Secured Debt Elimination

Originally posted 2010-12-15 00:08:42. Republished by Blog Post Promoter

Secured debt consolidation is another name for loan consolidation. The thing is that most people have several types of debts that accumulate in time and get a lot of effort to manage particularly in terms of paperwork. Instead of working with all the creditors at the same time, why not get a single monthly bill for all. Here are some ideas to help you with secured debt elimination.

How can this get you out of debt? Well, the answer to this question is complex and tricky. The whole purpose of getting a secured debt elimination is to reduce the monthly interest rates, which is only possible by a renegotiation of the contract terms. Before taking this step, you should find out about the fees and the credit contract conditions. With secured debt elimination you should first handle credit card debt, as it has the highest interest rate of all.

Try to prevent credit card debt as much as you can: there is no tip better than this. It is a huge mistake to spend your budget in advance when you do not have an emergency. Millions of Americans make the mistake of investing in unnecessary things. Only use the credit card when you have an emergency such as some medical bills that need to get paid for which the health insurance provides insufficient coverage or when some other accident requires immediate cash.

With some Secured Debt Elimination program you should be able to manage budget in a lot more profitable way, but sticking to the one condition we’ve mentioned before: that of reasonable expenses. Moderation in consume would not have put people in financial difficulty in the first place. Moreover, you need to know what expenses are worth using the house as a collateral because such a decision has major implications for the future. Do not get a home equity loan until you are sure that there is no other solution available for you!

Another thing that should be on your mind when trying to achieve secured debt elimination is the comparison of rates and prices. Sometimes lenders with a higher interest rates are more profitable because they do not charges balloon fees for instance. Therefore, the best solution here is to shop around for the best alternative. You certainly need to make an informed decision!

The Shady Side of Debt Collection

Originally posted 2010-03-27 23:47:24. Republished by Blog Post Promoter

You’ve probably been told that a debt discharged in bankruptcy is not collectable. But that won’t stop some shady debt collectors from trying.

In some cases, they try many years later – long after the 4 year statute of limitations has run out. You may become a target because they’re working old files in hopes of making a few dollars, or because they’ve seen your credit report and know that you have now rebuilt your credit and are paying all your accounts as agreed. That’s a sign that you probably have the money and can pay them if they can convince you that you must.

Here’s how they do it: They file a lawsuit against you to gain a judgment. Then, instead of actually having you served with the lawsuit, they use what is commonly referred to as "gutter service." This means that the process server literally throws the lawsuit papers into the gutter, so you never see them. Thus, with no answer from you, the judgment is granted.

But you don’t have to pay it.

Not only are you not obligated to pay a debt discharged under a bankruptcy proceeding, you aren’t obligated to pay a debt if it has gone uncollected for 4 years since your last charge or payment.

If this happens to you, simply tell the collector that you have no obligation to pay. Fax and mail a certified letter to the collection agency telling them WHY you are not obligated to pay. Include proof that the debt was discharged in your bankruptcy, or that the debt is so old that it is no longer collectable.

Some collectors will try to scare you into sending a payment – and that is the worst thing you could do. Just one dollar paid on that debt will re-set the statute of limitations, and they can legally hound you for another 4 years.

Other debt collectors will cite your moral obligation to pay the debt. Perhaps you agree that you have a moral obligation – but not to the collection agency. If you have an obligation to anyone, it would be the person or company that extended credit to you all those years ago.

The problem for you, right now, is that this shady debt collector will have placed a notice on your credit bureau file – and it will affect your credit scores. In this case, your next move is to dispute the claim.

You’ll need to file a dispute report with each of the three credit bureaus. They will then have 30 days in which to investigate and when they find that it is, indeed, a debt that was discharged years ago, they will remove the information from your credit report.

All negative information remains on your credit report for 7 years, so if your debt is only 5 or 6 years old, don’t expect it to be removed just yet. The bankruptcy itself will remain for 10 years. is the #1 source on the planet for a free credit report, identity theft software and a blog with a wealth of information writtten by lending professionals that know about credit and what determines ones creditworthiness.

Article Source: ArticleSpan

Originally posted 2011-12-15 05:30:27. Republished by Blog Post Promoter

Credit card debt or any other debt can be extremely constructive. Many people live in a form of bondage because of their debts. Credit card debt consolidation is one way to set yourself free from debts.

The disadvantage of taking secured debt consolidation loans is that your collateral will be taken away if you fail to make your monthly payments on the loan. Many debt consolidation secured loans are preferred because of their low interest rates. Some debt consolidation companies demand that you pay a particular amount of cash for them to process any request. Stay away from such companies. You should be looking for a debt consolidation company that is transparent about their business and services. Transparency and honesty are the two qualities that a legit debt consolidation company must and should have.

Debt consolidation can be a miracle worker where your debt is concerned because it can help you reduce the amount of monthly rates that you will have to pay. You can have your payment period ruled back by getting a debt consolidation loan. Debt consolidation loans enable you to pay smaller monthly payments at a convenient pace.

Credit report is a vital part of the debt consolidation process. Your credit report enables a debt consolidation agent decide the best debt plan for you. Do not do business with any debt consolidation company that isn’t too eager to ask you questions related to your finances. Credit card debt is one of the most common forms of debt in America. Many people often run mad with worry over the best way to handle their credit card debts. Thanks to debt consolidation, credit card debt can be a thing of the past.

Debt consolidation plans are often individualistic in nature because they cater to the individual debt needs of people. The magnitude of debts for you may warrant a different debt consolidation plan. It is always important that you should be upfront with your debt manager so that the right debt consolidation plan is put in place for you.

Paul Williams III serves as a financial master and contributer for some of the top credit repair sites. He has authored a lot of articles about personal finance, credit card debt reduction, debt consolidation, and offers vital debt reduction services and credit repair strategies.

Solutions for the Management of Debt

Originally posted 2010-03-21 06:55:51. Republished by Blog Post Promoter

In today’s receding economy, thousands of people are struggling just to make ends meet. With numerous layoffs around the country every day, the pressures of potential job losses can cause fear and stress, especially when faced with debts like credit card or mortgage payments. Many people, unable to keep track of the escalating monthly payments, are threatened with bankruptcy and foreclosure, which will ruin credit.

One of the biggest problems is keeping track of all the monthly payments for each credit card or mortgage payment. With a market that was so heavily focused on buying now and paying later, consumers need debt management now more than ever. There are several things that can be done to structure payments so that they are affordable on a monthly basis.

Debt Management
A Debt Management Plan is a method for paying personal unsecured debts (such as personal loans, credit cards, bank overdrafts, and store cards, etc.), which may be so late and out of control that they have become too costly and may even exceed a person’s income. Debt management can consolidate those payments into one low cost, affordable payment.

Debt Settlement
Debt settlement, also known as debt arbitration or debt negotiation, is an approach at debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full. Often a debt settlement company will negotiate with the creditor in the debtor’s behalf to reduce the overall debts in exchange for an agreement upon regular payments. This is normally only used in the case of credit card debt. Many companies have different ways of going about this method, but the desired end result is a payment that the debtor can afford.

Foreclosure Prevention
Often when a debtor is in over their head in mortgage payments, a debt management company may be able to step in, contact the lender, stop the foreclosure process, and review the loan documents with the lender in order to structure a more comfortable monthly payment.

Often good debt management companies are structured to act as a service to help struggling debtors and may be specialized, such as Christian debt management companies. With the situation of the current economy, many consumers are faced with unexpected, escalating debts and out of control payments. A debt management agency specializing in one of the above methods could be the answer to frustrating financial problems and potential credit disasters.

Reliance, Inc runs, an online service specializing in Christian debt management. Art Gib is a freelance writer.

Article Source: ArticleSpan

Originally posted 2012-01-17 16:02:23. Republished by Blog Post Promoter

A great deal of folks are experiencing financial difficulties at some point inside lives. This is seen in the growing credit card bills, unpaid mortgages, as well as the ever-increasing home financing as well as the likes. Meaning, each individual is surprisingly much dependent to the allowable amount of credit which depends found on the persons credit history. Therefore, an advantageous credit history is surprisingly much significant to for every person to be able to have a good credit score so as to be allowed to have a tremendous credit maximum. To be able to do this, a credit repair debt consolidation is a crucial system that could be completed properly as it is supposed to be in order to succeed.

A credit repair debt consolidation is a permissible option to get a better credit score. Whatever the financial status of the person, really, all us are in some sort of the customer debt that we would like to fuse. Whether it is very a small debt these as credit card bills, or bigger debts these as home financing, it usually is a smarter option to consolidate all your credits to have a better view of all your debts as well as for you to be aware on how bigger it gets should you still continue to use your credits and without paying all due interests. It is very hard to have a good credit score plus credit history. Moreover, credit card repair debt consolidation keeps you in control of all your debts. Some strategies are made in order to avoid from having a bad credit.

Initial thing that you should do is to ask for a copy of the latest credit record every 3 to 4 months so you can closely keep an eye to all your debts. Carefully examining your registers these as inaccurate reports like late installments that did not result will aid you better your credit score. 2nd thing that you should do is to prioritize each debt that you really have and pay each of them off according to your priority. Always remember to first pay the debt that causes you a lot of your financial sufferings. You need to try to pay first your debt with all the highest interest and pay the minimal dues for the different remaining debts until you completed paying off the first debt, subsequently you can today proceed to pay the debt with second highest interest.

The third thing to do is to pay regularly and you must pay on time or before the due date. Through paying before the due date or paying on time, your credit score can probably keep or better, it can better.
The last but not the minimum, you should get a credit card that is secured and can not simply aid you better your total credit score but also makes your credit repair debt consolidation battle a swift along with a not too hard task to do so. Paying off all your debts is not that easy but in the event that task is carried out religiously, your credit repair debt consolidation strategy is your key towards a financial versatility.

To find out more, seek help from your credit expert to better get your finances under control.

Debt Relief Tips for Everyone

Originally posted 2010-02-07 05:29:18. Republished by Blog Post Promoter

Wealth of debt can absolutely creep up from out of nowhere for many folks, especially during these tough times. How can we find the debt relief we need?

When you find yourself in debt that seems overwhelming, it is very important to keep in mind to try to stay away from too many financial obligations. All that leads to is stress, stress and more stress, which far too many of us know a little about, or perhaps even a whole lot about.

If your debt condition is at present driving you up the wall then you know how discouraging it can turn out to be, so make sure that you read throughout this article. You might find it to be awfully helpful for debt relief, as well as advantageous to you. Your financial responsibilities start to grow smaller and you might eventually have the chance to start down the path to financial freedom, which is what many people only dream of achieving.

It is your job as a grown up to start thinking more about the future of yourself and for your youngsters, which I’m certain almost all of you have already thought of. Finding out more about the significance of debt relief will alter the way in which you live your life each and every day that you live. You will be more aware of the various things you are purchasing, and the amount of money you are trying to save each month.

Your money should be extremely useful to you but if you consistently are finding out that your money appears to be going nowhere except to pay your monthly debt, whenever you’re able to, then perhaps something in your position requires some improvement. I am hoping that by gathering up enough debt info you will be able to ultimately get your finances under some type of control and find debt relief.

Debt can be controlled by just making some small changes in your way each month. It’s not that I am at all talking about anything major that would affect your entertainment each month or fun times with friends. Simply slow down and pay closer attention to how much cash is leaving your wallet.

If you can continue this kind of responsible behavior over a period of time then you may definitely start spotting tiny changes in the amount of additional cash you have every month.

If all else fails with debt relief, talk to a pro about your current debt condition. There’s certainly someone available more experienced and knowledgeable than you are, who could truly help to turn your world around by giving you the same knowledge that they are mindful of due to studying it over a time. This knowledge could be a lifesaver and can actually brighten the lookout of your future, as well as your kid’s and grandchildren’s future.

Do you have too much debt and barely enough money to pay the bills each month? Discover debt relief tips at

Article Source: ArticleSpan

Debt Strategies to Improve Your Credit Scores

Originally posted 2010-03-08 12:45:11. Republished by Blog Post Promoter

Paying down your debt is a great way to stay on track financially and boost your credit scores. Which accounts should you pay down first? Where do you put your extra money each month to make the most difference? Here are a few ideas that we think make the most sense financially.

Priority #1: Pay down the highest interest rate accounts first.

Doesn’t matter what the amount is. I’m sure you would rather be paying down a debt than applying money to interest each month. Start with the accounts that have the highest interest rates and tackle them first. Then move on to the next one.

Keep in mind the 50% rule. Keep revolving account balances at no more than 50% of the total credit limit. In this economy that’s easier said that done but doing so will produce a better credit score. Regardless, pay off the highest interest rates first. Then tackle the rest of your debt accordingly.

Priority #2: Don’t add any more debt.

Probably the most important part of the plan to raise your credit scores. Old habits die hard, emergencies pop up that swallow money that otherwise would go towards reducing your debt. Credit cards that should be used sparingly can quickly add up. If you can’t afford it, don’t buy it.

Priority #3 Negotiate better terms with your credit cards

You’ll never know unless you ask. Often times credit card companies will reduce your interest rates if you ask. I recently received some convenience checks in the mail from one of my credit cards companies offering a lifetime rate of 3.99%. I quickly called and asked if I could simply have my current balance lowered and they obliged. Wow. All I did was pick up the phone.

Priority #4 Pay extra on secured debts

Secured debts are things like your home, car, boat or other assets that secure your loan. Credit cards are not secured and therefore not tied to any particular asset. Secured debts are usually for large amounts and as a result take longer to pay for. The interest charges on a $100,000 mortgage over 30 years at 6.75% is 133,493.82. Making extra payments on a secured debt such as your mortgage has the potential to really work in your favor. You’ll pay your loan off sooner and free up extra money for the finer things in life.

All of this is easier said than done. Watch and track all of your cash expenditures. Be mindful of how much you are spending on things like groceries and dining out. You’ll be amazed to see just how much you can save. is your resource for free credit reports, credit scores, credit cards, identity theft protection and free credit report repair advice.

Article Source: ArticleSpan

Originally posted 2012-01-03 01:36:46. Republished by Blog Post Promoter

In the current economic climate, everyone is looking for financial savings and for businesses, invoice finance facilities such as invoice factoring and invoice discounting can be a good source of financial savings.

The following are 6 ways in which to lessen the costs of invoice factoring or invoice discounting:

1. Altering your products – A business can create a cost saving through switching products yet depends on what service one is using whether invoice factoring or invoice discounting. Should you be currently using a factoring facility, and you have existing resource within your business that could deal with credit control, it could be that you can save money on your invoice finance costs by switching to an invoice discounting facility in which you do not receive a credit control service as part of the facility. Hence the facility may be cheaper. Alternatively, should you be currently using invoice discounting and you have existing credit control staff within your business, by switching to invoice factoring you’re going to receive a credit control service included in the facility and this may allow you to reduce your staffing cost by not employing credit control staff.

2. Switch between selective and whole turnover invoice finance – Most commonly it is on a “whole turnover” basis that most invoice factoring and invoice discounting facilities operate. Therefore all of your invoices are automatically captured with the invoice finance arrangement and the charges are likely to be determined as a percentage of the value of your invoicing. If you do not have a consistent requirement for cash within your business, for example if you are subject to seasonal trading peaks and it’s these that you require funding for, you may be better off considering a selective facility in which you only factor or discount certain invoices, hence reducing the cost of the facility overall.

3. See the Bad Debt Protection – In the event you already have bad debt protection as part of an invoice factoring or invoice discounting facility you should assess the effectiveness of that cover. The adequacy of your credit limits that are being granted through your invoice company are important and must be thought about. Take into consideration any other provisions on the arrangement such as first loss clauses which show that you are not going to be covered for the first part of any particular loss. In the event that your bad debt protection is not providing you with adequate cover, you may wish to save some money on your invoice factoring or invoice discounting costs by moving to some recourse facility (where you do receive bad debt protection).

4. Drive down the “other costs” involving invoice factoring or invoice discounting – There are numerous of other charges that may be applied by the funder. An example of this is by taking payments by CHAPS rather than BACS. A BACS transfer is usually provided without charge however, a BACS transfer will need longer to clear, and credit funds to your account, than a CHAPS transfer. If you’re able to plan ahead your cash flow requirements you may be able to switch from using to each other in order to reduce the cost associated with your facility. Its also wise to review the other costs detailed on the statement provided by your invoice finance company (normally each month). This will assist recognize the type of other charge you’re incurring and seek to drive them down. For example, if you are being charged re-factoring fees, in respect of overdue debts, it could be economical to spend some time chasing these invoices in yourself, in order to avoid paying these penalty fees.

5. See the exclusions – Most invoice finance companies have the ability to exclude certain transactions from your invoice factoring or invoice discounting facility, even if it is operated over a whole turnover basis. For example, certain types of transactions may be of no interest towards the factor so they may exclude them which can also been known as not notifying those particular transactions. When one can find parts of your company that you could manage without receiving finances against like particular clients or certain transactions, asking the invoice company may enable you to make those non-notifiable, or excluded under the terms of the facility. This may prevent you from the need to pay a fee in respect of those particular types of invoices.

6. Look around and renegotiate – There are a variety of providers of both invoice factoring and invoice discounting facilities. It is a competitive market and a new provider will often be able to quote to you better rates than your existing facility. Similarly, for those who aware of what’s available on the market, your existing provider may be prepared to negotiate your existing rates in order to retain you as a client.

Debt-credit 101

Originally posted 2010-03-13 22:17:27. Republished by Blog Post Promoter

Many americans are in debt – some quite deep. Statistics show that the average American carries an average of $15,000 on their cards . That’s a lot of money! We are an instantaneous society meaning we want what we want when we want it. So when a consumer has a card, it’s often easy to just whip out the piece of plastic and charge purchases.

It’s not that we don’t intend to pay the bill – at least most of the time. Most people have good intentions when it comes to their credit card debt. They’ll pay the bill when they get their next paycheck, they’re expecting a cash windfall and they’ll pay the balance in full then, or they figure they can always make payments. But sometimes life happens and circumstances step in preventing people from paying down their card debt which is how many people get into trouble.

Credit card companies like this and they constantly deluge us with offers of low financing rates with high credit limits all in the hopes that they will run up a debt and then have to pay finance charges which is how they make their money. And those offers are coming to people at younger and younger ages.

It’s not uncommon for a new high school graduate to get a offer that they send in for. Many of these young people love the feeling of being able to charge merchandise without having to pay for it at the time. Many of these young people are also not financially savvy and the debt piles up rather quickly.

If you find you have gotten yourself into a problem with credit card debt, it’s important for you to take steps right now to take care of it. That means you need to pay down that debt as quickly as you possibly can until you can achieve a zero balance. Probably the best idea to get out of debt is to cut up the plastic and then make the largest payments you can for as long as you can to help take care of the problem.

Credit card debt is a fact of life for many Americans and it can affect credit ratings which can cause denial of a loan for a car or a home. Get out of debt as soon as you possibly can. It will reflect well on your credit report and make potential future lenders trust you more as a good credit risk.

College students are running up an alarmingly large amount of debt these days and it is only increasing with the passage of time. The average undergraduate student carries $2,500 in credit card debt and by the time they graduate from college, they are beginning their new lives in the "real world" with debt that they can’t pay.

Students figure: I’ll live like I want to now and then when I get a job it will be easy to pay it back. This is often not the case. Lower-than-expected salaries, plus higher-than-expected living expenses and hefty student loan payments, make handling debt all the more difficult for students and recent grads.

And the worse part about college students having so much credit card debt is that it takes so long to pay it off. Even if they are able to make the minimum payments, by sticking to minimum payments it would take a student more than 12 years and $1,115 in interest to pay off a $1,000 bill on a card with an 18 percent annual rate. If students fall behind in their payments, they get slammed with high late fees. And it’s easy for things to get out of hand.

Of course, there are two sides to this story. Most college students start out with little and even no credit, so having plastic seems like a good idea so they can start building a credit history in anticipation of owning a new or better car and even, someday their own home. Except for if they haven’t been warned of the dangers of using credit cards or are especially naïve, this could be a bad move.

Credit card debt for college students affects many, many aspects of their college lives. They can’t pay their bills regularly and find themselves short of cash. Plus, it can affect their ability to secure a student loan which can be crucial with ever-rising tuition rates. And parents should beware of putting their college student on their own credit card as an authorized user as the same debt can pile up under the parents’ names and cause some serious credit problems.

Armed with the right information, many students are able to establish credit and steer clear of card debt. Even though college students do carry credit card debt, 54 percent of college students pay off their credit card balances every month. Most tend to be responsible and use the card wisely.

However, some of them don’t and they’re getting into trouble. If a person makes it through 18 years of life without any financial wherewithal, it’s very difficult to change their behavior and that’s why it’s so important that parents speak to their children about money management. To keep a college student out of credit card debt, the key is teaching students money management skills before handing them a credit card.

Alphonso Smith has long advocated more personal savings nationaly and less global debt. He has written several books and numerous articles on personal finance. These days he is advocating more help for the middle class, who are the back bone of the economy. For a free 7 lesson e-course that will give your credit more muscle: Click on link below.

Article Source: ArticleSpan

Originally posted 2012-03-09 00:06:31. Republished by Blog Post Promoter

Bad credit is a burden to many people. Bad credit is caused by financial debt. Bad credit prevents people from being able to make purchases, acquire loans, and sometimes even get jobs. If you have bad credit, you should repair it immediately. The information in this article will help you repair your credit.

If you have any pre-existing credit card debt consolidation or debt consolidation loans, you’ll want to make prompt payment and if possible, make an effort to pay back all of your loans as quickly as possible. Throughout the process of repairing your credit, take into account that there are no legitimate shortcuts to fixing your credit. Credit repair is a lengthy process requiring dedication and patience. Take quick-fix offers with a healthy grain of salt, and remember that credit solutions that sound too good to be true usually are. If one does not know what to do to repair their credit they should speak with a consultant or friend who is well educated in regards to credit if they do not want to have to pay for a consultant. The resulting advice can often be just what one needs to repair their credit.

Obtain your credit report frequently. It will be easy to see what it is that creditors see when they are considering giving you the credit that you request. You can actually get a free copy by doing a simple search on the internet. Take a few minutes to be sure that everything that shows up on it is accurate. The easiest way to repair credit is by ensuring that one never has to repair their credit score. By avoiding anything that can damage one’s credit rating, they will also avoid having to do anything to try to repair it. Keeping a clean track record can be the best option.

Identity theft can do a lot of damage to your credit, where someone steals your identity and runs up debt in your name. It way be wise to invest in a credit protection program. Banks usually offer a program where you pay a monthly fee, and your identity and credit are protected from thefts. While having good negotiation skills is helpful when dealing with creditors, more importantly, practice your tone of voice and cadence when speaking. Avoid stammering or stuttering and keep your tone serious. No matter how rude or upsetting a bill collector or creditor may be on the phone, it is imperative that you stay strong and not allow them to hear any nervousness or upset in your voice.

Using an online service to help repair your credit isn’t a bad approach. However, ensure that you know what they charge ahead of time and that there aren’t any hidden fees. Companies who charge per month or pay as you go are the best options for you so you are fully clear as to what you will be paying. The key to successful repair of your credit is to know your rights about how your accounts are reported. If you feel that errors have been made in the way an agency has reported to your credit history then it is in your best interest to know your rights and contact these creditors with that information in your toolbox.

As was said before, a good credit history is vital to economic success in today’s world, so repairing bad credit is a vital first step to financial stability. Educating yourself on how to do so is of great importance, and by using what you have learned in this article, you will be able to get back on the path to good credit.

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