There is no ‘one-size-fits-all’ recommendation is possible when considering the right amount of debt to assume. But that doesn’t mean there are no good guidelines at all.Naturally, credit card companies and other lenders are happy to make available as much money as they think their borrowers will repay. They take risks, but those are calculated risks. They look at default rates, current interest rates and carefully review credit history when they make loans. Borrowers can benefit by following some aspects of their strategy. Continue reading →
The Ugly Face of Credit Card Collections
posted by Joe in March 28th, 2008
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.
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.
Tips to Manage Your Debt Problem
posted by iliah in February 26th, 2008
Are you worried that you can’t pay your bills? Is it keeping you from sleeping at night? Is it making you sick?
Don’t worry, don’t panic, there are a lot of things you can do help relieve some of the stress you’ve been facing lately.
First and foremost, no matter what troubles you may be facing financially, staying healthy and in a good frame of mind is important. If you try to stay healthy and strong by eating well and exercising, you can face any challenge life throws at you. despite your financial problems, don’t give up on yourself and have faith that you will overcome your debt. Continue reading →
Snowball Method of Debt Reduction
posted by iliah in January 24th, 2008
There are multiple ways to reduce your debt.
The most obvious one, is to simply pay down your debts. That’s easier said than done, isn’t it?
But there is one method that has been employed by many people in debt with great success. It is known as the Snowball Method a debt reduction method taught by Dave Ramsey.
How to Pick the Right Credit Counseling Company
posted by Tanita in January 21st, 2008
Are you looking to eliminate your unwanted debt? Maybe it’s time to seek the assistance of a credit counseling company.
Credit counseling companies can help you develop a plan to reduce your debt and get your financial life back on track, but you should practice some caution when choosing the right company to work with. While there are many reputable companies, there are just as many companies ready to take advantage of your situation.
Here are some basic things too look out for when choosing a credit counseling company.
Is Debt Counseling Right For You?
posted by iliah in January 19th, 2008
Most people are not good at managing their finances. it’s a skill that has to be learned. But those who do get themselves into money problems seek the assistance of a debt counselor.
Debt counselors can help anybody in a financial jam, but they can only do so much.
Eliminate Your Credit Card Debt
posted by Joe in December 22nd, 2007
How easy is it to eliminate credit card debt. If you are determined to get yourself out of the money pit, then “Where there is will, there is way”.
No matter what method you use to eliminate your credit card debt, no matter what debt assistance company you apply for, your will power is vital to your success. That is, IF YOU WANT TO eliminate your credit card debt. If you are ready to take control of your finances and take responsibility of your actions then it is eliminating your credit card debt is relatively easy to do.
Your will power and drive is what will help you control your spending. Your determination will help you make wise choices and analyze your current financial situation. While a credit counselor can help you plan a budget, you are the one who will ultimately have to carry it out.
You are responsible for every aspect of your credit card debt elimination. One way of strengthening your will power, is to imagine how happy your life will be after your debt is gone. Imagine the freedom that you will get after you eliminate credit card debt.
Not only that, but just think about all these good things and build your confidence and your will power to eliminate credit card debt. You will be amazed at how much you can do once you set your mind to it.
Remember “Where there is will, there is way”.