Comments on: Zero Interest Credit Cards – Using 0% Apr Credit Cards to Stay Out of Financial Trouble http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/ Thu, 01 Jul 2010 05:38:05 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: avb17018411 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/comment-page-1/#comment-2621 avb17018411 Sat, 15 Aug 2009 04:13:23 +0000 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/#comment-2621 woww that's really relax and beatiful soung .good picture of jhony depp ! woww that’s really relax and beatiful soung .good picture of jhony depp !

]]> By: Bunny Boo http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/comment-page-1/#comment-2630 Bunny Boo Sat, 15 Aug 2009 00:21:01 +0000 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/#comment-2630 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! :-) 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!
:-)

]]> By: monkeymanbob http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/comment-page-1/#comment-2618 monkeymanbob Fri, 14 Aug 2009 22:35:39 +0000 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/#comment-2618 Nice work, you did pretty good. Nice work, you did pretty good.

]]> By: me http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/comment-page-1/#comment-2626 me Fri, 14 Aug 2009 21:23:08 +0000 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/#comment-2626 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 ==================== 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. =============== Plan C is filing for Chapter 7 bankruptcy. Keep all options open and do what is best for you. 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
====================

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.
===============
Plan C is filing for Chapter 7 bankruptcy. Keep all options open and do what is best for you.

]]> By: georgiegirl http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/comment-page-1/#comment-2627 georgiegirl Fri, 14 Aug 2009 15:35:25 +0000 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/#comment-2627 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. 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.

]]> By: Iris http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/comment-page-1/#comment-2629 Iris Fri, 14 Aug 2009 07:21:30 +0000 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/#comment-2629 The short answer is yes it will drop your credit score. The better bet is to arrange to move all of your credit card debt to one low interest card. Then CUT up everything else, including the new card. Make no new charges and pay down as much of the credit card debt each month that you can afford. Going forward pay with everything with cash until you are out of debt, and stick to a budget. Then you can use your credit card, only when you can pay the balance off at the end of each month if you want to use a rewards program, or in the event of an emergency. Beyond that you need to only owe on your mortgage, and maybe a car payment if necessary. The short answer is yes it will drop your credit score.

The better bet is to arrange to move all of your credit card debt to one low interest card. Then CUT up everything else, including the new card. Make no new charges and pay down as much of the credit card debt each month that you can afford. Going forward pay with everything with cash until you are out of debt, and stick to a budget. Then you can use your credit card, only when you can pay the balance off at the end of each month if you want to use a rewards program, or in the event of an emergency. Beyond that you need to only owe on your mortgage, and maybe a car payment if necessary.

]]> By: TheTroubadourMusic http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/comment-page-1/#comment-2623 TheTroubadourMusic Fri, 14 Aug 2009 02:14:45 +0000 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/#comment-2623 :O :O :O how is this not a real photo? :O

:O

:O

how is this not a real photo?

]]> By: SRL http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/comment-page-1/#comment-2632 SRL Thu, 13 Aug 2009 08:47:58 +0000 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/#comment-2632 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. There is a better way. 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. 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. There is a better way.

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.

]]> By: warah110 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/comment-page-1/#comment-2622 warah110 Thu, 13 Aug 2009 07:16:27 +0000 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/#comment-2622 Perfect. Perfect.

]]> By: nikki http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/comment-page-1/#comment-2631 nikki Wed, 12 Aug 2009 23:25:49 +0000 http://www.creditcardera.com/2009/08/zero-interest-credit-cards-%e2%80%93-using-0-apr-credit-cards-to-stay-out-of-financial-trouble/#comment-2631 Try http://personal-financial-help.solutionsarticles.com they aren't that bad (7% for me) and definitely quick. The Idea is to find a loan at less interests than you pay now, and fixed interests. Credit cards can have high interests so it shouldn't be difficult to beat them, depending on your credit score. Whoever you go with, you should always check if they belong to the American Bankers Association at http://buyersguide.aba.com or at least the https://www.bbb.org the above people do. Try http://personal-financial-help.solutionsarticles.com they aren't that bad (7% for me) and definitely quick.
The Idea is to find a loan at less interests than you pay now, and fixed interests.
Credit cards can have high interests so it shouldn't be difficult to beat them, depending on your credit score.
Whoever you go with, you should always check if they belong to the American Bankers Association at http://buyersguide.aba.com or at least the https://www.bbb.org the above people do.

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