Take the time to change the way you view debt. Most people get into debt because they want what they want right now. They impulse buy and experience buyers remorse afterwards. If you really want something, save for it. The time you take to save for it will help you determine whether or not you really want it.

Don’t allow “charging it” to be an option. Leave the credit card home and take the debt card instead.

Deuteronomy 8:18 Remember the Lord thy God for it is he that giveth thee power to get wealth

Banks say simply being better about paying off balances and not making late payments will help. They say the rate hikes most affect people who keep balances on their card or have rates that are too low for the market.

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.

Judge orders debt collection law firm to pay back lost wages of a wrongly accused person that was sued by the firm.

Judge said the law firm, Pressler & Pressler — one of the biggest in the collection industry — should pay the $115 (lost wages of a wrongly accused building superintendent). He would hold a sanctions hearing, a formal process of penalizing the law firm for suing the wrong man.

Check out the full story here http://www.nytimes.com/2009/11/29/nyregion/29about.html

Pay your bill on time or forfeit the miles or points you thought you earned for making purchases on your card during that month.

To get the rewards back, it’s going to cost you.

American Express Co. is sending notices to customers who hold its cobranded cards with Delta Air Lines, JetBlue, Hilton Hotels and Starwood Hotels, that beginning in January rewards won’t be transferred to loyalty accounts with those partners if you are late paying your bill.

You’ll be hit with a $29 reinstatement fee if you want the rewards back. That fee is on top of the late-payment fee — $19 or $38 depending on your balance. A penalty interest rate, currently 27 percent, would be assessed on future balances.

Who else wants to make $100,000 per year – working from home ?

How to Negotiate a Credit Card Settlement | eHow.com.

If the balance you owe on your credit card has become overwhelming and you fear that paying it in its entirety may prove impossible, settling the debt is a good option. Paying a debt settlement company to negotiate with your creditor on your behalf can be expensive, and sometimes even dangerous. Many debt settlement agencies are scams and take your money without properly negotiating your debts—if they negotiate at all. You can negotiate a credit card settlement on your own and put the money you save on debt settlement toward paying off the debt.

Call the billing department at your credit card company and request to speak to someone about settling your debt. Explain any changes that have recently occurred in your financial situation that will make paying off the full balance difficult. If the representative does not offer solutions, call back and speak to someone else. Credit card companies employ hundreds of representatives and you are unlikely to be assigned to the same person twice.

Mention the possibility of being forced to file for bankruptcy if you cannot negotiate a settlement. Depending on the type of bankruptcy a consumer files, the debt may be discharged entirely. If this occurs, a credit card company may not receive any payment at all for the debt. Your creditors would much rather settle a debt with you for less than the full balance than have the debt included in a bankruptcy filing.

Step 3

Attempt to include the removal of any late payment notations the credit card company has placed on your credit file in your settlement. Settlement negotiations can encompass all aspects of the debt, not just the balance and interest rate. Also, request that the settled balance be reported to the credit bureaus as “paid” instead of “settled.” This will help prevent future lenders from considering you a high-risk borrower and assigning you a higher interest rate on loans.

Step 4

Ask that the credit card company agree not to sell the remaining balance of the debt to a collection agency after the settlement is paid. If the balance is sold, this will negate all efforts you put forth to reduce the debt. Extra fees and charges will be added and the collection agency will place a negative notation on your credit report. This negative notation will damage your credit score substantially.

Step 5

Get all agreements in writing. A verbal settlement agreement is not legally binding. In the event that any mistakes are made or the credit card company does not adhere to the terms of the agreement, having written proof of the settlement terms gives you recourse to remedy the situation. If you do not have a written agreement, you are unlikely to be able to convince your credit card company to adhere to the original offer.

Step 6

Offer a lump sum payment. A lump sum payment, if you can afford it, grants you much greater leverage when attempting to negotiate a credit card settlement. Consumers who are in need of a settlement are usually struggling financially and are at a much greater risk of defaulting on the debt in the future. A lump sum payment ensures that that the settlement will get paid and a default will not occur.