Archive for July 21st, 2010
Debt Settlement Consumer Protection Act
Wednesday, July 21st, 2010Towards the end of April two Senators, Charles Schumer and Claire McCaskill, introduced legislation to help combat and fight back against the Debt Settlement industry. The industry has taken millions of dollars from debtors in fees; money that should have been going towards paying of their debt.
In order to fight back, Schumer and McCaskill introduced the Debt Settlement Consumer Protection Act. Some of the characteristics of the bill are listed below.
The Right to Cancel. The settlement companies would have to provide the right to the debtor to cancel their services at any time. Also, debtors would be permitted to request a refund of all unearned fees when they cancel.
Written Disclosures: The Debt Settlement companies would be required to provide a complete list of the services they will provide prior to client enrollment. This list/contract would also include all fees and compensation.
Decreased Upfront Fees = Less Advertising: Since the upfront fees will no longer be collected by the companies, this will significantly reduce their ability to implement huge marketing campaigns, which often draw in unsuspecting debtors.
Crackdown on False Advertising: The debt settlement companies will not be allowed to make false claims about relationships with creditors or make false claims about their success rates.
In certain situations, debt settlement could work for you. However, it is advised that you speak with a certified credit counselor first. Also, if you choose a debt settlement company, be sure to review their Better Business Burea rating. As a whole, the Debt Settlement industry has a poor rating. While this proposal awaits congressional approval, be careful when choosing a solution to your debt.
You can check out the Pros and Cons of Debt Settlement for more information.
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Be sure to visit the Debtors Forums for more information.
For more information on a Debt Settlment alternative, check out information on Debt Management
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Useful Information To Make An Effective Credit Card Comparison
Wednesday, July 21st, 2010There are certain factors you should use to get a credit card comparison should you be considering getting a brand-new card or transferring any balance. Be sure the charge card you decide on is going to be the one which is definitely the very best fit for use in your monetary needs. The first thing that ought to be reviewed would be the rewards many companies offer to you currently.
From the percent Interest to the merchandise or points redeemable for gifts, there needs to be some kind of motivation. Even if it’s simply just settling promptly, you will have reasons to stay with this charge card provider you happen to be using. Client fathfulness must be paid. Of course you would like one that is providing the top incentives.
A different attribute which many credit cards have is $0 annual service charge. This ought to be contemplated when you are deciding which credit card you would like. If you’re able to get one devoid of the annual fee so long as the other terms are sufficient, that may be what you want. Conversely if there is a charge card supplier utilizing additional really good benefits, having to pay a yearly payment might not be that big of a deal.
Credit card comparisons really should likewise include things like some other fees like late expenses, cash advance expenses plus balance transfer costs. All these will be different based on the the creditors therefore you will want to take a look at these kinds of meticulously. Yet another variable to contemplate would be the grace period you have to pay your whole bill before they start asking interest rates.
Credit card comparison should also comprise the sort of bonuses you are offered. Begin using a credit card at the service station or supermarket a lot more than other places, thinking of a card that has double points just for any such usage makes more sense. You are utilizing it there anyhow so why wouldn’t you take advantage of the card that promises much more in the way of rewards for this application?
One of the newest capabilities on bank cards are made to help ward off identity thieves. Many companies are placing consumer’s photographs on his or her cards. Search for issuers who care adequately about their clients to wish to try and do all they’re able to do to manage identity theft. A function that is definitely truly worth investigating when making a credit card comparison.
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About the Author:
Examine our resource site for your quick and helpful credit card comparison. Compare credit cards within the best rated companies available today.
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8th Deadly Sin
Wednesday, July 21st, 2010Borrowing money. In my opinion, one of the factors which have brought our economy to its knees is instant gratification, which manifests itself in the irresponsible use of credit. The slogan “buy now, pay later” is an incredibly alluring and destructive way of life, leading to addictive behavior. More than 50% of divorces are caused by money issues (shopaholic activities, excessive spending and gambling), and if you do the research you’ll find that most wars have a financial component to them. Throughout time we have been warned, “Neither a borrower nor a lender be, for loan oft loses both itself and friend, and borrowing dulls the edge of husbandry.” and “The borrower is slave to the lender”. In my book, that says it all!
There was a time when people took pride in saving, and we weren’t held captive to our credit scores, nor was there a need to restore our credit. We merely saved up for what we wanted or felt we needed. Regrettably, saving money is an almost obsolete concept; nevertheless, it can help you regain your financial stability. Consider these points:
1. There’s no need to shop for bargains if you’re going to pay with a credit card. On average, the price to borrow money (through credit cards) is 26%, where most markdowns average 5% to 20%. You do the math.
2. Don’t use the mall for entertainment purposes or because you’re bored. This only encourages impulse buying – the curse of every shopaholic.
3. Never shop without a list. This assures you only buy what you need and can afford.
4. Make sure you have the money to afford your list by keeping track of your bank balance. Use an old-fashioned checkbook ledger (free at your financial institution), and faithfully record all deposits and withdrawals. The difference between the two is your actual balance.
Most people have dug such a hole for themselves that they can’t climb out without assistance. There are some reliable and honest companies out there specializing in credit score restoration and debt reduction. Online Credit Strategies is a good place to start.
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About the Author:
Mick Bernard is a Credit Consultant from Scottsdale, AZ. His company Credit Strategies is helping consumers clean up their credit nation wide. If you need Credit Restoration Help we recommend looking into our Credit Repair Program.
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Build New Credit Habits and Repair Your Credit
Wednesday, July 21st, 2010Repairing your credit entails getting rid of the negative credit report information and catching up on your overdue bills. This could raise your credit score but might not be enough to make you credit worthy again. However, to raise your credit score high enough to entitle you to a loan, you have to rebuild your credits. Doing so would prove that you have the capability to handle credit responsibility.
It might be difficult to start, but once you achieve that momentum you need, you will be on your way to a good credit score. You can always begin by developing the required credit habits. Although many people are born without the skill it requires to use credit cards, it is important to learn the rules of the game. All you need to do is to remember simple do’s and don’ts of credit card usage and in time, you would welcome healthy spending habits in your financial life.
The first thing you do want to ever do is to use your credit card to make your everyday purchases, especially food, gas and clothing. It is bad enough not to have cash-on-hand but buying simple everyday items can develop into a habit wherein you may tend to substitute a credit card with cash. It is always advisable not to take your credit card out of your wallet for everyday purchases but instead use your cash or a debit card.
The next thing you do not want to do is develop a habit of making minimum-only payments. If you make minimum payments each month, you are only increasing the length of time it will take for you to pay off your debt. Additionally, it will also increase the amount of interest you could end up paying.
Something else to remember is do not use your credit card to buy things you cannot afford. One way to get into debt is living off borrowed money. You might end up waking one day and finding out you are so much in debt that you wish to return your expensive purchases back to wherever you bought them.
Learn how to make correct decisions when it comes to buying items you need against those you simply want. Everybody knows what a “need” is and what a “want” is. Remember not to substitute need from the want and vice versa. If you are using your credit card wisely, it only means that you are being responsible in recognizing what things you need and which you only want.
Next, always let your creditor know in advance if you would not be able to pay your monthly payment on time. Since most creditors offer assistance with your payment if you give them a heads up, it is important not to simply forget about the payment for no reason at all. You can do this by simply calling your creditor, explain the situation and ask if they allow late fees to be waived. Also, always pay some amount even if it is only five dollars each month.
Lastly, do not exceed with your credit limit. The safest is to stay within at most 30% of your
credit limit. Because the major part of your credit score reflects on the quantity of debt you
actually have, it is important to keep your balance low in order to preserve a good credit
standing.
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About the Author:
De Pinnick likes to read, write, travel and enjoy sports. She is co-owenr of My Personal Taxi and Lombard Taxi Services. She is a travel expert after having spend the last 30 years travelling the USA and various international desitations.
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Fix My Credit!
Wednesday, July 21st, 2010How often have you heard the cry “Fix My Credit” and wondered whether there was a Company that could help. Well there is.
But before we go on to that, lets look at what is needed in such a Company.
For a start you need a Company that is far more than a dispute factory. You need one that has a laser sharp focus on making sure that you are left with truly usable credit – plus credit that meets prospective lender guidelines so you can really benefit in a tangible way in the future. You might not be looking into the future at the moment, and getting more credit is the last thing on your mind, however, you do have to take this into your equation. This is why it is so vitally important that when you ask a Company to “Fix My Credit” you want it fixed correctly.
Plus you need a company with a proven track record – one that has been around a while, not a “fly by nighter”. One that has been accredited and is trust worthy.
This company also needs a focus on personalized customer service –why do I stress this? Because when you ask for help to “Fix My Credit” you want to know that you – the customer – is number one. The one-on-one attention should be part of a comprehensive approach that makes a company extremely attractive to deal with.
The company you sign up with to help with your cry of “Fix My Credit” should also include unlimited credit bureau disputes, debt validations, credit score consultation, guidance with building new credit, and even assistance with rehabilitation of student loans if needed.
What about costs of such a service?
There are many companies that charge varying fees, but I believe a Company really has your interests at heart if it keeps those fees under control.
To me if you could come across a company that only charges a single low monthly fee – no up front fees – without requiring any upgrades you’re onto a winner. This single monthly fee should be one in which the price covers everything needed to clean up and restore your credit.
If your spouse has also cried “Fix My Credit” then I would look for a company that offered a great 50% discount for spouses if you sign up together.
So where does that lead you?
Let’s recap – you need a Company that:-
Has been around a while – one with a proven track record – accredited
That has a laser focus on one-on-one attention – after all you are the customer
A comprehensive approach to your cry “Fix My Credit”
Charges a single low monthly fee that covers everything needed to clean up and restore your credit with a special discount if you added a spouse.
Your next question I am sure is “But all this sounds fine, but is there such a reputable Company?” – I am happy to say there is.
If you click onto the URL Fixmycredithelp in the resource box you will be taken to Our Top Choice among Credit Repair Companies.
All the best!
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About the Author:
The author lives on 1.5 acres of beautiful untouched bushland about 120km North West of Sydney Australia. We enjoy a sub-tropical climate and receive daily visits from a myriad of native birds which lasts from first light until dark.
http://fixmycredithelp.com
http://maggiedavid.com
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Should a Christian be in Debt?
Wednesday, July 21st, 2010Credit is good, but we need to pray…if centum persist consult your Bible!
The Scriptures reveals to us that to be in debt is not what God wants us to be.
In the Bible I haven’t found any indication that being in debt is sin as Christian (not unless of course if you are neglecting your obligation as debtor and you are disobeying God’s personal instruction for you). However, Proverbs says “the borrower is slave to the lender,” This is clearly says that God wants us to live a debt-free life.
We are now living in the fast changing world, high – in society and lifestyle. We are inundated with so much advertising and marketing around telling us to have a hand on them. And most of these things if not all of them aren’t in agreement with what God is telling us to have.
It’s a very tough challenge to live life within your own means. If you are not aware of it, at the end of the day your life is indebt – spending money way way beyond your means. It really demands sacrifice and self denial to deny of what our flesh wants right now.
Money has two powers. It can make you or break you down and think “It’s the End of the World”. You can be a master of your money or a slave! We don’t know where does it comes from and where it goes, we can’t measures it exactly its worth, its all boil down to the discipline of economics and lifestyle of every single person.(Don’t let your money master on you, but be a master to your money).
The Book of Deut. Declares that we are the head and not the tail, lender and not the borrower!
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How to choose a legitimate credit counseling agencies
Wednesday, July 21st, 2010How to choose a legitimate credit counseling agencies
If you’re considering using a credit counselor, shop around, and ask each agency the following questions. More importantly, be certain that you are comfortable with their answers before you book that first appointment. A legitimate agency is always more interested in your bottom line than theirs.Best Financial Advice – Financial Planning | www.IXGW.com http://www.ixgw.com/
Is the agency affiliated with a national body such as the National Foundation for Credit Counseling (NFCC) that requires strict quality, financial and ethical standards for membership? Examples of such requirements are annual audits by an independent CPA, written action plans provided to each consumer, and consumers provided with statements at least quarterly.
Is the agency accredited by an independent third party? Self-accreditation is not the answer you want. An example of a reputable third party accreditating body is the Council on Accreditation (COA). Such accreditation signifies that appropriate checks and balances are in place to protect you, the consumer.
Is the agency a 501(c)(3) nonprofit community organization? Being a nonprofit does not guarantee that the agency is legitimate, but it is a step in the right direction.
What is the composition of their Board of Directors? Board members should not be paid by the agency, should not be family members or friends, but should represent a wide cross-section of the community and civic interests.
What services does the agency offer? A wide-range of services is a good sign. This could include: budget counseling for those who are not in debt; debt counseling for those who may need professional assistance digging out; housing counseling for pre-rental, pre-purchase, first-time homebuyer, reverse mortgage, and foreclosure prevention; and the mandated bankruptcy pre-filing counseling and pre-discharge education.
What are the fees associated with the services provided? The agency should be forthcoming about fees, and no fee should be assessed prior to the service being provided. Be wary if the agency says their fees are voluntary. Any set-up fee or monthly fee should be reasonable, with the agency willing to waive all fees in cases of true hardship.
What delivery options are available to you for counseling? Does the agency offer in-person counseling? Counseling by phone? Internet counseling? Is the channel that’s most appealing to you offered?
Is the counselor assigned to you a Certified Consumer Credit Counselor? You want someone qualified assisting you with your critical financial decisions. NFCC certification means that the counselor has passed a rigorous battery of tests measuring their financial knowledge.
Does the agency provide educational classes or workshops? Are any of these tools offered online? Is there a fee to attend? The absence of any true education offered to the general public is a red flag.
Will the agency work with all of your creditors? Some agencies only work with creditors who agree to make a payment to them. A legitimate agency will take a holistic approach to solving your financial distress.
Is there a minimum amount of debt required to be counseled? True credit counseling agencies will work with you regardless of how large or how small your debt may be.
What debt relief options are offered? If the only tool is the Debt Management Plan (DMP), keep shopping. A DMP is a useful tool, and is often the appropriate resolution. However, each consumer’s situation is different, thus the solution should be customized to fit their specific needs. A one-size-fits-all approach signals that you should continue your search.
Are the counselors compensated for writing DMPs? Any such incentive is not a part of a legitimate agency’s pay to their counselors.
How long will your counseling session last? Don’t be tempted by “drive-by” counseling. A counselor simply cannot do an adequate intake of your income, expenses and debts in a short amount of time. An initial session length of at least one-hour is standard.
If you go on a Debt Management Plan, how soon after receipt of your monthly payment will it be disbursed to creditors? The success of a DMP depends on timely, consistent payments to creditors.
What happens to your first payment? Believe it or not, some agencies keep the consumers first payment and consider it a donation. Be sure to ask about this.
Will the full amount of your payment be disbursed to your creditors? The full amount should go toward the repayment of your debts, with no portion going into the agency’s pocket.
How will your deposits be protected? Ask for written evidence that the agency is bonded or insured to protect the consumer from fraud or the agency’s own financial difficulties.
As a final step, check with the Better Business Bureau and your state’s Attorney General to see if there are unresolved complaints about the provider you are considering. Anyone can file a complaint. What is relevant is how the agency resolved it.http://www.ixgw.com/2010/07/how-to-choose-a-legitimate-credit-counseling-agencies/
Legitimate credit counseling agencies counsel and financially educate millions of consumers each year, making financial stability a reality in their lives. It all starts with selecting the right agency. Asking the above questions, and receiving the right answers, will ensure that your credit counseling experience is a positive one.
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Best Financial Advice – Financial Planning | IXGW.com to help you improve your personal finances, get out of debt, invest, make money, save money, plan for retirement, and give you financial help and advice.http://www.ixgw.com
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