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วันจันทร์ที่ 16 พฤศจิกายน พ.ศ. 2552

Eliminate Credit Card Debt by 60% - How to Legally Never Pay Back Your Credit Card Debts

Eliminate Credit Card Debt by 60% - How to Legally Never Pay Back Your Credit Card Debts

The 2007 Survey of Consumer Finances Indicated that households in America own at least one credit card. Of course, we all know that it is very difficult to manage one's finances with just one card. Each and every earning member in the family often has one card. We even get add on cards for our children as well. In such a scenario, it is very easy for card debts to rise very quickly. Before you know it, interest payments begin to hurt and monthly payment to your card issuer becomes difficult to manage.

The desire to get rid of credit card debt without repaying it in full is often considered wishful thinking. Even in worst case scenarios, card issuers offer a waiver of the penalties and penal interest charged. This too has to be fought tooth and nail before the card issuers sign on the dotted line. Before the recession hit the economy, suggesting a waiver of a portion of the principal amount would have been met with derision. However, that was before credit card debt settlements became popular.

Credit card issuers were too aggressive and too greedy for their own good. When the recession occurred and the housing bubble burst, hundreds and thousands of individuals sought legal protection to escape their debts. Lenders had invested their money in toxic assets. They found themselves facing the problem of reduction in value of assets and lowering of incomes. Left with no choice, they started offering generous settlements to their customers to keep the cash flowing.

Use the World Wide Web to find the right settlement service provider. Your credit card debt will be waived by 60 - 70% instantly. This represents that portion of your debt which you need not pay back. This represents money that you have saved-permanently. You will have to tolerate a fall in your credit score in exchange of this waiver. You should opt for this option only if bankruptcy is the only other option left.

If you use the web, you will find genuine, efficient and completely legal remedies to tackle your high credit card debt.

Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the best performing programs in order to get the best deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.

วันพฤหัสบดีที่ 12 พฤศจิกายน พ.ศ. 2552

Credit Card Debts - How to Reduce Revolving Loans With a Debt Settlement

Credit Card Debts - How to Reduce Revolving Loans With a Debt Settlement

It is very important to know how to manage your credit card debts. Latest statistics indicate that the average American family owes more than ten thousand dollars in the form of revolving debt. This refers to the loans that is accumulated on a monthly basis but which is not repaid in full. Apart from this, the average family owes more than twenty thousand dollars in mortgages, automobile, student and other loans.

Of all these loans, only money owed on credit card is related to day to day expenses of the individual. Hence, it is very important to make sure that you are getting adequate benefits for the price that you are paying for the borrowed money. Otherwise, it just makes sense to settle your debt and move on to a debit card.

Unlike what you read in books or what experts tell you, you cannot take the risk of waiting for the collapse point to arrive before taking steps to settle your loan. You should anticipate debt problems and take action accordingly.

Settlement is a very convenient way to keep your loans under control. This is nothing but a waiver received from card issuers. The waiver may range from fifty percent to seventy percent of the original amount owed. Once you have the written agreement in your hands, your credit card dues will come down instantly without any repayment.

All you need to do is repay the remaining amount. This is enough to settle your debt and become free from all loan related problems. Even if you do not reduce your card dues to zero, you can always keep it under control at all times.

There are a few disadvantages involved in settlement. There is no financial tool that offers 100% benefits with zero disadvantages. However, no disadvantage is a deterrent as far as settlement is concerned. If you do not want your family and your future generation to suffer because of your financial mistakes, you should opt for settlement as opposed to bankruptcy. A bankruptcy will stay on your credit history for years at a stretch. Debt settlement can be described as bankruptcy minus its long term harmful consequences.

If you are over $10,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Using a debt relief network guarantees that the debt settlement company you choose has been certified and has established success in negotiating settlements. They are free to use and a good starting point to begin your debt relief process.

วันพุธที่ 4 พฤศจิกายน พ.ศ. 2552

Credit Card Debt Americans

Credit Card Debt Americans

You may have heard the terms 'good debt or 'bad debts but what products actually make these terms and why do we use them? Amongst the bad debts, there are few names enumerated below that come to the forefront especially in the present day American scenario: Credit Card Debt Americans have problems with credit cards because many of them have huge credit card debts. The interest rates ranging anything between 5% to 30% and balance not paid at each month end cycle, accrue the interest portion even exceeding some time the principal amount drawn as loan.
Some of the credit cards accrue interest on past interest making the total amount of the debt enormously high. It needs lot of care and budgeting to pay in full at each billing date. It also requires restrain on oneself not to buy things beyond somebodys means. In all such credit card payments , it is always very tempting to pay the minimum when somebody responsible enough should pay in full to avoid future financial encumbrances. It is always to be remembered that if you cannot pay in full, at least pay the minimum. Car Loans: To avail a car loan is a bad idea mainly because a car looses it value as soon as it is purchased unlike home or student loan where it escalates or prospects in store.

In very simple terms, any investments you make in purchasing a car starts losing the gain you could have earned otherwise, the moment you drive off the car from the showroom. Further, when one consider that you are going into debts just for the sake of riding a car and that too with higher rate of interest compared to other traditional loans, which will end up costing much more in the end, and finally the resale value will be far less than at what cost you purchased. In a nut-sell, taking loan for a car purchase is a bad debt in the true sense of the term. If somebody is not in a position to pay from his income or manage to pay for the car purchase without taking a car loan, it is better for him not to go for the car purchase by taking a car loan.

Payday Loan: Taking payday loans is probably one of the worst financial decisions that a family man in particular and any person in fixed income group in general, may take. Without any semblance of any doubt, one may surmise that this is a way to end up ruining your credit and putting yourself in unnecessary debt trap. The interest rate of a payday loan is enormously high normally in triple digit plus fees each time you borrow , this loan can only termed as horrendous and possibly the worst type amongst the bad debt category. Once you borrow enough to cover a paycheck , you owe again to the lender your next paycheck which means you will need another round of loan to cover that paycheck and the process repeats itself and the vicious circle will overwhelm the borrower no end. About the author: Joe Kenny writes for Rebuild, offering debt consolidation loans, or for UK residents loans for debt consolidation. Visit today: Loans from Rebuild.org

วันอังคารที่ 3 พฤศจิกายน พ.ศ. 2552

Benefits of your Credit Card

Benefits of your Credit Card

In the highly competitive credit card market, the pressure is on the credit card companies to create and maintain innovative benefit programs to lure and keep customers. One very popular benefit has traditionally been airline miles. However, with the current state of the airline industry and the commonly understood drawbacks of blackout dates and inconvenient travel times (hardly rewards) credit card companies have gone back to the drawing board in order to create a new generation of benefit programs to please the consumer and boost the pull to new customers.
Though many consumers search for low rates or a waiver of the annual fee, other rewards have come into play that distinguish the cards from one another in more interesting, personality driven ways. For example, The Discover Platinum card the annual fee is has been waived and the 0% Intro APR fully touted but it is probably the 5% Cashback Bonus and an option to double your money through shrewdly shopping with Discovers "brand name partners." Discover appears on the list several times, though all the cards are pretty much equally represented.

At the bottom of the list, A CitiBank card geared towards college students. It seems the major benefit to this card is being able to get one with little or no credit. In addition to the 5% back on gas purchases consumers get up to a 5% annual cash reward. Making money just for spending money is the common theme among the cards in the top ten.

Even debit cards are starting to compete with offers to customers. Typically, the credit card's biggest selling point, cash back, cannot be matched by the debit card. Positively, debit cards unlike credits cards usually offer consistent rewards across the board, rather than only offer a percentage or cash back when the shopper buys something at specific stores or "brand name partners". One trick is the debit card rewards are usually based on the signature. This means that although you may have made the purchase, if you put it through by using a pin or "point of sale" purchasing you won't receive the points you might otherwise be owed.

The biggest point with credit card rewards is this: Most information/consumer websites agree that if you are unable to pay your balance off each month the reward you are getting is rarely worth it.

วันอาทิตย์ที่ 1 พฤศจิกายน พ.ศ. 2552

Zero percent credit cards

Zero percent credit cards

With all the hype around these 0% interest rate credit cards, it can be easy to be carried away with what can be easily thought to be a fantastic offer. But don't be fooled by first impressions sometimes buried under the sugar coated surface there may be a deep hole just waiting for you to fall in to and possibly spend many months or even year struggling to climb out off.
So let's shine a light over these 0% interest credit cards and see if they really are what they say they are "a great deal" or are they just a dark financial pits waiting to saddle you with painfully high interest rates for months to come.

The offer of zero interest is only a marketing tool used by credit card providers to attract more customers. So the firs thing you have to understand is that nearly all of these 0% credit cards will only offer a zero rate as an introductory rate and these amazing rates are not permanent and will only apply for a set time period, usually about 12 to 25 weeks. Once there set time period has expired they will always immediately increase to a higher interest rate.

However not all 0% interest credit cards are bad, a savvy borrower can use them to their advantage and get a great benefit from these type of credit cards but to do so will require a certain amount of self-discipline and some financial planning by the cardholder so as to pay of all or at least most of debt before the introductory rates expires.

If you are unsure of the time period of any 0 credit cards you may be thinking of applying for then it is important not to be afraid to ask questions, or clarify the terms of the credit card particularly regarding

1. How long is the introduction rate for?

2. What will the new interest rate be after the introduction period has ended?

3. Does the introduction rate apply to new purchases made with the card, or does it only apply to balance transfers.

Remember a 0% credit card is not always a cheap credit card

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