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Payday loans can be a vicious cycle…

Monday, July 17th, 2006

Like so many American families living paycheck to paycheck that don’t have adequate savings or access to conventional credit cards, getting a payday loan for those “unexpected” expenses can become a real nightmare. Although it may seem like a good idea it really isn’t.

As anyone that has gotten caught up in this cycle can tell you, the main problem is that the money for your first payday loan is paid back by your next paycheck. That leaves you with less income and puts you behind on your usual expenses. So, it’s easy to see how people either go back to get another loan or renew their existing one. This not only keeps you in the hole but makes it very difficult to save money and break the cycle.

How about the costs? …continue reading the article titled Payday loans can be a vicious cycle…

Posted in Bankruptcy, Credit Counseling, Debt Elimination, Debt Solution, General Debt, Debt Help, Debt Advice | No Comments »

Financial trouble ahead?

Tuesday, July 11th, 2006

There are many telltale signs that will indicate you may be headed for debt trouble. I have gathered about a dozen areas for you to look at. If you answer yes to a couple of them, be warned.

1. Are your credit card balances rising while your income level has stayed the same or has decreased?

2. Are you only paying the minimum or less than the minimum balances …continue reading the article titled Financial trouble ahead?

Posted in Bankruptcy, Debt Relief, Debt Consolidation, Credit Card Debt, Debt Management, Debt Reduction, Credit Counseling, Debt Elimination, Debt Solution, Debt Help, Debt Advice | No Comments »

Credit Card Interest Rates are on the Rise…

Thursday, June 22nd, 2006

Four out of every five cards issued today come with a variable rate. Most also come with a Universal Default provision (meaning that if you are late on any payment, it doesn’t have to be to that particular creditor, your interest rate can increase to as much as 30%).

The variable interest rate has been on the rise and is continuing to increase. The rate is tied to the Federal Reserve. As the Federal Reserve raises short-term rates, …continue reading the article titled Credit Card Interest Rates are on the Rise…

Posted in Bankruptcy, Debt Relief, Credit Card Debt, Credit Counseling, Debt Elimination, Debt Solution, Credit Repair, Debt Help, Debt Advice | No Comments »

Americans are not saving enough. Are you one of them?

Wednesday, March 29th, 2006

A recent study by lawyers.com showed that nearly half of all Americans do not have enough in savings to live for three months if faced with an unexpected job loss or medical emergency.

For those people earning 35k or less, 19% of them said that they had no liquid savings, compared to only 4 percent of those who earned more than the 35k a year.

In addition, those who actually have some savings are increasingly more likely to spend it on daily living expenses, instead of paying down or eliminating their debts.

Of those people with savings, about 27% reported that their last savings withdrawal of $100 or more was to cover normal living expenses, while only 16% used it to pay off debt.

The survey shows that any change in gas prices, for example, or in any other market (an increase in interest rates from their adjustable mortgage, the new minimum credit card payment requirements with most credit card companies) can devastate those consumers financially.

If you find yourself scrambling to make ends meet or just want to learn more about your financial options, log onto www.debtreliefoptions.com.

Jon Noble
Staff writer
Debt Relief Options
asktheexperts@debtreliefoptions.com

Posted in Bankruptcy, Debt Settlement, Debt Relief, Debt Consolidation, Credit Card Debt, Debt Management, Debt Reduction, Credit Counseling, Debt Elimination, Debt Solution, Debt Help, Debt Advice | No Comments »

Demystifying the Myths about credit:

Monday, January 23rd, 2006

Getting Divorced and your debt:

I got divorced. My spouse was ordered to pay the credit card debts so I don’t have to: False

You get divorced. As part of the settlement, your (now) ex-spouse was ordered to pay the debts (car or mortgage note, credit cards, medical bills, etc.). Some divorce lawyers may tell you that your creditors will honor the divorce decree and relieve you of the obligations. I am sorry. They are wrong. Some creditors may. Most often, they will pursue you as well if the debt remains unpaid. Further, they will report the negatives on your credit report. This will hurt your FICO score and future ability to obtain credit for years to come. In addition, you could still be sued by your creditor(s) for …continue reading the article titled Demystifying the Myths about credit:

Posted in Bankruptcy, Debt Settlement, Debt Relief, Credit Card Debt, Debt Management, Debt Help, Debt Advice | No Comments »

Credit Cards, debt of a Nation

Monday, January 9th, 2006

Initially, it was Frank McNamara of New York’s Hamilton Credit Corporation that come up with the idea of giving affluent businessmen a convenient way to charge some of their business related expenses.

In 1950, he issued the original Diners Club card. It was made of pasteboard with the customer’s name on one side and a list of twenty-seven restaurants that accepted it on the other. In 1955 the pasteboard card was replaced by one fabricated from plastic.

American Express began issuing cards in 1958 followed by The BankAmericard, issued by the Bank of America. Soon, smaller banks joined the BankAmericard system. In 1977 the card underwent a name change and became …continue reading the article titled Credit Cards, debt of a Nation

Posted in Bankruptcy, Debt Settlement, Debt Relief, Credit Card Debt, Debt Management | No Comments »

Tax refunds a good way to get out of debt

Monday, January 9th, 2006

It’s that time of year again; soon you will have many sources popping up suggesting ways to spend your upcoming tax refund. Let’s put this in perspective.

First, tax refunds are not “found” money, but a return of money YOU overpaid into the tax system! The average refund check is somewhere around $2,200 and $2,400.

One of the first things that you should do, if you had no abnormal deductions for the year and anticipate that those deductions will remain the same in the future, is to change your withholdings so you don’t overpay in 2006. I have no idea why you would want to give someone (even the government) money to hold onto for a year with no interest being made off of that money.

An easy way to calculate this adjustment is to take your refund amount, divide it by twelve and adjust your withholdings accordingly. Your company’s payroll department can assist you in this process. By doing this, it could give you several hundred dollars …continue reading the article titled Tax refunds a good way to get out of debt

Posted in Bankruptcy, Debt Settlement, Debt Relief, Credit Card Debt, Debt Management, Debt Reduction, Debt Elimination, Debt Solution, General Debt, Debt Advice | No Comments »

Debt Settlement Viable Option in Light of Changes in Bankruptcy Laws

Saturday, January 7th, 2006

For too long, DEBT SETTLEMENT as a form of debt relief has been misunderstood and not utilized bythe many people who could benefit. As of Oct. 17, 2005, the changes in the bankruptcy laws now make it more difficult for people to file for Chapter 7 bankruptcy which would absolve them of all their debts. Now, consumers filing for bankruptcy are subject to a means test to determine if they’re eligible to file for Chapter 7 or if they’ll need to go the Chapter 13 route.

…continue reading the article titled Debt Settlement Viable Option in Light of Changes in Bankruptcy Laws

Posted in Bankruptcy, Debt Settlement | No Comments »

Debt consolidation loans - Good or bad for you?

Tuesday, January 3rd, 2006

When dealing with debt, stay calm and try to focus on the positives. If you are digging yourself into a hole, month after month, the simple solution is to stop digging. The real estate market in most places throughout the Country has created equity in peoples’ homes. Looser lending practices has also made it easier to borrow as much as 10% more that what your home is worth. But is consolidating all of your debt into one monthly payment the answer? Here are some things to look at when considering a debt consolidation loan:
…continue reading the article titled Debt consolidation loans - Good or bad for you?

Posted in Bankruptcy, Debt Settlement, Debt Relief, Debt Consolidation, Credit Card Debt, Debt Management, Debt Elimination, General Debt, Debt Advice | No Comments »

New Bankruptcy Law Requires Credit Counseling Before Filing

Monday, November 21st, 2005

FTC Explains Requirement and Offers Tips for Selecting a Credit Counselor
Beginning October 17, 2005, consumers filing for bankruptcy will be required to go through a government-approved credit counseling program six months prior to filing for bankruptcy protection.

…continue reading the article titled New Bankruptcy Law Requires Credit Counseling Before Filing

Posted in Bankruptcy, Credit Counseling | No Comments »

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