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 »

Should I file for bankruptcy?  This is a very tough question to answer.  It would depend on what your situation is.  If you have more debt than you could ever conceivable pay back you may want to talk to your attorney about filing bankruptcy as an option to get out of debt.  Filing bankruptcy over small amounts of money might be a silly choice as well.  I have seen people file for bankrupty for as little at $8000 dollars.  That is crazy.  Your filing fees are going to about $2000 or more.  For that much you could just do a credit debt settlement program.  A credit settlement can cut your debt in half or more and you would not have to have all of the money together at once.  You could actually pay your creditors back over a period of a few years.

How Do Debt Settlement Programs Work? Continue Reading »

Credit Debt Settlement Is Better Than Bankruptcy For Settlement Of Debt?  Millions of Americans are facing a mountain of debt and unsure about how to pay for it.  What are the options of getting out of debt when you have your back against the wall?  You can consider credit settlement, debt management, debt settlement program or debt consolidation.  Continue Reading »

What are the rules for being in a debt settlement program?

1. DO NOT tell the client to tell their creditors that they are enrolled on a debt settlement program. In fact, if they ask you, “Mr. Sales Rep, what should I tell my creditors now that I have agreed to do this thing?” , tell them to not take any action at this particular moment in time until they speak with your servicing department (us). DO tell them that you will be sending their file over to your servicing department for approvals, and once they are approved, an experienced orientation representative will contact them and tell them exactly how to handle the creditor calls. Continue Reading »

How do I get rid of credit card debt fast?  Being in credit card debt can be a frustrating and scary experience.  The over the limit fees and the late fees can get burdensome if not pushing you over the financial edge.  If you have your back against the wall you do have a few options.

What Is The Quickest Way To Get Out Of Debt? Continue Reading »

What debt guru has a better method for getting out of debt?  If you were to match Suze Orman up against Dave Ramsey and their debt free plans, who would win?

How does Suze Orman tell you to get out of debt? Continue Reading »

When can a creditor call me? I think that most consumers believe that a collection agency cannot make calls to try and collect a debt on Sunday. A creditor is allowed to call you on Sunday. The provision that allows calls to be made on Sunday is spelled out in the Fair Debt Collections Practices Act.

Can a creditor call me on Sunday if the debt is with a collection agency?

If the debt is still with the original creditor they can definitely still call. Even if the debt is with a collection agency they can call from 8am to 9pm. If the collector calls outside of these times, they could be in violation of the fdcpa or Fair Debt Collection Act.

When you settle debts through a debt negotiation program, will you get a 1099 for what you save? You will not get a 1099 if you can demonstrate that you are financially insolvent. IRS Publication 908 states that you must owe more than you have in assets at the time of the debt settlement agreement with your creditor. You would only pay tax on the amount of solvency you have. If you save $5000 on a debt settlement agreement and have $1500 in assets, you would pay tax on $1500. Speak with a tax adviser or tax professional to see how this would apply to you before registering into a debt settlement program.

Do I have to pay income tax if I am in a debt negotiation program? Continue Reading »

Is a non profit CCCS company free? You have seen the ads on TV for consolidating your debt. Their claim is that they are a non profit foundation that is there to help you consolidate your debts into one low monthly payment. It sounds like it is free but it isn’t. A non profit debt consolidation company does charge a fee for their services. It is usually a monthly fee that is part of your payment. Many consumers are unaware that part of their monthly payment if a fee for the debt consolidation company. 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 »

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 »