Credit Repair Credit Cards

Fair Debt Collection Practice/ Debt Collection Statute of Limitation

Admin — Thu, 10 Mar 2005 03:50:21 -0800

DebtAdvice.org | Fair Debt Collection Practices Act The Fair Debt Collection Practices Act (FDCPA) was enacted in 1996 to protect individuals from all debt collectors. Abusive debt collection practices contribute to a number of personal bankruptcies, marital instability, job loss, and invasions of privacy.

Streamline your finances in 8 steps

Admin — Thu, 27 Jan 2005 03:04:41 -0800

Control Your Debt - Credit Repair Advice & Articles :: Streamline your finances in 8 steps These straightforward moves will help you save both time and money. They%u2019ll also give you a new measure of control and comfort. Have you paid a late fee on a credit card or bounced a check in the past year? Did you misplace a bill, a statement or some other financial record? Are you confused about how much of your net worth is tied up in stocks, or exactly how much credit-card interest you paid last year? Do you ever wish you could spend ...

Are You Beating Up On Yourself About Debt? Eliminate Credit Card Debt

Admin — Mon, 17 Jan 2005 03:50:05 -0800

Are You Beating Up On Yourself About Debt? by: Mario Castagno When you hear the word "debt", whats the first thought or feeling that comes to you? For most people debt is "bad" or it becomes the "enemy" and is something that should be avoided like the plague. Having debt does not make you a bad person. The more a situation is judged as being bad, the worse it gets. It's the judgement that you have around debt, that will keep you feeling "stuck". It's the judgement that brings out the anxiety, the fear, the stress, the knot in the stomach. It's the old success principle: what you focus on expands. So what are you focusing on? Getting out of debt is an inside job first! What that means is taking 100% responsibility for your debts and admitting to yourself that you have an obligation, and knowing and believing that you will fulfill that obligation, by paying your creditors as quickly as possible.

The Effects of Consumer Debt- Consumer Debt Counseling

Admin — Sun, 16 Jan 2005 00:53:25 -0800

The Effects of Consumer Debt
by: Nicola Bullimore

Consumer Borrowing

Consumer borrowing in the UK has now crashed through the £1 trillion barrier. 80% of this is due to credit card borrowing, loans and mortgages. How are people managing to handle their debt and what effect is debt having on families today?

The National Consumer Council reports that 6 million families in the UK are already struggling to make repayments towards their debt, and Citizens Advice reports that over the last 6 years, they have seen a 44% increase in the number of people seeking debt advice. This may be ...

Worried About Debts?

Admin — Fri, 14 Jan 2005 12:54:43 -0800

Worried About Debts?
by: John Mussi

Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?

You're not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn't have to go from bad to worse.

If you or someone you know is in financial hot water consider the ...

UK Debt When Moving Abroad

Admin — Thu, 06 Jan 2005 04:12:15 -0800

UK Debt When Moving Abroad
by: Nicola Bullimore

The idea of moving abroad to escape debt seems to be more of a common practice these days. People who have failed businesses or are swamped in debt believe that moving abroad will give them a fresh start and allow them to build a new life.

Reading some of the comments on various UK debt forums opinions on this seem to be divided. Some people think running away from debt is too much of a risk, and creditors will eventually catch up with them whilst others encourage the idea, stating that there ...

Getting out of Debt - Tips on Becoming Debt Free - Debt Facts, Negotiation & Consolidation

Admin — Thu, 06 Jan 2005 03:17:10 -0800

This year, choose a smart resolution that will positively impact your pocketbook and your peace of mind. Make a pledge to reduce your debt and boost your credit score. Lowering the amount of debt you carry can significantly improve your credit profile, reduce the loan rates you could receive and save you a lot in interest payments. It just takes a few easy steps and a little dedication to take charge of your debt.

Reducing Credit Card Debt

Admin — Wed, 22 Dec 2004 02:36:10 -0800

Reducing Credit Card Debt by: Neil Brown

Introduction

One of the easiest "things" that can happen in life is the ratcheting up of a large credit card debt. For whatever reason, making purchases with credit cards seems easier than spending cash to obtain a product or service.

Maintaining high levels of credit card debt is not prudent. The interest rates associated with most credit cards is high. In fact, many people have managed to rack their card balances up so high that only the minimum payment is made each month. As a result, these people are taking years if not decades to pay down their credit card balances, all the while wasting an incredible sum of money in interest payments alone.

In this article, a number of strategies to reduce credit card debt are presented. These tips are general in nature but will provide a person with credit card debt a solid plan for reining in credit card balances.

Overall Strategy

Target the highest rates of interest. If you can, transfer the balance to another credit card, where you will achieve a zero or low interest rate for a set period. While this balance is not costing interest you can target other debts that are. Make sure you are prepared for when the offer period runs out and have another balance transfer offer (http://www.chooseacreditcard.co.uk/balancetransfers.html) ready to take over. You should look to have your credit card application (http://www.creditcard-applications.gb.com) a few weeks before your current offer period runs out. If you cannot transfer the balance then pay off as much as you can afford, so the balance reduces as quickly as possible.

Take Advantage of Credit Card Offers

Credit card companies are very competitive and as such there are some very good 0% balance transfers (http://www.chooseacreditcard.co.uk/balancetransfers.html) and purchase offers (http://www.chooseacreditcard.co.uk/0InterestCreditCards.html) available. Look to take advantage of these, but make sure you have a plan in place on how to deal with the balance when the offer finishes. Remember that the debt has not gone away.

Debt Consolidation Loan

As mentioned previously in this article, credit card accounts usually have high interest rates. The combination of high interest rates and free spending patterns can result in the rapid escalation of credit card debt.

A debt consolidation loan can be an excellent tool to assist in the reduction of credit card debt. Consolidation loans carry interests rates far below those of credit cards. In the long run, a great deal of money can be conserved through the use of a debt consolidation loan.

Chop Up Credit Cards

While in many segments of society, the word "self restraint" is passé, out of style like last year's fashions. But, in reality, the very best way of reducing credit card debt is through self restraint.

Of course, it is easy to bandy around the words "self restraint" and much, much harder to practice personal control.

Although it might seem comical on the surface, cutting up credit cards is a perfect first step to reducing credit card debt. No cards, no charging, less debt.

Automatic Monthly Payments

Many people leave the payment of their credit card accounts at the bottom of the monthly bill pile. Other primary accounts -- rent, electricity, phone, and the like -- understandably take a higher priority over credit card bills. But, oftentimes a person will spend money on incidental purchases before taking on credit card balances. In the end, the credit card account may not be paid on at all or, if so, after the deadline.

One way to ensure that credit card payments are made and one way to ensure that credit card debt is kept under some degree of control is via an automatic payment system on credit card accounts. A person's bank can arrange for the credit card account to be paid automatically each and every month.

By ensuring that at least a base payment is made on credit card accounts each and every month, accelerated interest rates and late fee penalties will be avoided.

An Annual Credit Card Survey Shows Credit Card Debt Up 14.5 %

Admin — Thu, 09 Dec 2004 13:19:41 -0800
Myvesta Survey Shows Average Credit Card Debt Up 14.5 Percent
Source: Myvesta

ROCKVILLE, Md., Dec. 9 /PRNewswire/ -- According to the annual Credit Card Survey conducted by Myvesta, a nonprofit consumer education organization, the average amount of credit card debt carried by individuals has risen 14.5 percent. The average American is now carrying $2,627 in credit card debt, up from $2,294 in 2003. Individuals are also carrying more credit cards in their wallets. Americans are now carrying an average of 2.9 credit cards, up from 2.3 in 2003.

"Credit cards have become an integral part of many Americans' daily lives ...

Good Credit Help- Ways To Build Good Credit

Admin — Thu, 02 Dec 2004 21:05:43 -0800

One way to start developing a good credit history, if you have no credit or if you have bad credit is secured credit cards.

If you have a bank account start with that bank and apply for a secured credit card. The money you put down towards the secured credit card will be the amount you can use on the secured card.

Secured credit cards are also offered by lenders nationally who require a deposit, typically $300 $600, per application. Information about secured credit cards can be found on the internet. I would recommend taking a look at http://www.best-in-credit-cards-online.com/best-high-reward-cards.htm

This site has lots of information about all types of credit cards and credit card offers.

Tips on getting out of debt & how to avoid getting in debt in the first place!

Admin — Thu, 02 Dec 2004 19:24:53 -0800

Millions of Americans currently have credit card debt, and with credit cards becoming easier than ever to obtain, the numbers of people in debt are climbing. Even people with poor credit scores are getting accepted with high interest credit cards that just end up getting them in more debt.

If you have a large amount of debt and want to get rid of the debt once and for all then here are some recommendations:

1. The obvious first step is to get a free copy of your credit report. Understanding who you owe and how much is the blueprints for getting out of debt. Then take a look at what you are spending your money on, and be honest with yourself; start to cut back on unnecessary spending. This is very hard for a lot of people.

2. I would recommend taking your smallest debt loads with the highest interest rates and pay off as much as you can on those ones first. Do this without missing payments on any of your other balances. As soon as you have your smallest balance paid off, simply roll that amount that you were paying from that account to the next smallest account balance. If it makes sense in your situation you could also do the same thing but consolidate all of your accounts into one low interest rate credit card.

This is where most people make the mistake, instead of rolling the highest payments to the next balance they see that clean balance on that credit card and start spending again, don't do that.

3. Some people recommend Debt Counseling or Debt Management companies, but I would recommend staying away from them. One good reason to stay away from them is that most debt management companies will hurt your credit rating or credit score.

One good thing about these companies is that they typically make it easier to make payments to your accounts, but they charge you fees and sometimes make your payments late. So you might want to just transfer your current balances to one credit card if that makes it easier for you. Be sure to choose a card with a low interest rate. This way you won't be paying unnecessary fees that could be going towards the debt principle.

Old, valid debts may not be legally collectible in court so if your debt is over 10 years old, then you should definitely consider researching more options before starting new payments after not having paid on them for a while. This can actually hurt your credit rather than help it.

4. Stop using your credit cards all together. Start using your bank account/debit cards. If you are currently using your credit cards because you run out of money before the month is over then take step one very seriously. You'll always be able to find ways to cut back on your spending.

5. "Always spend less than you make!"

Hopefully these tips will help you with your finances, and if you have any really good techniques that have worked for you, then be sure to include them in the comments below. With the right credit education, we can help more people improve their credit score and get their life back on track!

Can a Debt Over Ten Years Old Still Be Collected ?

Admin — Fri, 26 Nov 2004 19:21:45 -0800

Old, valid debts may not be legally collectible in court depending on some factors, such as the time period during which an aggrieved party must commence legal action against another party. In Massachusetts, the statute of limitations on a debt is usually six years. However, if small payments are made along the way, the limit could extend beyond six years.

Also, if the debt is valid, you may feel as though it is your moral obligation to pay even if you are not legally compelled to do so. But if you affirm an old debt, make sure you will be able to pay it off. Starting and then stopping payments can do significant damage your credit rating.