Debt Dumper Club » Handling Credit Card Companies

Can I pay off credit cards and ask for some interest to be knocked off?

deptdump admin — Sat, 19 Jun 2010 00:18:56 +0000

I am going to pay off 4 credit cards. I want to pay these off and close the accounts and will cut up the cards. When I call to do this, I want to ask if they can knock off some of the interest since I am paying them off. Also I have some late fees applied to them. Do you think they will do that? How should I ask? Thanks.

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Should I take out a 2nd mortgage or home equity loan to pay off credit cards?

deptdump admin — Thu, 17 Jun 2010 00:04:15 +0000

I’m going to be putting my house on the market soon. Should I pay off the cards now or wait til I sell the house? I expect to make enough to pay off mortgage AND outstanding cards but would like to pay cards sooner.

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How to pay off credit cards enrolled in a debt management program?

deptdump admin — Tue, 15 Jun 2010 04:50:41 +0000

I have been in a debt management program with a local credit counseling service for about 8 months. My parents have offered to co-sign a loan so I can pay off the cards. The loan with the bank is a lower interest rate than the cards and will pay them off faster with a lower payment each month. Should I pay the cards directly or go through the credit counseling service? Which is better for my credit score?

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$50 Billion in New Credit Card Fees?

deptdump admin — Mon, 04 Jan 2010 19:33:36 +0000

$50 Billion in New Credit Card Fees? Lenders React to CARD Act – DailyFinance.

Last year, a new law went into effect that’s intended to improve the lives of everyone who uses credit cards. The Credit Card Accountability Responsibility and Disclosure Act of 2009 (the Credit CARD Act) limits the rate that credit card companies can charge you in fees and penalties, and restricts the ways in which they can raise interest rates. But the Act is having unintended — if unsurprising — consequences: According to The Wall Street Journal, it’s driving those companies to find new fees to charge you to offset the $50 billion in revenues they’ll lose due to the consumer-friendly restrictions.

What Debt Collectors Can Not Say or Do!

deptdump admin — Thu, 08 Oct 2009 23:05:26 +0000

According to the Federal Trade Commision (FTC) debt collectors are prohibited from saying the following:

You will be arrested if you don’t pay your debt.
They will seize, garnish, attach or sell your property or wages unless they are permitted by law to take the action and intend to do so.
That legal action will be taken against you if doing so would be illegal or if they do not intend to do so.

Debt Collectors can not do the following:

Try to collect any interest or fees on top of what you owe unless the contract that created the debt, or your state law allows the charge.
Deposit a post dated check early.
Take or threaten to take your property unless it can be done legally.
Contact you by postcard.

Need Help Paying Off Debt?

deptdump admin — Tue, 06 Oct 2009 17:03:30 +0000

We know that it is a tough situation when you find yourself in a position where you truly do not have the money to pay your debt. With unemployment rates so high, many people are finding themselves in this position. The following suggestions could be of help if you find yourself in this situation:

Call and talk to your creditors. Often times, they can defer payments for you or restructure your loan.
Downsize your lifestyle. Consider moving in with a family member or friend to share the expenses until your situation improves. Try to eleminate a much dept as possible while you are there.
Sell some things. Garage sales and ebay can generate a lot of extra income that can be used to help pay off debt.
Partner up with individual with the same focus like the Debt Dumper Club whose primary focus it to help you pay off debt. The Debt Dumper Club offers it members the opportunity to share in the profits generated from their website to help it’s members pay off their debts.
Develop a strick budget and stick to it. We often waste more money than we think. A budget will help you minimize the waste and direct more of your money towards paying off debt.

Why Do I Need An Emergency Fund?

deptdump admin — Mon, 05 Oct 2009 16:59:30 +0000

So, what the heck is an emergency fund, why do you need one and how can having one help you with your debt problem? An Emergency Fund is money that you set aside for the sole purpose of handling financial emergencies. What if you lost your job? What if you suddenly had to replace the AC unit in your home or have major repairs done to your automobile? These are all examples of emergencies that could devastate your finances. If you are trying to pay off your debt, the last thing you need is something unexpected coming along to knock you off the path to debt freedom. Although some believe that their credit cards can be used as their emergency fund, the last thing you want to do is to rely on credit cards or a loan to handle financial emergencies. Using credit cards and loans for this purpose could make the problem significantly worse.