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Getting out of Debt

deptdump admin — Fri, 18 Jun 2010 00:40:47 +0000

tinyurl.com Smart Ways Credit Consulting can help you to become debt free today! Go to tinyurl.com for more information!

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Credit Card Funeral

deptdump admin — Wed, 16 Jun 2010 00:37:09 +0000

This is a Credit Card Funeral that Judge Robert Cilley officiated. Pam Young can help you get out of debt with her new book, The GOOD Book: Get Out Of Debt book. budurl.com

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Congratulations to Pam Young of Claremont, NH. She correctly answered today’s Impossible Trivia question: If you’re… http://bit.ly/9JNUQX | Claremont, New Hampshire LocalSpur – News, Yellow Page Listings, Events and Local Tweets for Clar

Debt Relief & Management Tips : How to Get Out of Debt

deptdump admin — Fri, 30 Apr 2010 19:50:39 +0000

The best way to get out of debt is stop using credit cards and plan a spending budget. Eliminate debt with tips from a consumer credit counselor in this free video on personal finance management. Expert: Maria Enomoto Contact: www.gotdebt.org Bio: Maria Enomoto works as a credit counselor for Consumer Credit Counseling services in San Jose, California. Filmmaker: Bing Hu

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Personal Financial Planning Tips : How to Get Out of Debt

deptdump admin — Sun, 18 Apr 2010 14:59:12 +0000

The best way to get out of debt is by keeping expenses lower than income and use any low interest-bearing savings account money to pay off higher interest credit cards. Avoid the pitfalls of debt with tips from a financial planner in free personal-finance video. Expert: Julie Asti, CFP Bio: Julie Asti works as a financial planner for Asti Financial. Filmmaker: Bing Hu

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Debt Management Tips : How to Get Out of Credit Card Debt

deptdump admin — Wed, 14 Apr 2010 19:45:56 +0000

Good ways to get out of credit card debt include not using cards and quickly paying down cards with smaller balances. Stay out of credit card debt by throwing away enticing low interest-rate offers received in the mail with advice from acertified public accountant and credit counselor in this free video on debt management. Expert: Jerrie Guthrey Bio: Jerrie Guthrey has been a certified public accountant and credit counselor since 1992. Filmmaker: Jack Guthrey

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No More Overdraft Fees!

deptdump admin — Sun, 04 Apr 2010 01:52:34 +0000

To better protect consumers, beginning this summer the Federal Reserve Board will prohibit banks from charging overdraft fees for debit card and ATM transactions unless their customers consent, or “opt in.” Many consumers are expected to pass, choosing to have their transactions declined for no fee when they don’t have enough money in the bank. The Federal Reserve’s new rules do not apply to checks or automatic bill payments.

What To Do About Increased Rates?

deptdump admin — Tue, 19 Jan 2010 13:09:54 +0000

The Better Business Bureau and financial advisors recommend talking with your credit card company. Many will negotiate terms, so they don’t lose you as a customer. If that doesn’t work, you can keep your current rate to pay off your balance, as long as you don’t make any new purchases. However, the new interest rate will be enforced for any new purchases made.

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.

$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.

How to Negotiate a Credit Card Settlement | eHow.com

deptdump admin — Sun, 15 Nov 2009 15:37:14 +0000

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.

Step 1

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.

Step 2

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.

Better credit card deal via credit unions

deptdump admin — Wed, 04 Nov 2009 22:18:28 +0000

Credit unions offer much lower annual percentage rates, less punitive penalty rates and engaged in far fewer unfair or deceptive practices than their banking peers. Compare bank percentage rates 12.24-17.99 to credit union rates at 9.9-13.75.

Better credit card deal via credit unions :: CHICAGO SUN-TIMES :: Personal Finance