Archive for August, 2008
If you don’t pay on time then you have to Eliminate Credit Debt. When the month is longer than your income - one fact is obvious - it cannot continue for very long - you have to stop the rot.
CRAs, the credit reporting agencies are a central information base for all credit card companies and they receive millions of reports every day. If you are a few days late, it might remain a secret, but if you go over 30 days, they’ve got you. This info will definitely reach your credit report and your score starts to fall. It can take years to build a good score, but months, or even weeks, to destroy a good one.
Now the closely guarded secret. The info they receive and the info they input isn’t always correct! Yes, you read right - they make mistakes! They are human after all!
And, thank goodness, we have the right to challenge any information we believe is wrong!
You should check your report every so often. You can download easily and even get a free copy when you are denied credit. Check it carefully. If you don’t know how; take it to a trusted friend and ask for help. If there is anything there you don’t agree with - challenge it in writing. Explain your reasons, give the facts and the companies are obliged to reply satisfactorily within 30 days. If they don’t; you have the right to demand the negative (derogatory) info be removed and your demand must be posted in your report so others can see it.
Credit card debt is a growing problem. The economy is heading for recession, so credit card debt is a big issue for John and Jane Doe. When times were good, we could see a way out - now, it’s not so easy.
The good news is that there are people who help with credit debt. It’s important to know that it is possible.
Debt consolidation is one way - but just bundling the bill doesn’t necessarily make it easier to pay. It is vital to cut up your credit cards - and don’t get any more. Debt counselors can often provide lots of suggestions and advice.
Some people have mountains of credit debt and there is no way out - especially in a recession. One solution may appear to be bankruptcy. My personal opinion, not legal advice - just an opinion - bankruptcy can ruin you and your credit score. Get professional advice.
A better way to keep your hard-earned dollars in your hands is to eliminate credit debt. If, by chance, this article got here too late and you’re already in deep water, then let me recommend a service I used while learning the hard way [check it out below].
By the way, don’t consult your friend who’s worse off than you!! - and do check out your local Better Business Bureau to be sure you’re in good hands.
If you found this article useful, pass it onto your friends. Easier to avoid than cure …
*All information contained herein is for informational purposes only and is not to be construed as legal, financial or tax advice.
If you want to fight back and protect your rights, then follow this series, by an author committed to helping you when the world just says, “No way!”
Please visit: http://www.eliminatecreditdebtblog.com
Thank you.
August 31st, 2008
Using credit cards can be a good thing and a very bad thing as well because so many of us get new credit card offers in the mail and it seems like we just can not resist. It is ok if we use credit cards responsibly and try to pay them off at the end of each month so that we do not have to pay the interest they charge. This is not so easy to do because when we charge items we can not really afford when the bill comes due it is hard to pay it off totally.
There are some techniques that you can use to pay off your credit card bills once and for all. The first thing you need to do is to make a list of all the bills that you have and make sure that you list the minimum payments you make and the interest rate that they charge. If you have missed any payments on these cards then it is possible that they have raised your interest rate to the maximum usually around 25-35%.
Next you need to make a list of all the things that you spend money on during the month and make sure that you include all items. You wan to look at this list and decide what items n there that you can either do without or reduce in some capacity such as making your own coffee in the morning instead of paying $4 for one.
You want to search for a consolidation loan so that you can take all of your bills and roll them into one. The advantages are that you will only have to make one payment every month and the other is that you can negotiate a lower interest rate than you are currently paying.
Finally you want to take all the extra money that you were spending on things you did not need and make extra payments every month until you balance is zero.
Get Now: Free Debt Relief
You Can Get Free : Government Grant Money
Bryan Burbank is an expert in the field of Debt Relief and Financial Freedom.
August 30th, 2008
Credit card debt is almost looked on as a fact of life anymore. Having it is the norm rather than the exception. Like most things that become commonplace, having credit card debt is no big deal. Right?
Well, maybe and maybe not. The answer is not as simple as it seems because there are many factors to consider. Each person’s particular circumstances are different, and what is excessive debt for one person might not be for someone else. A person might not have what seems like too much debt, but if they suddenly lose their job, that debt might look very different.
Even though there are different ideas and opinions about how much debt is too much, there are some guidelines to help you make that determination. The Consumer Protection Agency has come out with eight indicators to determine if you are at risk of having too much debt. The following indicators will help you to know if you are nearing the debt danger zone. You may be in the debt danger zone if you:
Have to use your credit card to pay for necessities like food or gas
Have a savings account that is depleted with no prospect of adding to it
Have only been able to pay the minimum balance on your credit cards over the last six
months
Are juggling several credit cards to keep up with debt payments
Are over 50% of your credit card debt limit
Have been using your credit card for cash advances to live from month to month
Are paying an increasing amount of your debt obligations with credit cards
If you’re experiencing firsthand a few or more of these, you’re not alone. Many people who are struggling to pay off credit card debt are also struggling to pay their car payments and the monthly mortgage payment.
If you’ve determined you’re in the debt danger zone, your next step should be to ask yourself what you’re going to do about it. Consider your options and take action.
Keep in mind that continuing to do what you have been doing will most likely get you the same results.
Debra Moore has written the guide, Drop Your Debt Fast, which explains the step by step system she used to quickly eliminate her debt once and for all. You can find out more at http://www.DropYourDebtFast.com
August 29th, 2008
Previous Posts
