The US is facing one of the toughest economic challenges in history. The Obama administration is doing everything in its power to put the financial state of the country back on track. The Credit Card bill is one of the government’s solutions to the glitch. In turn, the controversial legislation will give rise to better credit card consolidation policies and other practices implemented by the banking industry.
While this sounds like good news, the efforts of lawmakers to take the credit card burdens off consumers’ backs will remain futile if American cardholders are not aware of the benefits that credit card policies bring. Here is a rundown of reasons as to why cardholders drowning in the sea of debt should try their luck at credit card consolidation.
1. This will save you from the skyrocketing yearly fees.
One of the complaints raised against the banking industry is the sky-high rates that they annually charge on consumers. The problem is compounded when holders have multiple credit cards since this would mean multiple annual fees to get rid off.
Although having multiple credit cards raises your purchasing power, it can also be problematic when it comes to paying off the fees attached to each of them. To enjoy the gifts and manage the curse of having several credit cards, try credit card consolidation. On the other hand, before using this as your reason to have your credit card debts consolidated, be sure that the bank would not charge you with higher interest rates and other undeclared fees. If you are not keen enough to notice these charges, you might pay high fees per annum even with the shield of consolidating your debts
2. With credit card consolidation come perks from card issuers.
Believe it or not, some credit card issuers are willing to pay holders for them to consolidate their loans. This might sound too good to be true, but this is a strategy used by banks to entice consumers. Some issuers are even willing to offer you a privilege to transfer your good credit card debt to their account, and in exchange, they would lower your debts from your outstanding credit card balance. However, remember that receiving a carrot does not mean you are spared from the stick. Beware of hidden fees and other sneaky tactics that banks may impose on you. Be sure to study the policies, terms and conditions before signing anything.
3. If you have a bad credit card score, you definitely need a credit card consolidation.
A bad credit card score will hinder your loans from being approved. Needless to say, it leaves a bad record on your account. To avoid the situation from going out of hand, consolidate your credit card debts since you no longer have the financial capabilities of making payments and catching up on repayments.
Credit card consolidation is another option that you can consider to save you from falling deeper into the quicksand of debts. Do not allow your bad credit card score make an unsightly mark on your financial records. Take action and consolidate your credit card debts now.
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For your inquiries, you may want to visit the Credit Card Consolidation site.
Incredible! He looks so life like. Just amazing…and what a beautiful subject
Great talent Der Mann.
A loan consolidation and a debt consolidation are the same. A bank loans you enough money to pay off credit cards or loans (like a car loan). They group it all into one single loan through them (hence the word "consolidation"). So they take all your outstanding "debt" and put it in one single loan with a fixed monthly payment.
A credit card consolidation can be one of two things:
First – You take a credit card and "transfer" the balances of all your other credit cards onto it. Then you have only one single credit card bill.
Second – A debt consolidation loan where you get a loan through a bank to pay off credit card debt. Sometimes the bank will want you to cancel the cards too. Not always.
Hope this helps!
I do not believe that using debt consoliation is a good plan. Personally I would not spend even $25 (it's usually 100s) of dollars for this kind of service that could be going towards the actual debt instead. Instead, I would work 3 jobs to pay these off.
The majority of people who do consolidations do not change their behavior, which is the main problem. You could be right back in the same boat.
See the source below for the hows of getting out of debt., This is not easy, and it is not a gimmick. I can testify that it works. Type in the "Baby Steps" in the search field to get started
STAY AWAY from any "debt consolidation" company that promises to cut your debt in half through debt settlement….This is a risky tactic of deliberately ceasing all payments to creditors and forcing your accounts into default to attempt settlements. You pay a monthly fee to a debt consolidator….this entire fee goes towards building a settlement account and to the consolidator's fees to “settle” your accounts in the future. Your credit card companies will deliberately not be paid so that all the accounts will default/charge-off so that they can attempt settlements at around 50%. If you are current on your accounts, this process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances…You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.
None of these “debt consolidation” firms have the power to force your creditors to accept settlements. Your creditors have the right to refuse these terms and take you to court.
If you have already defaulted on your cards or they're past due, then you can negotiate directly with your creditors. See Suze Orman's advise:
http://www.youtube.com/watch?v=jS43XFa3KGU
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Plan B is entering a Debt Management Plan (DMP) with a non-profit credit counselor like CCCS (Consumer Credit Counseling Services). Contact your local Red Cross for a referral. They can negotiate lower payments and interest rates. They do not negotiate settlements.
They will require you to stop using all credit and to cut up your cards. Your credit report will be updated to "enrolled in debt management." This does not damage your credit, but it may make it impossible to obtain new credit while you are enrolled in their program….so don't use this service if you anticipate applying for a new apartment, car loan or mortgage anytime soon, as you would probably be denied while you're enrolled in the CCCS debt management program…. Otherwise, it can be a very good way to deal with your debt.
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Plan C is filing for Chapter 7 bankruptcy. Keep all options open and do what is best for you.
Think of debt settlement as "bankruptcy on lay-a-way", cause the bank looks at them similarly. Settling the debt for less than the amount thay you rightly owe the your creditors will have show on your credit report.
Assuming you qualify for a consolidation loan, this is only a temporary fix if you don't correct what got you here to begin with.
List your debts from smallest to largest. Pay only the minimum on everything but the smalles, and pay as much as you can on it. Once it's paid off, take what you were paying on and apply it to the next smallest, pay it off and work your way down the list.
Cut up the cards, pay for cash and spend less than you make.
Rarely do they help.
The fact is, you owe more money than you feel like you can pay. You have to change the very behavior that is causing it. The consolidation companies figure out what you owe, add one new (additional loan) to the mix (they loan you the money to pay the others off) and then they charge you more interest. They then go to the credit card companies and negotiate on your behalf for a lower rate, or better terms.
You end up just owing MORE people MORE money.
Does that sound like a way out of debt?
Not to anyone else either.
You have to change your life to change this behavior.
Start at the website below–but the real problem is that you are living beyond your means.
You need to increase your income (a second job, more hours, sell handicrafts); decrease expenses (spend less, move into a cheaper house/apartment); or sell assets (sell the car, and walk to work, hold a garage sale.)
Yeah, I know it hurts. But you haven't been in charge of your money–you've let it get in control of you.
Don't spend the rest of your life fighting against creditors. Take control now.
The website will help you to make some tough decisions, and give you some great advice–but it is HARD WORK.
There are no good credit consolidation companies, because none of them change your attitude towards your money. You must.
Please do not consolidate. It is not free, they will lower your payments by increasing the length of time until you are debt free, and you will take a hit on your credit score. Or they negotiate your debt down after telling you not to pay for awhile adding another hit to your credit score. Student loans are the only debt that can garnish your wages for non payment without taking you to court first. Just list them out on a piece of paper or a spreadsheet and follow the plan. If you work the plan, the plan will work for you.
A. Have a garage sale and sell anything that you no longer need or want.
B.Get a temporary part time job, if you have one, get another.
Here is a plan that can help you. If you work the plan, the plan will work for you:
1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Put everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an "emergency fund" category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don't even have to worry about it. You must cut your spending and live on less than you make.
2.First get current on all of you debts and make no more late payments. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.
3.Pay the minimum due on all of your debts and then put your extra money towards paying off the highest interest one first. After you get that one paid off, you put the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off faster. When that is paid off, you put all three payments towards card #3 and that one will be paid off pretty quickly. As an example:
To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment
Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment
Debt #1: paid off
Debt #2: paid off
Debt #3:Minimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.
That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.
4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Put that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.
5a. When you have your emergency fund in place, add a category for "fun" to your budget. Save for a holiday, a vacation, a big screen, or dinners out, whatever goal you want. Remember to enjoy your life.
5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plan at work and contribute the maximum. Your employer probably matches at least part of your contribution so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.
5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.
You can do it and it isn't as hard as you think. Just follow the plan.
Very nice!!
woww that’s really relax and beatiful soung .good picture of jhony depp !
Many people think that using a consolidation company is one step away from declaring bankruptcy. This is not necessarily true. Not every credit card company or lender of credit thinks this way; it's subjective. A consolidation company, for some people, is the best way to get out of debt.
You’re really good man. You’ve got excellent talent.
Perfect.
:O
:O
:O
how is this not a real photo?
sure dude, here I found tons more. It'll take a month to read it all.
I've found some good information here too…
http://www.safelinked.info/jump.php?link=debt
Hope that helps.
Nice work, you did pretty good.
Brilliant Willy, Just Brilliant =D
I would suggest you try to find a local place where you can see someone face-to-face (as opposed to over the phone). A good, reputable non-profit is CCCS or Consumer Credit Counseling Services. They will set up an appointment with you and ask you to bring in a bunch of information: your last few pay stubs, all your bills and statements, a copy of your credit report (if you have one handy, if not, they can pull one), etc.
They will go over everything with you and let you know what they can do to help. They are not able to consolidate all bad debts, so be aware of that up front. They are nationally recognized, so they are able to negotiate pay offs for you as well as lower your interest rates on credit cards and the like. They can even change the terms (like the monthly payment). After they contact all your creditors, they take into account your monthly income and come up with a figure that will not stretch your budget beyond what you can afford. They will ask you to make a monthly payment to them and then they will divy up the money to the proper people.
After a month or two, it will show up on your credit report that certain accounts are "in consolidation". That is not a bad thing per se. Creditors can at least see that you are taking responsibility.
CCCS might also ask that you make a small donation since they are a non-profit. They've been known to waive the fee if you absolutely cannot afford it. One important thing to remember is that you cannot default on your agreement. It looks really bad credit-wise if you do…so just make sure you're ready to embark on the repayment. The length of time really depends on the severity of the debt (which looks fairly bad) and how much your monthly payments are.
I hope that helps and I wish you the best!
