Archive for October, 2010

Credit Card Debt – The Saddest News You Will Ever Hear About the Card Debt You’re Paying

October 19th, 2010

 

The saddest news you will ever hear about your credit card debt is not your 30% interest rate or even the fact you will be 92 years old when you make that last payment provided of course you don’t use the card anymore. It’s far worse! You’ve been suckered into a card game you can never win! Sorry to be the one breaking the news to you but there are some things you can do to get even with those card sharks.

Sometime in the past 30 years you looked forward to getting that first card which announced to the world you had come of age, were trustworthy and could get whatever you wanted for the asking because some large financial institution said they were standing behind you all backed up by a contract with so much fine print you couldn’t read it without a magnifying glass.

After the zero interest transfer rates ran out when you had attempted to juggle your accounts, you began to notice the pain in your backside especially around your wallet area was getting worse and that wallet pain quickly turned into a continuous headache. The unseen superglue on the card had worked and the little plastic demon was now firmly attached to your financial life.

To see exactly how you became a slave to the card company use the search term “Frontline-the credit card game” and take notice in the beginning of this PBS special when they introduce you to the other man in the White House. This mastermind of debt set the stage for the current economic crisis.

Other large financial institutions used the mastermind plan to entrap the entire population in a vicious cycle of debt which included none other than the United States government. You only have to look around to see the devastating effects of greedy bankers gone wild. Business slowdowns, shutdowns and bankruptcies produced a cascading domino effect leading to the present economic meltdown.

All this led to the biggest government bailout of financial institutions considered too big to fail in the history of the world. You may remember the multimillion dollar bonuses handed out to top executives as a reward for devising the largest transfer of wealth scheme ever devised and guess who’s going to be paying that tax bill for years to come.

Are you ready to get even? Ready to stop paying that credit card bill and stop worrying about it? Here’s one easy way of doing it. Use the search term “FTC debt video” and watch the cartoon show. You’ll see the basics on handling collection phone calls and written notices. Some people are using digital recorders to make money when collectors violate their rights. Use the search term “man wins $1.5 million in debt collector lawsuit” to see for yourself.

When you respond to written collection notices with a demand for proof of debt, you’ll discover the collectors can’t furnish legal proof under the 1966 FTC law. Bad news for the bankers but the best news you’ll ever hear about your credit card debt. Live life and have fun!

-By: Phillip Emerson

Download the free e book Control your Creditors and get instant debt relief at http://www.philscircle.com or http://www.creditcarddebtprotection.com and live a debt free life.

 

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Charge Off on Credit Report – How Can You Get Rid of It?

October 18th, 2010

Charge Off on Credit Report – How Can You Get Rid of It?

You have a debt charge off on credit report and you are wondering whether you can get rid of the entry in an attempt to raise your credit score. Well, there is good news and bad news. The good news is yes the debt can be corrected but not removed and the bad news is it will take some time to do so. And the further bad news is that once the entry is corrected, it will be several months before you see a positive change in your credit score.

No doubt, you have heard it said that an ounce of prevention is worth a pound of cure. That statement is quite true in the area of your financial health. It is a lot easier to keep a debt from being charged off than it is to correct or remove the debt once it appears on your credit report. And while the credit bureau has an obligation to verify the information contained in your credit file, it is under no duty to remove negative information which it has verified to be yours.

Despite the ads by credit repair companies that they can remove such entries from your credit file, the truth is they cannot and even when they do, the debt will most likely reappear. So it is in your best interest to take a reasoned and legal approach to resolving the matter. What then can you do legally?

You can contact the creditor or debt collection agency and work out some type of compromise settlement of the debt. The debt collection agency as paid a reduced amount for the debt so it has room to work out a settlement of less than face amount. Usually, you are going to get the best deal if you can make a one time payment. If you have to make installment payments, then you will most likely have to pay a larger percentage of the face amount of the debt.

One critical matter of importance you should be aware of. Paying less than you owe on a debt will reduce your credit score even more. That means once you reach an agreement, you need to get in writing that when you pay the agreed upon amount the creditor or debt collection company will report the debt as “paid as agreed” rather than as compromised and settled.

-By: Jason Rodriguez

Don’t let the fear of your debt take over your life. To learn more about how to deal with debt and charged off on credit report visit us at http://findingdebtsolutions.com

 

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What is the Credit Crunch and How Does it Affect Me?

October 18th, 2010

 

We’ve all heard the term Credit Crunch all over the news and media recently, but what does it actually mean and how will it affect you? In basic terms, the Credit Crunch is where there is a sudden reduction in the availability of Credit and loans and / or a tightening of conditions and lending criteria that is required to lend money from Banks and Financial Institutions. In a Nutshell, Banks either don’t have enough money to lend or don’t want to lend it due to high risks involved or to try to build back up their reserves.

How does it affect me at Home?

For a start, it’s going to be very difficult for you to borrow money for any reason. Interest paid on credit card purchases will go up as providers try to recoup losses. Getting a Mortgage will be difficult if not impossible as mortgage products have practically vanished from the market, with the ones left having very strict lending criteria. The good news is people with existing Tracker Mortgages will benefit as Central Banks reduce base lending rates to try to increase borrowing meaning less monthly mortgage payments.

How does it affect me at Work?

The Credit Crunch affects both Employer and Employee. If you’re an employer you will likely be noticing a downturn in sales caused by customers trying to save their money or repaying debts instead of spending it. This will be coupled with pressure on profit margins from increased supplier costs and increased discounts you will have to give to entice customers. Trying to get or increase an overdraft will also be very difficult and if you are lucky enough to get one be prepared to pay extortionate interest rates as banks try to recoup losses.

As an Employee be prepared to wave good bye to bonuses, pay rises and job security for a while. Hopefully you won’t be one of the unlucky many who lose their job due to bankruptcy or redundancy as firms try to get themselves in the best position to survive the Credit Crisis. You might even be asked to take a pay cut or drop in hours to keep your job.

How does it affect my Personal Wealth?

It will affect your personal wealth in two ways. The first is the value of your property is likely to decrease as people stay away from house purchases due to lack of funds, mortgages or confidence causing prices to fall. If you have a high Loan-to-value ratio you may be in danger of slipping into negative equity which can prove very tricky if it’s time to remortgage or sell.

The second place you will be hit is through your savings. Interest rates paid out on savings will soon become non-existent as the base rate falls and Banks try to give you back as little as possible to help their earnings. If you rely on interest from your savings to live on it might be a good time to look at alternatives, equally your money could be at risk if your money is kept in a troubled bank or building society.

-By: Mark E

Mark Price recommends Creditcrunchnews.org for daily updates of Credit Crunch news [http://www.creditcrunchnews.org] and articles on Credit Crunch Related issues, keeping you one step ahead of the Global Recession [http://www.creditcrunchnews.org] with articles on how it can affect you and how to avoid being hit too hard by financial strains to come.

 

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Good News For All Soon to Be Credit Counseling Clients

October 17th, 2010

 

If you are under the gun with high credit card debt today is your lucky day to say the very least! What we are saying is that the United States Federal government has issued at a set of bylaws referred to as the CARD Act of 2010 that will not allow card issuers to raise interest rates on outstanding balances. They will also have to watch the way they provide credit cards to the under 21-year-old’s so they will be required to get proof that the cards are affordable and show how it will be repaid. These poor unfortunate credit card companies must give customers the option to opting in for an overdraft facility, instead of being automatically enrolled. That’s big news and along with the credit counseling clients or the soon-to-be credit counseling clients of 2010 and beyond it is fantastic news.

Soon To Be Clients

The good news for all soon-to-be credit counseling clients is that the Federal government has put the laws in force and put them in force today, August 20, 2010, for your benefit and for the protection of all consumers in United States of America that are usually under the gun with the issuers or credit cards. The debt crisis in America is of pandemic proportions and in order to get a handle on this runaway train the American government has enacted a new set of law’s that affects both consumers and the credit card issuers and holds them accountable for every action that is deemed their responsibility.

Big Homes Big Bills

While it is important to realize that this good news needs to be looked at from a variety of perspectives and angles it is also time to do a little bit of celebrating today as this is your benefit mainly. We feel that the credit card issuers and companies of credit have had long enough to line their pockets and pad their bank accounts and live in their giant oversized-homes as most of the United States population with credit card debt suffers under the stress and strain of such credit worthiness.

Time to Party?

To say that a party will be happening on every street corner tonight in the United States of America is stretching the truth a little bit but there will be some very happy individuals who normally are not so happy especially after they go to the mailbox and find 27 late letters for credit card balances that are as low as $75. It’s a new dawn in the United States of America for the credit card issuers and for those who want to be part of the credit counseling population it’s a good opportunity to join that listing as well.

Credit Counseling Resources

-By: Forrest Lee

If you have over $10k in unsecured debt it could be a wise financial decision to consider using a credit counseling service. Due to the recession and overwhelming amount of people in debt, creditors are more than willing to work with credit counseling services to negotiate your debt balance. There are also other debt relief options. Check out the links above to speak with a debt counselor for a free consultation.

 

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Small Business Access to Credit – The Startling Facts You Need to Understand to Clear the Hurdles

October 17th, 2010

 

Can you believe that 50% of first year businesses do not make it to the next year? Did you know that 95% of businesses fail within 5 years of being established? It is because of these percentages that lenders and other financial organizations consider many small businesses to be ‘high risk’.

High risk businesses (and even some non-risk businesses) have an extremely difficult time finding and obtaining business credit. So, why are lenders so afraid to lend out funding to start-up and current businesses?

Let’s take a look the real side of small business access to credit….

Uncertain Economy

An uncertain economy has a lot to do with the ability of a small business access to credit. During a recession, or even a falling economy, people are not spending money. Therefore, they are not going to small businesses for materials like they do when the economy is good.

Small businesses are not getting near enough business to stay afloat and lenders are perfectly aware of it. Lenders are skeptical to lend out money in fear of never seeing repayment.

Outstanding Loans And Credit Card Balances

This goes hand in hand with the uncertain economy. More business owners default on a loan during a rough economy. Lenders have hundreds of thousands of dollars in back loans that they are unable to provide more opportunities for small business access to credit.

If they are not paid for the capital they have lent out, they could risk going out of business themselves. This is especially true for private organizations that need the paid interest rates on loans and credit cards to keep them going.

Lending Standards Restrict Small Business Access To Credit

The lending standards that the government places on small business loans and credit cards have a lot to do with small business access to credit. Tighter regulations for small business loans means less and less business owners will qualify for the credit they need to keep their businesses in business.

Stricter regulations will help the lenders keep the money in house, but they will also increase the unemployment rates as small businesses will be going out of business. It is critical that small business access to credit be open or we could see a drastic decrease in the amount of business opportunities available to people.

All of these factors contribute to why lenders are not offering business credit to businesses. Small business access to credit is becoming smaller and smaller and smaller. So, if you are considering starting your own business I want you to understand the ‘Why’ so you feel more confident when you begin your quest to obtain credit for your business.

Hey! It’s not just me whining and crying. This attitude is out there regarding small business credit. I am just letting you know. Here is just one article in The Wall Street Journal – A Credit Crunch That Lingers.

Keep in mind that this type of thinking and this flow of information will discourage a lot of people from seeking small business credit leaving more opportunity for those that do want to succeed and who also realize that it is just a matter of understanding how the credit game works when it comes to getting business credit

Know what to do and how to do it, and ideally before you start to do it, and your chances of success will be much higher

And after all, how can we expect a business to flourish when there is very little small business access to credit? It almost seems as though businesses are being set up just to fail…. BUT!

Remember the more people turned off by all the negative news on the economy is this ‘credit crunch’ the more room left for you to bear down and start or expand your business!

-By: Shawn M Casey

Shawn Casey Understands From Personal Experience The Obstacles You Will Face When It Comes To Getting Small Business Access To Credit. He Also Has A Lot Of Other Free Information Regarding Establishing Business Credit When It Comes To Starting Or Growing Your Own Business. He Wants You To Learn The Credit Game And Then Play It To Win.

Small Business Access to Credit – The Startling Facts You Need to Understand to Clear the Hurdles

Can you believe that 50% of first year businesses do not make it to the next year? Did you know that 95% of businesses fail within 5 years of being established? It is because of these percentages that lenders and other financial organizations consider many small businesses to be ‘high risk’.

High risk businesses (and even some non-risk businesses) have an extremely difficult time finding and obtaining business credit. So, why are lenders so afraid to lend out funding to start-up and current businesses?

Let’s take a look the real side of small business access to credit….

Uncertain Economy

An uncertain economy has a lot to do with the ability of a small business access to credit. During a recession, or even a falling economy, people are not spending money. Therefore, they are not going to small businesses for materials like they do when the economy is good.

Small businesses are not getting near enough business to stay afloat and lenders are perfectly aware of it. Lenders are skeptical to lend out money in fear of never seeing repayment.

Outstanding Loans And Credit Card Balances

This goes hand in hand with the uncertain economy. More business owners default on a loan during a rough economy. Lenders have hundreds of thousands of dollars in back loans that they are unable to provide more opportunities for small business access to credit.

If they are not paid for the capital they have lent out, they could risk going out of business themselves. This is especially true for private organizations that need the paid interest rates on loans and credit cards to keep them going.

Lending Standards Restrict Small Business Access To Credit

The lending standards that the government places on small business loans and credit cards have a lot to do with small business access to credit. Tighter regulations for small business loans means less and less business owners will qualify for the credit they need to keep their businesses in business.

Stricter regulations will help the lenders keep the money in house, but they will also increase the unemployment rates as small businesses will be going out of business. It is critical that small business access to credit be open or we could see a drastic decrease in the amount of business opportunities available to people.

All of these factors contribute to why lenders are not offering business credit to businesses. Small business access to credit is becoming smaller and smaller and smaller. So, if you are considering starting your own business I want you to understand the ‘Why’ so you feel more confident when you begin your quest to obtain credit for your business.

Hey! It’s not just me whining and crying. This attitude is out there regarding small business credit. I am just letting you know. Here is just one article in The Wall Street Journal – A Credit Crunch That Lingers.

Keep in mind that this type of thinking and this flow of information will discourage a lot of people from seeking small business credit leaving more opportunity for those that do want to succeed and who also realize that it is just a matter of understanding how the credit game works when it comes to getting business credit

Know what to do and how to do it, and ideally before you start to do it, and your chances of success will be much higher

And after all, how can we expect a business to flourish when there is very little small business access to credit? It almost seems as though businesses are being set up just to fail…. BUT!

Remember the more people turned off by all the negative news on the economy is this ‘credit crunch’ the more room left for you to bear down and start or expand your business!

-By: Shawn M Casey

Shawn Casey Understands From Personal Experience The Obstacles You Will Face When It Comes To Getting Small Business Access To Credit. He Also Has A Lot Of Other Free Information Regarding Establishing Business Credit When It Comes To Starting Or Growing Your Own Business. He Wants You To Learn The Credit Game And Then Play It To Win.

Small Business Access to Credit – The Startling Facts You Need to Understand to Clear the Hurdles

Can you believe that 50% of first year businesses do not make it to the next year? Did you know that 95% of businesses fail within 5 years of being established? It is because of these percentages that lenders and other financial organizations consider many small businesses to be ‘high risk’.

High risk businesses (and even some non-risk businesses) have an extremely difficult time finding and obtaining business credit. So, why are lenders so afraid to lend out funding to start-up and current businesses?

Let’s take a look the real side of small business access to credit….

Uncertain Economy

An uncertain economy has a lot to do with the ability of a small business access to credit. During a recession, or even a falling economy, people are not spending money. Therefore, they are not going to small businesses for materials like they do when the economy is good.

Small businesses are not getting near enough business to stay afloat and lenders are perfectly aware of it. Lenders are skeptical to lend out money in fear of never seeing repayment.

Outstanding Loans And Credit Card Balances

This goes hand in hand with the uncertain economy. More business owners default on a loan during a rough economy. Lenders have hundreds of thousands of dollars in back loans that they are unable to provide more opportunities for small business access to credit.

If they are not paid for the capital they have lent out, they could risk going out of business themselves. This is especially true for private organizations that need the paid interest rates on loans and credit cards to keep them going.

Lending Standards Restrict Small Business Access To Credit

The lending standards that the government places on small business loans and credit cards have a lot to do with small business access to credit. Tighter regulations for small business loans means less and less business owners will qualify for the credit they need to keep their businesses in business.

Stricter regulations will help the lenders keep the money in house, but they will also increase the unemployment rates as small businesses will be going out of business. It is critical that small business access to credit be open or we could see a drastic decrease in the amount of business opportunities available to people.

All of these factors contribute to why lenders are not offering business credit to businesses. Small business access to credit is becoming smaller and smaller and smaller. So, if you are considering starting your own business I want you to understand the ‘Why’ so you feel more confident when you begin your quest to obtain credit for your business.

Hey! It’s not just me whining and crying. This attitude is out there regarding small business credit. I am just letting you know. Here is just one article in The Wall Street Journal – A Credit Crunch That Lingers.

Keep in mind that this type of thinking and this flow of information will discourage a lot of people from seeking small business credit leaving more opportunity for those that do want to succeed and who also realize that it is just a matter of understanding how the credit game works when it comes to getting business credit

Know what to do and how to do it, and ideally before you start to do it, and your chances of success will be much higher

And after all, how can we expect a business to flourish when there is very little small business access to credit? It almost seems as though businesses are being set up just to fail…. BUT!

Remember the more people turned off by all the negative news on the economy is this ‘credit crunch’ the more room left for you to bear down and start or expand your business!

-By: Shawn M Casey

Shawn Casey Understands From Personal Experience The Obstacles You Will Face When It Comes To Getting Small Business Access To Credit. He Also Has A Lot Of Other Free Information Regarding Establishing Business Credit When It Comes To Starting Or Growing Your Own Business. He Wants You To Learn The Credit Game And Then Play It To Win.

 

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