Credit Counseling

Category: Finance, Credit.

If you are over four figures in debt to various creditors, you will probably need the services of a bad credit repair service.

If you owe four figures or less to one or two creditors, chances are you may not need this service if you re willing to make some changes to your life style along with some homework. One does not have to be at the brink of bankruptcy to take advantage of a bad credit repair service. Credit Counseling. They should provide classes to help teach you how to manage your money better. Bad credit repair services, also known as debt reduction services, should offer and emphasized credit counseling. Unfortunately, people in general are not born with the instinct to handle money properly. The good news is that it is never too late to learn how to manage money.

For most of us, we learn through our mistakes. In fact, you should bring all the spenders in your family in on these credit counseling services. You can find a good quality credit counselor on your own. It does you no good if you are the only one who can manage money, and yet the rest of the family as well your spouse, keep on spending money like there s no tomorrow. This is especially true if you are in the military, a college student or a member of a credit union. They can offer you advice over the phone or over the Internet, but it is usually best to go see them in an office to get one of one counseling.

A lot of these places often have credit counselors available to help you. Your local bank may be able to recommend credit counseling services as well as bad credit repair services too. Whether you decide to use a bad credit repair service or not, there are still some basic things you ll need to do in order to get the debt and stay out of debt; Determine exactly how much you make. The Main Goals. Determine exactly how much you spend. If you own several credit cards, you should seriously consider cutting them all up except for one.

Cut down on your costs until you re spending less that what you are earning. Perhaps you should get a consolidation loan. Since the housing market has gone soft, the US government is encouraging mortgage lenders to go easy on all their clients. This should help you lower your interest rate costs.

Many Companies Provide Bill Consolidation Advice On Following Which You Will Be Immensely Benefited

Category: Finance, Credit.

Clearing up huge bills is a challenging task for any busy individual. Bill consolidation makes it easy to manage accounts and the procedure also reduces the rate of interest in the long run.

There are experts and professional companies working round the clock in the field of bill consolidation, to help such individuals by rendering services and offering information. Further, the consolidation companies also negotiate for their customers with creditors to remove late fees and penalties. There is no need to grab an offer in haste. With heavy competition amongst bill consolidation companies, consumers are thoroughly benefited with the various offers and discounts. Before signing up a bill consolidation service, it is very important to evaluate the terms and conditions of the companies along with comparable rates and quotes prevailing in the market. Companies focusing on debt management compete with each other in providing best deals in bill consolidation and debt management services rather than bankruptcy and debt settlements.

Sufficient precaution should also be observed in verifying payment statements before approaching consolidation companies. While searing the best bill consolidation service provider company, it is essential to know the payment times of all the accounts. At the time of signing up the companies require personal information during the period about balance of account with names of all creditors. Usually reputed bill consolidation companies make payments of accounts on stipulated dates by taking into account existing rates. The bill consolidation companies carefully performs its obligations by reducing the creditors interest rate and control to remove late and delayed payments or any other fees levied by creditors. Your various accounts will be merged and subsequent payments will be made by the bill consolidation company from the single payment you are making. When you opt for bill consolidation you need to make a single payment to the bill consolidation company.

Also, they charge a small percentage for their services which is negligible when compared to the relief you are getting out of the services. Also, if you consider the late payment fee that every company will charge in default of your bills, the amount the bill consolidation company is charging will become insignificant. You can lead a serene life without worrying about the trips that you have to make to pay the various bills. Bill consolidation companies charges their customers in two ways i. e. they will charge a huge amount before starting your account with them or they will take monthly charges. Also, through bill consolidation the credit rating can be improved as every payment is made within the due date. It is always better to opt for monthly charges as you can terminate their services if you find them contemptible.

Many small loans like medical bills, installment on home loans, credit card loans and personal loans can be combined together to form a single mortgage account. Many companies provide bill consolidation advice on following which you will be immensely benefited. This way you can avoid late fees and penalties and also in the long run saves much money than you think. Federal and state governments, financial institutions and bill consolidation company websites are the different sources from which an individual can get appropriate advice on financial matters. But, before giving your personal details you should do adequate research about the company and when found it reliable, you can reveal the details and can get a sound financial advice.

Read more...

Is It A Good Thing To Claim Bankruptcy, Or A Bad Thing - Finance and Credit:

Over the years I have heard many different views on whether or not somebody should claim bankruptcy. Well unfortunately I know first hand the effects of bankruptcy, it devastates your credit and if I had the choice over, I wouldn t do it.

Your Credit Report And Credit Score Can Serve You To Determine Your Creditworthiness

Category: Finance, Credit.

Test for errors in your score by testing for credit reports from all three chief credit bureaus.

There are several reasons that may cause a rotten credit score to be assessed by the top credit bureaus- too several debts or outstanding bills, below par credit, bankruptcy to debt relationship, missing loan payments, not paying taxes and contradictory reports to collection agencies from a retailers. Interpreting this phase will create you typically with your previous credit history and you may locate errors in verifying the information presented in all three credit reports. Your credit report and credit score can serve you to determine your creditworthiness. Stretching payments by merely paying the minimum permissible sum can red flag a unhealthy financial position to those determining your score. Zeroing present loan balances completely can also serve your credit score. In the eyes of your creditors they will be less trusting with some expansion of added credit. Maintaining a balance over 50% of your credit limit can begin to adversely bear upon your credit score.

If you cannot vanquish your balances off completely make it a target to vanquish your balances off to 50% of your credit limit. The basic action to build up your credit score is to consider the sources that have the extreme impact on your credit score. You are required to have fewer outstanding bills, debts, taxes, liens and delinquencies to increase your score. Initially, your credit record plays a key role in determining your score. Unexpectedly sufficient, declining to take credit for a long historical age can discouragingly impact your credit score as well. Showing that you had credit accessible but make use of it judiciously sends a message of being sensible with the credit given to you.

This is since lenders will not have any approach to previous activity to consider you as a credit consequence. Professionals can be sought to form a more personalized game plan to see you through your personal credit issues. As an illustration, should you locate a delinquent payment you are sure you have paid you can adjust the inaccuracy by sending a letter with proof that you made the payment on time. The method outlined above can be applied to a lot of situations to boost credit scores, although there are businesslike advisors and credit counselors to serve if your credit matters are extra complex. Resulting through with a correction like this can basically raise your score in about 30 days.

Read more...

How Can My Credit Card Make Me Money - Finance and Credit:

You see great interest free balance transfer credit cards advertised everywhere, but if you re the disciplined type who has managed to avoid building up a hefty credit card debt, these offers won t mean much to you.

Over 50% Of All Credit Card Data Is Stolen At Restaurants - Rosemarie Frahm about Finance and Credit:

Identity theft cases happen at restaurants and other locations for dining very often. We hear about identity theft very often.

But There Are Drawbacks To Small- Business Credit Card Usage As Well - Lily Crum's Finance and Credit blog:

Business credit cards are primarily allocated for business use only, and provide a simple track record of company expenses.

The Demand Letter Is The First Thing That Pro Collection Agencies Can Do

Category: Finance, Credit.

Collection agencies are third party companies that creditors hire to recover debt payments of their debtors.

Consumers must not give in to the professional collection agencies strategies and carefully weigh their options when paying off their debt. Whether this proves effective to their cause of recovery debts owed to them or not, consumers must remember these few things that professional collection agencies can do in performing their job. What collection can do depends on the reactions they get from the consumers after they sent out their first demand letter. This letter contains information about the unpaid debt with statement encouraging the consumer to call the collection agency to discuss further settlement of the debt. The demand letter is the first thing that pro collection agencies can do. The next thing that professional collection agencies would do is to call up the consumer and explain demand for repayment. They can also recommend to their clients to file a lawsuit against the consumer should the letter and phone calls fail to settle the issue.

If they failed to contact the consumer or the consumer refuses to cooperate, the pro collection agency will report the case to the country s debt bureau. In case the debt issue gets further out of hand, consumers should now that the collection agencies can not seize any of the debtors assets, bank accounts or any other tangible properties. Also, professional collection agencies can not publish in any public media anything about the debt issue. Even if there is already a pending lawsuit, the collection agencies still do not have the right to do these things unless the court has granted them the right to do so. They can only disclose information about the debt issue to the credit bureau where they reported the case to. And lastly, the most important thing that every consumer should remember when faced with a collection agency is that, these agencies do not have the right to harass the consumer, or threaten them with any physical attacks just to make them pay off their debt.

Likewise, the collection agency does not have any right to call the debtor s company and inform the HR department about the debtor s obligations or worst insinuate that the employee be fired. Consumers should never feel guilty about what they owe when approached by collection agencies. The collection agency staff will always persevere and are determined to intimidate consumers to make them pay their debt. Professional collection agencies are staffed by people who are train to motivate and encourage people to do things in their favor. It is their job to collect debt and they do this task through talking and lots of talking. Or better, to reach an amicable settlement of the debt in the most convenient manner for the consumer. The only way that consumer can get rid of pro collection agency staff is to outsmart and out talk them.

Read more...

It S Really A No- Brainer To Get Set Up To Accept Debit Cards - Finance and Credit Articles:

Many businesses wonder when they are thinking about getting set up to accept credit cards whether they should accept debit cards as well.

However, Debt Settlement Is Not Without Its Drawbacks - Finance and Credit Blog:

The most popular solutions to the problem of heavy debt burden is to get a debt settlement or file for bankruptcy. In this article we assess the benefits and drawbacks of debt settlement.

Are You Wondering How These 0% Credit Card Offers Work - Finance and Credit Blog:

After the holidays you may start to receive all of your credit card statements and realize that there is no way that you will be able to pay everything off the way you need to. You can avoid all of this if you start taking advantage of the 0% balance transfer credit cards that are out there and yours for the taking.

However, There Is Only One Web Site Where You Can Get The Real Free Credit Report Online: Www. Annualcreditreport. Com

Category: Finance, Credit.

A few years ago, the government passed a law allowing every citizen to receive a free annual credit report to track their credit history with the recent increase in identity theft.

Your score is not provided in this case. This report is easily available online and provides you with all three national credit reporting agencies information on your credit history. Because of the popularity of this new law, many con artists and identity thieves have come out of the woodwork, creating free credit report web sites to scam people out of money as well as steal their identities- ironically, something the new law was supposed to help stop. However, there is only one web site where you can get the real free credit report online: www. annualcreditreport. com. There are over 100 free report web sites online at the moment. These scammers often charge a" small fee" to receive what was supposed to be a free credit report. You can detect these scam web sites in several ways.

There are also fake web sites that record your personal information, by asking for your Social Security number or asking for credit card information, from which anyone can steal your identity or run up charges on your card and ruin your credit. Most of these scam web sites have a similar name to the official free credit report web site, but you can discern the difference because these web sites often have misspelled words, or small grammatical, typos errors, like a period being out of place. Even if they ask you for your credit card information and state that they will not charge you a fee- this should be suspect. Also, as most of the web sites charge you a fee to get the report, remember that you are entitled annually to a FREE credit report. If you get an e- mail or solicitation, be sure to read the fine print carefully before responding. Remember, you can get your free credit report either online at the above- mentioned web site or by phone or mail.

Some have found that certain web sites or solicitations do offer a free credit report, but you have to enter your credit card information, and by doing so, you authorize them to charge your card for credit monitoring services. You can also contact any of the three national credit report agencies, Equifax, Experian, and TransUnion, and they can also point you in the right direction.

Read more...

Obtain A Credit Card Having The Lowest Rates On Interests As Much As Possible - Jannie Aguilera about Finance and Credit:

There are different credit cards that will surely put you in deep trouble if you don t know how to properly use them.

Credit Card Checks Are Not Free - Rosetta Debois about Finance and Credit:

Credit card companies have worked on numerous innovations and are constantly evolving to create a better experience for card holders, one of the latest innovations is credit card checks. These checks are particularly useful when payments have to be made to organisations that do not accept credit cards.

The ANZ Gold Credit Card Is Mostly Known For Its Rates - Finance and Credit Blog:

The Australian market is littered with cards like this that seem great on the surface but when you dig deep you uncover hidden fees, restrictions and otherworldly interest rates. However, there are a few cards in Australia that are known to be hassle free and convenient.

How Exactly Do You Go About Finding An Online Consolidation Loan

Category: Finance, Credit.

If you are looking for a debt consolidation loan you may want to check out the option of an online loan.

Land based companies are usually the ones that will offer an online loan to you. Getting an online loan can be an easier and more convenient way than the more conventional methods. How exactly do you go about finding an online consolidation loan? You of course will need to have the time to research these companies, but they are there and ripe for the picking. Basically if you have a computer and access to the Internet you have all you need to find an online loan. A consolidation loan can help you by making it just one low payment a month instead of several higher ones. Make sure you have all of the account numbers and the amounts that you owe to provide in the proper sections of the application.

After you find the one you are looking for it gets even easier by making it available for you to apply online for the loan. Some other information they will want to know is where you are employed, how long you have been employed and how much you make. After being approved for an online debt consolidation loan they will pay off your high interest rate debts. These applications are usually very secure and can give you an answer regarding a loan within minutes of applying. Basically this then leaves you indebted to the company that gave you the loan. This is the main benefit to any kind of consolidation loan, whether online or not.

But usually in this case you are now only responsible for one payment that has a much lower interest than your previous debts. When it comes to any questions or concerns about your online debt consolidation loan there are usually ways of contacting the company, either through email or even through a toll free number that can be called. As you can see getting an online debt consolidation loan is pretty similar to most consolidation loans. This is an important aspect of finding a good online consolidation loan, making sure they have an easily accessible customer service department and one that is good at what they do. The only thing about an online loan is that it is easier and more convenient for you. So if you like the sound of this and are in need of debt consolidation, getting an online loan could be the best thing for you. The paperwork and application process is all done from your home at any time that is good for you.

Read more...

Provides 0% Intro APR On Card Purchases - Finance and Credit Articles:

There are hundreds of new credit card offers available in the U.

Today It Seems That Everyone Has A Credit Card

Category: Finance, Credit.

Today it seems that everyone has a credit card. So, exactly what is the benefit to having a credit card?

There are people everywhere charging their gasoline, coffee and every other item you can think of. Why are all these people busily charging their purchases instead of paying hard cold cash? When you are walking around with cash in your pocket it is very easy to spend your money quickly without realizing you are doing it. The first benefit of having a credit card is the ability to keep close watch on your purchases. A credit card helps you track your money with a two- fold method. This makes you very aware of the money that you are spending. The first part of the method is actually reaching in your wallet and pulling out your credit card.

For whatever reason, many people think a bit harder about charging a purchase on their credit card than they do when they have cash in their pocket. You have a complete rundown of everything you have spent your money on throughout the month. The second method for tracking your purchases is through your monthly statement. If you are trying to budget your money, having a monthly list of charges makes it glaringly obvious where you may be wasting money. Another benefit of having a credit card is the availability of services that are only open to you if you have a credit card. You can total up the number of times you purchased a three dollar cup of coffee and see what that seemingly harmless purchase can add up to in a month.

It is virtually impossible to rent a car or hotel room without a credit card. The credit card company protects your purchases, as well. A world is closed to you if you cannot produce a credit card. Some credit card companies even provide insurance for purchases and even extend warranties. And if your card is stolen most credit card companies will not hold you responsible for the purchases made by the thief. Your credit card company will protect you if you are wrongfully charged also.

The bottom line is that responsible credit card ownership provides many benefits to the consumer. Pay off your purchases at the end of every month and you will find that you are able to acquire all the benefits without paying the price. If you are disciplined with your card you will find that the perks far outweigh any downside.

Read more...

Keep Any Credit Card Balances Low - Finance and Credit Articles:

Ok, so you find yourself with a low credit score. Well one of the first things to do is make sure that you start paying your bills on time, as obviously the aim of this exercise is to improve your credit score and get you back in line financially.

Fees Charged By Credit Card Companies To Use The Credit Card - Finance and Credit:

Credit card companies charge various fees for credit card usage.

We All Know Criminals Are Out There, Waiting To Steal Our Information - Finance and Credit Blog:

We all know criminals are out there, waiting to steal our information. Most of these thieves are very far away.

If You Already Have A Number Of Cards, Try Canceling Ones That You Don T Use Any More, As Having Too Much Credit Available To You Already Will Be A Hindrance To Obtaining Further Finance

Category: Finance, Credit.

The past decade or two has seen a real boom in credit card use, with competition between issuers leading to ever lower rates of interest, and a consistent, constantly improving features relaxing of acceptance criteria.

Card issuers were also desperate for custom, such are the potential profits available to them from every customer, and so having your application approved was usually quite a straightforward matter. Such has been the activity in the marketplace that it s become quite normal for people to carry several cards, often building up quite a collection as attractive new offerings tempt them into making yet another application. This situation has seemingly come to a screeching halt, with many people finding that it s far more difficult these days to get a new card. The basic answer is that we re facing a global credit crisis, where banks themselves are finding it increasingly difficult to obtain the credit they need in order to finance lending to their customers. Why is this? The causes of this crisis are complex and beyond the scope of this article, but in essence the years of easy lending have come back to haunt the banks.

The banks thought that they had covered the risks of lending to these customers via a complex system of financial machinations, and so lent money with what many analysts now say was reckless enthusiasm. Lending criteria had become so relaxed that finance was extended to people who would never have been considered previously, because their credit profile made them a risky prospect to lend to. Unfortunately, many of these loans are now being defaulted on, leaving some banks facing huge losses, and the whole system of lending money is freezing up as financiers worry about who owes what and how much will be lost. This doesn t mean that you really can t get a new card with better features though- you just might need to try a new approach. This is feeding through into consumer lending in the form of higher interest rates and drastically raised acceptance criteria, making it much harder to have your credit card or loan application approved. Firstly, you may well have to lower your sights a little, and apply for one of the second tier cards rather than an all singing and dancing one from the best buy tables. Also, it makes sense to give your credit file a spring clean, making sure that it doesn t contain any inaccurate information, and that you don t have any overlooked debts unpaid that you didn t know about.

These elite cards are only available to the select few, and many people who were once considered prime customers are now slightly less than prime as lenders adjust their criteria. Sorting out any small problems of this nature will improve your chances of being approved. If you still have balances on these cards, then you may consider a debt consolidation loan to be a worthwhile idea, allowing you to get rid of those old expensive card debts and package them up into a cheaper and more organised loan. If you already have a number of cards, try canceling ones that you don t use any more, as having too much credit available to you already will be a hindrance to obtaining further finance. There s no telling how long the current financial problems will last, and indeed we don t know if we ll ever see a return to the days of easy credit, but by following the above steps you ll at least maximise your chances of having your application approved, whatever the future might bring.

Predatory Home Loan Sharks Are Coming Under Increased Pressure From Consumer Campaigners Concerned At The Number Of Australians Falling Victim To Rogue Lenders

Category: Finance, Credit.

Predatory home loan sharks are coming under increased pressure from consumer campaigners concerned at the number of Australians falling victim to rogue lenders.

The need to keep a roof over their head could leave some families vulnerable to lenders operating on the fringes of the credit market. It is feared the problem could get worse as interest rate hikes force struggling families to refinance their home loans. Typically, predatory lenders target people in financial trouble, such as a, who have assets home, but little ability to repay a refinanced home loan. Cases of predatory lending are characterised by high levels of default. Often the sole intention of predatory lenders is to strip as much cash from their victim as possible by charging very high interest rates, excessive commissions and charges. The Credit Ombudsman Service Limited has pointed out most predatory lending cases see borrowers default quickly, due to the high interest rates charged.

Often the tragic outcome for those who fall victim is the loss of their home and any equity they may have built up while repaying their home loan, causing real hardship for the families affected. Defaults sometimes occur as soon as the first month. The issue has become so serious that a coalition of consumer groups and financial industry bodies has been set up to help raise awareness and to help tackle the problem. According to Australia s Credit Ombudsman service, many victims of rogue lenders are vulnerable people who are less able to stand up for themselves. The coalition includes the Public Interest Law Clearing House, The Australian Banker s Association, the Consumer Credit, Legal Aid NSW Legal Centre, Abacus and the Mortgage and Finance Association of Australia. They are pre- dominantly people already in financial difficulties, pensioners, Centrelink recipients, non- English speakers or people with learning or mental health disabilities. Two sad cases highlighted by the NSW Consumer Credit Legal Centre show just what can happen.

Rogue lenders get around consumer protection rules, such as the Uniform Consumer Credit Code, by structuring loans to fall outside of the credit code s jurisdiction. An unemployed couple, contacted the consumer, with four children watchdog, after being stung by unscrupulous money men. The couple, who had fallen into serious arrears on their original home loan, also needed to raise money to pay off debts, register their car and convert a garage into an extra bedroom for an expected fifth child. The family had gone to a broker when their home was threatened with repossession by their lender. The broker, who had been informed of the couple s income, set up two high interest loans, one at a whopping 26% . The family ended up owing$ 65, 000 more than their original home loan, with little hope of ever repaying the debt. The broker was paid$ 15, 000 dollars in fees and commission on top of the lender s fees.

In another devastating case, who had lived, a migrant couple in Australia for 35 years, lost their home after going to a broker to refinance their home loan to repay debts incurred due to a family crisis. Home owners facing financial hardship and considering refinancing their home loan can get free, independent financial advice. The couple in their 60s had been repaying their home loan for 25 years, but after the broker arranged three loans in a couple of years they found they were unable to meet their repayments. They can contact one of Australia s state sponsored financial counsellors such as the Victoria state Consumer Action Law Centre , who are keen to help people avoid falling prey to the home loan sharks.

Credit Cards

Category: Finance, Credit.

Just about everyone knows what a credit card is. Do you know what a charge card is?

It's the little piece of plastic with which you buy and pay on credit. Do you know that the two are very different from each other? On the contrary, there are several differences between the two types of cards that determine how you use them and what you get out of them. Sometimes people are led to believe that a charge card and a credit card are the same thing. Credit Cards. It can be better to have a credit card because they have no annual fees and they allow you to pay off your debt when you like.

Credit cards are beneficial to you if you need to buy on credit and can afford to pay on a balance along with the interest fees. Charge Cards. They allow you to buy things that you cannot pay for now, but because of the periodic pay off requirement, it keeps you from getting into debt further than you can escape from. If you are the kind of person who would be able to pay off your debt when the card company requires it, charge cards are a good investment. Whether you are willing to pay on interest rates and be allowed a credit balance or pay annual fees and get great rewards is up to you. There are benefits and pitfalls to both sides, but if you manage either or both of them wisely, you will be able to reap the benefits they bring and control the expenses they incur. Depending on what kind of spending you need to do and how well you will be able to pay it back are big factors to consider when comparing the two types of cards.

Another difference is that credit card holders must pay interest fees. They only have to pay the minimum monthly requirement. This is because the card holders are not required to pay their debt in full periodically. Interest is where credit card companies make their money. One difference between a credit card and a charge card is that credit cards allow you to have a balance. Though they do not require you to pay your bill completely by a certain deadline, they do charge you interest for the entire time that you do not have it paid off.

Charge cards do not, because they require that you pay in full the amount that you charge on an annual basis. With a charge card, you must pay off the amount you owe periodically, no matter how great the amount is. This is how credit cards can be used for long periods of time without ever being paid off, though payments are made monthly that may reduce the balance, but never actually eliminate it. Credit cards give you the opportunity to pay off your balance whenever you want, but charge cards have more rewards. Depending on who the card holder is and what their spending habits are, preferences between charge cards and credit cards differ depending on the person. There is such a thing as a rewards credit card, but many charge cards outweigh these in benefits.

The different aspects of each can determine which one is the best for you.