Did you know there is free money available to help you pay off your credit card debt? You're probably thinking, "yeah right, what's the catch?" The catch is you have to know where to find it and ask for it.
What if I told you not only is there free money to pay off your credit card, but also cash you can receive to pay your utility bills, reduce your mortgage, and even give you down payment money to buy a new home? Would you believe it if you heard that you can get $50,000 in free money to start a home based business?
These programs have been around for many years, but at this moment the government is flushing more and more money into these grant programs in order to keep America running. Our economy is at risk, and so is the American competitive edge, and the government is doing everything they can to keep the system running smoothly.
The first priority is two fold. To keep people spending money, keep them in their homes, and keep them in their jobs. This can be achieved by helping people reduce their debt, which is why there is billions of dollars in free grant money.
The second priority is to keep America growing, which is accomplished by helping small businesses succeed. The government is making it easier to start their own business by providing money you might need to start or expand your business.
With free government money, you'll never be asked to pay it back. In fact, you have already paid for it, or will, with your tax dollars. And while millions of Americans are claiming some of these funds for themselves, you can too.
See how much you qualify to receive in free debt grants that you never have to repay. Checks are being received in as little as 7 days, and you could have yours soon too. All you have to do is ask for free grant money...
Monday, February 9, 2009
Reduce Your Credit Card Interest Rates - Three Strategies
Credit card companies have written the rules so that they can change the terms of their agreement at any time. They mail out a tiny 32-page booklet with minuscule print stating the new terms. Who reads these terms? Most people do not! Most people notice the new terms when their minimum payment doubles or even triples. (Like I did.)
You may have made no changes in your account--no late payments, no missed payments--but suddenly you've seen your interest rates leap to rates in the mid to high twenties.
Recently the rate of one of my cards jumped from 9.24% to 24.98%. I called the card company immediately. "If you accept the new terms, then that's the rate," said the Customer Service Representative. "There's nothing we can do about it. Your card has been selected for a change in terms and until the account is reviewed again, that's the rate."
"What if I don't accept the terms?" I asked.
"Then when the card expires, we don't issue you a new one," replied the representative.
It was an easy choice. "Then I don't accept the new terms," I answered without hesitation.
"Then your account will stay at 9.24%. If you change your mind about accepting the terms, please let us know."
I was thrilled. I could keep the lower interest rate and, right before the card expired, I could change my mind and say I accepted the new terms (as long as, by then, the terms were reasonable).
Watch your credit card interest rates, especially if you're carrying a balance. And to keep your interest rates as low as possible, you have several options:
1. Whatever your current interest rate, call the credit company, verify the current APR, and ask for a reduction. If the customer service representative says she cannot give you one, speak to a manager. This used to result in a lower rate quite easily! It works less frequently now, but you can still gather information that can help you. Sometimes the people who work at the credit card companies are as horrified at the new interest rates as the customers. If you don't find someone helpful, simply call again. Find out your payoff options and find out when the card will be reviewed again.
2. When you receive a booklet with new terms in the mail (it comes with your statement and advertisements) don't throw it out! Look for the part that announces your new interest rate. Under that, you should find something about your option to not accept the terms. Call the company and take the option!
3. If you think you can't make the minimum payment, call the company and say you want a payment plan with lower payments. The credit card company may say it would mean closing your account once the card is paid off. That may not be a bad thing for you! How many credit cards does one person need anyway? If your goal is to live debt-free, living without a false sense of dependence on credit cards is certainly moving in the right direction!
Since lending laws and credit card rules are changing constantly, revolving credit is very volatile. Staying in contact with the credit card companies will control the damage until you've paid off your balance.
Joy van Hemert
http://www.deletemydebt.wordpress.com
You may have made no changes in your account--no late payments, no missed payments--but suddenly you've seen your interest rates leap to rates in the mid to high twenties.
Recently the rate of one of my cards jumped from 9.24% to 24.98%. I called the card company immediately. "If you accept the new terms, then that's the rate," said the Customer Service Representative. "There's nothing we can do about it. Your card has been selected for a change in terms and until the account is reviewed again, that's the rate."
"What if I don't accept the terms?" I asked.
"Then when the card expires, we don't issue you a new one," replied the representative.
It was an easy choice. "Then I don't accept the new terms," I answered without hesitation.
"Then your account will stay at 9.24%. If you change your mind about accepting the terms, please let us know."
I was thrilled. I could keep the lower interest rate and, right before the card expired, I could change my mind and say I accepted the new terms (as long as, by then, the terms were reasonable).
Watch your credit card interest rates, especially if you're carrying a balance. And to keep your interest rates as low as possible, you have several options:
1. Whatever your current interest rate, call the credit company, verify the current APR, and ask for a reduction. If the customer service representative says she cannot give you one, speak to a manager. This used to result in a lower rate quite easily! It works less frequently now, but you can still gather information that can help you. Sometimes the people who work at the credit card companies are as horrified at the new interest rates as the customers. If you don't find someone helpful, simply call again. Find out your payoff options and find out when the card will be reviewed again.
2. When you receive a booklet with new terms in the mail (it comes with your statement and advertisements) don't throw it out! Look for the part that announces your new interest rate. Under that, you should find something about your option to not accept the terms. Call the company and take the option!
3. If you think you can't make the minimum payment, call the company and say you want a payment plan with lower payments. The credit card company may say it would mean closing your account once the card is paid off. That may not be a bad thing for you! How many credit cards does one person need anyway? If your goal is to live debt-free, living without a false sense of dependence on credit cards is certainly moving in the right direction!
Since lending laws and credit card rules are changing constantly, revolving credit is very volatile. Staying in contact with the credit card companies will control the damage until you've paid off your balance.
Joy van Hemert
http://www.deletemydebt.wordpress.com
Figuring Out Your Finances With the Credit Card Debt Calculator
If you need to assess your financial situation and find out how bad it is, then what you need is to have the credit card debt calculator in hand. As an online tool, it will give you a true perspective of how far your debt has evolved and give you an overview of what it will cost you financially over the coming years whether it's in five, tend or twenty years. By being able to realize what your actual financial situation is, you will help yourself by staying clear of any new credit card offers that you may receive. The worst situation you could be in is ending up with more credit card debt, more than you will be able handle from where it will be close to impossible finding your way out.
You can find the credit card debt calculator online and you can freely use it to assess where you actually stand with your financial debts. It may seem like a scary thing to do, but it is important to be able to know how you are going to improve your financial future by controlling your credit card status using the information you get. By making use of this tool you will have the perfect way to know what you should do in terms of your spending habit and no other device can help you with curtailing your credit card usage than getting a visual representation of your debt which this tool provides.
Who Makes Use Of This Anyway?
Whenever you decide to look into the various programs or options which would assist you with your credit card debts, the organizations you approach will be making use of the the credit card debt calculator. These organizations use this tool as a means to know exactly what situation they will be working on. This tool will assist them in determining if they should help you out or not. They may not promise good results, but using tools such as this provides a great overview of the best possible solutions that can be derived to help you out.
No matter if you use it personally or use it for a non-profit organization, it is important that you use the credit card debt calculator properly. Use it and take the advantages of knowing where you really stand financially with your credit card debts and you will in the end be happy that you made use of it. The worse thing that you can do is ignore your over all financial situation and end up being in a much deeper hole than you were before. It is a hard and sad situation to look at but it is a necessity that needs to be done so that you can take your financial status into the right direction as quickly as possible.
Luvi Marie Corcuera is a full time Mom and works part time as the Editor of Informational sites like Finance Plans which provides relevant information on various financial topics.
You can find the credit card debt calculator online and you can freely use it to assess where you actually stand with your financial debts. It may seem like a scary thing to do, but it is important to be able to know how you are going to improve your financial future by controlling your credit card status using the information you get. By making use of this tool you will have the perfect way to know what you should do in terms of your spending habit and no other device can help you with curtailing your credit card usage than getting a visual representation of your debt which this tool provides.
Who Makes Use Of This Anyway?
Whenever you decide to look into the various programs or options which would assist you with your credit card debts, the organizations you approach will be making use of the the credit card debt calculator. These organizations use this tool as a means to know exactly what situation they will be working on. This tool will assist them in determining if they should help you out or not. They may not promise good results, but using tools such as this provides a great overview of the best possible solutions that can be derived to help you out.
No matter if you use it personally or use it for a non-profit organization, it is important that you use the credit card debt calculator properly. Use it and take the advantages of knowing where you really stand financially with your credit card debts and you will in the end be happy that you made use of it. The worse thing that you can do is ignore your over all financial situation and end up being in a much deeper hole than you were before. It is a hard and sad situation to look at but it is a necessity that needs to be done so that you can take your financial status into the right direction as quickly as possible.
Luvi Marie Corcuera is a full time Mom and works part time as the Editor of Informational sites like Finance Plans which provides relevant information on various financial topics.
Consumer Credit Card Debt Relief Scams! Are They Real?
I have been in the credit card debt relief industry for just about 10 years now and have been in the financial industry for over 20 years. The point of this article is to give people a heads up on debt relief companies also known as debt settlement or debt negotiation companies. I will give you the pro's and con's of this process and what to watch out for when interviewing a company to help you get out of debt. Before I go on I want to let you know that this will be a rather long article and by the end of it my goal is to have you understand how the debt negotiation/settlement process works in case you don't already know and I would like you to understand the tactics of companies out there that do not truly have your best interest at heart.
First I would like to state that the process of debt negotiation as your means of consumer debt relief is not for everyone, some people are better suited for bankruptcy and others do not have the correct mindset to go through this process.
I would like you to first understand what debt negotiation is and how it works. The goal of a debt negotiator is to obtain a debt settlement for you on the current debt amount you owe your creditor. So for example you may owe one particular creditor $10,000 so the goal of the negotiator would be to have you end up paying back say $6,000. The two main benefits of going through this process are to save money on what you currently owe your creditors and to save time. By just paying the minimum payment with even a modest interest rate you will be looking at 30 or more years to become debt free, with a sound debt negotiation program you will be out of debt within 2-3 years or sooner depending on your current financial situation.
Now you must understand these are great benefits but as with anything in life there are drawbacks, nothing is perfect and this consumer debt relief procedure is no different. For starters your creditors will not be willing to negotiate a debt settlement at all if you are current with your monthly minimum payments. They would prefer you to stay on their credit treadmill for the next thirty years and pay them back over four times the balance in interest alone. So you must fall behind on your payments to put the creditors into a position where they will be willing to settle. Once you stop paying them the ball game changes completely and they will then be willing to talk in terms of negotiating a settlement.
So obviously for some people the beginning of this process will have a negative effect on their credit score. For those who are already falling behind then the negative effect will be no different than it already is. Unfortunately for some people this will be the deterring factor that keeps them from going into debt settlement making them a slave to their creditors for the next thirty years. The good news is that this negative effect does not last forever, in fact once the settlements start coming through your credit score will begin to rebound and go back up. The reason being over 30% of your credit score according to MyFICO is based on how much debt you owe. But if you are stuck in a bad debt situation even if you are current with your payments your score is probably not all that good in the first place, and besides when stuck deep in debt your focus should be on how to get out of debt as quickly as possible, not on your ability to accrue future debt.
Now by falling behind on your debts you must understand that these creditors are just not going to roll over and play dead, they will be calling to try and collect the debt. For some this is not a problem at all, for others it is, that is why I stated above this process is not for everyone and the consumer must be in the correct mind set. From my years of helping people there is no rhyme or reason to how many calls you will receive some clients of mine barely get calls while others get them almost everyday. Something to keep in mind too is that no company has the power to legally stop the calls, so any company that tells you they can is flat out lying.
As you can see like I said earlier there are pro's and con's, but if you can accept the con's you will be quickly on the road to financial freedom and will save a lot of money in the process. Now to get to the meat of the matter and why I named this article "consumer credit card debt relief scams".
We here in America over the past couple of years have been experiencing a very negative downturn in our economy. Thus putting many consumers in a compromising position financially, leaving boat loads of people stuck in credit card debt. So naturally this opened up a much larger market for debt negotiation. Many fly by night companies have been popping up all over the country, many of which are ex mortgage brokers who sold people bad loans and helped them get into this sticky position in the first place. Now I use the word scam which can take on a few meanings, while yes there are some companies out there that are flat out scams and have no intent on doing any work for you at all, most of the times that is not the case. Instead many companies simply do not give people all the facts on how debt negotiation works nor do they truly put them on a plan for success, which I will explain in a minute.
One common issue that most consumers have with debt settlement companies is they do not fully tell them about how the process works, instead they sugar coat things and just preach about the great benefits. I have spoken to countless amounts of people who have signed up with companies and were under the impression that they were going to stay current with their creditors and will never receive any calls. So needless to say this became a huge problem once they began.
Another major problem a lot of these companies have is deceiving people into the kind of savings they will be getting on their debts. Some companies will say they will save you 70% of what you owe. Now while they may get settlements that low what their opting not to tell you is how much you will be saving after you have A) paid them their fees, and B) paid back the creditors. Honest companies will tell you what your true savings will be. If you will save somewhere between 40-50% of what you owe including their fees and paying the creditors than that is pretty darn good. Plus many of these companies will try and guarantee a certain amount of savings, if you hear this run for the hills. NO one in this industry can guarantee a certain amount that is why it is called DEBT NEGOTIATION! They are negotiating to get a settlement for as low as they can get.
Then there are the companies who will let you pay whatever you can to get on their program. These are the worst because they do not truly have your interest at heart and know they are setting you up to fail and not succeed. You must understand to achieve the type of savings I stated above this process should take no more than three years, preferably two or less. And the bottom line is some people simply cannot get it done in that time frame and should realistically be looking into bankruptcy. What these unscrupulous consumer debt relief companies will do is put you on a program for 4 or more years and basically accepts whatever payment you can afford. Knowing full well you are not going to be saving much of anything and will more than likely fail off the program, all they care about is getting the fees and that is it. An honest company will diligently review your budget with you and make sure this is something that you can manage, as well as fully explain to you both the benefits and drawbacks of doing this. And let you make the conscience decision as to whether this is the best consumer debt relief method for your situation.
Another very good way to evaluate a company is to make sure they are registered with the BBB (Better Business Bureau) and that they are in good standings with very few complaints. And if there are complaints make sure they were resolved to the clients liking.
Like I said I have been in this business for almost 10 years now and currently I work for an outstanding company with a great track record and an amazing record with the BBB, the USCA. My company was founded by an attorney who has highly trained debt negotiators who know the business inside and out. If you want an honest evaluation of your situation to see if this is the right method of consumer debt relief for you than follow the link below in the signature file and fill out an application and request to speak with me. I will go over in great detail how this process works and whether you are a good candidate. I hope after reading this article you feel more educated as to how this process works and what to look out for when you are interviewing companies to potentially help you out.
Steve Bis is a senior debt analyst and research assistant with the USCA which practices primarily in consumer credit card debt relief
First I would like to state that the process of debt negotiation as your means of consumer debt relief is not for everyone, some people are better suited for bankruptcy and others do not have the correct mindset to go through this process.
I would like you to first understand what debt negotiation is and how it works. The goal of a debt negotiator is to obtain a debt settlement for you on the current debt amount you owe your creditor. So for example you may owe one particular creditor $10,000 so the goal of the negotiator would be to have you end up paying back say $6,000. The two main benefits of going through this process are to save money on what you currently owe your creditors and to save time. By just paying the minimum payment with even a modest interest rate you will be looking at 30 or more years to become debt free, with a sound debt negotiation program you will be out of debt within 2-3 years or sooner depending on your current financial situation.
Now you must understand these are great benefits but as with anything in life there are drawbacks, nothing is perfect and this consumer debt relief procedure is no different. For starters your creditors will not be willing to negotiate a debt settlement at all if you are current with your monthly minimum payments. They would prefer you to stay on their credit treadmill for the next thirty years and pay them back over four times the balance in interest alone. So you must fall behind on your payments to put the creditors into a position where they will be willing to settle. Once you stop paying them the ball game changes completely and they will then be willing to talk in terms of negotiating a settlement.
So obviously for some people the beginning of this process will have a negative effect on their credit score. For those who are already falling behind then the negative effect will be no different than it already is. Unfortunately for some people this will be the deterring factor that keeps them from going into debt settlement making them a slave to their creditors for the next thirty years. The good news is that this negative effect does not last forever, in fact once the settlements start coming through your credit score will begin to rebound and go back up. The reason being over 30% of your credit score according to MyFICO is based on how much debt you owe. But if you are stuck in a bad debt situation even if you are current with your payments your score is probably not all that good in the first place, and besides when stuck deep in debt your focus should be on how to get out of debt as quickly as possible, not on your ability to accrue future debt.
Now by falling behind on your debts you must understand that these creditors are just not going to roll over and play dead, they will be calling to try and collect the debt. For some this is not a problem at all, for others it is, that is why I stated above this process is not for everyone and the consumer must be in the correct mind set. From my years of helping people there is no rhyme or reason to how many calls you will receive some clients of mine barely get calls while others get them almost everyday. Something to keep in mind too is that no company has the power to legally stop the calls, so any company that tells you they can is flat out lying.
As you can see like I said earlier there are pro's and con's, but if you can accept the con's you will be quickly on the road to financial freedom and will save a lot of money in the process. Now to get to the meat of the matter and why I named this article "consumer credit card debt relief scams".
We here in America over the past couple of years have been experiencing a very negative downturn in our economy. Thus putting many consumers in a compromising position financially, leaving boat loads of people stuck in credit card debt. So naturally this opened up a much larger market for debt negotiation. Many fly by night companies have been popping up all over the country, many of which are ex mortgage brokers who sold people bad loans and helped them get into this sticky position in the first place. Now I use the word scam which can take on a few meanings, while yes there are some companies out there that are flat out scams and have no intent on doing any work for you at all, most of the times that is not the case. Instead many companies simply do not give people all the facts on how debt negotiation works nor do they truly put them on a plan for success, which I will explain in a minute.
One common issue that most consumers have with debt settlement companies is they do not fully tell them about how the process works, instead they sugar coat things and just preach about the great benefits. I have spoken to countless amounts of people who have signed up with companies and were under the impression that they were going to stay current with their creditors and will never receive any calls. So needless to say this became a huge problem once they began.
Another major problem a lot of these companies have is deceiving people into the kind of savings they will be getting on their debts. Some companies will say they will save you 70% of what you owe. Now while they may get settlements that low what their opting not to tell you is how much you will be saving after you have A) paid them their fees, and B) paid back the creditors. Honest companies will tell you what your true savings will be. If you will save somewhere between 40-50% of what you owe including their fees and paying the creditors than that is pretty darn good. Plus many of these companies will try and guarantee a certain amount of savings, if you hear this run for the hills. NO one in this industry can guarantee a certain amount that is why it is called DEBT NEGOTIATION! They are negotiating to get a settlement for as low as they can get.
Then there are the companies who will let you pay whatever you can to get on their program. These are the worst because they do not truly have your interest at heart and know they are setting you up to fail and not succeed. You must understand to achieve the type of savings I stated above this process should take no more than three years, preferably two or less. And the bottom line is some people simply cannot get it done in that time frame and should realistically be looking into bankruptcy. What these unscrupulous consumer debt relief companies will do is put you on a program for 4 or more years and basically accepts whatever payment you can afford. Knowing full well you are not going to be saving much of anything and will more than likely fail off the program, all they care about is getting the fees and that is it. An honest company will diligently review your budget with you and make sure this is something that you can manage, as well as fully explain to you both the benefits and drawbacks of doing this. And let you make the conscience decision as to whether this is the best consumer debt relief method for your situation.
Another very good way to evaluate a company is to make sure they are registered with the BBB (Better Business Bureau) and that they are in good standings with very few complaints. And if there are complaints make sure they were resolved to the clients liking.
Like I said I have been in this business for almost 10 years now and currently I work for an outstanding company with a great track record and an amazing record with the BBB, the USCA. My company was founded by an attorney who has highly trained debt negotiators who know the business inside and out. If you want an honest evaluation of your situation to see if this is the right method of consumer debt relief for you than follow the link below in the signature file and fill out an application and request to speak with me. I will go over in great detail how this process works and whether you are a good candidate. I hope after reading this article you feel more educated as to how this process works and what to look out for when you are interviewing companies to potentially help you out.
Steve Bis is a senior debt analyst and research assistant with the USCA which practices primarily in consumer credit card debt relief
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