2006-12-18T19:25:02.327-08:00This week, I'd like to share some customer experiences with one of the mostpopular new strategies in debt consolidation refinance. Over the last fewmonths, a select few in the mortgage banking industry have developedprograms which allow borrowers to accomplish the 3 greatest goals of debtconsolidation: Get Cash to Pay Off High Interest Debt, Lower the OverallMonthly Minimum Payment, and Boost Cash Flow to allow borrowers to save upmoney in a short amount of time. The benefits are nearly indisputable:Higher Credit Scores, Lower Monthly Minimums, and Greater Flexibility. Butone of the biggest criticism of debt consolidation is that borrowers whoconsolidated their debts were still not saving enough money after therefinance, and needed to tap into home equity repeatedly to achieve theirfinal goal. What if I told you that there is a new loan product availabletoday which allows you to do all of these things, but also allows you toMake No Payments for 90 Days, with 0% interest due over the introductoryperiod? David in California said what many of you just said, that's too good to betrue! If you can do that, sign me up! David had a typical SouthernCalifornia situation, he works in sales, makes a decent living, has a youngfamily of 5 and about $30,000 of credit card and other debt, which costabout $1100 a month in minimum payments just to cover the finance charges onhis revolving debt. But David, like a lot of people in California, has seensolid appreciation year after year in the real estate market, and his home,which he purchased for about $350,000 in early 2003, was appraised for over$500,000 a bit more than 3 months ago. He owed $300,000 on the house, on atraditional principal and interest mortgage with a minimum payment of $2100a month. Because of the relatively high level of consumer revolving debt,David's credit scores had gone down to about 630 even though he was makingall of his payments on time. When David called us, his loan officer walked through each of David's creditcard bills a with him, and together they determined that David was payingand average interest rate of over 27% on his credit card payments, becausehis credit card companies had raised his rates as his overall debts hadincreased, which had hurt his credit scores badly. To make matters worse,David, like a growing number of Americans, wasn't saving any money. If hegot sick, had a slow quarter, or was otherwise unable to work for anymeaningful amount of time, he would be at risk of financial ruin. We looked at the whole situation, and used this new debt consolidationmortgage refinancing strategy to show David how he could pay off all $30,000of his revolving debt and take out an additional $20,000 or so to provide asmall cushion, partially to be used for value-adding home improvement.Remember, David's old minimum payments were: $2100/month for the mortgage +$1100/month for a total of $3300/month, his credit was getting worse eachmonth and he had no cash in the bank. After refinancing, David's new minimummonthly payment was consolidated and reduced to Less Than $1300 per monthTotal! And he now had $20,000 in the bank which he wisely put into a highyield savings account earning 5.25% until he needed it. This monthly minimumpayment being $2000 a month lower is amazing in and of itself, however whatmakes this product revolutionary is that for the first 90 days, David hadZero Percent Interest and No Payments due, allowing him to save substantialmoney each month. He socked it away each month for3 months, and now 90 days after his debt consolidation he's managed to savean additional $10,000, which combined with the $20,000 he cashed out meanshe went from almost nothing in savings to over $30,000 in the bank earningsolid interest. But what about David's credit? Now, it's only been a bit more than 90 dayssince the refinance closed, but I am happy to say (as is David!) that histhree scores are now 667, 684, and the high score is 703! Why? His debtratio is down, and his debt to income ratio is way down too. Combined with alitt[...]
2006-12-18T19:24:46.909-08:00Credit cards are an almost essential part of many people's lives, because
2006-12-18T19:24:32.931-08:00I know you're looking at that plasma TV and thinking of buying yourself a
About The Author: Robert Carlton writes essentially for
http://www.debtania.com , a website on money management and assets. You can
come across his publications over at
http://www.debtania.com/managingcreditcard.html and many different sources
for managing credit card debt tips.
2006-12-18T19:24:13.435-08:00If you have credit card debt it is important to take its measure from
About The Author: Deanna Mascle shares more tips about Credit Card Debt and
Credit Repair in her blog at http://answersaboutcredit.com
2006-12-18T19:23:55.487-08:00When you apply for a credit card, the lender does a credit check to how
In today's world, there is a credit card available for just about everybody.
You are going to find yourself pummeled with credit card offers at some
point or other. This is especially true for students. This is where
patience, research, and common sense should come into play. Never choose the
first credit card offer that comes across the table. Set a standard by what
you're willing to allow yourself to be charged in interest. After all, this
is money that will be coming out of your pocket. This means getting in the
habit of reading the fine print of the offer. Some companies offer low to
zero interest but this usually for a set period of time from one month to
one year. Read the fine print so you don't wind up with a zero interest
credit card that suddenly charges you 18% interest.
It's also very important to note that if you apply for too many cards at the
same time, this can put a negative light on your credit report. Each lender
that checks your credit generates a line on your credit report called an
You will end up getting rejections if you apply for card after card.
If you have no credit or a bad credit rating, the best card to apply for is
the secured credit card. Getting this card and making your payments on time
signals that you're a good money manager and responsible with your financial
This is a great way to establish credit or begin rebuilding your credit.
More often than not, once you've established that you're a good credit risk,
you might be given the option of an unsecured credit card with a much higher
Knowledge is the key and understanding the credit game will save you a lot
of time and money over the long period.
Remember, that many people are in debt because they have a good number of
credit cards with high balances. One personal financial disaster can leave
you seriously in debt. Once you get your credit card, use it wisely and
never use the credit card to pay for anything you can write a check for.
Remember that legitimate credit card companies are not going to ask you for
money up front. Never apply for credit cards you don't need.
Use these tips to understand the application process and use your credit
Liz Roberts is a loan consultant with NewHorizon Finance and has been
providing consumers and business owners with financing since 1989. Bad
Credit? Join our mailing list for tips on building and repairing your credit
yourself without hiring a credit repair. Vist our site for a list of bad
credit credit cards http://www.newhorizon.org/Info/unsecured.htm
2006-12-18T19:23:38.749-08:00Americans generally have one thing in common - debt. Were you expecting
About The Author: Johnathan Bakers publishes for the most part for
http://www.debtania.com , an internet site with information about investing
and debt relief. You can come across his articles over at
and other sources for how to eliminate credit card debt information.
2006-12-18T19:23:31.902-08:00Are you looking at that amazing new plasma type television in your
About The Author: Jack Blacksmith pens primarily for http://www.debtania.com
, a web publication with topics around investing and debt relief. Writing
for works (e.g.
http://www.debtania.com/howtoeliminate.html on eliminate credit card debt )
he showed his expertise in the field.
2006-12-16T22:42:54.428-08:00Bad credit also known as subprime credit in the mortgage industry, willaffect your pocket book in more ways than making it more difficult for youto get a home loan. Not only will you have a higher interest rate on yourmortgage but it will also translate into higher interest rates on car loans,store credit cards and the well-known bank issued credit cards. In addition,poor good credit can even prevent you from getting some jobs.As a result, it is clearly important to improve your credit if it's falleninto such a condition. You're probably thinking, sounds good, "but how do I do it?"Remember, developing bad credit didn't happen overnight and you can'timprove overnight either. However, it's not as difficult as you might thinkif you follow a few simple rules. First and foremost, you must stop spending more than you can afford. Surelya common sense principal but not followed by millions of Americans. Next, stop making your payments late. Late payments show up on your creditreport as 30, 60, 90 and 120 plus days late and each time this happens itgoes into the formula for calculating your credit score and results in alower score. If your debt has gotten out of control you need to seek credit counseling oreven bankruptcy. Neither is a bed or roses but if you're to that point yourneed to bite the bullet, humble yourself and take the plunge. If you can'tmake the payments and the interest rates on your credit cards has alreadybeen raised to 20 or 25 percent these may be your only options. Setup a budget or your monthly expenses and keep track of everything. If youdon't know how much it costs to live each month compared to your incomeyou'll never get your financial house in order. Once this is done take alook at where you can cut back. Hey, nobody said this would be easy but onceyou make a few changes, exercise a bit of financial restraint you'll beamazed at how much additional cash you can free up each month to pay downyour bills. Another key ingredient to remember is that regardless of how bad your credithas gotten it doesn't take the 5, 7 or even 10 years like you always hearabout to fix it. Follow this simple advice and within 2 years you can haveyour credit back to good or even very good. Of course, a prerequisite isthat you get your current bills under control. Ok, all you need is two credit cards. Use one to buy groceries, the other tobuy gas and then pay them off at the end of each month. Simply switchbetween the two for "emergency" purchases but always try to pay them off atthe end of each month or keep a very low balance. Use cash to buy everythingelse. You only need two credit cards or what the credit industry calls"trade lines" paid on time and preferably paid in full each month to reallyraise your credit score. So follow the two credit card rule above and evenif you just had a bankruptcy or you've gone through credit counseling,within a few short years you can have your credit score back to where it nolonger hurts. Last but not least, get a copy of your credit report from the 3 major creditreporting agencies: Experian, TransUnion and Equifax and then take a closelook at them to make sure they are correct. Many people who have gonethrough credit problems have credit reports that haven't been updatedcorrectly to reflect their current status with creditors, even after they'vepaid off bills or made special arrangements with their creditors. The badinformation can be on their reports for years hurting their credit score, somake sure you get a copy of credit report after you've done your part inputting your financial house in order. You can simply type in the name ofthe above credit reporting companies in any of the major search engines tofind their home pages. Better yet, go down to your local bank or mortgage company and apply for aloan ([...]
2006-12-16T22:42:39.117-08:00Eliminate credit card debt from your life, and you will eliminate a lot of
About The Author: Focusing on informating about investing, Johnathan Bakers
writes articles principally for http://www.debtania.com . You can find his
articles over at http://www.debtania.com/howtoeliminate.html and other
sources for eliminating credit card debt knowledge.
2006-12-16T22:42:23.594-08:00Credit cards had been one of the most widely used forms of paying varioustypes of bills. This may range from regular purchases, to bills paymenttransactions in large amounts. This is different from debit cards in the sense that the former may purchasein its behalf even if the owner does not have a corresponding amountcredited to the card. Generally, the issuer of the card provides a credit limit. The predeterminedamount is the maximum allowable transaction to be made by the consumer orowner of the card. Credit card companies compete for the fast growing market by offeringvarious promotional strategies such as the following: 1.Interest rates Credit card companies try to offer the lowest possible interest rate perpayment due. Said interest rate may range from 1.2% up to 5%. 2.Minimum amount due Every month, the credit card company has a predetermined percentage ofamount due based from the current charges or purchased made by the owner ofthe card. Failure to pay the said minimum due would result to additional charges onthe part of the owner/consumer. 3.Waiving of dues The usual practice had been that of waiving the first of the cards' annualdues. Other offers had been cutting off one or two billing periods without anyadditional charges if the consumer did not pay for the period covered by thepromotional advertisement. Should the consumer pay the whole amount charged to the card before itsbilling period, the interest due from the balance is likewise waived 4.Extension card Supplemental cards are usually offered for the cardholder to enable them toextend the use of the card for any family member (or friend) to whom theywould want to grant access to its use. 5.Balance transfers Most credit card companies offer a very low interest rate charging for anybalance transferred to their card from that of another one. The catch is to encourage consumers to transfer all the balance charges fromtheir current card to their very own card company. Payments are arranged on a predetermined period of time. The disadvantage ofthis is that if the consumer decides to pay the whole balance earlier thanthe stated date, no rebates would be granted. Consumers that are not wary of their purchases may find themselves inimmense debt if payments are foregone or if the individual makes purchasesmore than he or she is capable of paying at the end of the billing period. Missed payments would result to finance charges that would be added on topof the month's interest charges. Thus resulting to higher charges. It has been said that the rampart use of the credit card system had resultedto the Great Depression of the 1920's. The rise of the automobiles during this period resulted to a great increasein the demand for fuel. To accommodate the large purchases, fuel companiesaccepted credit payments so as not to loose transactions to theircompetitors. And the rest, as they say, is history. Still, if the individual is wary and cautious when making purchases using acredit card, one may find that he or she may use it for his or her ownconvenience. Below are some of the advantages of using a credit card: 1.Low risk of loosing cash. Large purchases may be made without having to carry the money around. 2.Readily available Emergency purchases, such as that of medicines, may immediately beaccommodated at any store that accepts credit payment.About The Author: Mario Churchill is a freelance author and has written over200 articles on various subjects. For more information checkouthttp://www.supercreditcardoffers.com andhttp://credit-card-offersonline.info.[...]
2006-12-16T22:42:05.520-08:00Incredible credit rate hikes lie in store for the poor and vulnerable whowish to borrow to make their festive season a happy and memorable one. Thefestive are generally a time for genuine profit for all businesses and infact, some shops will admit to making most of their profits around thistime. This includes credit card companies, banks and above all loan sharks.For the lucky ones who have some form of savings or have saved towards thisseason, there are no worries. However, for those who have no savings but intend to borrow to enjoy thefestive season, things can get tricky if not costly, much later one. Firstof all, there are many spend-now-pay-later schemes not to mentionbuy-now-pay-later offers that saturates the market this season. In fact, oneUK company, Shopacheck, is offering vouchers from major brand name shops andthose interested do not have to pay a dime until the New Year. Sounds like a very good idea at first, as you can instantly obtain all yourfestive hampers without breaking any sweat. All you need to do is spread thecost over a certain period. Now here's where the catch is: sky-high interestof historic proportions. For instance, a borrower of 400.00 ($790.00) willend up paying around 550.00 ($1050.00) this well over 70% interest! Someonerepaying this at a rate of 5.00 ($9.00) a week will not finish paying for itby next Christmas. In addtion, we should not forget that voucher companies like Shopacheck buytheie goods at wholesale prices. Thus, not only are they making moneyreselling them, they are raking in even more profits with thespend-now-pay-later scheme. This is in the wake of the collapse of a wellknown Christmas hamper company, Farepak, just before Christmas, which leftsome unease in these Christmas Clubs who seem to think of themselves ratherthan their clients who save hard-earned money throughout the year in thehope of celebrating the Holidays in style. Needless to say, the big brand-name shops whose vouchers are being sold inthis scandalous way have sought to distance themselves. Some say Shopacheckis buying it through an agency, others deny being connected to them at allwhile some have offered to investigate this further. As for Shopacheck, theyclaim they are not doing anything against the law and that customers knowexactly what's on offer as they do not hide anything. Without a doubt, this proves that the onus is on the consumer to be weary ofany credit provider especially during the festive season when one is wont toforget the details and consequences in the whirlwind of activities.Borrowing can be a good idea especially if you are able to pay it off withina short time. Missing payments, on the other hand can severely affect creditrating and therefore your ability to borrow for important things like a homeor a car. To reduce debt or avoid it altogether this season can be tricky if planswere not made earlier. Nevertheless, it is best not to use credit card forfestive shopping unless you have to. Debit cards are far better. Should youuse your credit card, then it will be good to pay it off when the next billarrives or as quickly as possible to avoid paying any interest. There isstill hope however, if your credit is totally messed up, credit fix isavailable as the last resort to improve credit history.About The Author: http://www.cheap-credit-cards.orghttp://www.cheap-credit-cards.org/credit-cardshttp://www.cheap-credit-cards.org/insurance[...]
2006-12-16T22:41:44.185-08:00With the relatively easy availability of credit today, more can get plastic
There are numerous types of platinum cards. There are cards with frequent
flyer programs for those who travel a lot.
Business cards are ideal for those with good credit history and regularly
charge business expenses to their personal credit card. Those who would like
to earn rebates can choose some rewards card.
What's more, you can find very specific cards for your very special needs or
buying habits, for example if you are frequent guest of Intercontinental
Hotels, only interested in Sony rewards or actually are a coffee drinker.
The credit card companies don't just make their money on unpaid balances. Be
careful how or where you use your card, because you may be hit with
unexpected charges, so it's important to read all the terms and conditions
thoroughly of the card before you apply for it.
There are some things that you also have to watch out for. For example, be
wary if you are asked to pay up-front fees when the promotion or ad without
mentioning that there may be additional costs. Find out the total cost
before applying for this type of card.
Be suspicious about any promises to erase bad credit or to secure major
credit cards regardless of past credit problems.
Think twice about any offer to get "easy credit."
Marketers of 'gold' and 'platinum' cards often claim it's easy to get major
credit cards after using their cards for a while.
In fact, the only major cards you usually can get through these marketers
About The Author: Fruzsina Csery is a freelance copy writer.
She occasionally writes for http://www.platinumaz.com/
2006-12-16T22:41:26.034-08:00A bad credit problem can influence your every waking - and sleeping - hour.
About The Author: Clive Willis is a recognized expert on all personal money
matters. His opinion is featured on many sites including the Crazy Credit
website - a guide to the personal credit world. http://www.crazycredit.co.uk
2006-12-15T21:28:20.830-08:00It's not hard to get yourself in a hole that requires bankruptcy to bail you
About The Author: Concentrating on the area of money management, Jack
Blacksmith works essentially for http://www.debtania.com . From his reports
http://www.debtania.com/managingcreditcard.html on managing credit card debt
) he demonstrated his expertise on the topic.
2006-12-15T22:45:48.978-08:00Managing anything well is simple once you know the pro's and con's involved.The financial stress that comes from poor credit management skills cancreate a multitude of problems in your life. This is why it is good to usecommon sense in handling your own personal finances.Credit card use, if used wisely, can be one of the greatest tools inbuilding good solid credit. It can also be one of the quickest indicators toa potential lender that a person is not a responsible money manager.Good money management skills also mean taking the time to search for thebest interest rates available on a credit card. Finding a low interestcredit card can allow you to use a cash advance to pay off the debt on othercredit cards that you have. Having paid down the debt of the other creditcards puts you in a better position to keep tabs over your credit financesacross the board and handle any financial emergencies such as illness,accident or a sudden mechanical problem on your car.Make A List And Check It Twice!Reevaluating how you shop during the holiday seasons is also a part ofsensible money management. The urge to splurge and incur debt in buyinggifts will create a financial hangover that can be repeated year after year.Many people pay for their holiday shopping for the following 12 months.Institute a personal rule to not use your credit cards for anything you canafford to pay cash for. It's not really a bargain if you buy it using acredit card that charges 18% interest.After the holidays when all your friends and relatives are fresh in yourmind, make a list of everyone you want to purchase a gift for and keep thelist in an easy to reach place like a purse or wallet, as you find gooddeals and sales throughout the year, pick up that person's gift and put itup until the holiday season. In December, you'll have the majority of yourshopping done and you won't feel the sting of holiday shopping as mostpeople do.Set Spending LimitsSetting spending limits where your credit is concerned is always the bestbet. Take the time to really get in touch with your own spending needs andhabits - make a budget and stick to it. Cut corners wherever you can andeliminate unnecessary expenses. Eat as many meals at or from home as youcan. Curbing eating out expenses will save most people between $20 to $50dollars a week on the average.Shop During The Slow SeasonsDeciding where to shop is a highly overlooked skill as well. Retailers areseasonal and will often run sales during a slow season. These are idealtimes to stock up on the things you need at a fair price and avoid usingcredit cards for these purchases. A little time and effort will allow you tofind the best bargains year round.Lastly, check your personal credit report once a year.Mistakes can happen and you can be denied a credit card, personal loan oreven a job due to an error in reporting.Once caught, most credit report errors are easily fixed; but theresponsibility of catching and correcting those errors is solely up to you.Make these habits a part of your credit and money management skills and youwill save yourself a lot of money and interest in the long run.----------------------------------------------------Liz Roberts is a loan consultant with NewHorizon Finance and has beenproviding consumers and business owners with financing since 1989. BadCredit? Join our mailing list for tips on building and repairing your credityourself without hiring a credit repair. Vist our site for a list of badcredit credit cards http://www.newhorizon.org/Info/unsecured.htm[...]
2006-12-15T22:11:48.390-08:00Bad Credit Home Equity Loans are a Good Thing
About The Author: Finance Blog is a bad credit personal loan blog, who help
loan seeker find the best personal loan rates via his website
2006-12-15T20:10:40.426-08:00The use of credit cards is but just an evolution of the ancient merchants'form of transacting for their various businesses. It was Edward Bellamy who introduced the concept of the card usage to makepurchases. The words "Credit Card" had been mentioned in his novel "LookingBackward" eleven times, and in the book's sequel named "Equality" threetimes. During the 1950's, Ralph Schneider and Frank Mcnamara invented the notion ofmaking payments to merchants using a card. This gave rise to the foundationand opening of the Diner Club, which is still in existence and operationtoday. This had been followed by the opening of Carte Blanche, American Express,and Bank of America's introduction of the Visa Card. It continuously evolved until it reached its recent form of using theplastic card that is most commonly known as the Credit Card. The use of credit cards has its own pros and cons. Below are some of the advantages: 1. Minimizes risk of loosing cash. The consumers need only to bring and present the plastic card to maketransactions or purchases. 2. Convenience Purchases that immediately needs to be made may be possible with the use ofcredit cards even if the individual is low in cash since all that would belooked at is the credit limit available. Some of the disadvantages are: 1. This could result to accumulation of debt if the main and interestcharges are not settled until its due dates. 2. It could be very tempting to make purchases that are really not quitenecessary. It had always been noted that the rampant use of the credit card system hadresulted to the Great Depression of the 1920's. With the sudden rise of automobiles available for purchase by the consumersduring the said period, there had been an equal increase in the demand forfuel. So as not to loose consumers, most fuel companies extended credit to theirconsumers to attract more buyers to increase sales. This gave birth to the introduction and use of Gas Credit Cards. Gas Credit Cards are somewhat similar with credit cards, but is limited tothe use of purchasing of gasoline. Cardholders of said cards are usually given rebates in the form of cash backcheck or by giving them a credit for their existing balance. The following are some of the best offers by some gas creditcards: 1. Awarding of 5% Cashback Bonus upon purchase of gas or 1% for any otherpurchase 2. 3-9% rebate on all gas purchases that are made on any gas station duringthe first 90 days. 3. Free gas offers when a certain amount had been charged on the card. 4. Gas credit cards that have annual fees usually offer a lower interestrate for purchases that are charged to it. A consumer may want to choose these types of cards if they have limitedmeans to immediately pay the card balance so as to minimize interestaccumulation. 5. Some gas stations offer discounts to consumers using their particularcard 6. As compared to regular credit cards, gas credit cards offer a much lowerinterest rate for gas purchases, thus making it a wise decision to have oneof this if the consumer is usually traveling using his or her own vehicle. Still, it all depends on the consumer to use his or her card wisely for hisor her own benefit.About The Author: Mario Churchill is a freelance author and has written over200 articles on various subjects. For more information checkouthttp://www.supercreditcardoffers.com andhttp://credit-card-offersonline.info.[...]
2006-12-15T20:05:11.850-08:00A majority of us have yet to hear of as well as be aware of the concept and
About The Author: Thomas B. Stevenson provides readers with up-to-date
commentaries, articles, and reviews for
http://www.first-finance-magazine.com as well as other related information.
2006-12-15T23:23:28.458-08:00If your debt situation has not yet reached a point of no return, creditcounseling and debt management may be the best option for you. There may beother alternatives to going bankrupt which can also help people in seriousdebt to make a fresh start. How can you avoid bankruptcy. Knowing some important aspects of bankruptcycan help make your debt burden much easier to manage and can help you avoidhassles in the near future. You will have to avoid missing records and badchecks to keep from adding to the bill. If it has even been in the back ofyour mind, you should take the steps to avoid bankruptcy. Hopefully, the new law will come into effect by mid-March.Although it was a little bit frightening at first, the new bankruptcy lawwas not that much of a hassle. The new law requires clients wishing to filefor bankruptcy to undergo a six-month credit counseling. Texas bankruptcylaw for example protects you, as a consumer, from falling into financialturmoil and is put in a situation where you can be abused by creditors. Creditors The moment your petition is filed an automatic stay is in place that meansyour creditors listed in the petition must stop their collection proceduresduring your bankruptcy proceeding. The United States Bankruptcy Codeprovides the debtor an opportunity to pay back their creditors over a periodof time of up to five years. The creditors are required by law to followstrictly the terms of the repayment plan. However, as long as you have the funds, you will still be required to payall your creditors based on a schedule determined by the bankruptcy court. Loans An auto loan after bankruptcy does not mean you have to have a co-signer orcollateral. One option is to get an auto loan through a dealership. If youneed a new automobile, obtaining a new car loan is perfect for rebuildingcredit. Because the loan is secured by the vehicle, most lenders are willingto give loans to people with a bankruptcy. You can apply for Loan with HighRisk Lenders. In fact, several lenders specialize in offering loan programsto individuals who have recently filed bankruptcy. Interest Financially the person is haunted with higher interest rates, higher downpayments, and outright rejections for many years to come. Compare fees andinterest rates, as well as, repayment options and customer service. Then,when the high interest rates are added in, people find themselves in asituation where repayment is often impossible. They rightly point out that bankruptcy costs the credit card companiesbillions of dollars each year and that those costs are passed on toconsumers in the form of higher interest rates. Lawyers Be honest with your lawyer and do not withhold any information that isrelevant to your case. Do not be afraid to interview a lawyer and leavewithout retaining one if you are not satisfied. When all hope is lost, a newbeginning can be created with the help of a good lawyer specializing inbankruptcy, by making use of the provision of the Bankruptcy Code. Look fora certified specialist or a lawyer with significant experience inbankruptcy. Ask your lawyer questions if you do not understand something. Trustee Trustee within 180 days of the date of the filing of a bankruptcy case. Mostpeople will pass through a bankruptcy case and keep everything they have,says John Hargrave, a bankruptcy trustee in New Jersey. In acourt-supervised procedure, a court appoints a trustee who liquidates thenon-exempt assets of the debtor's estate and makes distributions tocreditors. In an orderly, court-supervised procedure, a court appointed trusteeliquidates th[...]
2006-12-15T21:08:17.126-08:00Credit card companies are getting out of their ways to be ahead of thecompetition. A lot of incentives which are truly enticing are being offered.With this stiff competition going on, better deals are available forconsumers. However, you should still give it careful thought andconsideration before committing to one credit card. The annual percent rate or APR is the most widely used in credit cardmarketing strategies. Essentially, APR determines how much interest a creditcard user needs to pay given a certain principal amount. The lower the APR,the better the deal is. Some companies may even offer 0% APR which meansthat borrowers only need to pay for the amount they actually borrowed. This is definitely too good to be true. Banks are not charitableinstitutions but are for-profit organizations. They would definitelycompensate for loss profits brought about by 0% APR in some other ways. Usually these ways are hidden behind the fine print. Without reading andfully understanding every terms and conditions associated with signing upfor a 0% APR credit card, a customer might get into financial trouble. Thelaw only specifies that all fees and other terms and conditions be postedfor customer's information. It does not require banks to print these inlarger letters. These 0% APR offers are actually just plain marketing strategies, They don'tlast very long - usually only for 90days to about a year. And when thatintroductory period is over, high APR charges would start to apply on yourpurchases. These would definitely lose you the money you had saved duringthe 0% APR period. Also, when you try to read the fine print, you'll find out that most ofthese 0% APR offers may not apply to balance transfers.That means, in order for you to take advantage of this limited offer, youwould have to make new purchases using your new card. This condition mightbe okay for those who are new credit card holders and don't have existingcredit card balances from other banks. However, for most of us who arelooking for ways to minimize the interest rates charged on our credit cardbalances, this condition does not sound good especially if we find out allabout it after we have signed up for the card. Another trick that banks use to make up for the 0% APR is by chargingexorbitant application and annual fees. They might even add transfer ratecharges, and if balances are not paid on time, the 0% APR offer is voided.Sometimes a penalty APR might apply for these late payments. A lot of other things can be written on the small print too.Some application forms may state that the bank may send you another card ifyou don't qualify for or if the card you initially applied for is notavailable. Usually, these new credit cards won't have the 0% APR offer thatyou are interested in. There are also instances when 0% APR offers are exclusively applicable tobalance transfers. When you have paid enough to pay for the transferredbalance, high APR is charged to new card purchases. The 0% APR credit card is not as good as it seems. Reading the fine printswould enable you to avoid the marketing tricks applied. If you know how toweed out these unfavorable conditions, you would be able to take fulladvantage of these 0% APR credit cards.About The Author: Mario Churchill is a freelance author and has written over200 articles on various subjects. For more information checkouthttp://www.firstglobalcreditcard.com and http://edblogonline.info.[...]
2006-12-15T20:44:10.710-08:00Credit Card Consolidation: An effective method Of Debt Reduction. You can
Not only do they charge the highest rate of interest, but unlike other
debts, they also fool you into an illusion of financial security. With the
various charges such as late payment fees and other penalties that they
impose on the outstanding amount, your credit card debt can shuttle out of
proportion. In credit card debt consolidation process, your outstanding loan
amount gets pulled together under a single loan. This loan usually comes at
a lower interest rate as compared to the other floating interest rates. To
go in for a credit card debt consolidation loan, you can take a cash advance
from a credit card company that offers a low rate of interest and then
transfer the repayment amount of the credit cards that charge a higher
interest rate on to this card. This way you can redirect your cash flow to
bring down the remaining credit card debt.
Another way to consolidate a credit card debt is by taking up a secured loan
and using this loan to pay back the existing credit card debts. You should
pay off the credit on which you are paying the highest rate of interest,
first. This way you save some valuable money that can help as your buffer
for future needs. Alternatively, you can also use this amount to pay off for
the other existing loans. This is how debt consolidation works. As a
consumer, you must remain careful as a high debt can kill your credit worth
in the financial market. Debt consolidation is a worthy and easy method by
which anybody who is suffering under a massive credit card debt can
streamline his finances and gain a financial foothold back again. Experts
suggest that you by going in for debt consolidation, you streamline your
finances by which you not only eliminate the chaos surrounding intermittent
bills but also gives you a much required breathing space.
Debt consolidation process not only stabilizes your finances but also helps
you by paying off overdue bills and eliminating mental stress
simultaneously. This process converts all your scattered payments into a
single, low-interest bill by condensing all of your high-interest payments
to multiple companies. Debt consolidation is a great choice for people who
are overburdened by heavy credit card bills. This process not only helps you
salvage your credit ratings but also helps build your lost morale by
stabilizing your finances.
About The Author: Jeffrey Walteron publishes largely for
http://www.creditenio.com , a website on the topic of debt consolidate and
bill consolidation. Recording his experience in works (e.g.
http://www.creditenio.com/baddebt.html on bad credit debt consolidation ) he
improved his knowledge in the field.
2006-12-15T20:34:04.088-08:00Ah the holidays. a time for parties, over eating, and over spending.Americans routinely overspend during the holidays, often resulting inincreasing credit card debt to go along with that increasing waistline fromtoo much pumpkin pie. The holidays are stressful enough. Don't add to that stress by overspendingyour holiday budget. Here are ten tips to help you save time, money andstress this shopping season: 1. Make a list. Decide how much you can afford to spend this year and writeit down. Decide who you want to buy for, and how much you want to spend oneach person. Take this list with you when you go shopping to ensure that youdon't buy on impulse or exceed your spending limit. Also, don't forget toinclude wrapping paper, decorations and shipping costs. These can add upfast! 2. Pay cash for your holiday gifts. It's much harder to spend cash thancredit, so this tip alone could save you hundreds of dollars this holidayseason. Also, avoid credit card offers or store charge card offers thatoffer you a discount if you sign up. These cards usually have high interestrates, and could end up costing much more in the long run than the discountyou receive when you sign up for the card. 3. Do your shopping online this year. Buying online could result indiscounts not available in stores. Just remember to include the shippingcost when buying online. Even if you don't actually buy online, the time youcan save by doing comparison shopping before you go to the malls could beinvaluable. 4. Have a Secret Santa gift exchange, where you put names in a hat and eachperson draws one name to purchase for. If you have a large family, thiscould mean tremendous savings! You should set a dollar limit so each personknows how much to spend. That way no one overspends and relatives withsmaller budgets won't feel bad about not spending a fortune on a gift. 5. Another alternative for those with large families is to do a group gift.Have several relatives go in on one big gift instead of each person buying aseparate gift. You will probably all save money and you can buy therecipient one big, cool gift that they really want. 6. Start early! Shopping early allows you to comparison shop and to catchpre-holiday sales, which could mean huge savings.This also curbs impulse shopping, which can be very expensive.Another benefit to shopping early is lower shipping costs if you need tomail a gift. Waiting til the last minute can be expensive because you'remore likely to pay full price for the gift, and you may have to pay extra toship it if you want to guarantee it arrives in time. 7. Make your holiday gifts. If you have creative talents, such as cooking,crafts, etc., making your own gifts can be very special. If you're not verycreative, consider giving your time. Offers to baby-sit or to do somethingspecial for someone can be very personal and appreciated gifts. How manyparents do you know who wouldn't love to have free babysitting? 8. Purchase wrapping paper, holiday cards and other decorations right afterthe holidays. Seasonal items are usually offered at deep discounts after theholiday, and they never go out of style. Stock up on clearance-priced itemsfor next year, this year! 9. If you'll be traveling this holiday season, book your travel plans early.Airline flights, train tickets and bus tickets usually go up significantlyduring the holidays, so booking your travel plans early can save you moneyand stress. 10. Start a Christmas fund in January for [...]
2006-12-15T20:19:25.361-08:00Remember: Running away from your creditors is not the answer.It is not a solution, and may in fact lead you to bigger problems. If youare having trouble paying off your debts, address this immediately with yourcreditors. By accelerating the payment structure on your loan, the life of the loan isreduced: In a normal 30 year fixed rate loan situation, your monthly payment isapplied towards principle and interest. It is amortized over the course of30 years. In national accounting debts are added according to those who are indebted.Household debt is the debt held by households."National" or Public debt is the debt held by the various governmentalinstitutions (federal government, states, cities ...). Business debt is thedebt held by businesses. For many Americans debt is an overwhelming problem, a stressor that canquickly take hold of one's life. When there are bills attached to house,boat, automobiles, college tuition, and daycare, it's not hard to imaginethat many folks can quickly be swept under the current of spending which canunexpectedly whirl into deep debt. Understanding the basic concepts of debt Reduce debts today for a better life! Budgeting is an important aspect ofliving and a person who knows how to budget will go a long way in thiscommercialized society. Budgeting has a lot to do with keeping the expensesless than the total income of the household. Those who are very good atbudgeting can even come up with savings even if they have meager incomes.The problem sets in when a person fails to make an efficient financial planand his expenses exceeds his earnings. When this happens, a person has nochoice but to borrow money to make up for his financial deficiencies.Borrowing once or twice because of a mismanaged financial plan is normal butwhen borrowing becomes a regular thing then that can put a person in seriousdebt problems. A person who borrows money from another is said to be in debt.The debts of a person can be minimal or it can reach up to millionsdepending on the credit limits of such person.Sometimes, a person who has assets but isn't liquid can use these assets toget cash. Under this term, the person can be indebted for an amount mess ormore than his assets. There are laws which provide that a person can never be forced to renderservices as payment for his debts. This is already called undue servitudewhich is prohibited by the laws of some countries. However, there aresituations when the person who is in debt opts to settle his obligation byrendering his services.This can happen if a person is so talented in his craft like painting and heopts to pay for his debts by creating a painting of the creditor or theassignee of the creditor.Sometimes, a person can pay his debts gradually or on an installment basis. When a person dies, the law has provided for a hierarchy of preferences inthe payment of such debts. Of course, payment of taxes to the governmentwill always come first. The second priority for debt payments includesfuneral expenses of the deceased and the payment for the wages of people. Most creditors want the money and will extend your time to repay the debt,since they do not want to go through the hassle that comes along withreporting you. Most creditors want their clients to return and believe thatif they give you a chance you will repay your debt and open a new account.All of the debt that an individuals owes appears on a credit report.Credit repots are used by financial institu[...]
2006-12-15T19:57:19.177-08:00Having too much too much on your plate, too much to do or too many
About The Author: When your in debt troble you need to turn to the
professionals for the right advise.That's why we've setup a credit card blog
so you can read more about credit card consolidation and credit card debts.
Visit http://www.OnlineCreditCardApprovalSites.com for more card
2006-12-14T20:11:04.963-08:00Credit repair and eliminating your credit card debt does not mean that you
About The Author: Deanna Mascle shares more advice in her blog Credit Repair
at http://answersaboutcredit.com where you can also download the free ebook
What To Do When Your Credit Goes Bad at