Debt Consolidation ? Can You Negotiate with Your Credit Card Company?
The average American household has nearly $10,000 in credit card debt, and many people are only able to make the minimum payment of 2% of the balance. Even 2% is $200, and by paying the minimum payment, you could be paying on the balance for decades before you finally pay it off. Since new legislation will make it more difficult to file for bankruptcy, it may occur to savvy debtors to try to negotiate a better deal with their credit card company in order to make it easier to pay off the balance. Is this possible?
ęCopyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.
Credit Card Blues
For the average American family, debt, and especially credit card debt is spiraling out of control at a record pace. The average household credit card debt has risen dramatically from $3000 in 1990 to over $8000 today. Personal bankruptcies are also at an all time high, prompting Congress to consider a radical bankruptcy law overhaul, designed to weed out those who are merely taking advantage of the system loopholes while directing many to more palliative alternatives such as a debt management program.
Re-Mortgages ? There?s Help For Bad Credit Ratings On The Way
As any report on the subject will reveal, million of UK consumer are staggering through life under the weight of poor credit scores as a result of County Court Judgements being issued against them.
How to Find the Best Debt Consolidation Secured Loan
If debt is a way of life for you, it's time for you to consider finding a debt consolidation secured loan. This loan is designed so that you can pay off some or all of your debt, leaving you with a single low monthly payment instead of multiple payments that keep increasing as time goes by.
The first but definitely not the easiest thought that comes to most people when they are neck-deep in debt is to file bankruptcy. Filing bankruptcy seems to be the last straw left in the deluge of unpaid bills and abusive creditor calls. The situation is somewhat like this. You buy whatever catches your fancy and you thank yourself you had the blessed credit cards. It's good as long as you are spending.
How To Get Rid Of Debt Problems Step 4 -- How To Get Interest On Your Debts Frozen
The first thing to understand is that there is categorically noguaranteed way to get interest frozen.
Bad Credit Debt Consolidation Loans - Getting a Debt Consolidation Loan, Even With Poor Credit
An online debt consolidation loan allows even people with a poor credit to reduce their overall monthly payments and regain their financial footing. While there are personal loans that allow you to do this, tapping into your home's equity is a better option.
Debt consolidation ? Options for Reducing Credit Card Costs
Americans are using credit cards more than at any time in history, and credit card companies are reaping record profits. One of the reasons that the credit card industry is so profitable is that so many of us use our credit cards unwisely.If you have good credit, you can get a credit card with a reasonable interest rate; say 10% or so. You can keep that rate by paying your bill on time. On the other hand, if you pay your bills late or fail to pay in full, then you will have to pay late fees and interest. Late fees often range between $15 and $29; some card issuers may charge even more. Adding to the pain of paying late fees, however, is the likely change in interest rates on your card if you pay late. A late payment may trigger a substantial increase in the interest rate on your card, and that "reasonable" interest rate of 10% may suddenly rise to 20% or even 25%!It's hard to pay off your credit card balance when you have late fees and 25% interest, so this is something you definitely want to avoid. If you usually pay on time, and you pay late once and are charged a late fee, ask your credit company if they will waive the fee. They will often do it ? once. Some will not do it at all, but it is always worth taking the time to ask. If they are unwilling to help you, then you may be better off shopping around for a better credit card deal elsewhere. You can often save money by transferring your balance to a lower interest credit card, if you have one. Competition has been fierce during the last few years among credit card companies, and it is fairly common to receive "promotional" rates of less than 5% if you transfer your balance to another card. Be sure to read the fine print, however. Those low rates usually apply only to transferred balances, and not to new charges placed on the card. There is usually a time limit associated with the promotional rate, and higher rates may apply at the end of the time limit, perhaps even retroactively!In summary, if you want to minimize your credit card costs, try the following: Shop around for a credit card with a low interest rate.Pay your bills on time. A good way to do this is to pay online. That way, you won't have to worry about your check being delayed in the mail.Transfer balances from high interest rate cards to cards with lower rates.Use your cards wisely. If you can pay cash, do it.A few simple steps can save you a fortune in interest charges and late fees.
Guide to Debt Consolidation Loans
Here is a useful guide to Debt Consolidation Loans. A Debt consolidation loan is a loan used to repay several other loans. A Debt Consolidation Loan is a low cost loan secured on your home. It frees up the spare capital (equity) in your home to repay your store card and other debts. It can reduce both your interest costs and your monthly repayments, putting you back in control of your life.
Debt and Bill Consolidation - Signs You Need To Consolidate Your Debt
If your debt is becoming difficult to get on top of, here are some questions to ask yourself to help you determine if you need some help managing or consolidating your debt. If you answer yes to any of these questions, you should probably consider applying for a debt consolidation loan or seeking help from a debt management service.
A Simple Question We All Wonder - Are Debt Settlement Companies Scams?
Are debt settlement companies scams? It's a simple question so does it have a simple answer?
How To Get Rid Of Debt Problems Step 3 -- How To Negotiate Reduced Payments With Creditors
First, make a list of your creditors (NOTE: you should only attempt to re-negotiatepayments on your UNSECURED debts if you wish to avoid the riskthat an item upon which a debt is secured could be re-possessed)
Credit Counseling ? Six Tips to Avoid Counseling Scams
Credit counseling is a useful service for anyone with problem debt. A good counseling agency can provide advice regarding money management and debt consolidation. They can also help arrange a repayment plan with your creditors to help you get out of debt. A bad agency can charge excessive fees, pocket money that was intended to pay your bills, and steer you into greater debt than before. Predatory credit counseling has become a multibillion dollar industry, and with the recent passage of the Bankruptcy Abuse and Consumer Protection Act, credit counseling will soon become mandatory for anyone filing for bankruptcy. How can you avoid becoming a victim of credit counseling scams? How can you choose a helpful and reputable credit counselor?
Debt Management - Debt Management Fees
Debt management fees can vary vastly from one company to another. Knowing what to look for and ask when seeking help through debt management will leave you better off by not making the mistake of working with an unscrupulous agency that charges excessive upfront fees or can't disclose or won't disclose why they have structured their fees as they have.
Debt Consolidation Confusion
Learning about debt consolidation can be quite a confusing venture for your average person. There is plenty of conflicting information to be found about debt consolidation. If you have explored debt consolidation as a solution to your financial stress then this is probably not news to you.
Planning To Become Debt Free With A Consolidation Loan
If you have multiple debts, and are struggling to meet the monthly payments, then there's a good chance you will want to consider, now or later, a consolidation loan to become debt free.
Debt Consolidation: A Way Out?
When you are living paycheck to paycheck and it seems everyone is getting a piece of the pie except for you, debt consolidation may help you free up a little bit of cash each month. Debt consolidation is usually a great option if you are paying several minimum payments per month on high interest credit cards or loans. If you are behind on any payments, debt consolidation may save your credit, or at least clean it up a bit.
Debt Consolidation can Ruin Your Credit
Yes, Debt Cosolidation isn't a good idea and I'll tell you why. I've done research of my own and found out some disturbing information.
16.4% APR $5,000 Auto Loan...HELP!
Are you the victim of a high interest rate auto loan? If so, the following email discussion may help you. Read on:
Dangerous Debt Consolidation Loans
On the surface, debt consolidation loans offer cash-strapped consumers some relief from high interest rates. Looking deeper, consumers should be wary of both the pros and cons of this fast growing practice. In their simplest forms, debt consolidation loans are refinance agreements, second mortgages, or home equity loans.
Debt Settlement Strategies
One of the most common social diseases remains dormant for a long time. And when it raises its head, it reveals its monstrosity slowly. What is the social malady? Think. More than a million Americans are affected by it. Yes, I am talking of the ugly disease known as debt. Most of us don't think when we go on a shopping spree. This happens more when we are armed by those devil-in-disguise plastic cards, better known as credit cards. Credit cards are useful, but they can easily ring the death-knell of all fun and frolic with their bills.
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