This is a fascinating story about a young student’s battle with credit card collections. Sadly, her story is common now a days. More and more Americans are getting themselves deeper and deeper into debt.

Read the Full Story Here

What is disturbing is the unethical and questionable tactics many collection agencies use to extort money from debtors.

If you feel that you are being abused by a creditor or collection agency, refer to the Fair Debt Collection Practices Act.

Both lender and borrower are faced at the outset with a basic decision - to obtain a loan that is either secured or unsecured. But, what does that mean, and what are the differences of each? Continue reading →

There are many things you can do to eliminate your credit card debt.1. Control your urge to spend: The first thing to do reduce credit card debt  is to control your expenditures. The primary reason people get into debt is because of uncontrolled spending.

2. Leave your credit card at home. This prevents impulsive shopping.  If you really need something, then you have to go back home and get the credit card from your house.  This credit card debt elimination technique, again, works on the principal of ‘prevention This will prevent unplanned expenses from happening.

3. Prepare a monthly budget and stick to it. This is really a very debt elimination measure. This budget will form the basis of your credit card debt elimination plan, so you have to stay disciplined. After all, if you deviate from your budget, your credit card debt elimination plan will go for a toss.

Credit cards can be used for the sake of convenience, for online shopping and the dozen other uses for which it was designed. Or, it can become a means of increasing your debt to absurd levels and cause you to pay painful amounts of unnecessary interest every month.Many who let credit card debt get out of control see debt consolidation as the way out. They are often presented with a stack of offers to reduce their credit card debt by consolidating all their debt onto one credit card. Continue reading →

Developing a budget is an easy thing to do.  Sticking to it, well, that’s another matter. It might seem that developing a budget should be an elementary task. But many people are simply not inclined to use spreadsheets, balance checkbooks or lay out a formal budget.It is within everybody’s self-interest to make the effort to outline expenses against income even if it requires getting someone else to help undertake the task. The budget should include monthly income and outgo, projections of expected increases and decreases and some buffer for the unexpected. Continue reading →

Getting into debt is very easy to do. With easy access to credit and credit cards, it is no wonder that millions of Americans struggling to get by and keep their debt repayments on track.

Is bankruptcy the only solution to massive personal debt?

There are many ways to get out of debt besides filing for bankruptcy. If you looking for other options besides declaring bankruptcy, read on. Continue reading →

Most of college students are inexperienced in the using credit cards, they can easily fall prey to what we call as ‘college student credit card debt’. In fact, college student credit card debt is one reason why the credit card suppliers keep a lower credit limit on college student credit cards. The solution for avoiding college student credit card debt is similar to what it is for avoidance of any type of credit card debt. So, the first thing for avoiding college student credit card debt is to understand the concept that credit card is not free money and that whatever you pay-for using your credit card has to be paid back to the credit card supplier when your credit card bill arrives. So never treat credit card separate from hard cash.

Avoid overspending.  Buy only those things that you really need. A good thing to do is to prepare your monthly budget and follow it religiously.

Another very important preventive measure for avoiding college student credit card debt is to avoid going for a second credit card. Some students have a tendency to go for multiple credit cards just because the credit limit on college student credit cards is very low. However, this is a perfect recipe for getting into a college student credit card debt. This is how college student credit card debt builds up. One credit card is more than enough for any student.