Credit Management Made Easy

Credit Card Debt Management - Get Your Debts on Track!

2007-11-05T23:10:00.000-08:00

One common fact today is that people tend to spend more on shopping for their requirements by swapping a credit card. While shopping through them it's quite obvious that they tend to spend more; which usually leads to high interest rate debt. Well, if you are one among those who have got trapped in debts then opt for this option as early as possible. Credit card debt management helps the borrower to manage the multiple debts with an ease i.e. without much affecting their other routine expenses.

Under this type of management, one can consolidate debts and get budgeting advice to help overcome financial problems. With budgeting as the prior step, helps the borrower to know about the net income and net expenditure so that they can formulate a plan to repay the debt amount without incurring more expenses. Budgeting helps the person in debt get to the best suitable solution for managing debts.

The credit card debt management through consolidation helps the borrower to merge all his existing debts under a single manageable debt. In this option borrower finds easy to wipe out his multiple debts as it is followed by lower interest rate, flexible repayment period and the desired loans amount. This helps the borrower to stabilize their financial condition. Also one can considerably reduce creditor harassment by opting for debt management.

Borrower can access debt management services from online and offline mode. There are many lenders offering credit card debt management services online. These services are fast and provide you a decision in lesser time. When opting for credit card debt management services remember to see that your requirements are matched. Your program should be fitting for your particular situation and pays your debt with easy repayment options. It's also a way to repay your credit card related debts and also secures a debt free future. Learn this valuable lesson and spend wisely and more importantly remain debt free!

Johns Tiel holds a master degree in Commerce from JNU. He is working as financial consultant in Chance For Loans.
To find Credit card debt management, cheap rates, personal loans, secured loans, unsecured loan that best suits your needs visit http://www.chanceforloans.co.uk
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Bad Credit Management - The Importance Of Repairing Your Credit

2007-10-04T01:51:00.000-07:00

By Joseph Then

Bad credit management is important. Being in debt can have an adverse affect on your life and stop you from doing the things you want to do. When your financial status is less than perfect it can affect you in several adverse ways. You may find difficulty in procuring a loan. There will be undue stress on your financial status. Sometimes it can even affect you when you apply for a job.

What to do? You can repair your finances by taking some simple steps. Firstly see what your financial status really is. You can get check your status by getting a free financial report. Look for any mistakes, you will be surprised at how often discrepancies occur. Contact the bureau and get these corrected. This will help to raise your score.

The Next step in bad credit management is to make an attempt to pay off as many of the debts as possible. If you have a number of high interest debts you may consider getting a consolidation loan. This loan will put all your debts under one monthly payment and it will be easier to pay off. You will also eliminate high interest charges this way.

One of the best ways to handle your finances is to destroy your credit cards. With this method you will not be tempted to overspend again and get into worse problems. Keep proper records and try to understand how to stagger bills. Different bills come at different times of the month so do not need to be paid all in one go. You can spread them out between paychecks and have more money to handle other payments.

Hiring a service to help you with bad credit management: If necessary, you may want to hire a service to help you out. When you do this be very careful to do your research before you sign any contracts. Look and see that there are no customer complaints. Also check with the Better Business Bureau. The company should not ask you for their fee up front until they have completed this service for you. They should inform you of your legal rights and at least give you the option of handling this problem yourself. Never accept any company offering to give you a new identity.

Bad credit management can often be taken care of yourself without involving a third party. Just follow these few points and take care of your finances as soon as possible. The sooner you do this the better it will be for you and the less stress you will experience.

Joseph Then provides advices about Personal Finance and dealing with bad credits. You can visit the website Bad Credit Management for more information.
Article Source: http://EzineArticles.com/?expert=Joseph_Then

Easy Credit Repair Done Yourself

2007-08-30T07:54:00.000-07:00

By Christopher Luck

We all know that credit is important, but what should we do if we are in need of credit repair? I know if were to find that my credit was in trouble, I would want to solve the problem myself rather than pay someone to do it. Credit repair is a serious thing since your credit determines so much of your life in today’s world. Credit can effect your ability to buy a home, rent an apartment, buy a car, or even finance your new washer and dryer. That is why you should take credit repair very seriously. There are some steps you can take to help yourself by fixing your credit problems yourself.

The first thing you will need to do is find out if you even need credit repair. To do that you will need to get your hands on a copy of your credit report. That should not be difficult, since the government mandates that you are allowed to obtain one free copy of your credit report annually. You just have to ask the right people. You can either check out the website for the Federal Trade Commission or contact one of the major credit agencies directly. When you do, though, remember that it should be free and you should only have to supply your name, address, and social security number to get it.

Next, you will want to look over your copy of the report carefully. One of the easiest ways you can perform credit repair for yourself is to spot any incorrect information on your report. All of the agencies have ways you can go about making corrections to your credit report. Even if the information is just partially incorrect, you should take the time to get the credit repair made. Also, if something just doesn’t look right to you, ask the credit agency to give you the name and number of the institution that gave the report that you are not sure about. There is a chance you can work whatever it is out with the company, which can help with your credit repair even more.

Once you are familiar with the credit repair process for incorrect information, assemble what you need. Then, send it in to the agency to make sure they make the necessary changes and repairs to your credit report. Before you do, though, be sure to make copies for yourself. If the information is lost in the mail or even misplaced by the company before the credit repair is made, you will be able to easily make another copy and get it to them quickly. It is always a good thing to keep copies of everything so that you can track the progress of your credit repair.

If you keep getting rejected for loans or credit that you believe you should be able to obtain, it is a good idea to find out why. With the law allowing you one copy of your report a year for free, there is no reason you can’t make at least the easy credit repairs. When you obtain your copy of your credit report, you may be amazed at the incorrect or inaccurate information on there, and at how easy it is to get those inaccuracies corrected. Take the time and put in a little effort and you can do some serious credit repair without having to pay someone to do it for you.

If you would like the latest secrets on credit repair, or find more of my personal articles like the one you just read, visit my finance blog.
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Credit Card Debt Management - Erase Debts In An Easy Manner

2007-08-26T09:36:00.000-07:00

By Natasha Anderson

Credit card debt is considered as the worst debt as the debtor has to fork out very high interest and late payment fees and other charges only makes the life harder for the credit card holder. Surely every credit card holder would like to pay off the debts as soon as possible for early relief. Credit card debt management comes handy in such a situation. There are many ways for managing credit card debt and the suitable one depends on a card holder’s circumstances. However some basic solutions can provide lot of relief to the credit card debt ridden person.

Credit card companies run their business on the basis of your excessive expenditure and if you are not paying in time then their business flourishes on slapping late payment fees. But at the same time, to let the card holder continue using credit card, these credit card companies and banks are willing to reduce the interest rate for easy pay off of the credit card debts. The credit card issuer knows getting back the amount will be almost impossible if you have filed for bankruptcy. So, one effective solution is to approach them for reduction in interest rate. For this purpose, the credit card holder should engage an experienced credit card debt management service provider agency for negotiating with your creditors on your behalf. Not only that these agencies will help you calculate your debts and interest so that you know the actual amount of loan you should take for paying off credit card debts.

A debt consolidation loan is considered as the most effective solution. Through debt consolidation loan you pay off the credit card debts immediately. This means high interest rate credit card debts are replaced with lower interest rate debt consolidation loan which also has the advantage of larger repayment duration. You can take debt consolidation loan against your property for more advantageous lower interest rate and easy pay off of the loan amount.

Make a budget and stick to it for controlling spending habits. Even better way would be that you reduce the number of credit cards in use and replace them with debit card for controlled spending. If you are looking for a debt management company for the help, then make sure that it is an expert of the field. Credit card debt management surely goes a long way in help you take control of credit card debts. After you have shed the debt burden, learn from past mistakes and ensure that you do not spend more than your paying capacity.

After having herself gone through the ordeal of loan borrowing, Natasha Anderson understands the need for good quality loan advice. Her articles endeavor to provide you the wise counsel in the most elementary way for the benefit of the readers. She works for the UK Debt Consolidations. To find Personal debt consolidation loans, Credit card debt management, Debt management advice, Unsecured debt consolidation loans that best suits your needs visit http://www.ukdebtconsolidations.co.uk/
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Credit Repair Made Easy

2007-08-21T08:17:00.001-07:00

By Jim Kemish

The Benefits are Amazing
The content of your credit report can have an enormous impact on the quality of your life. Your credit score will determine the cost of your mortgage, your automobile payments, and your credit cards. An improvement in your credit score could potentially save you thousands of dollars per year.

Overcoming Your Fear
It is normal to experience a degree of fear when the time comes to look at your credit report. Perhaps you have had some credit issues in the past. No one likes to be reminded of those times. I have spoken to thousands of people about their credit over the years. The majority of those people have felt some resistance to looking at their own reports. I understand! The credit bureaus can be intimidating. But like so many other things in life, once you get started it’s not so bad.

Getting Started
Reviewing, repairing, and maintaining your credit is not complicated. The key is to approach the project in an organized manner. You have three credit reports. They must each be examined in detail. Many people make the mistake of looking only for obvious derogatory information like late payments or collections. Every item on your credit report can have an impact on your credit score. You will be looking at everything. I suggest that you have a pen and paper nearby. You will also need to have your credit cards handy.

Step by Step
Everyone has his or her own way of organizing a task. You will develop a system of your own over time. Whatever works for you is fine as long as you cover all of the essential categories of information that can impact your credit scores. These essential categories are the account opening dates, current balances, high credit limits, and pay history. As you review these items keep any eye out for errors such as accounts that don’t belong to you, accounts referencing an incorrect Social Security number or address, and duplicate accounts.

The Essential Details
Account opening dates, current balance, and high credit limit need to be examined carefully. The FICO scoring formula places great importance on these items. Your account opening dates are used in the FICO formula to determine the age of your credit. The older the better. Simply look at your credit card. Most credit cards indicate the original opening date somewhere on the face of the card. The relationship between your current balance and your high credit limit has a major impact on your score. If you don’t know these numbers just call the toll free number on the back of your card. Please don’t ignore this step.

Write Down Every Single Error
Make notes. Credit repair is all about the details. Don’t let a thing slip by. And please don’t ever assume that the credit report is correct. If you find a discrepancy chances are that you are correct. Every one of the categories listed above can have an impact on your credit scores. No error should be ignored. You might think a small innocent looking error like a duplicate account will not have a negative impact as long as there are no late payments showing. You would be wrong. The extra account will overstate your debt and may very well factor into the FICO scoring method to your detriment.

Organizing Your Disputes
Each error that you find on your credit report will need to be disputed with the individual bureau that is reporting the item in question. Your credit report will come with instructions for submitting your dispute. You should follow those instructions carefully. And, whatever you do, keep it simple. It is important to limit your verbiage to the bare minimum. If you make the mistake of writing a nice letter to the credit bureau, as well meaning as you might be, your dispute is likely to be ignored. It does not sound friendly, but please try to understand that the credit bureaus have to process an amazing amount of mail.

Stay the Course
About thirty days after your initial disputes you will receive replies from the individual credit bureaus. It is not uncommon to get an unsatisfactory answer. They might respond by indicating that they contacted the creditor who verified the information to be correct. Don’t be discouraged. This initial response is built into the system. Simply send a second dispute telling the bureau that you are not satisfied with their response and that you would like them to provide documentation. It is very likely that you will get satisfaction on this second dispute. The credit repair process can take time, but with patience your efforts will produce real financial results as well as the satisfaction of knowing that you have done the right thing for yourself.

Copyright © 2007 James W. Kemish. All Content. All Rights Reserved.
Jim Kemish is the president and founder of Power Mortgage, a Florida mortgage broker based in Delray Beach, Florida. Power Mortgage Corp was established in 1989 and serves the states of Florida, Georgia, Massachusetts, and Virginia. Jim is also the President of Sky Blue Credit, a national credit repair business. For great mortgage and credit tips visit the Florida Mortgage Blog.
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Cash Flow Management Made Easy

2007-08-21T08:17:00.000-07:00

By Bob Normand

Small business owners soon learn that Cash Flow and Profit are not one and the same thing. The two may be related but are not always in concert. There can be high profits reported during a period of extremely tight cash flow and low profits reported during a cash rich period.
Profitability is based on invoicing and the relationship of costs, either expended or accrued, to those sales. The actual payment of expenses or receipt of invoice payments can, and often do, occur in periods different that when the sales occurred, so that cash flow can be widely different from reported profit in any period.

Cash Flow is based on changes in cash balance and can be affected by changes in assets that don’t affect profitability. Allowing inventories to build or accounts receivable to go uncollected and grow can have a tremendous cash draining effect on the business. In effect you are converting cash to an investment in these other assets.
During a period of strong growth even a very profitable business can (and usually will) experience cash flow problems. Therefore, corporate growth or sales success should not be viewed as a reason to stop performing a cash flow forecast. On the contrary, it is more important, even critical, that management has access to timely cash management information during growth periods.

Just as many businesses have succumbed to poor cash management as have been adversely affected by bad profitability. It is imperative, therefore, that cash be monitored and managed efficiently, separate and apart from budgeting and auditing of profit performance.
There are two types of cash flow forecasting that can be done: short term and long term. We focus in this article on short term forecasting only.

What a Cash Flow Forecast Is and Does
A cash flow projection is a forecast of anticipated cash expenditures and receipts over a time span. Typically for short term forecasting the time period is expressed in weeks and covers a projection of 4 to 8 weeks out. As a minimum, the cash flow forecast should take into consideration the following possibilities:

CASH RECEIVED (each week):

Cash Balance Day1, Week 1

Cash Sales

Accounts Receivable Payments

Draw from Line of Credit

Loan Proceeds or Stockholder Funding

Miscellaneous Income

CASH EXPENDITURES – Recurring Expenditures

Payroll

Payroll Taxes & Fees

Rent/Mortgage

Utilities (Gas & Electric, Water/Sewer/Trash)

Telephone (Office, Cell, Pagers/Answering Services)

Computer Services (Internet, Maintenance, Equipment Lease)

Other Equipment Leases or Loan Payments

Vehicle Lease and Loan Payments

Insurance (Health, Business, Life, Property)

Loan Paybacks

CASH EXPENDITURES – Accounts Payable

Vendor Payments for Merchandise (by Invoice)

Vendor Payments for Services (by Invoice)

All Other Non-Recurring Payments

You can devise a spreadsheet that accounts for all these items or purchase a pre-designed system that automates the forecasting process and tracks payments, including the ability to adjust receipt and payment dates quickly and easily. One such system is available at the reference given at the Bio at the end of this article.

The goal of cash flow forecasting is to determine deficiencies or excesses in cash position that may occur in the business during the periods for which the projection is prepared. In the event projected cash balance goes negative or below a safety factor, financial plans must be altered, either to provide more cash through aggressive collections, loans, draws on lines of credit, increased (cash) sales, and/or delaying payments as necessary, until a proper cash balance is reached.

If excessive cash is projected, it may indicate idle money that could be put to other possible uses such as prepaying expenses or for investment into short-term money market instruments. The objective is to develop a plan that, if followed, will provide a well-managed flow of cash and its efficient, optimum use.

Robert A. Normand is Executive Director of the Institute for Small Business Management (http://www.isbminc.com/) and author of "Entreprenewal!, The Six Step Recovery Program for Small Business" (http://www.entreprenewal.com/). Mr. Normand has served as principal management consultant for more than 100 businesses ranging from $500,000 to $50,000,000 in annual sales and has owned and operated several small businesses of his own in diverse industries. Mr. Normand’s small business philosophy is premised on the belief that small business management skills can be developed by busy entrepreneurs using readily available information, tools and procedures not found in business schools or formal degree programs. He can be reached by telephone at 941-330-0889 or by mail at 3751 Almeria Avenue, Suite A4, Sarasota, Florida 34239.
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Discover Motiva Card Rewards Customers for Good Credit Management

2007-08-18T06:09:00.000-07:00

By Ed Vegliante

The newly launched Discover Motiva credit card is designed to reward customers for good financial management. Through its pay-on-time bonus and cash back features, Motiva offers cardholders two ways to earn money. With the Discover Motiva card, consumers do not have to be high spenders to be rewarded.

Pay-on-time Bonus
Those who hold a Discover Motiva Card will receive bonuses for making on-time payments. An on-time payment refers to paying at least the minimum payment due on or before the due date. When customers meet this requirement for six consecutive months, they will receive the following month’s interest back as a pay-on-time bonus. Over the course of twelve months, cardholders will have the opportunity to receive two bonuses. This is equivalent to having two interest-free months. In this way, Discover rewards balance-carrying customers who make their payments on a timely basis.

Cash Back
In addition to the pay-on-time bonus, the Discover Motiva Card offers a cash back rewards program. Cardholders will have the opportunity to earn up to 1% cash back on all purchases. Customers can choose from a variety of redemption options for their rewards. They can even have the cash applied directly to their monthly statement, providing them with a way to pay down their balances quickly. Discover offers cardmembers the chance to increase, and even double, their rewards by redeeming the cash back bonus for gift cards from over 70 brand-name partners.

Discover Motiva Card gives customers other opportunities to earn even more cash back. Cardmembers will receive 5-20% cash back when they make purchases through Discover Card’s online shopping site, which includes online retailers such as Target. and Barnes & Noble.

Additional Features
The Discover Motiva Card offers additional features to help facilitate on-time payments for customers. Cardholders are able to choose the due date they wish to use for making payments. This allows them to set up a payment schedule that best fits their financial needs.
Customers also have the chance to sign up for free email reminders. These messages include reminders for upcoming due dates and other important notices. This feature helps customers remember to make their payments and avoid costly fees.
Discover allows cardholders to make payments online or by phone. They can do this, even on the due date, with no extra charge. This provides customers with more opportunities to receive the pay-on-time bonus.

In addition to rewarding customers for paying on time and offering cash back on purchases, the Discover Motiva card has no annual fee. The card includes a 3.9% introductory rate on purchases. It also offers a 3.9% APR on balance transfers until 2010. The regular APR for the Discover Motiva Card is relatively low for those with good credit. With Discover Motiva Card, customers do not have to make large purchases to receive rewards. This card is designed for those with good credit who want to be rewarded for careful financial management.

Copyright Ed Vegliante. Free online reprints of this article are allowed provided the resource box remains intact with a live link back to http://www.credit-card-surplus.com .
Click Here to Find The Discover Motiva Card Offer.
Ed Vegliante runs the website http://www.credit-card-surplus.com/ , a well organized credit card directory enabling the consumer to compare and apply for a variety of credit card offers. View more Credit Card Articles.
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Get Over from Your Credit! Credit Debt Management

2007-08-08T15:22:00.000-07:00

By Alex Jonnes

Credit arises when you spend without paying. And how it is done? Yes, you are right, it’s through credit cards. Here, we are going to discuss how can we control that small plastic card which can make us happy with its service and can lead us to bankruptcy if goes out of control. Credit debt management can suggest us the way to get back that control and maintain it.

Credit card handling tips which you can follow for efficient credit debt management:
• Use your credit cards wisely; this will help you build a good credit history.
• Reviewing of credit card bills helps you pay them on time simultaneously finding errors (if any) in the bill.
• Get your credit report and analyze it. Contact credit rating agencies if there is any mistake in the report regarding credit card or any other debts.
• If you are already having balances on your credit cards, don’t apply for more cards.
• Get your balance transferred to a card with lower interest rate, if you use more than one credit card.
• If you are late on payments to another creditor, your credit card company can raise your interest rate. So, always pay your bills on time for all your debts.
• Special cards such as gas and petrol cards, departmental store cards or rewards cards carry higher rates as compared to normal cards, so avoid them
• If your credit debts are getting out of hands, contact credit debt management agencies for help.

Along with the measures specified above you can take the help of credit debt management companies. You can search among numerous credit debt management companies available online along with the services they offer. These services include credit counseling, credit card education and credit card debt consolidation services. Under a credit card debt consolidation service, you make a single monthly repayment to these agencies for all your credit card bills. Further, this agency pays your creditors from that amount at negotiated amounts. Yes for getting this service, you will be charged with a certain percentage of the total debt payment for credit cards.

You can enroll for a credit debt management agencies within 15 to 20 minutes. After the enrollment the consultants from these agencies will contact you with the services and credit debt management plan while discussing your credit card spending with you. The services of these agencies will continue till all your debts are in control or you have decided you withdraw voluntarily from this service. A credit debt management besides erasing your debts can also erase your stress due to credit cards.

Alex Jonnes is associated with Easy Debt Consolidations. He is Masters in Business Administration and writes on various finance related topics. To find Credit debt management, Debt consolidation loan bad credit, online debt consolidation loan, easy debt consolidations visit http://www.easy-debt-consolidations.co.uk/
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Credit Debt Management Counseling

2007-08-01T09:00:00.000-07:00

By Josh Riverside

When the going gets tough, you will need professional help. This is true especially when it comes to money matters. Credit debt management counseling from certified professionals in money management services may be just what you need. They can help you not only solve your immediate credit and debt problems, but also nurse you on your way to financial freedom.

What credit debt management counseling can do for you
Professional credit debt management counselors can help you with personal financial roadblocks such as budget and cash flow, credit card debt management, and housing loan management, to name a few. They can give you the best payment and management options for your particular circumstances.

Some credit debt management counseling companies even have interactive financial education tools for the public (not just its members), for teachers, and for professionals in the financial management industry. Most credit debt management-counseling firms also offer comprehensive debt management services and ongoing bankruptcy counseling and education.
Do not worry – everything you disclose in credit debt management counseling is confidential.

Free credit debt management counseling
There are a lot of nonprofit community service organizations that can give you professional financial supervision, educational programs and debt assistance. Most of these nonprofit organizations do not stand alone – they are backed by a family of agencies all over the country.
The aim of free credit debt management counselors is to help individual consumers and, in some cases, whole communities regain control of their finances, reduce their debts and live more financially secure and stable lives. Do not be embarrassed to approach these free credit debt management counselors if you think you need help, because you are not alone in your predicament – there are thousands of people just like you. You will even get to meet them, interact with them and learn a thing or two form their own stories.

Credit Management provides detailed information on Credit Management, Credit Debt Management Counseling, Credit Card Debt Management, Credit Management Services and more. Credit Management is affiliated with Credit Counseling Services.
Article Source: http://EzineArticles.com/?expert=Josh_Riverside

Credit Management

2007-07-30T14:17:00.000-07:00

By Josh Riverside

Credit management means different things for different people. For business owners, it is a process of implementing policies and practices to abide by in receiving payments from clients and customers. Part of effective business credit management is avoidance of extending credit terms to prospective ‘bad debtors.’

For the rest of America, however, credit management is more personal – it refers to the tactics and means by which their personal debts can be quickly and legally reduced. If you are one of the many Americans who badly need credit management to get back on the road to financial health, then these tips are for you.

Pay your loans and debts on time. Your credit record is not only affected by how much you pay for your loans and debts, but also how quickly and regularly you pay them. When you pay on time, you avoid exorbitant late fees (about $30 to $50 or more) and get high marks on your credit rating.

This is why it’s important to sit down and schedule your monthly bills. Design an easy timetable that enables you to manage your personal cash flow, so that you can afford to make payments on time and still have money left for other necessities.

Coordinate with your creditors. You would be surprised at how cooperative creditors can be if you just talked to them. Almost all of them have special debt management and restructuring plans that you can avail of when you are finding it difficult to pay your obligations on time. Don’t run away from your creditors, or you’ll end up being in bigger trouble.

Finally, pay off credit cards. Your credit card may seem harmless enough, but it can be the most expensive form of credit if you do not manage it properly. Make paying your credit card your priority – the moment you get your paycheck, set aside the amount you need to pay your bill. Pay it in full whenever possible, so that you do not incur interest charges that can accumulate in no time.

Balance Transfers Can Help You Stop Putting Money Down The Drain!

2007-06-26T13:16:00.000-07:00

As you probably know, when interest rates are at an all time low and if you aren't getting the best deal from your credit card company then they owe it to you to either lower your rate, or you owe it to yourself to find a better deal. You see, credit card companies need your business in order to succeed and if you refuse to pay a penny more than you have to then you'll be doing yourself and others a big favour indeed. By doing this, you'll avoid paying more than you should and the companies will stop treating its clients inappropriately.

Now that this is clear, we will talk about the essentials of balance transfers, how they work and how you can ensure that you get the absolute best possible deal.

· First and foremost, understand what a balance transfer (www.the-credit-card-centre.co.uk/balance-transfers.html) is. A balance transfer is when you transfer the balance from one card to another in order to get a better interest rate than the one that you are currently getting.

· Second, to find the absolute best deals, look to transfer balances on cards where the initial interest rate is 0% and the amount after that is lower than the one you have now. For instance, if you're a cardholder that has an interest rate of 27.4% on a £1000 balance and you only pay £150 a month for 6 months, you will not pay off the balance in 6 months. Instead you will pay £247 worth of interest and your balance after 6 months will be £346. In contrast, if you had a 0% card and make the same monthly payment then your balance will be reduced to £100 at the end of the 6 month period, a tremendous saving!

· Third, don't throw those offers that you receive in the mail away. If you have great credit then you'll likely have credit card companies vying for your attention. Just use this power to your advantage and find the very best 0% deal for you.

· If no good deals seem apparent, then you have to find your own deals. You can do this by conducting a thorough search on the internet to see if you can find a 0% card offer.

· Once you've done this, request information and then review it carefully. Pay close attention to the rate after the initial introductory period is over. For instance, if you have two choices of cards with 0% interest rates (www.the-credit-card-centre.co.uk/0%-credit-cards.html) for 6 months and one charges an interest rate of 15.00% after the initial period and one that charges 11.00% after the initial period then by all means choose the second one because it is by far the better deal overall.

· Read and then reread the credit cardholder agreement a couple of times. Make sure that you understand all of the jargon and if you don't, find someone that does before you sign it. Review it closely to make sure that you are getting the best deal possible. For instance, when evaluating deals, you should ask yourself these questions:

· How long does the introductory rate last?
· What will be the rate after the teaser expires?
· What are the cards annual fees? Can they be waived?
· Are there any transfer fees that you should be aware of?
· Are there any perks that are offered? (Ex. frequent flier miles, free gifts, etc).

· Once you've decided on an offer, fill out your application fully and get it in the mail as soon as you can.

· Once you get the offer, make sure that it is a 0% teaser rate and if it isn't, then contact the company right away. If they aren't open to doing so then tell them that you're cancelling the card and look for another company that delivers what they promise. Your primary goal is avoid the old "bait and switch" while simultaneously saving money on interest.

· While waiting for your new card, make sure that you continue to pay on your old card to avoid glitches in your credit report and once you receive notification that the transfer has been made, make sure you contact the old company and make sure that they received the payoff amount.

· After the teaser rate is up, don't be afraid to jump from one credit card to another after the teaser expires. You see, there is absolutely nothing wrong with surfing cards and taking advantage of 0% offers whenever you possibly can. Just keep finding and researching great deals.

That's it my friend. Credit card transfers don't have to be so confusing and daunting. If you follow the above mentioned steps then you can and will win the balance transfer rate and stop throwing your hard earned money down the drain.

About The Author
Claire Bowes is a successful freelance writer and owner of the Credit Card Centre www.the-credit-card-centre.co.uk/ where you will find further advice and tips on the best credit card deals www.the-credit-card-centre.co.uk/best-credit-cards.html , balance transfers and 0% credit cards.

Bailiffs & Council Tax - Knowing What To Do

2007-06-21T16:17:00.000-07:00

This article is about bailiffs who may call trying to collect Council Tax or Community Charge (Poll Tax) arrears. If a bailiff has contacted you to collect another sort of debt the law might be different.
Council Tax and Poll Tax are usually collected by private firms of bailiffs on behalf of your local council. They try to take your goods away and sell them, usually at auction, to raise money to pay the debt. The process they have to follow to say they want your goods is called 'distraining' or 'levying'.
From October 1998 bailiffs who call must be "certificated". This means they must have a certificate from the County Court allowing them to act as bailiffs. You can complain to the County Court about a certificated bailiff.

From April 1998 you should get a letter from the Council telling you how much you owe and warning you that a bailiff will call if you do not pay the debt within 14 days. It will also tell you who to contact at the council if you have a query. Contact the council and try to make an arrangement to pay what you can affordimmediately. If the council agrees then they can stop bailiffs calling out and save you extra fees.

DO I HAVE TO LET THE BAILIFFS IN?
IF THE BAILIFFS HAVE NOT BEEN INTO YOUR HOME BEFORE TO COLLECT THIS DEBT, THEY HAVE NO RIGHT TO COME IN. THEY CANNOT BREAK IN. YOU CAN CHOOSE NOT TO LET THEM IN.

* DON'T open the door to them as they may try to push past you. If they get inside, they have a right to enter again and may break in to take your goods.
* DON'T leave windows open or doors unlocked - bailiffs can legally get in through these. Bailiffs CANNOT get the police to help them break in.
* BEWARE! Some bailiffs may leave you a phone number, and arrange to come round to 'have a chat'. Don't let them in, even if they say it's only to use the toilet or make a phone call.
* Bailiffs MAY try to break into sheds, garages, greenhouses etc., even though this is illegal. KEEP VALUABLES SAFE! They may be able to take cars, motor-bikes and other vehicles parked near your home.
* Politely but firmly refuse to let the bailiffs in. Offer what you can afford to pay. If the bailiffs accept your offer, ask them to return to their car, and go out and pay them. Make sure you get a receipt.
DON'T SIGN ANYTHING! If the bailiff leaves papers for you to sign and return, you do not have to do this. You don't have to sign agreements posted through your door either.

THE BAILIFFS HAVE ALREADY BEEN INSIDE MY HOME
THIS IS MORE SERIOUS. If you have let them in before, then bailiffs have the right to return to you home and if you don't let them in, they are allowed to break in.
* Contact the bailiffs straight away and make an offer to pay the debt in instalments. Show them a copy of your personal budget so they can see you are offering as much as you can afford. You will need to treat this as a priority debt as bailiffs could come back and take any goods they have listed if you don't pay. Get a receipt for any payments you make.
* Contact you council and ask them to take the debt back. Ask your local Councillor for help.

WHAT THINGS ARE THE BAILIFFS ALLOWED TO TAKE?
There are some things that the bailiffs are not allowed to take at all; such as goods that are rented or hired. The regulations also say that the following items are exempt and can't be taken:
* "Such tools, books, vehicles and other items of equipment as are necessary for use personally in employment, business or vocation"
* "Such clothing, bedding, furniture, household equipment and provisions as are necessary for satisfying basic domestic needs of the person and family".
* This list is not very specific so you may find that bailiffs have a different idea of what items are necessary for you to keep and what can be taken. You can complain about what the bailiffs take if you feel the items should have been exempt.

CAN THE BAILIFFS TAKE THINGS WHICH ARE NOT MINE?
The bailiffs can only take things which belong to you and/or goods which are jointly owned by you and your partner. If they want to take goods that belong to someone else (your children, partner, lodgers etc.) explain that the goods do not belong to you. If you can, show a receipt or note as proof. The owner of the goods may have to provide a sworn statement in the form of a "statutory declaration" to say this is the case.They cannot take goods which are rented or hired. This includes goods on hire purchase agreements. Show them a copy of your credit agreement if you can.

WHAT IF I HIDE THINGS OR GIVE THEM AWAY?
If the bailiffs haven't yet been in, you can hide things or take them somewhere else. If the bailiffs have already been in, you are committing an offence if you remove goods that they have said they will take. You can hide them on your premises but the bailiffs can search for them.

BAILIFFS PROCEDURES
If the bailiffs are distraining for Poll Tax or Council Tax, there are certain procedures that they have to follow. They must have with them:-
* written authorisation from the council for them to call. They should show you this if you ask.
They must leave you a copy of:-
* the law setting out their powers and what they can and cannot do. These are the "EnforcementRegulations".
* the charges the bailiffs are allowed to make for each visit. You should check they have not added too much on to your debt. See the schedule at the end of this fact sheet.
* any agreement you have actually signed. This will be called a "Walking Possession" agreement and includes a list of goods the bailiffs have warned you they may take.

HOW DO I STOP THE BAILIFFS?
* You can try to make an arrangement to pay the debt back at a rate that you can afford. You can offer the money directly to the bailiffs, although it is easier to get them to accept your offer if they have never been into your home. Always get a receipt for any money you pay.
* Bailiffs cannot send you to prison. If the bailiffs have never been into your home and they will not accept your offer, all they can do is to pass your debt back to the council. It is important to make an arrangement to pay the council, or they may try other ways of recovering the money, such as taking money out of your wages or your benefit.
* If the bailiffs refuse your offer it is important to put the money you have offered aside so you can pay it to the council as soon as the debt is passed back to them. Write to the bailiffs and the council telling them you are saving the money up as the bailiffs have refused to take your payments.
* If you are on Income Support, Pension Credit or Job Seekers Allowance, some councils' have a policy for not using bailiffs and will accept an offer from you or agree to accept direct payments from your benefits. Ask your council if they are willing to take the debt back from the bailiffs so you can pay them directly.
* If the council won't help then contact your local councillor and ask them to take it up with the council for you. Explain what hardship you will be in if the bailiffs come to your home and take your belongings.

HOW DO I COMPLAIN?
The Lord Chancellors Department has issued National Standards for Enforcement Agents. These good practice guidelines set out general rules for how bailiffs should behave and what procedures they should follow. You can mention these standards in your complaint but the standards are not enforceable by law. We can give you details of the standards or they may be found at the Department for Constitutional Affairs website www.dca.gov.uk/enforcement/agents02.htm

GET ADVICE FIRST.

Bailiffs law is very complex, and even if you think that what they have done is unfair, they may still be acting within the law.
* From October 1998 bailiffs have to have a certificate granted by a court to collect Council Tax. A complaint from you can help get the certificate withdrawn. Ask your local County court if they have a form for making a complaint. If not, write in to the Court Manager with details. The Court will hold a hearing and can cancel the bailiff's certificate, order compensation and order return of the goods. A bailiff can be fined for collecting without a certificate.
* You can complain to the Magistrates Court, and there have been cases recently where the debt has, in effect, been written off when it has been proved that bailiffs have acted illegally. This is done by making a complaint and asking for a hearing. The court can order return of the goods or compensation.
* You should complain to the council as the bailiffs are acting as their agent. They can ask the bailiffs to look at your complaint and change their procedures. If the council won't help you could talk to your local councillor who may be prepared to take your complaint up with the council.
* You can ask the local Government Ombudsman to look at your complaint if the Council refuse to help you.

BAILIFFS CHARGES
You may be able to complain about bailiffs charges. The amounts they are allowed to charge for council tax and poll tax are set out in the schedule on page 5. The amounts they are allowed to charge for council tax are set out on the next page in the schedule. There are lower fees for poll tax collection. These are shown in italics. If you feel you have been charged too much you can complain in writing to the Council and the bailiffs. You may be able to ask the County Court to look at the charges for you see below. Phone us for advice.

You can find out what is 'reasonable' by making enquiries on a local basis. For example, if you have been charged £80 for attendance with a van, and local enquires indicate you could hire a van for a morning for £40 this is clearly unreasonable, especially as it is likely that bailiffs will be visiting several properties at once, and many companies own their own vans.
In the first instance, complain to the bailiffs themselves. You can tell them you know their charges are excessive and that you will be taking further action if the charges are not reduced to the levels shown in the schedule.

* You can then complain to the council as the bailiffs are acting as agents of the Council. There have been recent cases that have been taken back in front of the Magistrates Court over these issues, with the result that the councils have been forbidden to take any further recovery action, or in other words, the debt has been written off. So it IS worth complaining.
* You can apply to the County Court for the costs to be checked. This is called "Taxation". The court can look at a complaint within 12 months. They will decide if the charges are excessive or not. There is a fee to pay to the court for this application. If the court decides not reduce the bill at least 20% you can be liable for the bailiffs firm's court costs. You need legal advice first.

USEFUL LINKS
The Secretary, Association of Civil Enforcement Agencies, Kensington House, 33 Imperial Square, Cheltenam, Glos, Tel: 01242 241456, Website: http://www.acea.org.uk/

The Secretary, Enforcement Services Association (ENSAS) (formally The Certificated Bailiffs Association), Ridgefield House, 14 John Dalton Street, Manchester M2 6JR, Tel: 0161 839 7225, Website: http://www.bailiffs.org.uk/

Local Government Ombudsman (England), Millbank Tower, Milbank, London SW1P 4QP, Advice Line: 0845 602 1983, Monday to Friday 9.00 am - 4.30 pm. Website: http://www.lgo.org.uk/

There are 3 Local Government Ombudsman offices for England. Please contact the advice line to check where to send any complaint.

Local Government Ombudsman (Wales), Derwen House, Court Road, Bridgend, CF31 1BN, Tel: 01656 661 325, Website: http://www.ombudsman-wales.org/

Author: Michael Sherriff
After writing 100's of articles relating to UK Credit and finance Michael has also written a book that blows away the myths surrounding UK credit repair. A number one seller in the UK called "UK Credit Secrets 2005 Edition". This book can be found at UK Credit Secrets

Bad Debt Recovery

2007-06-07T15:59:00.000-07:00

Bad Debt Identification
Identifying bad debt is not as easy as it sounds. But the earlier it is done, the better are chances of recovering it. Here are some signs of customer behavior that can identify bad debt early:
Customer fails to pay as per the agreed payment terms.

Customer makes repeated unrealistic complaints about the product or service quality whenever asked about the payment.
Customer continuously asks for more time to pay debts.
Customer's contact person is not traceable whenever you call for debt collection.
Your phone calls and/or letters are not answered.
Apart from these, you also have to keep an eye on customers who constantly pay late. Ongoing communication between the sales and finance departments can go long way in preventing bad debts.
Keeping track of market sources such as magazines, other customers, and suppliers will also help you identify customers who are not in healthy financial condition and help you recover your dues from them at the early stage.

Bad Debt Recovery
Once you identify the bad debt, the first step is to make attempts yourself to recover it in-house. This way you can maintain a relationship with the defaulting clients. It also helps you create documentation and evidence to show that you have made enough attempts to recover the dues. If the collection staff has knowledge of the Fair Debt Collection Practices Act and experience in debt collection, some of the debt can be recovered easily.

But an in-house staff is not always sufficient. If the defaulting customer doesn't pay any attention to your repeated efforts, it is advisable to refer the case to a professional collection agency. These collection agencies are often well equipped to trace and deal with delinquent customers and bad debt recovery. But you need to make sure that the collection agency you are working with meticulously follows the Fair Debt Collection Practices Act and doesn't step beyond legal boundaries. Remember that the collection agency is representing you, and you don't want it to get you in trouble with the law.

Also make sure that you give all necessary data to your collection agency on all cases referred to them. It is also important to let them know how important each case is to you so they can apply different techniques to different cases.Collection Agency Services offers you a wealth of information on how to select the best collection agency for your business.

Credit Restoration IS Possible!

2007-05-30T06:28:00.002-07:00

(Text taken from the Credit Restoration website)

*The “naked truth” about using Small Claims Court to remove derogatory items from your credit report (how others are publishing an outdated and failed technique and how to do it correctly!)

*The TWO things you must know before signing up for any “FREE CREDIT REPORT” service (another one many people learn too late!)

*How to build your credit fast using the “Advanced Profiling Technique” (another powerful credit profile layering technique we first released to the public!). Check out the site here.

*The truth about making big money with “Tiny Classified Ads” (and what those late night “Get Rich Quick” infomercial guru’s aren’t telling you!)

*The one “hidden source” that will loan women up to $10,000 to start or expand a new business, invention or idea (the time is now to build your independence and it all begins with a simple phone call or letter!)

*MARRIED or PLAN TO BE? Five secrets you must know BEFORE signing any credit application (don’t let you or your friends make these common mistakes that can end up haunting you for years!)

*THINKING OF REFINANCING? How refinancing your home at a lower interest rate can actually COST YOU THOUSANDS of dollars (you wouldn’t imagine how many people discover this ONLY once it’s TOO LATE!). See the details here.

*The secret to buying your dream home with NO MONEY DOWN (dont pay hundreds of dollars to discover the truth when it’s included FREE in this course!)

*How other consumers have REMOVED damaging Charge-Off’s, Repossessions, Student Loans, Collections, Late-Pays, and Inquiries from their credit reports in less than 30 days (top secret information the credit bureaus don’t want you to know!)

*How to make up to $50,000 a year educating people about their credit out of the comfort of your own home (one of the best ways to we’ve seen to fire your boss!). See it all here.

*FORECLOSURE? How to STOP foreclosure or recover your home after foreclosure by taking advantage of special consumer protection laws (news that banks and mortgage lenders would rather not see published!)

*The TRUTH about those “free government money” ads you see and the two things you must know BEFORE claiming your share (info that’s worth it’s weight in gold!). All the info here.

Info available from the Credit Restoration site.

Avoiding Id Theft And Credit Fraud

2007-05-30T06:28:00.001-07:00

Each year billions of dollars in credit fraud is perpetrated on unsuspecting citizens. With so much personal information publicly available (or easily available to someone with medium computing skills) it is essential to develop good habits to prevent your information from falling into criminal hands. It is possible for someone to create an entire identity (get driver's license, etc.) based on just a few pieces of information.

I know of an employee who sustained an on-the-job injury then applied for disability. He was shocked when they turned him down. According to Workmen's Compensation records he had been collecting disability for the last year and a half. Someone had gotten their hands on enough information to drain his account!

It can take years and thousands of dollars to correct an identity theft, credit fraud or a simple key entry error by a clerk at a Credit Bureau. It takes minutes for you to do these simple tips:
Destroy all pre-approved credit offers you get in the mail before you discard them. Otherwise, someone can fill out a new address and get credit in your name. Use a paper-shredder for all documents with your financial or legal information included. Sign all your credit cards with 'Please ask for photo ID' instead of your signature.

Never give out your SSN or credit card information on the phone unless you initiate the call and you know to whom you are talking. Never carry your social security number in your wallet.
You don't have to give your SSN to businesses that request it, although they do have the right to refuse service. Only government agency, and employment or tax related inquiries must be answered.

Reduce the number of pre-approved offers you get by requesting these credit bureaus remove your name from their lists: TRW (800) 353-0809, Equifax (800) 219-1251 and TransUnion (800) 241-2858.

Once a year carefully check out your free credit report from Experian (800) 682-7654 and free Social Security file (800) 772-1213. If you are denied credit based on your report, the issuing credit bureau must provide you with a free copy upon request - even if they usually charge for it.

If you don't have a 'business of having a life' filing system, check out the cost-effective Home and Small Business File Kits that I use in my own business, which makes it easy for me to guarantee your satisfaction. (www.organize.com)

Do not give out confidential information on e-mail or do financial transactions on the Internet unless it's secure and encoded. (Look for the SSL reference)

Check guarantee and check verification agencies must provide the same protection as credit bureaus, such as access to your report and correction of errors. If your check is refused, get the agency name.

For assistance in re-establishing good credit and correcting errors, the non-profit Consumer Credit Counseling Service may be able to help you. To find the office nearest you call(800) 388-2227.

More free time-saving tips are available at www.organize.com
For over 15 years, Eve Abbott has been writing, speaking and consulting with executives, managers and business owners on boosting their effectiveness with organizing tools and techniques to melt the paper blizzard and tackle e-mail overload. Eve is the Organizer Extraordinaire, a personal productivity expert whose wisdom has reached the pages of the New York Times, Working Woman and Home Office Computing.

Avoiding Credit Card Traps

2007-05-30T06:28:00.000-07:00

The next time you open your credit card statement, take a closer look at the small insert titled "changes to your credit card agreement". You know the one I'm speaking about. It's that small, folded paper written in legalese that you promise to read some other time (but of course that time never comes) or you just discard it with the other "junk" inserts.
First and foremost you must understand that using your credit card after you've received this notification results in your automatic "agreement" to the new terms in the notice. To prevent these new terms from affecting your account you must stop using that credit card immediately or by the date given in the notification statement.

The most common modifications to credit card agreements include new APR's (annual percentage rates), new fees and/or changes to existing fees, or a change to the grace period on your account. The grace period is the number of days during which any credit used for purchases may be repaid in full without incurring a finance charge.

Not knowing or not keeping track of the dollar amount limit on your card is another trap you should avoid. Credit card issuers will allow you to charge a small amount over the limit set on your account. However, don't be surprised when you get hit with an "over limit fee", usually around $35.00 or higher, on your next statement. Also, be prepared for your APR to be increased if you go over your credit limit.

You'll also trigger an increase to your interest rate if you miss your payment due date. Some companies consider your payment late if not received by noon or 1 p.m. on the date due. Along with the higher rate, you'll also pay a "late fee" of $29 on up. Be sure to use the company's preprinted envelope when sending your payment. These envelopes allow the pre-printed bar code to be scanned by the post office so that it can be delivered more efficiently.

If you've counted on those few extra days from the time you mail your check and the time the check clears your bank, beware! Many credit card issuers have switched from the traditional method of processing checks to a new electronic process. This new system shaves off a day or more from the traditional method it normally takes for your check to clear by electronically debiting your account.

If you're considering paying your credit card bills online, check to see if any additional fees will be charged for using this type of payment. I recently received an e-mail message from one of my credit card companies announcing how easy it would be to make my payments online. Included in fine print at the bottom of the e-mail was this note - "A fee of up to $14.95 may be charged for this service and will be deducted from your checking account". Hmmm, spend 37 cents on postage and mail my payment five days before the due date or pay now and get charged an additional $14.95 fee? I'll bet you can guess which choice I made.

Taking the time to carefully read and understand your credit card agreement now will help you save money by avoiding unnecessary fees or climbing interest rates later down the road.

About The Author
James H. Dimmitt

James is editor of "To Your Credit" a FREE weekly newsletter focusing on money management news and tips. You can subscribe to his newsletter and also get a FREE copy of your credit report when you visit: www.yourfreecreditreportnow.com

14 Common Credit Mistakes

2007-05-27T08:15:00.000-07:00

Establishing credit and wisely managing your credit becomes easier when you know how. You'll feel empowered by taking knowledgeable steps towards good credit, and you'll be on your way to purchasing real estate and greater financial freedom.
If you plan to finance real estate, either as a home buyer or an investor, avoiding these common credit mistakes will help you with your credit score and save you money in loan costs.

14 Common Credit Mistakes
1. Using expensive or undesirable types of credit costs too much and is negatively scored.
2. Accumulating too many lines of credit or too many credit cards causes credit report remarks like "too much consumer credit."
3. Only paying the minimum due keeps balances too high.
4. Being maxed out on any credit card or line of credit causes deep drops in scores.
5. Taking cash advances costs higher interest and extra fees.
6. Exceeding limit and having to pay over-limit fees is a negative with creditors and causes "high proportional amounts owed" remarks on credit reports and subtracts credit score points.
7. Paying a day or more late causes unnecessary late fees and often increases interest rates.
8. Charging more than you can afford causes a snowball effect of amassing debt with no easy way to pay it off.
9. Letting someone else use your credit, such as co-signing a loan, raises your debt-to-income ratio and possibly adds "too many consumer accounts" on your credit report, which lowers your score.
10. Ignoring credit problems causes unnecessary negative impact. Talk to creditors before being late and make arrangements. This action heads off negative reporting to credit bureaus.
11. Failure to report address changes to creditors causes misplaced bills and late payments.
12. Using partial name, different names, initials instead of whole name, or forgetting Sr. or Jr. causes mix-ups. Use your full legal name to protect you from confusion with similarly named borrowers.
13. Failure to report name changes to creditors also causes confusion.
14. Not checking credit report frequently is one of the most common mistakes consumers make.
You can buy real estate with poor credit, but you will save thousands in loan costs if you maintain good credit. A bad credit report leaves home buyers with sub-prime loans which have higher point charges, prepayment penalties, and higher interest charges, which therefore cost more money.
For instance, a mortgage loan of $150,000, 30-year, fixed interest rate of about 5.72 percent costs around $870 a month. Poor credit scores raise the interest rate over 9 percent and the payments over $1,200.
As you see from these payment differences, good credit means that you can finance a more expensive house with the same income, or save $330 each month.

Credit Requirements for Mortgages
Credit needed to buy real estate is not the same as good credit. Besides your credit score, mortgage lenders consider your debt-to-income ratio and other credit matters, unlike other credit grantors. Your debt-to-income ratio is the comparison of mortgage payment, including taxes, interest, and insurance to your total gross monthly income. Real estate lenders also consider your employment qualifications and your overall debt ratios. Understanding the difference between good credit and the credit needed to obtain real estate financing helps you buy houses!
Avoiding credit mistakes helps you get strong credit and keeps your credit scores up.

Professor Jeanette Fisher is the author of "Credit Help! Get the Credit You Need to Buy Real Estate," "Doghouse to Dollhouse for Dollars: Using Design Psychology to Increase Real Estate Profits," and other books. Jeanette and her husband chose real estate investing to be able to care for their daughter with special needs. While buying and selling millions of dollars worth of real estate, the Fishers were forced into becoming credit experts. Forget what you've been told about credit. Get the credit you need to buy real estate. Real Estate Credit Help Center: http://recredithelp.com/

10 Step Credit Repair Guide

2007-05-23T15:05:00.000-07:00

The process of clearing credit can be laborious and frustrating, but your efforts will be paid for in better financing. Your rights are protected by laws, but you need to take reasonable actions toward your goal of clearing credit discrepancies. You can get the credit reporting agencies to help you instead of hindering your excellent credit quest with these tips.

1. Order credit reports.
2. Check for discrepancies.
3. Note problems and discrepancies in your Credit Dispute Log.
4. Contact disputed companies by telephone. (Contact original debtors, not collectors.)
Log the telephone call with a brief summary of agreements.
Remember to record the name of the contact representative.
5. Follow up with certified letter to original company.
6. Write letters to collectors, dispute bill, send documentation of payment to original company.
7. Fill out dispute form provided by credit bureau.
8. Write separate letter for each disputed item to credit bureaus.
Send letters by certified mail.
Enclose copies of supporting documentation.
9. Use the number provided by the credit bureau and call for progress; have your reference number handy.
10. Keep comprehensive records in your Credit File.
These ten steps will help you finance your dreams.

Forget what you've been told about credit. "Credit Help!" author Professor Jeanette Fisher was forced into becoming a credit expert. She loves helping people buy houses. Get the credit you need to buy one house or twenty. Visit Real Estate Credit Help Center: www.recredithelp.com

Subscribe to Credit Help! Tips. Send a blank email to CreditTips at reCreditHelp.com

5 Steps You Can Take To Get Paid!

2007-05-21T16:19:00.000-07:00

There are always some companies that have past due invoices and can't seem to get them paid. They might be quietly waiting to get paid not wanting to contact the client for fear of appearing "desperate". Sometimes a big part of the problem is no response, it is bad enough when you are not getting paid, but when orders keep coming in and you are not getting any acknowledgement to your collection efforts, you just can't keep processing orders.

There are steps you can take to get paid on those past due invoices and keep new invoices current.
Step #1 Gather together all the past due invoices, and stamp them PAST DUE.
Step #2 If you have an email address or phone number with a contact name for your client, email them or call them and give them the information on the past due invoices and let them know their account is on hold.
Step #3 Mail the invoices to your client with return receipt requested or send them in a flat rate Priority Mail envelope with delivery confirmation.
Step #4 Send a letter with these invoices stating the age, invoice numbers, their PO#, your account #, total amount due, and any other pertinent information.
Step #5 Tell them their account is on hold and you will not be shipping any more products or providing any services to them until these invoices are paid. You can include a self addressed envelope and state that you have enclosed an envelope for them to send their check. Give them a date, to have this paid to you.

Once they have received the package, email or call them. Ask them what they are doing with the invoices. Ask them questions such as:
Do they have to be approved by someone else?
If they have to be approved, who has to approve them and when will they give them to that person? Get that person's direct number if possible. Find out if that person signs the checks.
Are there any discrepancies with the invoices?
When will the check be cut? When can you call back for the check number?

Once all the past due balances are cleared up, you need to think about future invoices. Do you want to extend credit again or do you want to have pre-payment or payment at the time of the order. Whatever you decide put it in writing. If you can both sign the agreement, that is even better. Remember, having a credit policy in place tells people you mean business.

Michelle Dunn has over 17 years experience in Credit and Debt collection. She is the founder and president of Never Dunn Publishing, LLC, is a writer, publisher, consultant and the Editorial Advisor for Eli Financial Debt Collection Compliance Alert Newsletter.

Michelle started M.A.D. Collection Agency in January 1998 and ran it successfully until she sold it in December 2004. She owns and runs Credit & Collections.com an online community for credit and business professionals. www.credit-and-collections.com

Michelle has been featured in Ladies Home Journal, PC World, Home Business Magazine, Home Business Journal, Entrepreneur, The Internet Web Source, Professional Collector, and in Home Based Business for Dummies, Shameless Marketing for Brazen Hussies, From the Home-Front The Simple guide to starting and Running a Home based business, she was a featured guest on (NPR) National Public Radio and has been in many newspapers nationwide. She has many published articles and 3 published books to add to her list of accomplishments.

Avoiding College Credit Card Traps

2007-05-19T01:10:00.000-07:00

Congratulations college freshman! You're about to embark on one of the most exciting times of your life. By now your parents, siblings, and friends have offered you all kinds of advice on how to make your transition to college smoother - how to get along with your roommate, what classes to take and which ones to avoid, where to find the best off-campus food, and how to stay safe on campus.

One thing they may have not warned you about is how quickly you'll be bombarded with credit card offers. You'll find them in your textbooks, in your mailbox, and on every campus bulletin board. You'll be offered free DVD's, t-shirts, music downloads, and more in return for completing an application for credit.

Why all this fuss over you for a stupid piece of plastic? Because they love to recruit new borrowers, especially in your age bracket. They know, from numerous studies, that college students tend to be impulse buyers. And even though your impulse purchases tend to be small - pizza, coffee, beer, CD's, cigarettes, books, etc. - those small purchases can add up quickly.

Fifty-four percent of freshman students and 92 percent of sophomores have at least one credit card. A recent study shows the average college student graduates with between $1,500 - $3,000 in credit card debt.

Here are 7 tips to help you manage your college credit card needs:
1) Look for a card with the lowest fixed percentage rate and a low or no annual fee. Read the fine print carefully - many low or 0% introductory rate offers expire in 6-12 months.

2) NEVER use your credit card for a cash advance. The fees and repayment structure associated with a cash advance are outrageous.

3) Have a budget! Your credit card is not free money. Budget your money so that you can pay off your balance at the end of each month. If you can't pay off the balance, always make more than just the minimum payment.

4) Pay your bills on time, otherwise you'll pay a late fee between $25-40 every time your late with a payment. Late payments will also increase your chances of having your percentage rate raised on ALL your credit accounts.

5) Request a low credit limit somewhere between $700-$1,500. The object is to have credit available to meet some of your expenses and in case of an emergency.

6) Less is better. You don't need more than one or two cards at the most. The more you have the more tempted you'll be to use them or to "max" them out.

7) Consider using a debit card instead. A debit card is linked to your checking account and purchases are automatically deducted from your account balance. Of course, make sure you have money in your account to cover any purchases you make.

Using a credit card is a big responsibility whether you're a college student or an adult. Managing your credit wisely establishes a positive credit history which will serve you now and well into the future.

Author: James H. Dimmitt

James is editor of "TO YOUR CREDIT", a free weekly newsletter with tips to help you manage your personal finances. Subscribe today and receive his e-book "IDENTITY THEFT- How To Avoid Becoming the Next Victim!" and other bonuses by visiting www.yourfreecreditreportnow.com

7 Compelling Reasons Why A Prepaid Debit Card May Be Just The Financial Tool You Need

2007-05-17T15:21:00.000-07:00

Prepaid debit cards are great financial tools and may be just the financial tool you need. Here a seven compelling reasons why:

1. A prepaid debit card helps you stay out of debt because the money you spend is your own. Credit cards encourage you to spend money you don't have, thereby giving you a false sense of reality. In truth, by using a credit card what you're doing is borrowing money from someone else (your card provider) to purchase the things you want. However, with a prepaid debit card the money you spend is your own.

2. Prepaid debit cards helps you control your spending habits, because in most cases you cannot spend over the amount you have in your account.

3. A Debit card can be the perfect way to pay your freelancer if you are a small business owner. Simply issue your freelancer a card and load funds onto the card whenever you want to pay them for a completed project.

4. You can use a prepaid debit card to send money to your loved ones abroad or to your college age children away at school. Some debit cards allow you to have two cards for one account and in this case you will be able to keep one for yourself and send the second to your loved one. Once they have received their card you can load funds to your account and call the other person to tell them how much money they can access from the nearest ATM or POS merchant. Their money is instantly available worldwide. It's a cheaper and faster alternative to expensive money transfer companies.

5. Prepaid debit cards are a safer way for employees to receive their salaries. Statistics indicate that in the United States over 3 million payroll checks are stolen each year. However, with the use of direct deposit combined with a payroll debit card, there is no worry of that ever happening. Also, through the use of direct deposit and a payroll debit card, you will have immediate access to your wages, 24 hours a day, 365 days a year - no matter what part of the world you're in. You will also save time by having your salary deposited to your payroll debit card - no more standing on long lines each pay period in the bank to cash your check.

6. A debit card is a convenient and affordable solution for the unbanked. Over 10 million households in the United States alone do not have bank accounts. In cases like these debit cards can serve as bank accounts. They can be used to access cash or make purchases at merchants such as gas stations, grocery stores or convenience stores. Additionally, debit cards can be just as useful as regular Mastercards or Visas because in many cases they can be used to purchase goods and services not only in shops but on the internet, and via mail order and to withdraw cash at home and abroad from ATMs (cash dispensers).

7. Prepaid debit cards are easier to apply for than credit cards. Often, they require no bank account, no employment verification, no credit checks and no security deposit. If you've been turned down for traditional bank issued credit cards because of poor credit, bad credit or no credit at all, try applying for a prepaid debit card. Some prepaid debit cards have a built in credit reporting feature which make it easier for people with bad credit to rebuild their credit histories by reporting their monthly payments to the major credit reporting bureaus.

For more information about Prepaid Debit Cards, check out THE definitive guide to prepaid debit cards of all kinds including: prepaid mastercards, payroll debit cards, debit gift cards, virtual credit cards, offshore, US and international debit cards, at: www.debit-card-guide.com

Permission to reprint with full attribution.

Are You Paying Higher Interest On Your Credit Cards Than You Think?

2007-05-04T06:33:00.000-07:00

Many credit card holders sign up for a credit account with an 8.9% interest rate and then later realize that their interest rate has been bumped to 27.4%. Why?

You know that your credit score affects the credit card rates that you qualify for. But, did you know that a little clause in the fine print of the credit card terms and agreements, called the "Universal Default Penalty Clause" may mean that you're already paying a higher interest than when you signed up for the credit card? What does this fine print mean to you?

If your credit score goes down or one of your other credit conditions change, then your interest rate increases significantly. This doesn't mean any new charges you make to this particular credit card account: the higher rate affects the entire balance. Yes, even items you purchased with the understanding that your interest rate would remain the original rate.
Your credit grantors periodically review your credit report. Almost half of all credit card companies take advantage of you when you are perceived as a delinquent or high-risk borrower. The small print in your account information may include the universal default penalty, which allows the credit card company to increase your interest rate if it uncovers any of these six changes in your credit report:
1. You have a late payment on any credit account. The company doesn't care if you've never made a late payment to them.
2. You go over your available credit line on any credit account. Even if you unknowingly charge a small amount over the credit limit, which many credit card issuers let you do; your interest rate can be raised.
3. Your credit score declines. Just one late payment can hurt your credit score. Experian reports that people with no late or missed payments in the last year had an average credit score of 759; consumers with one or more late payments in the past year had an average score of 598.
4. You charge up too much on one account or many credit cards. If you charge up your credit card near the limit, or even charge up some of your credit cards over the preferred proportional amounts owed, you could pay extra for the privilege. The amount owed on a credit line compared to the available credit is termed the proportional amount owed. With a credit card limit of $5,000, the score will be higher if less than $2,500 is owed. Even better is to owe less than one-third of the available credit or less than $1501. Owing less than ten percent of the available balance gives you the best possible rating. On the other hand, owing over $4,500 on an account with a limit of $5,000 lowers your score considerably, especially if you have too many credit cards and other loans with high balances compared to available balances.
5. Your charge activities indicate a high debt-to-income ratio. If your credit card issuer sees that you've made many new charges and believes that you're getting in over your head, they may raise your interest rate. Even if this is a temporary situation, like many new home owners who make many purchases in a single month, the companies take advantage of the unsuspecting credit card holder.
6. You open new accounts. Opening new credit lines, especially consumer finance accounts, lowers your credit score and adds notations like "Too many consumer accounts" to your credit report. Once again, your credit card company may take advantage of this to raise your interest rate.

Credit cards that start with a low interest rate can jump to interest rates as high as 29.99%, if they find any of these new conditions listed on your credit report.

Check your credit card statements closely; look to see if your credit card grantor raised your interest rates. If you find that you're paying more than you thought, call your credit card company and ask the reason. Once you determine the cause, you can work on your credit issue. After you've fixed the problem, call back and ask for a reduction in your interest rate.

Jeanette Fisher teaches real estate investing and interior design college courses. She became a credit expert to help her students buy their dream home and multiple investment properties.

Jeanette is the author of "Credit Help! Get the Credit You Need to Buy Real Estate" and other books.

For more information on building and maintaining a strong credit score, explore the Real Estate Credit Help Center www.recredithelp.com

Credit questions? Ask Jeanette: http://recredithelp.blogspot.com/

5 Surefire Ways To Eliminate Credit Card Debt

2007-04-28T07:51:00.000-07:00

Do you have enormous credit card debt? You are certainly not alone. According to research, the average family in the United States has $7000 in credit card debt and pays about $1000 in interest each year! Throw in a late payment or two, or an over-the-limit charge, and that number skyrockets. Imagine what you could do with that $1000 if it weren't being spent on interest.

Let's imagine for a moment that you have $5000 debt on one credit card that is charging you 17.5% APR. Let's also imagine that you pay only the minimum due of $25/month on this card. Guess what? You will never pay it off! The interest alone on this card is $73/month!
That means that each month you get further and further into debt. By the time you have been paying on this $5000 for 10 years, assuming you have not used the card during this entire period of time, you will owe $20,385! That's over $15,000 in interest. If you triple your payment to $75, it will take you over 20 years.

So, what do you do? How do you get out of debt and use that money towards other necessities, savings, and investments? Here are a few simple methods that you can use without having to go to an expensive financial counselor.

Tip #1: Cut Up Your Cards
The very best way to reduce your credit card debt is to STOP using your credit cards! There is no need to have more than one card, so pick the one with the lowest interest rate and cut up the rest. The one you keep should be deemed an 'emergency card." These are true emergencies, not mere inconveniences. For instance, buying a new TV would not be an emergency, but renting a car in order to get to the bedside of a dying loved one would be. You can carry your emergency card with you, but don't make it too easy to use. One good suggestion is to cover the card tape and paper and write on it: For Emergencies Only.

Tip #2: Move Your Debt
If you have more than one credit card payment, you may want to consider moving debt from a card with a higher APR to one with a lower APR. This will lower the amount of money you are spending towards the interest and get you out of debt faster.

Tip #3: Use the Snowball Principle
List all of your credit card debts, and the amount you are paying each month. Pay off the lowest amount first. Then use that money to start paying off the second lowest amount. And then the next and the next. Let's look at an example.
If you have a $7000, $5000, and $2000 card with payments of $150, $125, and $100, you will finish paying off the $2000 card first. Once it is paid off, you take that $100 and put it towards the $5000 credit card. That means you are now paying $225/month. You have increased your payments which will pay off that credit card sooner and will have you paying a lot less in interest. Once that is paid off, you apply the $225 to the $7000 card, making your monthly payment $375. This will greatly accelerate the payment of this card, reducing your interest payments even further. When everything is paid off, you now have $375/month extra to put towards savings or investments!

Tip #4: Prioritize Your Debt Repayment
One of the best ways to pay off your debts is to get rid of the highest interest payment first. Looking back at the snowball example, you took the lowest and paid it first. If, however, the $2000 card had the lowest interest rate, you would want to pay off the card with the highest rate first. This will save you much more in interest payments.
If the math gets too hard here, don't despair. There are many places on the Internet where you can find good debt reduction calculators. It is then just a matter of punching in your numbers and reading the report.

Tip #5: Consider Consolidation
If you own a home, you may want to consider consolidating your debt using a home equity loan. Since a home loan is a secured loan (they can take away your house if you don't pay) you have a much lower interest rate than you do on your credit cards. Paying a lower interest rate is always a good thing! Not only that, but the interest you pay on your home loan is tax deductible. This is NOT true for credit cards.

By following these tips, anyone can take control of and completely eliminate credit card debt.

Wesley Atkins is the owner of www.credit-cards-advisor.com- which aims to get you fitted with the best credit cards to suit your situation. With numerous credit card articles and easy online credit card applications you will never choose the wrong credit card again.

5 Killer Steps To Avoid Credit Card Scams!

2007-04-27T05:57:00.000-07:00

In August, 2004, the Federal Trade Commission issued their findings of a recent study, which showed that nearly 25 million adults were victims of fraud. Now, most importantly, If you are a victim of fraud, please do not feel like you did anything wrong. It happens to all of us at one point or another, as the FTC's study clearly shows. Everyone likes a magic trick, and none of us are fully capable of noticing the con-artists' slight of hand. So, if you're a victim, take a deep breath. You're normal.

But, there's an old saying that goes something like this: Fool me once, shame on you - Fool me twice, shame on me!"

Here are 5 KILLER STEPS to protect yourself from Credit Card SCAMS!
· NATIONAL NO-CALL REGISTRY.
· TELEPHONE SOLICITATION
· 1-900 NUMBERS.
· ANNUAL FEES, INTEREST RATES, ETC.
· THE UNITED STATES FEDERAL TRADE COMMISSION

1. NATIONAL NO-CALL REGISTRY:
There's nothing more annoying then those credit card offers that you get over the phone. I don't know about you, but the last thing I want to be doing, while having dinner with my 1 year old daughter and my beautiful wife, is to be annoyed by phone calls from solicitors that just want to make money off me. Legitimate or not, these calls are a nuisance. If you're like me, and you would rather live without dealing with these calls, then go do this:
· The FTC has created the National Do-NOT-CALL registry. Go find out more information about it. The website is: www.donotcall.gov
· If it makes sense, complete the online form.
· Take a deep breath, and relax. Within 30 days, the list will start working for you. I can personally attest that, while the solicitations have not stopped completely, they have significantly, significantly decreased.
Join the FTC No-CALL-Registry, and enjoy a reduction in telephone solicitation phone calls.

2. TELEPHONE SOLICITATION:
Believe it or not, the vast majority of lenders out there are legitimate. Also, believe it or not, a lot of these lenders utilize telemarketing as a method of reaching out to potential customers.
· But beware of a wolf in sheep's clothing. Legitimate Lenders never ask for a processing fee in order to complete your application (this does not include appraisals during a real estate transaction in Escrow - We are discussing credit cards here).
· Keep your personal information to yourself! Don't give out bank information, credit card numbers, social security numbers, etc., to someone you don't know, on a telephone call. Use your common sense.
· If you don't have the offer in hand, or confirmed in writing, then don't pay. This is fraud. Who is this person on the phone anyway? Get their phone number, their address, their federal tax ID number, and then tell them you'll call back. If they're legitimate, they'll give it to you. If you question them, then I say trust your instincts. You're probably right on target.
Who is this on the phone? Don't trust people you haven't had a chance to get to know. Don't let one enticing offer on a phone call, be your guide...

3. 1-900 NUMBERS:
A 1-900 number is, of course, a phone number that charges the caller per minute for making the call. Whether it's a 1-900 number, or a future manifestation of the same type of telephone service, be wary of doing business this way.
· The most common Credit Card SCAM, in all of its different forms, is called an "ADVANCE FEE LOAD SCAM". Typically, you will find these in the classified section of your local newspapers and trade magazines, and unfortunately, you'll also see them floating around the internet.
· In a nutshell, the perpetrator will guarantee you a loan, but you have to pay them an upfront fee first. The fee can range from $100 to several hundred dollars. The charges can be extracted using telephone services like 1-900 numbers. Beware of courier services, and transactions that avoid the US Postal service, often conducted so as to avoid detection. The scam is that once the fake company has your money, they disappear from the planet, leaving you a victim of their con. You are out money, and no credit card.

· Now lets' not confuse Advance Fee Load Scam artists with legitimate lenders and institutions. I can attest that there are real companies out there, trying to help you to get the credit, loans, and consumer debt services that you need. I believe in many of these services, and I believe in the convenience and power of the internet. However, use your common sense in all your business transactions in life, and that includes credit. Never give someone money without getting anything back in return. Never trust someone that you don't know. Never get enticed into a deal that's too good to be true.
Use your common sense, and don't fall prey to the con artists slight of hand, such as the Advance Fee Load Scam...

4. ANNUAL FEES, INTEREST RATES, ETC.:
Credit Card Scams come in all different shapes and sizes. Many of them are, arguably, not scams at all, but let's just call them credit card offers involving consumer unfriendly terms.
· Read the fine-line. Every Credit Card Offer must provide the Consumer with written documentation on the terms of the offer.
· Check the Annual Fee, the Interest Rates, the Cash Advance Fees, the Late Fees, and all other terms of the offer.
. Make sure you know what you are getting. Some offers are for secured cards, some are for unsecured cards, and some offers are for shopping portals online and offline (Like a department store card). So, while none of these are scams, by definition, it is important that you fully understand the terms of the credit card offer that you are agreeing to.
Be a responsible consumer, and read the terms and conditions of your credit card offer...

5. THE UNITED STATES FEDERAL TRADE COMMISSION:
The best place to go for direct consumer information, protection, and remedy, is the United States Federal Trade Commission...
· The FTC website is: www.ftc.gov
· The FTC can provide you with TONS of free information about Credit Cards, and other consumer related concerns. They can help you learn more about what to avoid, how to be a smarter consumer, and what to do if you believe that you are a victim of fraud, and what your remedies may be.
The FTC is there to help...

SUMMARY:
Use the No-Call Registry to cut down telephone solicitations in your home and places of business. While many legitimate lenders utilize telemarketing, be careful. Don't give out personal information to people you don't know, don't pay up-front processing fees over the phone, and get everything in writing. Consider yourself an advised consumer on "Advanced Fee Load" Scams, and look out for the signs, when these scams regrettably make their way to you. Read the terms of the offers that you are considering, and utilize the FTC website for trusted information, resources, and all related materials on consumer credit card issues.
We've enjoyed providing this information to you, and we wish you the best of luck in your pursuits. Remember to always seek out good advice from those you trust, and never turn your back on your own common sense.

Publisher's Directions: This article may be freely distributed so long as the copyright, author's information, disclaimer, and an active link (where possible) are included.

Disclaimer: Statements and opinions expressed in the articles, reviews and other materials herein are those of the authors. While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. The author will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.

About The Author
Tom Levine provides a solid, common sense approach to solving problems and answering questions relating to consumer loan products. His website seeks to provide free online resources for the consumer, including rate-watch, tips and articles, financial communication, news, and links to products and services. You can check out Tom's website here: http://loan-resources.org, or you can email Tom at info@loan-resources.org.Copyright 2004, by Loan-Resources.Org

Always Avoid Payment Holidays

2007-04-26T05:59:00.000-07:00

Once you've been paying off a credit card for a while, you might be offered a 'payment holiday'. You'll get a letter, saying that since the company knows it's difficult for some families around Christmas (or whatever other excuse they think up), they're offering you a month off from paying, as a 'special present'.

Why Would They Do That?
Offers of payment holidays typically have a very high acceptance rate. People think it's great that they can take a month off from the stress of paying back debt. What they don't usually realise is that these 'holidays' aren't a present at all - they're a great money-spinner for the credit card company. For the company, it's a win-win situation: they get to make big profits just by making their poorer customers happy.

How Can Letting Me Off Paying Earn Them Money?
Well, that's where the trick comes in. If you read the small print, you'll find that the payment holiday isn't interest free! You're still being charged interest - and since you're not paying anything back that month, the interest will be there next month for you to pay interest on (compound interest, you see).
That might feel a little hard to grasp, so here's an example. Let's say you were paying back $1000 of debt at 1.5% per month (about 19.5% per year). Your minimum payment each month is 2% (26.82% per year).
If you pay the minimum for all 12 months of the year, then you will pay back $233.51, and owe $941.62 at the end of the year. Your debt has been reduced by $58.38, and you've lost $175.13 in interest.
With the payment holiday, though, you pay 2% per month for only 11 months (so you pay 24.3% back on the debt over the year). That's $217.80, and you'd owe $960.55 at the end of the year. Overall, you've paid $37.86 for your payment holiday from a payment of about $20. In other words, your month off cost you almost two months of payments.

Don't worry if you don't understand all the maths involved here - it's been deliberately designed by mathematicians and marketers to be as confusing as possible, to stop you working out what a bad deal you're getting. After all, if you haven't read this, would you really ever turn down a month off paying your bills? Just remember: don't fall for it. The more you owe, the more that 'holiday' will cost you. Wouldn't you rather take your money and go on a real holiday, instead of spending it all on repaying credit card debt?

If It Sounds Too Good to Be True?
In all things in life, remember that no-one gives you anything for nothing - least of all credit card companies. Anytime they offer you anything, it's because they're going to make a profit on it. If you can't see where their profit is coming from, be suspicious - it's probably all a big scam that's going to cost you money, even if you don't realise it.

Ken Austin is the webmaster at Debt Consolidation Information and Credit Card Debt Relief

7 Consumer Credit Laws You Should Know If You Are Trying To Repair Your Credit

2007-04-23T05:30:00.000-07:00

There are seven consumer credit laws you should be aware when dealing with your credit.

1. The Truth in Lending Act
The customer had to be told the true cost of borrowing, so they could figure out exactly what the charges would be. You must be informed, in writing of the finance charge and the APR before you sign any contract. Also, you need to be informed of the method they are going to use to calculate the balance on which you pay a finance charge.
This Act gives you a chance to change your mind when you use your home as security in a transaction. The first 3 day right of rescission gives you 3 business days to cancel the transaction and the creditor must give you this notice prior to the transaction.

2. The Fair Credit Reporting Act
Check other bonus material for your rights. Basically this act regulates the activities of credit reporting agencies or credit bureaus and gives the FTC responsibility for enforcement.

3. The Fair Credit Billing Act
This law establishes procedures requiring creditors to promptly correct billing errors, and allows the consumer to withhold payment on damage goods, and makes creditors promptly credit your payments.

4. The Fair Debt Collection Practices Act
This act establishes the guidelines for collectors to follow. They may not contact you at unreasonable times or places. Unless agree, they must not contact you before 8 am or after 9 pm, nor at your place of employment. You must receive a written explanation of your supposed debt and what to do if you feel you do not owe the money.

5. The Equal Credit Opportunity Act
This Law prohibits discrimination in the granting of credit of any form due to sex, marital status, race, religion or age.

6. The Electronic Funds Transfer Act
This act gives protection in all stages of modern banking techniques such ATM, telephone transfers, computer transactions, etc. Its limits for the first time consumers' liability for lost or unauthorized use of debit or electronic cards are similar to those in place for credit cards.
Notifying the bank within 2 days, your maximum liability is $50. If you miss that timeframe, you could be liable up to $500 in charges. After 60 days, you'll be liable for the entire amount.

7. The Credit Repair Organization Act
This law states that the credit repair organizations could not make a statement that was misleading. They were prohibited from advising their clients to make a misleading or untrue statement to a credit bureau.
This law gives the consumer 3 day right of cancellation, which needs to be on the contract and must direct you on how to cancel. The document must detail the services that will be provided, guarantees, time frame for service and cost for the consumer.

Carmen Shearer is the President and CEO of S&S Financial Solutions. She has worked in the finance arena for over 10 years and holds two engineering degrees and an MBA from a branch of Harvard Business School. S&S Financial Solutions offers you credit repair tools, debt elimintation programs and personal financial information with a 90 days guarantee. For more credit related information go to: www.excellentcreditnow.com or for how to eliminate your debt go to www.excellentcreditnow.com/NoMoreDebt.com

10 Tips To Prevent Credit Card Fraud

2007-04-20T14:39:00.000-07:00

Imagine opening your credit card statement one morning and discovering to your horror that you suddenly owe thousands of dollars - on purchases that you never made. Impossible?
Credit card fraud is on the rise, so you need to treat your card and its information with extreme care.

Here are 10 tips to help insure you're not the victim of thieves and fraudsters:
1. Sign new and replacement cards immediately.
2. Destroy the old cards by cutting them into pieces and shred all old receipts and bills.
3. Don't fax your credit-card number, if possible. Remember, the faxed document could remain in sight at the other end for long periods of time.
4. Don't give your card number over the phone unless you have initiated the call.
5. Destroy any carbon paper if it's used as part of the credit card transaction. Somebody can grab it and forge your signature.
6. Don't respond to any "scam" e-mails requesting your credit card number.
7. Never send your credit card number in an e-mail to anyone!
8. A good option for discouraging theft is to choose a credit card that includes your photo and signature on the card.
9. If you have questions about mistakes or unauthorized items on your statement, you have the right to challenge them.
10. If your card is lost, stolen, or you suspect fraudulent use, call your company's 24-hour hotline immediately to prevent your card from being used as little as possible. The company will block its use, and you won't be responsible for any charges made by thieves.

You'll never deter fraudsters completely. But you can certainly make life as difficult as possible for them.

About The Author: Paul Davis is financial writer and contributor to 'Debt Elimination 4U'. Visit the site now and learn how to get out of debt forever: Debt-Elimination-4U.com

A Debt Mentality

2007-04-13T09:57:00.000-07:00

While working through my own debt situation, and helping others resolve their life issues regarding debt and credit, it never ceases to amaze me how similar the life stories are and how profound is the effect of debt on the way a person thinks about life, irregardless of how much money they have or don't have.

I remember being in junior high school hearing my father say something to the effect of "you only have as much money as you have credit." Now whether that was what he said exactly or not, doesn't matter because it stuck in my head that unless you had massive debt, you couldn't have massive prosperity. Now, some 40 years down the road, I realize how flawed that reasoning was and my responsibility for allowing it in my own life.

I suspect I am not alone in those feelings. Others may get to this mentality by different life events, but it is incredible how common the debt stories are. We all get here by different routes, but FEEL the same about the result. My personal view is the way debt makes you FEEL is the whole purpose of getting in debt in the first place. If you are in debt and have bill collectors calling, and getting the envelopes that you can read PAST DUE through, and getting the ugly phone calls, you understand what I'm talking about.
One way to describe it is to use the principle of slavery, or being in prison. Tim Robbins and Morgan Freeman acted out this concept in a powerful movie titled "The Shawshank Redemption" (get it and watch it closely). Even though he was in prison, Tim Robbins character was never a "prisoner", and even when Morgan Freemans' character was released from prison, he was still a prisoner. How one led the other to that awareness is the point of the movie, and a powerful life lesson.
One more point. There are those who have access to hundreds of thousands of dollars, and are broke because of a debt mentality. They suffer the same feelings of someone who only has a few thousand dollars of debt, and as near as I can tell, IT IS THE SAME FEELING. I saw a coyote put in a cage one time. Completely wild animal, never caged. The panic that creature experienced caused it to die over time. A debt mentality is similar. We may not panic and die all at once, but we will do it a little at a time, and the result will be the same. No enjoyment of life, no hope beyond working to pay past due bills. And this mentality fits how someone chooses to see life. But it doesn't have to be this way.

Rich Toops created www.do-it-yourself-credit-repair.net to provide information that would allow subscribers to restore their credit files, and get back to purchasing status. This is still the primary function, but the awareness that there are some subscribers who keep repeating the same debt cycle is leading to a deeper look at how debt causes someone to think about their life, and how to break that cycle.

A Cure For An Ailing Credit

2007-04-11T09:48:00.000-07:00

Credit has become a much-used word, thanks to the various connotations that it is being used in. Transactions in which the payment is deferred to the near future are termed as credit transactions.
Ever thought why the grocer sells goods on deferred payment- because of a good credit that you enjoy. Credit is the reputation or standing that a person has in the society. Though credit includes various non-financial aspects, our study primarily includes the financial aspect.
The lending community watches every financial transaction of the person in question with its hawkish sight, and classifies the cases from excellent to worst. One cannot be sure of staying on a particular credit rating for a long time, owing to the volatile nature of the credit reports.
A single instance of default or late payment can tarnish the credit for a long time. Having contracted bad credit once, you would always find yourself facing the same situation, unless some serious efforts are taken to get out of the muck.

Do you think that the issue is insignificant to your case? Think again. Checking with your counterpart having a good credit rating will reveal the higher rate of interest being charged by you. The reason for this extra charge is a bad credit tag that accompanies your credit report. It will be much easier for a person with good credit to get a loan than for a person with bad credit.
These and many more reasons make credit repair a priority. First check the credit report. Every person who has ever indulged in credit transactions will have a credit report prepared by the credit reference agencies. A person can apply for a credit report within 60 days of receiving the bad credit notice. Make a note of any discrepancies in the credit report. There are many debts that you have not incurred but are present in the credit report. Many trivial matters like divorces, lawsuits etc affect credit. It will thus be important to see that even the smaller discrepancies are not overlooked. Credit report must be regularly checked to fix such small discrepancies within time. This will also help trace identity theft on your account. These must be fixed immediately.

The paragraph above dealt with entries in the credit report not conforming to the person. Next, we deal with the case when there actually is a debt that has not been paid. The debt must be paid up as quickly as possible. Delay beyond a month will make payment inconsequential because the credit reports will incorporate the defaults, thus making the bad credit irreversible for a period of about six years.

Credit counseling will be beneficial for people who are not much aware of the various options available to them. Various credit-counseling agencies are available on the net and on phone. They even conduct personal meetings with the clients. After having a chat on the problem being faced by the client, they suggest viable solutions. However, the client can refuse using the solution if they do not find it useful.

Prevention is better than cure. Certain steps may be taken to prevent credit rating from worsening. Only a few loans must be taken. The number of debts will vary with the income capacity of every individual. Regularity in payments will also have a positive impact on the credit rating. A considerable time gap must be maintained between any two loans or mortgages. Having too many loans with a shorter repayment period can have serious repercussions for the finances. This too will affect the credit rating.

These will not clean up the credit report altogether, but will at least help to make a small dent in the bad credit history. With a concerted effort over a period of time, the credit history will transform.

James Taylor holds a Master's degree in Commerce from JNU he is working as financial consultant for www.chanceforloans.co.uk

To find Personal Loans,bad credit loans, debt consolidation that best suits your needs visit www.chanceforloans.co.uk

A No-brainer Way Of Getting Credit And Credit Cards

2007-04-06T05:40:00.000-07:00

What Is Your Credit Rating Now?
If you have any charge accounts now, or have ever borrowed from the bank to buy a car, or if you are paying on a mortgage, there is credit information on you.
Up until a few years ago, you could only guess at what your credit rating was, because the credit bureaus who keep track of borrowers wouldn't tell the borrowers anything! But that's been changed through several laws, and now the bureaus have to send you your credit file when you request it.
If you've been denied credit on the basis of their record, they will send you a copy of that record without charge, if you request it within 30 days of the credit denial. If you haven't been denied credit but just want to know what your file says, you must pay a small fee to find out.

Why You Really Must Get Your Credit Report...
It is well worth your trouble to obtain your report. You may well find (because thousands do) that there is a piece of misinformation that is injuring you without your knowing it, which you can straighten out by submitting copies of documentary proof (never mail originals of anything important - it may get lost in the mail) of bills paid, payments made, etc.

What To Do If You Are "Unlisted"
If, for one reason or another, you are not listed, or they have insufficient information on you to "rate" your suitability for credit, you must take steps to correct this.

What To Do If You're New in Town
If you have no record because you hold no cards and have no charge accounts, or because you have just come in from out-of-town, then you'd better start assembling one. It may sound a little ridiculous, but nobody will lend money to someone's who's always paid cash! You have to have borrowed money or run up charges and paid them back to be able to borrow larger sums as time goes along.
Start with the local merchants in your immediate area, the ones that already know you.
Even if you don't need it right now, ask them if you can set up a charge account with them. In most cases they'll be glad to oblige you, they already know you're local, and that you patronize them regularly. when you get the credit, charge a few items each week, and pay your account promptly when presented. In this way, you'll build up a good credit record with these merchants in a short time.

Get Your Bank In on the Act
Go to the bank where you keep your checking account, and ask to borrow a nominal sum (say $500), which they are unlikely to refuse you.
Do this even if you don't need the money, because you do need the repayment record on their books. Repay the loan on a regular basis when due.
Do not accelerate, and pay it all back the next month. Strangely enough the banks do not like that, because to them that indicates a "feast or famine" situation, rather than a steady payer.
The interest cost on this loan, even if you have no need for the money, will be well worth paying to build up your credit record. Besides, you can minimize this interest cost by depositing the money you have borrowed (assuming you do not immediately need it), in a savings account, and collecting the interest, which will defray a good part of the cost of the interest you are paying.
Once these charge accounts and the loan have been operating for a while, proceed to stage two, and ask a large local department store for a charge account. Most likely they will be happy to give you their charge card.
Build up your rating with them by occasional purchases and prompt payment, and then you proceed to stage three, and apply for the less selective national credit cards, Master Charge and Visa, which you should a this point be able to get without too much difficulty.

On the Road
Once you have national bank credit, it's easy to get credit from all the oil companies, which makes traveling around a cash-free pleasure. Some gas stations take national cards like Master Charge, but most only take their own credit cards, so you should not overlook these, just because you already have others.

First Class With No Cash
Once you have all the other cards, a paid-up loan or two, and a fine record of promptly paying your bills, you may be able to get the most selective cards of all, the "travel and entertainment" cards.
These are American Express, Diners' Club and Carte Blanche. These cards operate on a different system than ordinary retail store cards, or the national bank cards, both of which are revolving credit plans on which you pay a small amount each month, until your balance is all paid up.
The store or bank hopes you take a long time to pay, because they make their money on the 1 1/2% monthly (which is 18% yearly!) finance and, or interest charges.
The T&E cards, however, expect you to pay your bills at the end of the month! Let your account get 60 days or more delinquent, and they'll cancel you out as fast as a flash of lightning. Although these cards do not charge interest, they do charge you a fee for membership.

Let Me Entertain You
So how do you get these marvelous bits of plastic that open up the doors of exotic nightspots in Tangiers as easily as your nearby Howard Johnson's? Your good credit record, that you have already established, will be the most help.
Since the T&E people want you to pay your bills promptly each month, they want to know that you have a steady record of paying bills promptly to other people.
So first American Express, or Carte Blanche, or Diners' Club, looks at your credit record. Then at your salary or other income. Most of them have cut-off points below which they will not grant their cards. But even if you earn more than their minimum requirements, they don't automatically okay you for their credit...
They look at your stability!
How do they measure stability? How long have you worked on your present job? If you don't have a minimum of two years of steady work in one place, they may not consider you at all. How long have you lived at your present address? At your previous address? And do you rent an apartment which means you could move tomorrow, or do you own your own house, which means you will probably still be in the same place next year. How stable is your livelihood? Do people in your field of work get laid off frequently?

Now You Can Really Start to Live!
Once you have all the major national credit cards in your wallet, you can live like the millionaires do, even though you haven't yet become one.
You can go into a fancy store, or even call them on the telephone, and order those wonderful luxuries which make life so much more exciting, like furs and diamonds, for your loved one, or new furniture or appliances for your living room, bedroom or kitchen.
All of this can come true in the wonderful world of credit.
Now in today's world you can charge almost anything on a credit card, from admission to a medical care at a hospital in Atlanta, university courses in New York City, funerals in Los Angeles, and even the services of legal prostitutes in Las Vegas.

Erasing the Bad Marks
But what do you do if you haven't been able to pay your bills promptly, or you've run up more than you can handle, or you don't have a very stable work history? Do you have to give up the dreams of credit-card living? Not entirely!
Once you find out which credit conditions in your background are the most troublesome (from the credit report you have already sent for), you then start to create new conditions that you can then base your records on.
If you were out of work, perhaps you can get a reference from someone you know who owns a business and is willing to say that you worked for him, if the credit card company checks your references.
If your bills are too high, and you've missed a few payments, perhaps you should see one of the free consumer- counseling services that are springing up in the larger cities which will enable you to consolidate your debts into a manageable amount.
Remember that credit card companies don't care very much about the amount you owe, but they care a lot about whether you pay steadily, every single month, even if the amount each month is small, and the entire debt will take years to pay off!
Don't overlook ways to establish good credit without buying anything!...
For example, you have telephone service in your own name, you have a record of paying bills to them which is then part of your credit record. The same for your gas and electric supplies from you local public utilities. These services, when they are in your name, will show prospective merchants that you do have a record of paying bills, even if you haven't yet established retail store or bank credit.

Using Your Credit to Save Cash!
The world of credit has one more trick you should know about, this one that actually saves you money right on the spot.
All you have to do is carry your credit cards with you when you go out shopping, even if you intend to pay by cash. Then you have to keep an eye open for the smaller, personal service-type shops, where the boss himself, or one of the partners, is always present (you'll see why in a minute).
As you walk in, check out the decals on the door to see which credit cards they accept.
Then select your purchase in the way you normally would - taking your usual care to be sure you're getting the right item at the right price.
When the deal's all set, produce your credit card (one of those you know he takes), and say "I'd like to charge it, please!"
At this, the merchant's face will probably drop about six feet, but he'll take your card and walk over to the imprinting machine (or maybe to the telephone to check your credit status).
He hasn't got much choice, he has to take your card if he uses their decal in the window. But the point is, he hates to, because he has to pay the credit card company a percentage of the sale, usually somewhere between 6% and 10%.
Now, while he's vulnerable, is the time to hit him with a casually dropped remark like "say, how about knocking 5% off the price, and I'll pay cash instead?" The chances are he'll accept your offer, because it saves him the other part of the credit card company percentage, and because it saves him bookkeeping chores, and waiting from 3 to 7 days for his money to be credited to him by the credit card company.
The reason why this gimmick doesn't work in big stores is that the clerk doesn't give a damn what it costs the boss, and has no authority to take an additional percentage off the price, so he'll just go ahead and write up your credit card invoice.

Copyright © Andre Vas, Direct-Credit-Card.com, All Rights Reserved.
Here's a GREAT FREE resource with everything you'll EVER need to know about credit/debt management, credit cards,and applying for the BEST one: www.Direct-Credit-Card.com

14 Common Credit Mistakes

2007-04-04T12:39:00.000-07:00

14 Common Credit Mistakes
1. Using expensive or undesirable types of credit costs too much and is negatively scored.
2. Accumulating too many lines of credit or too many credit cards causes credit report remarks like "too much consumer credit."
3. Only paying the minimum due keeps balances too high.
4. Being maxed out on any credit card or line of credit causes deep drops in scores.
5. Taking cash advances costs higher interest and extra fees.
6. Exceeding limit and having to pay over-limit fees is a negative with creditors and causes "high proportional amounts owed" remarks on credit reports and subtracts credit score points.
7. Paying a day or more late causes unnecessary late fees and often increases interest rates.
8. Charging more than you can afford causes a snowball effect of amassing debt with no easy way to pay it off.
9. Letting someone else use your credit, such as co-signing a loan, raises your debt-to-income ratio and possibly adds "too many consumer accounts" on your credit report, which lowers your score.
10. Ignoring credit problems causes unnecessary negative impact. Talk to creditors before being late and make arrangements. This action heads off negative reporting to credit bureaus.
11. Failure to report address changes to creditors causes misplaced bills and late payments.
12. Using partial name, different names, initials instead of whole name, or forgetting Sr. or Jr. causes mix-ups. Use your full legal name to protect you from confusion with similarly named borrowers.
13. Failure to report name changes to creditors also causes confusion.
14. Not checking credit report frequently is one of the most common mistakes consumers make.

You can buy real estate with poor credit, but you will save thousands in loan costs if you maintain good credit. A bad credit report leaves home buyers with sub-prime loans which have higher point charges, prepayment penalties, and higher interest charges, which therefore cost more money.
For instance, a mortgage loan of $150,000, 30-year, fixed interest rate of about 5.72 percent costs around $870 a month. Poor credit scores raise the interest rate over 9 percent and the payments over $1,200.
As you see from these payment differences, good credit means that you can finance a more expensive house with the same income, or save $330 each month.

Credit Requirements for Mortgages
Credit needed to buy real estate is not the same as good credit. Besides your credit score, mortgage lenders consider your debt-to-income ratio and other credit matters, unlike other credit grantors. Your debt-to-income ratio is the comparison of mortgage payment, including taxes, interest, and insurance to your total gross monthly income. Real estate lenders also consider your employment qualifications and your overall debt ratios. Understanding the difference between good credit and the credit needed to obtain real estate financing helps you buy houses!
Avoiding credit mistakes helps you get strong credit and keeps your credit scores up.

(c) Copyright 2005 Jeanette J. Fisher. All rights reserved. Professor Jeanette Fisher is the author of "Credit Help! Get the Credit You Need to Buy Real Estate," "Doghouse to Dollhouse for Dollars: Using Design Psychology to Increase Real Estate Profits," and other books. Jeanette and her husband chose real estate investing to be able to care for their daughter with special needs. While buying and selling millions of dollars worth of real estate, the Fishers were forced into becoming credit experts. Forget what you've been told about credit. Get the credit you need to buy real estate. Real Estate Credit Help Center: http://RE Credit Help.com/

0% Credit Cards

2007-04-02T08:48:00.000-07:00

These days, credit cards in the UK are competing with each other on two very attractive offers with a headline rate of 0%. These 0% credit cards will be either balance transfers; introductory purchases offers or a combination of the two. This article looks at how to get the best out of these types of card and the things that the credit card companies want you to do and therefore the things to avoid. There is a school of thought that believes that these types of card will soon be a thing of the past as they cost the credit card companies too much profit, as consumers get wiser to the pitfalls.
A balance transfer credit card is basically an offer of either a zero interest rate or very low interest rate for a set period. The typical period is 6 months although there are variations on this and there have even been some low rates set for the lifetime of the balance. However, these are becoming rare. Once, the offer period expires then the outstanding balance reverts to the standard rate on purchases. This is very important, as at this point the credit card company will hope the consumer will not take any action and so the company can begin to earn money on the balance.
A 0% purchase offer credit card has many similarities to the balance transfer offers. The introductory rate and period are usually 0% and 6 months in the same way as the balance transfer. Also, once the period expires the outstanding balance is subject to the standard rate on purchases. It is an important point to note that the introductory rate does not apply indefinitely on purchases made in the period, but only applies for the duration of the introductory period.
It is often the case that credit card companies will offer both the balance transfer and 0% on purchases on the same card. When this is not the case it is wise to keep balance transfers and purchases separate. This is because the balance transfer portion of an outstanding balance will be paid off quicker than the standard rate purchases. Therefore an increasing portion of the balance will be subject to the standard rate and the balance transfer portion will decrease at a faster rate. There is nothing to stop a consumer obtaining a credit card with a balance transfer and a separate low interest credit card for any purchases to be made. That way the benefits of the offers are maximised.
In summary the balance transfer and 0% purchase offers can be of great benefit to the consumer provided that the consumer understands how to use the offers to their advantage. A degree of discipline is required in managing repayments. Also, the cardholder should be aware of any penalties that may cause the offer to be cancelled. Armed with this knowledge then these cards can be made to work for the consumer, but remember that when comparing credit cards to pay close attention to the typical APR, which is, always stated where UK credit cards are promoted.
Neil Brown has contributed to many financial sites including Credit Cards UK.

All You Wanted To Know Of Bad Credit

2007-03-30T12:15:00.000-07:00

Martin Henderson is in a fix these days. Because of his failure to repay a loan he had taken a few years back, he has been adjudged as a bad credit case. And, in spite of much effort, he has not been able to get a loan or a mortgage. Lenders do not want to take risk by offering loans to him, and he is severely in need of money.
This is not a single case. There are many who are facing bad credit and the problems resulting from it is making their lives difficult.
Failure to pay the debts in most cases is unintentional. Most people are mainly concerned with the immediate relief that the loan or credit will offer. They do not want to mar the immediate relief by thinking of the repayment in future. They feel that their present income is enough to meet these extra expenditures. It surely is sufficient to meet the cost of repayments, until the financial condition changes for worse, and it becomes difficult to make the repayments on time.
Some creditors make the payment terms flexible for borrowers who are going through financial depression. Others will wait to see that the customer mends his ways. If not, then they report the matter to the credit reference agencies. Credit reference agencies monitor all actions of the borrower on his debts in their respective credit file. The main credit reference agencies are Experian and Equifax. These agencies record information about the defaults on loan or mortgage.
The defaults being registered in the credit file has serious repercussions for the borrower. This will impede the borrower from getting loans in the future. County Court Judgement registered by the County Courts keep the record of bad credit for a period of six years. This can be reviewed if the customer pays off the debts within a month of the judgement. A further delay can make the judgement irrevocable.
Individual voluntary arrangements are another form of bad credit that disqualifies customers from getting good deals in loans and mortgages. Individual voluntary arrangements or IVAs for short is a step that saves individuals the brunt of bankruptcy. The individual or the official receiver, trustee or bankruptcy courts can request the creditor for IVAs. Through this arrangement, the debtor can sort out an arrangement for the payment of the debt through a well-defined plan within a period normally extending to 5 years. Since this is a legal arrangement, both the debtors and the creditors are bound by it. The failure by the debtor at any point of time gives right to the creditor to take action against the other party. Even though IVAs lead to the repayment of the debt, it tarnishes the credit of the borrower.
However, IVAs are suitable only for those who believe that they can pay the debt in full by making small monthly repayments. If not, or if the debt contracted is a sizeable figure, then bankruptcy will be the only solution. Though more painful as the borrower will have to lose most of his belongings, this will free the customer of the debts in the least time (two to three years is the normal time of repayment). The bankruptcy courts negotiate the settlement of the debts with the creditors, and make the payments after liquidating the assets. The credit file shall however include the name of the borrower among the bad credit cases for about 6 years.
So just as we plan our work schedule, it is vital to plan the repayment of the loan or mortgage. A certain amount of insurance paid along with the loan repayments, will assure that the loan is paid in full. This is known as loan protection. Mortgage protection is available similarly to ensure that the mortgage is paid in full. These will add to the monthly cost but will offer peace of mind.
Debt consolidation loans can help curb the menace of debts. Though many lenders reject the loan application, some are ready to take up the risk. These settle all debts incurred by the individual through a single loan. However, one must avoid the bait of taking debt consolidation loans at high rates of interest. This will only save you from one danger, only to push you into other.
Last but not the least comes the debt management options undertaken by the individuals themselves. One must learn to live by the limits. Taking too many loans or mortgages will only worsen the finances.
So, the next time you plan a loan or mortgage, think twice. Taking advice from independent advisors about the amount and type of loan or mortgage will go a long way in improving your financial health.

James Taylor holds a Master's degree in Commerce from JNU and he is working as financial consultant for chanceforloans.co.uk. To find a Personal Loans, bad credit loans, Debt Consolidation that best suits your needs visit www.chanceforloans.co.uk

Addressing Bad Credit Card Debt

2007-03-28T04:51:00.000-07:00

Spending Habits
So you've just got your credit card. The first thing you need to be wary about is that a credit card is very easy to use - after all you can shop in stores, via catalogs and online with your credit card. As it is so easy to buy things with it you can find that you actually spend more than you are able to afford. As well as this, many people find that spending with a credit card does not feel like you are spending money - there is no physical cash handed over. This can lead to serious debt problems.

Controlling Your Spending
As many of us already know, a credit card can very easily get out of control. To avoid mounting credit card debt there are a few measures that you can take to protect yourself and your dependents from the stress of credit card debt.

*Limit yourself to a strict budget.
*Always pay off your credit card on time.
*Keep track of your credit card balance - many accounts are available online.

By following these simple but tried and trusted methods you will be much less likely to fall into credit card debt.

What To Do If You Have Credit Card Debt
If you have allowed your spending to get out of control and have accrued a credit card debt, then there are some simple steps that you can take to get out of the problem. Many people operate with multiple credit cards, once they reach their credit limit on one credit card they apply for another and repeat the process. The best thing to do is to consolidate all of your credit card debt onto one card. Apply for a 0% interest balance transfer card and transfer all of your credit card debt onto the card. The balance will not be charged any interest for a period of time, meaning you can start into paying it back.
*Apply for a 0% interest balance transfer card.
*Consolidate all your credit card debt onto one card.
*Close all your other credit cards.
*Stop spending - don't add to your problem!
*Start paying back your debt.

What To Do If Your Credit Card Debt Damages Your Credit Score
If you have a large credit card debt and have perhaps missed a couple of minimum monthly repayments, you may find that your credit score is depleted. In this situation you must address the problem immediately in order to protect your financial status.
*Get a copy of your credit report and check it for errors.
*Apply for a Secured Credit Card that will report to the credit bureaus.
*Repay your debts.
*Negotiate with your lenders.

Andrew Boyd is a content writer for First-Stop-Credit.com where you can apply for secured credit cards and other products to help improve your financial status.

3 Free Credit Reports For You

2007-03-25T09:09:00.000-07:00

If you were to tell someone that they can have a certain item for free, more than likely their response would be, "what's the catch?" In the case of credit reports there is no catch, you can now get a free copy of this report through the three credit reporting agencies: Equifax, TransUnions, and Experian. Let's take a look at the law and how you can benefit from it.

An amendment to the federal Fair Credit Reporting Act (FCRA) requires the three national credit reporting agencies to provide one free copy of your credit report to you annually. Beginning on December 1, 2004 and culminating on September 1, 2005, the Federal Trade Commission is requiring that these agencies offer reports on a rolling, phase in basis. In other words, on December 1, 2004, if you live in certain western states you became eligible at that time and every three months later additional states were added. By September 1, 2005, residents of all states are eligible.
Fortunately for consumers, you need not contact the three reporting agencies separately to obtain your free credit report. You can order right online at www.annualcreditreport.com; or by calling 877-322-8228; or by completing the Annual Credit Report Request Form and mailing it:
Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA, 30348-5281

The form is available online where you can print it out and mail it in: www.ftc.gov/credit. If you need copies more often, you can contact the three reporting agencies and request copies. You will pay for this service. To buy a copy of your report, contact:
*Equifax: 800-685-1111 www.equifax.com
*Experian: 888-EXPERIAN (888-397-3742) www.experian.com
*Trans Union: 800-916-8800 www.transunion.com

There are also private companies who will obtain all three copies of your credit report for you as well. There is a fee involved, but you may find their services to be less of a hassle than contacting the three companies separately.
So, how can you benefit from the law? By ordering copies of your reports from the companies on a four month rotating basis. Most consumers will find this plan to be sufficient and it will allow for you to compare/contrast the reports of each agency. Of course, if you already suspect fraud you will want to order all three reports at once and notify each agency to place a "fraud alert" in your credit file.

All in all, the new law is a big win for consumers. Take advantage of this "windfall" as soon as you become eligible to do so. Matthew Keegan -- The Article Writer -- writes on a variety of business, financial, and personal interest topics. You can view additional samples of his work at www.thearticlewriter.com

5 Ways To Prevent Credit Card Late Fees

2007-03-25T09:03:00.000-07:00

Paying a credit card late fee is the same as throwing your money away. Late credit card payments can also hurt your credit score. The payment tips and strategies here will show you how to prevent these costly fees.
When credit card companies process credit card payments, every single detail is extremely important. Get even one of these small details wrong and you will have to pay credit card late fees.
The Fair Credit Billing Act requires credit card companies to credit payments the day they are received. However, this law also allows each credit card issuer to set their own specific payment guidelines. If any of these guidelines are not met, the credit card company can take as much as five days to credit the payment.
That means you can get your payment to your credit card company on time and it could become late during that five-day period. The credit card company could legally charge you credit card late fees. So it's in your best interest to follow their payment guidelines carefully. The payment guidelines are usually on the back of your credit card bill.

Here is the five best ways to prevent credit card late fees.
1. Follow Credit Card Payment Guidelines Carefully
This includes everything from a specific payment address to the time of day the payment has to be received to be credited that day. Some companies even require that payments arrive in their preprinted envelope they sent you with your bill. To be safe, always use the preprinted envelope provided by a credit card company.
Include the billing coupon, and write the amount you are paying in the box provided. Make your check legible, don't forget to sign it and double check that the payment amount is correct. Write your credit card account number on your check and send the payment with the proper postage to the payment address requested by the credit card company.

2. Pay The Minimum Payment Immediately
The best way to prevent paying a credit card late fee is to pay your bill as soon as it arrives. Even if you can only make the minimum payment, it's better than paying a late credit card payment. You can always make additional payments later to keep your interest costs down.

3. Change Your Due Date
Most major credit card companies allow you set your own due date by just asking. Set your due date so your credit card bill arrives right after you get paid.

4. Automatic Online Payments
Paying bills online is also another good way to avoid paying a credit card late fee. Most major credit card companies are accepting credit card payments online. Just sign up for the service on the card company's web site. Make sure to choose a payment amount that automatically covers the minimum amount due on your credit card each month. You can always make additional payments later to keep your interest costs down.

5. Make Your Payment By Phone
Most major credit card companies will accept payments by phone. Some of them will charge fees, ranging from $5 to $15 for the service. But credit card late fees cost you much more so it's better to pay the small fee than a late credit card payment fee. Call the toll-free number on the back of your credit card. They will ask you for a check number and the bank routing number, which is printed at the bottom of every check.
If you do get hit with a credit card late fee, try calling the credit card company and ask if they will waive it. Many credit card companies will waive late credit card payment fees as a courtesy to customers with good payment records.

Copyright © 2005 Credit Repair Facts.com All Rights Reserved. This article is supplied by www.credit-repair-facts.com where you will find credit information, debt elimination programs and informative facts that give you the knowledge to correct your own credit and credit report. For more credit related articles like these go to: www.credit-repair-facts.com/articles_1.html

10 Simple Steps To Manage Your Credit

2007-03-21T07:59:00.000-07:00

By far the greatest invention the banks have ever come up with came out in the 20th century. Also the new field of Credit Management was born with the invention of the credit card. It is the most available out of any financial product out there. In fact more than 80% of the U.S. households have at least one credit card. If you want to consider yourself as the "Average" American then you have about 8 credit cards burning a hole in your wallet right now. To make sure that you don't get yourself in any trouble (again) try and follow these 10 Simple Steps for Credit Management.

1. Ignore the bank's/lender's rule on what is an "acceptable" level of debt.

Your debt-to-income ratio, as they like to call it, is how much debt you can carry to the amount of money you make. Depending on how well you have managed your credit in the past it can fluctuate quite a bit. The average is about 25%. The ideal number is of course ZERO but for starters work on getting it down to 10-15%.

2. Remember what a credit card is...A Credit Card.

Just because they have waved their magic wand and sent you your "Pre-Approved" Card doesn't mean go out and use it. The bank does not know your situation or your lifestyle, all they look at is the number that you should be able to pay off using most of your "extra" money. They will keep you paying them for the rest of your life if you let them. Which brings me to the next point...

3. Don't pay just the minimum balances, unless of course you like paying 400% or more in interest.

A typical Credit Card debt of $4,500 would take you about 44 YEARS to pay off! And you would end up paying about $17,000 total by the time you are done. When you stop and think about it, does that sound like a good deal to you?

4. Play the Game- Remember that you are the customer and "the customer" is always right.

When it come to annual fees and higher interest rates ask for a lower rate. And if you slipped up and got a late fee ask to get it waived (make sure you promise never to do it again...well at least for six months). Remember that it is a lot more cost effective for them to keep a customer happy than it is for them to go get another one. Your $29-$35 late fee does not come close to the money they will have to spend to get a new one of you.

5. While you are playing the game don't get blindsided by the fees.

The banks have come up with some very creative ways to make money at your expense. They have the ones that everyone knows like over the limit fee, late fee, and extra card fee. However, they also have the less obvious fees like account transfer fee, and a fee for talking to a live person instead of a recording. Make sure you look at your statement and check out all the charges. Some of them may surprise you.

6. Know how your stack up- BILLIONS AND BILLIONS of dollars are charged annually to consumer on mark ups in interest rates.

That's a lot of money when you look at your share. Your credit information is something you should look at and make sure it is accurate. About 25% of all credit reports have erroneous information contained in them. Make sure your information is accurate and keep an eye on it regularly.

7. Know you limits- When you know you will have a hard time paying even the minimum balance STOP charging.

It may sound simple but for millions of Americans it is very hard to do. Of course the easy way - Hind sight 20/20: don't get in the situation.

8. If you are one of those people that are disciplined enough to pay off your balance at the end of the month then make sure you are getting some bonus for being such a great user.

Get the free stuff that you can use. Some extra Flying miles, free gifts, Cash back reward (my favorite). If you are going to use it might as well get something for your efforts.

9. Only have what you need- You Should have 2 cards, one for what you use regularly and pay off every month and the other for emergencies or business.

When you start trying to take advantage of all the deals out there the only one who gets taken advantage of are you. Overkill on your credit cards are not necessary, but being really good at managing a couple of cards is.

10. The statistics are in and they are mind boggling.

Bankruptcies are at record numbers and the consumer debt for the U.S. is over 1.7 Trillion dollars! Teach your kids now to not make the mistakes that you did. Financial Literacy is a must for the next generation as we are heading into a cashless society. It's harder to manage what you cannot see. Make sure they understand that the credit card is what pays for food on the table and gas in the car as well as the play station games they love.

Mical Johnson is affiliated with Rock Financial, Inc., a Licensed Correspondent Mortgage Lender, Florida Department of Finance. Mr. Johnson hosts Home Buyer's Seminars which are open to the public each month in the TampaBay area in Florida. To obtain a free copy of Mr. Johnson's Home Buyer Handbook contact him at www.TampaMortgageGuy.com He is also a contributing author at www.Debt-Free-Personal-Finance.com

Signs You May Need Credit Counseling

2007-03-21T07:44:00.000-07:00

Debt management programs can be of real help for people that discover they cannot face their debts. At first, they will attempt to solve the situation all by themselves by cutting down on spending and keeping a close eye on accounts. If this doesn't work then it is time to ask for help from a financial expert. The sooner you admit you need help from an expert, the better it will be for your future. The best time to seek the advice of an expert is before the appearance of most of the important10 signs you may need credit counseling. You should already be worried when one or two signs appear. Of course there are not only 10 signs you may need credit counseling but, these 10, are the most important. When you see more than a few of 10 signs at the same time, know that the situation is bad and getting into a debt management program could be the right solution for you.

There are not a fixed number of signs that can tell you your debts are slowly killing your financial life, but in the following lines we will try to present the most important signs you may need credit counseling.

The most important sign is loosing your job or the possibility to loose it.

The first thing you think of when you loose a job is how you will pay all your bills. In such a situation it is best not to loose your cool. You may think you just need to start looking for a new job and the bad situation will be solved. In case your next job does not come in the near future, the best thing for your financial situation would be to ask the advice of a credit counselor; even for the most desperate situations he will certainly have a solution.

You should also be worried when your credit card balances are increasing while your monthly income is decreasing.

This would mean that, in short time, you'll not be able to pay your monthly minimum payments.

This is another sign that you need credit counseling; if paying the minimum amounts required on your accounts is a situation that lasts a short period of time, and then the problem is not that bad. But if the situation repeats itself over and over again, this is a sure sign you may need credit counseling.

When you discover that you have more credit cards then you need, know that this is one of the 10 signs you may need credit counseling.

You have more cards then you need because you're trying to pay an existing card with the cash advances obtained from other new cards.

Another situation that could indicate you need the advice of an expert is when you're constantly charging monthly more than you pay. If this is the first sign of financial trouble many people will try to work it out on their own by working overtime or taking a part time job. As we said before, if the situation is for a short period of time and you manage to get out of trouble all is fine but if it continues for a longer period this is another sign that you may need credit counseling.

Also, if you start getting letters or phone calls about late bill payments, you should be worried at once.

These signs you may need credit counseling do not appear all at once; in time, one after the other, they will eventually appear. But it is mostly important to recognize them all, admit you have a problem and ask for help. There are situation in which the signs mentioned before appear at a certain moment but the person in trouble cannot see them or refuses to see them. More than that, people in financial trouble don't know how much they owe and don't want to find out. This is another sign that financial counseling is needed. The situation could get worse in case all this financial problems are not made known to the spouse as well. And, sometimes, when trying to hide such a bad situation, people in trouble are using their savings to pay off the monthly bills.
The best advice for people that are experiencing this kind of trouble is to not let all the signs accumulate. When few of them appear and repeat themselves for a longer period of time, wise people should ask for advice from a financial expert that will surely have few options to get them out of debts.
This article has been provided courtesy of Creditor Web. Creditor Web offers great credit card articles available for reprint and other tools to help you search and compare credit card offers.