What do I do If I can’t pay my Christmas credit card bills?  Is Credit Debt Settlement a good option.  Many American feel an obligation to provide gifts at Christmas.  It seems that the media is pushing the sense that we should be providing a gift for everyone at holiday.  The truth is that many Americans are still trying to pay off last Christmas while piling on more debt for this one.  The truth is that is just doesn’t work.  It is more like short term pleasure and long term pain.  Once the holiday is over you are left with the credit card bills to pay.  It usually ends up being more like worry and fear.  You mind will become occupied with strategies about how you are going to pay for everything.  Millions wont be able to keep and and will fall behind on their credit card payments.

What Are My Options If I Can’t Pay My Credit Card Bills? Continue Reading »

Can you go to jail if you do not pay your credit card bill?  No, If you stop paying your credit cards, your life will become a lot more difficult.  The first thing that will happen is that your credit score will drop like a rock.  A few late payments can drop your fico score as much as 200 points.  Your credit card company is going to raise your interest rates and start tacking on late fees.

When Will Creditors Starting Calling Me If I Get Behind On My Bills? Continue Reading »

Tough times call for tough decisions when it comes to money.  If you are facing a mountain of debt in a slow economy you should be nervous.  Large debt is what brings people down fast.  Once you start getting behind on your bills, it may be impossible to catch up.  It is important to tackle you debt head on and pay it off as soon as possible.  If you have to eat kraft macaroni and cheese and top ramen every meal it will be worth it.  You need to start living by your needs and not your wants.  Your wants are what got you in a pickle in the first place.  Just think that you are learning a new habit.  It may be painful at first but you can do it.

Cut Back On Expenses Where You Can To Pay Off Bills Faster Continue Reading »

Consumers filing for bankruptcy must obtain consumer credit counseling within 6 months prior to filing date. Some jurisdictions require that you obtain CCCS counseling at least the day before you file the BK or your case can be dismissed.  This does not, however, mean that a consumer must develop or create a repayment plan before filing the bankruptcy.

How Do I Get Credit Counseling? Continue Reading »

Americans have a bad habit with credit cards.  The average american has over $9000 in credit card debt.  This according to an article by Liz Pulliam Weston.  This is a troubling figure in light of our current credit crunch.  As people start earning less money or just plain just loose their jobs, credit card debt becomes more of a concern.  For some it will begin the beginning of the end financially.  Once you start getting behind on credit card debt it is very hard to get caught up again.

The Vicious Circle Of Credit Card Debt Continue Reading »

What will happen if I stop paying my bills? It is important to know what will happen if you are unable to pay your monthly debt obligations. The first 30 day late that you have your credit score is going to drop like a rock. I have seen credit scores drop as much as 100 points just for one 30 day late. Your interest rates will probably go up as well. You credit card contract has a provision call the universal default rate. This is the rate they can charge you when you do not make a payment. Continue Reading »

How do I know if I should do debt settlement or debt mediation? Financial troubles are now facing millions of Americans due to the credit crisis. Many Americans will have to make hard decisions about their personal debt. Unfortunately there are not many great choices you can make when you are in debt. You can choose from debt consolidation, cccs, debt settlement, debt negotiation, consumer credit counseling or bankruptcy. Each choice has its advantages or disadvantages.

Is debt consolidation like doing a chapter 13 bankruptcy? Continue Reading »

Is Ameridebt still in business? Ameridebt was forced to shut down its debt consolidation operation as part of a settlement with the FTC. The Federal Trade Commission charges that it deceived consumers into paying at least $170 million in hidden fees. The FTC charged Ameradebt with misrepresenting that it was a non profit credit consolidation company and that it show consumers how to manage their money for no up front fees. The FTC also charged Ameridebt with deceptive business practices and with violating the Gramm Leach Bliley act by not providing customers with the required privacy notices.

Is debt consolidation through a credit counseling company bad? Continue Reading »

What is Debt Negotiation? Debt Settlement is a process where a debtor negotiates with a creditor and the creditor agrees to a reduced principal amount of payback. Debt Settlement is also know as debt arbitration and debt negotiation. Debt Arbitration is considered to be an honorable way to settle your debts.

Will a creditor really settle debt with a debt negotiation program? Continue Reading »

Did you know that July was originally called Quintilis which is Latin for “fifth month”…and that it was then later named after Julius Caesar in 44BC? It’s true! But on a much more important note… here is some information you might want to know! Continue Reading »

How do you use a credit card? The credit card industry has changed the way we buy consumables. You see Visa, Master Card, Discover and American Express logos everywhere now. You can even buy your hamburgers at McDonalds with a credit card. It is now convenient to make purchases even if you don’t have the money. Anyone who survived the depression would probably cringe. Back then if you didn’t have the money you didn’t buy it. Bank loans were tough to come by. So if you couldn’t afford something you just made do. Now you can go buy something an hope to figure out how to pay for it later. This type of thinking has made us a nation of debtors. At no point in our history have we seen such an abundance of debt and financial issues facing people. Bankruptcies in our country are at an all time high with no relief in sight. Continue Reading »

What is the best debt consolidation company? I think it might be better to ask what can I do to get out of debt other than signing up for credit counseling or a debt consolidation loan? If own a home and have equity in it, you have the ability to do a refinance and pull money out to pay off your bills. Continue Reading »

TASC stands for The Association of Debt Settlement Companies. The goal of TASC is to promote solid practices in the debt settlement industry and protect the interest of consumers and debtors. TASC also lobbies at the federal level on behalf of debt settlement companies. Continue Reading »

What does USOBA stand for? It is the United States Organizations for Bankruptcy Alternatives. USOBA was founded by the debt negotiation industry for representation for the debt negotiation and debt settlement outside of the consumer credit counseling and bankruptcy industry. The focus of USOBA is to cause advocacy and agenda for the debt negotiation and debt settlement industry. Continue Reading »

Tips on Negotiating your Debt with Bill Collectors and Collection Agencies

Many Americans now feel that their debts are spiraling out of control and there is nothing they can do but have an attorney file for a bankruptcy. Most debtors believe all of those freighting stories told by the bill collectors of the impending doom that faces them. The biggest scare tactic used is utterance of a wage garnishment and seizure of property. The collection agencies usually fail to point out that they will first need to go to court and get a judgment to be able to do anything to you. I recommend that bankruptcy would be your last option in trying to get out of debt. Most debtors jump to quick to do a bankruptcy before examining all the possibilities that exist to resolve the debt. Usually this option is exercised out of fear and wanting it to go away quickly. I hope that this information will educate you in this area of the unknown for you. Continue Reading »

With the onset of the credit crunch, millions of people saw their mortgage rates adjust and their mortgage payments go through the roof. Property foreclosures have hit new highs across the country. The credit crisis caused other impacts in the financial markets. As the economy began to slow down, many consumers began to run into problems paying their credit card debt Obligations. Defaults on credit card payments have reached record highs according to mbna. Unfortunately once you are in a financial crisis there are not too many great options in terms of getting out of debt. One option is consumer credit counseling which will lump all of your bills into a single payment and get your interest rates and payments down. Many people would like to go this route but they just aren’t able to make the new payments. The only other option would be to file for a Bankruptcy. Continue Reading »

How Does Consumer Credit Counseling Work?

This information going to discuss the advantages of doing a Consumer Credit Counseling program. You may have heard of debt consoladation referred to as Consumer Credit Counseling, CCCS or debt management. To clear up the confusion, they are pretty much the same thing. Doing a debt management program is much different than doing a debt settlement program. In debt settlement you are negotiating down the amount of principal to pay back and debt consoladation you are negotiating the interest rates. In consumer credit counseling you will pay all of the principal plus interest. Debt negotiation will save you a lot of money in the principal but your credit score will get wrecked during the process. In debt negotiation you will pay back less than you originally borrowed. As you can imagine your creditors do not like that too much. Continue Reading »

How Does Debt Consolidation Work?

This article is about the advantages of doing a debt consolidation program. You may not be aware of this but debt consolidation, CCCS, credit counseling and consumer credit counseling are basically the same thing. Doing a debt consolidation plan is different than doing a debt settlement program. In debt settlement you are reducing the amount of principal that you will pay back and in credit counseling you are negotiating the amount of interest you will pay back. In consumer credit counseling you will pay all of the principal back plus some interest. Continue Reading »

Debt Settlement vs. a Home Equity Line to pay of your Credit Card debt

Getting yourself into debt can be a scary as well as a frustrating experience. Getting hounded by debt collectors night and day can be exhausting as well as emotionally draining. But there are options that you can take to take care of the problem quickly. The two that we are going to discuss in the article are refinancing your home to pay off the debt or doing a debt negotiation program. Continue Reading »

Debt Settlement tips from the experts – Debt Negotiation

Most consumers have questions about debt settlement and debt negotiation programs for their past due accounts and collections. This article is a commentary about the debt settlement industry. I think the first thing to talk about is what debt settlement and debt negotiation are not. Debt Negotiation is not about avoiding paying your bills. This is just a wishful thinking. If you borrow money from someone, they are going to want it back. This is only reasonable. If you borrowed money from someone, they can come after it for you. Some will come after you very aggressively. Creditors do have rights to contact you for repayment. Debt Settlement is not Bankruptcy. Continue Reading »