rid of Funky Refrigerator Smells
• How to Organize a Refrigerator for Maximum Freshness
• How to Clean a Smoothtop Range or Cooktop
• How to Clean a Dishwasher
• How to Care for Your Kitchen Knives
• How to Clean a Microwave Oven

Laundry & Linens 

• How to Wash a Pillow to Keep It Smelling Fresh
• How to Iron a Dress Shirt 
• How to Clean Your Washing Machine
• How to Clean a Mattress
• How to Fold a Fitted Sheet
• How to Do Laundry Without Ruining Your Clothes

Copyright© 2006-2017 Consumers Union of U.S., Inc. No reproduction, in whole or part, without written permission.

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You can’t have a strong credit history or good credit score without having any credit history at all. And while this is a common problem for young adults and those just entering the work force, it can also be problematic for women.

In some cases, women can be both the primary spender and the sole bill-payer for their families, yet have almost no credit record of their financial responsibilities independent of their spouse. Credit history is reported separately for each debt holder, and if you are listed as an additional cardholder rather than an account owner, all of the hard work you’re putting into paying your household’s bills on time may not show up on your history. And whether you’re just out of college, newly married, long married, divorced or widowed – you need your own solid credit history.

Without a credit history, lenders are unable to evaluate your credit worthiness. How will they know that you’ll pay back the loan on time if there’s no history showing that you’ve paid loans on time in the past? If you are unsure of your credit history, it’s time to do some research. Use the following steps to help determine if you have built a strong credit history:

1. Review all of your family’s accounts, including mortgages, loans, and credit cards. Check to see if you are listed on these accounts as an authorized user, or if it’s a joint account.
2. Request a copy of your free annual credit reports from the three credit reporting bureaus to see if all of your accounts are listed. Any account where you are a joint account holder should be included on your credit reports.
3. If you are an authorized user, not a joint account holder on some accounts, ask the primary account holder to contact the creditors to see if you can be added as a joint account holder or a responsible party.
4. If you’ve ever had credit under a different name, such as a maiden or married name, send a letter to each credit agency explaining your name change. Then, request the free copies of your credit reports to make sure that your reports reflect all of your credit history, including everything under your prior name.
5. After taking these steps, if you are still light on credit history, find a way to establish credit under your own name, but make sure you start small. Open new cards or credit lines gradually. Make sure you do your research and read the fine print before applying for a credit card. And if you do sign up for a credit card, remember to consistently pay down the balance each statement period. Using credit and paying debts consistently will go a long way toward improving your credit history.

Learn more about the importance of credit scores and credit reports with MMI's free eBook, Getting the Credit You Deserve.

The Federal Trade Commission reports it receives more complaints about debt collectors than about any other single industry. 

You do have rights when you're dealing with debt collectors, though, and it is important to understand how debt collection laws can protect you against unfair collection tactics. There is a strong federal debt collection law called the federal Fair Debt Collection Practices Act (FDCPA) which offers you the following protections, among others:

Harassment by Debt Collectors is Against the Law.

Collectors can't threaten violence; use profanity, or racial or ethnic slurs when they talk with you; call you repeatedly to annoy you; or threaten to take legal action they can't legally take. Whenever you talk with a debt collector, take notes of your discussion, and keep them in a file with copies of any letters you receive from them. You can use this free worksheet as a guide.

You Can Stop Debt Collectors from Contacting You at Work.

If you tell a debt collector that your employer does not allow you to take collection calls at work, he must stop contacting you there immediately.   

Your Debt is a Private Matter.

Other than a co-signer, your spouse, or your attorney, debt collectors cannot discuss your debt with third parties. That means they can't tell your neighbors or coworkers about your debt. While they can contact others to try to locate you (without disclosing they are collecting a debt), once they've found you, those outside contacts must stop.

In addition to the federal law, states have their own laws related to debts and debt collection. For example:

• State debt collection laws put a time limit on collecting debts. Each state has a "statute of limitations" that essentially determines how long a debt collector can sue to collect. This time period is usually between 4 and 6 years from the time you stop paying on the debt. If a collection agency contacts you about a debt that is too old, you should write to them and ask them not to contact you again (see below). Keep in mind some debts, such as unpaid taxes, child support, or student loans, can often be collected indefinitely.
• You can tell a debt collector not to contact you again by sending it a "cease and desist letter." This is your right under the FDCPA  After receiving your letter, the only reason a collector can contact you is to acknowledge your letter, or to let you know about legal action it will be taking against you. Keep in mind that sending a cease and desist letter may leave the collection agency with no other option than to sue you to collect. So you may want to use this strategy only if you don't believe you owe the debt, or if the debt is too old. 
• If a debt collector breaks the law, talk with a consumer law attorney. If you successfully sue a debt collector you may be entitled to damages, as well as court costs and attorney fees. Working America members are eligible for a free 30-minute consultation with an attorney and a discount on subsequent fees through the Union Plus Legal Service.