ARE YOU STRUGGLING WITH PERSONAL DEBT?

Idiotic Or Sane? Should Student Loans Be Forgiven By The Government?

2012-01-16T13:56:00.000-08:00

After researching one of the current movements, Government Forgiveness of Student Loans, I have decided to write about arguments in favor of and against this interesting topic. The proposed bill H.RES.365 would provide student loan debt forgiveness as one more road to an economic stimulus. This new bill is being lead by U.S. Congressman, Hansen Clarke (D-MI).

H.RES.365
Latest Title: Expressing the sense of the House of Representatives that Congress should cut the United States' true debt burden by reducing home mortgage balances, forgiving student loans, and bringing down overall personal debt.

The idea behind the bill is that by cutting the student loan debt, more jobs would be created and more financial security would be provided. As per the Congressman, American families are overburdened with student debt.

H.RES.365 makes sense in various ways. Politicians have been able to bail out the big banks and corporations, now it is the American public who needs a turn. The government can easily extend a helping hand to the graduates of our universities and colleges. After all, these young people are in fact going to be the leaders of tomorrow.

Like everything else the pros and cons are strong. Do you agree or disagree with Student Loan Debt Forgiveness?

Here are some compelling arguments against this bill. For example:

An article in the Freakonomics website written by Justin Wolfers, who says, "that this plan does not make economic sense." Actually, he's more direct than that, writing, "it is the worst idea ever" and emphasizing, "I bet that the proponents can't find a single economist to support this idiotic idea."

Wolfers gives several reasons for why forgiving student loan debt is "idiotic" and would do little to stimulate the economy. Wolfers points out that if you want to simulate the economy, "you get more bang-for-your-buck if you give extra dollars to folks who are most likely to spend each dollar and that would be dropouts." If college graduates get their hands on the money, "Much of it would go into the bank. No spending there. Wolfers also argues that college graduates typically have high incomes, so why should the government eliminate their debt and not the debt of the high school dropouts, who are more in need of the money.

Student Loan Debt Forgiveness. What is your view on this controversial subject?

It will never be settled but a decision will come about at election time. This author personally had to pay back student loans for herself and for her daughter, but it was done, accomplished, payed off. It was difficult for me because I was facing a lot of debt at the time, but as I stated, it was done!

"Did you ever think that making a speech on economics is like pissing down your leg? It seems hot to you but not to anyone else." -Lyndon B. Johnson, 36th President of the United States

Please visit Consumer Debt Relief Blog for more information regarding consumer debt relief and financial information.

Advice For Appying For A Quick Payday Loan

2012-01-01T15:57:00.000-08:00

Let's talk about requesting a payday loan and exactly what you should expect.

Many times in our lives emergency situations come up and we may not have the cash on hand to handle the emergency and other complications. In emergency situations fast cash may be necessary for various reasons. If obtaining a loan from a family member or friend is not an option, then obtaining ready cash may have to be solved by borrowing from a payday lender. This may not be the most favorable way to obtain cash, but in emergency situations, it could be the only and most efficient way to obtain money when needed.

If you look around, payday loan offices are readily easy to locate. It is definately a sign of the times seeing how many check cashing offices and other types of financial institutions are also offering fast cash loans. Not only physical institutions are offering the service, but a quick search on the internet will reveal many many lenders offering fast payday loans.

These emergency loans are offered to help a person solve an immediate problem with the promise to pay on their next payday. One of the main points that facilitates a quick loan is that a credit check is not required. It does not matter if you have bad credit or good credit, either way you can still obtain a fast payday loan. In the event you have bad credit, the amount that you can borrow can not exceed the salary you will be receiving on your next payroll check.

There are various ways you can apply for a loan. You can either go directly to an office offering the service or you can apply online. You can search for payday loans and you will find many opportunities. It would be wise to review several sites before you decide to apply online. There are different terms and conditions that you should be aware of and of course pick whichever is more beneficial to you as a consumer. But keep in mind to pay the loan as soon as you can, otherwise the interest will keep piling up and you will be paying significantly more than the amount that was originally owed.

The Federal Truth in Lending Act treats payday loans like other types of loans. The lender must disclose the cost of the loan. Payday lenders must give the consumer the finance charge (a dollar amount) and the annual percentage rate (APR — the cost for the credit per year) in writing before you sign for the loan. The APR is based on several things, including the amount you borrow, the interest rate and credit costs you're being charged, and the length of your loan.

There are a lot of direct payday loan lenders offering same day loans online. By researching what each has to offer, you will be able to choose which one gives the best terms that will help you get on the right track until the next payday arrives.

These are general questions that will be asked on an application for a fast payday loan:

Does the applicant have a fixed monthly income?
Is the applicant employed by a dependable company?
Has the applicant been employed with the same company for at least 6 months?
Does the applicant have an active bank account? Is the applicant over 18 years of age?

An application for a payday loan is usually approved or denied very quickly once information is varified. The application will be submitted to various lenders and may receive approval from more than one lender. This will give the applicant the opportunity to pick the lender with the most favorable terms and conditions.

Once all documentation is signed, the money being borrowed should be deposited within a day to the borrowers bank account.

"When a person has no need to borrow they find multitudes willing to lend." -Oliver Goldsmith

Marilu Nieto, The Home Biz Diva, is an experienced Real Estate Broker having helped countless families in the span of 24 years of service. If you would like more information regarding debt relief and debt relief services, visit my informative site at CONSUMER DEBT RELIEF BLOG
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When Is It Advisable To Take Out a Payday Loan?

2011-12-27T16:15:00.001-08:00

Let's talk about a payday loan. Payday loans are also known as cash advance loans. First of all a cash advance loan is advisable only in emergency situations because they can be quite troublesome at a later date when repayment is required. It is advisable to look for other alternatives first rather than applying for a payday loan. The cost is quite high. Determine the extent of the emergency, (which sounds a bit ridiculous) and determine whether the cost is worth it.

There are many situations that may warrant a payday loan. Let me give you some examples, and then you determine.

First and foremost would be health related. There are many people that do not have health insurance, and can not pay for medical care. Many situations can arise such as an accident, sudden illness, a person is hurt, etc. Life is important. Everything must be done to preserve it. If someone needs medical attention and you can not pay then of course, a payday loan would be advisable.

Another emergency may be travel. Hypathetically let's imagine a family member passes away in another part of the country, where it is necessary to get there as soon as possible, but unfortunately it is not in the budget for 1 or 2 or more airplane tickets. In this case a payday loan is most advisable. With the same thought let's say that you and the family are traveling by car somewhere and the car breaks down requiring an extensive and expensive repair. Once again an amount that is beyond your means. This would be another case where one could employ a this type of loan.

Emergency home repairs. There are cases where roofs are in extremely poor condition, requiring repair or replacement to keep cold weather out, rain and snow. The furnace went out and you need it because of cold weather, your refrigerator or stove go out. Something in your home that really needs repair or replacement, because of a need at that moment or because it could cause long term damage. These are emergencies that have to be taken care of and if there is no money available, then it would be wise to obtain an emergency loan.

Emergency car repairs. It is necessary to travel to and from work, do the family grocery shopping, or visit someone. A car is a great asset but not when it does not work. Emergency car repair is another good reason to possibly request a quick loan.

Finally, what is considered by this author an emergency qualified for use of a payday loan, are utility bills. If your gas and electric are turned off because of non payment, or your water, or a mortgage payment is not met, these also qualify as emergencies. Credit cards, personal loans, revolving credit, etc do not. Those are luxuries being paid for through credit.

The costs associated with fast cash advance loans are governed by lender terms, the amount of money borrowed, and the processing fees necessary to complete the transaction. Cash advance loans are as a rule do have a high cost. For example a $200 loan, you can expect to pay a minimum service charge of $30 due within one or two weeks of the loan. When you take out a loan, you'll have to provide a check or money order in the amount of the cash advanced plus the service fee -- cashable at the end of the term of the loan.

This is just one example. There are variations that you should examine before signing on the dotted line.
There are valid reasons to request a payday cash advance loan. The best advise is to make sure that you are requesting the loan for a valid emergency.

"A simple fact that is hard to learn is that the time to save money is when you have some." -Joe Moore

Marilu Nieto, The Home Biz Diva, is an experienced Real Estate Broker having helped countless families in the span of 24 years of service. If you would like more information regarding debt relief and debt relief services, visit my informative site at Consumer Debt Relief

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Are You Facing A Financial Crisis?

2011-12-08T10:07:00.000-08:00

Let's talk about struggling with personal debt and finding yourself and your family in a financial crisis. Been there, done that. Without a doubt it is an awful situation to face alone and even more so when you have a family to look after.

Here are some tips that may help if your are facing a financial crisis. To survive difficult times as mentioned, it is crucial to keep in mind the two most important points. First, don't panic; second, set your priorities.

A calm thoughtful approach to your family's problems and necessities is a priority in today's tough economic times. Review your monthly income (or average monthly income) and subtract from it your fixed costs of living. Fixed costs are housing, utilities, food, auto or form of transportation, clothing (necessities), insurance, child care/school, etc. DO NOT INCLUDE CREDIT CARDS. Recreation and luxuries are not necessities. Are you making enough to cover fixed costs? Are you living beyond your means? It is at times difficult to assess our situation without seeing real numbers. Once you see reality down on paper in black and white, (or whatever ink you use), reality will begin to set in.

The way a family lives can be changed. In order to help your financial situation, this may be necessary. Perhaps it may be advisable to liquidate some essential items. There could be resistance from family members, but the heads of household will have to be honest and explain to whoever makes up the household, the necessity of organizing and eliminating. Liquidation may include real property or cars to help maintain financial survival for you and you family.

Unsecured bills, family loans, and credit cards may have to be put on hold; anyone you owe money to can be convinced to hold off if approached correctly. In the event that the creditors become hard nosed and refuse to work with you, then it is suggested that you seek seek financial counseling There are many free organizations willing to help and of course there are many pay organizations seeking your business. It would be a wise decision to talk to a professional for analysis of your personal financial situation. Most of all, explore your options. Advice on the latter is to thoroughly review and investigate whomever you choose to do business with. Carefully consider who takes a bite of your next pay check before you hand over your money or try a free analysis.

Remember, don't panic. There is always a solution. The difficult part is looking for that solution and sticking firm and tight to the decision made. It will be extremely difficult at first, but with everyone in the family informed and doing their part to help financially, your finances can be stabilized and begin to improve with time.

"Every problem has a gift for you in its hands." -Richard Bach

Marilu Nieto, The Home Biz Diva, is an experienced Real Estate Broker having helped countless families in the span of 24 years of service. If you would like more information regarding debt relief and debt relief services, visit my informative site at Consumer Debt Relief Info.

I WAS SEARCHING FOR FINANCIAL FREEDOM AND I FOUND IT AT BestMoneyMakingOnlineSite

Before A Divorce, Protect Your Finances

2011-12-06T09:47:00.000-08:00

Let's talk about protecting your financial reputation before a divorce. Most people do not think about their finances before a difficult decision as separation and divorce, but it is absolutely necessary. Here are the reasons why. While you may not want to think about money when you are experiencing a traumatic life change such as divorce, being practical may save you from even more heartache somewhere down the road. Keeping your credit safe before a separation and divorce is critical.

The following steps should be taken:

Document Everything — First and foremost document everything. Once attorneys and courts become involved make sure that all of your financial arrangements and agreements are documented. If there are any discrepancies, for example creditors wanting payment on something that your ex spouse owes, you can refer anyone to your official court records. While this may not be an exact science to get a collector off of your back in a timely manner, you will have the law on your side and the means to protect or restore your credit.

Take Note Of All Your Responsibilities — Be aware of all the accounts you are responsible for, including bank accounts, mortgage loans, credit cards and utilities. It does not matter if you and your soon to be exspouse have decided who will take responsibility for what. There has to be documented proof and arrangements made with each creditor that only (1) one name will be on the account. The person taking responsibility for the account.

Dissolve All Joint Accounts — It is a must to disolve joint accounts. Rather than trying to split the account and each spouse paying their portion, it is best to sever all ties. You should remove the right person's name from the accounts or cancel them completely. Make sure the both of you do the canceling together, legally. The first place to start is the bank, as most couples share checking and/or savings accounts when they are married. Also, if you are taking possession of one car with both of your names on the debt if there is a loan, have your spouse's name removed. Make sure that your spouse does the same thing with any property they take. In the event you are still paying for any of this property, then you may have to refinance to get the loan down to one name. Any bills you paid together, such as utilities, should be put in one name. With respect to credit cards, you can try to work with the credit card company and have them transfer half of the balance to two different accounts in anticipation of the divorce. This may not be easy, but it is a must.

Divide Any and All Shared Cash — In the process of determining debt, assigning debt and canceling credit accounts, you and your spouse will probably be left with some liquid assets. You should, with the assistance of your divorce attorneys, fairly divide the cash before your divorce is complete and you no longer have any contact. This much more sensible rather than quarreling after all is said and done.

Sell the House — A common well intentioned mistake is to give the house to one of the exspouses. This may be due to children being involved. Whatever the reason, it should not be done. The best thing to do is to sell the house together and divide the profit. After all, no one can predict the future. There are countless cases of divorcees having their credit ruined because their ex made late payments or let the house go into foreclosure all together. Explaining to creditors that you are now divorced will not make you any less responsible for a mortgage with your name on it.

Many things can come up in the events of a separation and divorce. The best protection against added anguish and dispaire would be to take protective measures with respect to your finances. Get the added advice of your attorney to deal with the debt that both parties has accumulated during the course of the marriage.

"There is no neutral ground in the universe, every square inch, every split second, is claimed by God and counter-claimed by Satan" -C.S Lewis

Marilu Nieto, The Home Biz Diva, is an experienced Real Estate Broker having helped countless families in the span of 24 years of service. If you would like more information regarding debt relief and debt relief services, visit my informative site at Consumer Debt Relief Info

I WAS SEARCHING FOR FINANCIAL FREEDOM AND I FOUND IT AT BestMoneyMakingOnlineSite

"There is no neutral ground in the universe, every square inch, every split second, is claimed by God and counter-claimed by Satan" -C.S Lewis

How Does Divorce Affect My Credit?

2011-11-30T13:40:00.000-08:00

This is an excellent question. Let's talk about the what can happen with your credit if you have to go through a divorce. Divorce in an uncomfortable subject but nonetheless, people go through separation and divorce every day. This is very common in our society. There are many things in displacement because of the situation, and one of them is certainly your credit.

You should know that even the most amicable divorce can leave you in financial ruin. During your marriage, you probably, merged all of your finances, from your bank accounts, credit accounts, to ownership of your home. Its most likely that one of the partners took most of the responsibility when it came to paying bills, which left the other person in the dark about what was paid and how much. When you are married and committed, this arrangement is common but when the marriage goes to divorce, these common place arrangements contribute to and become credit problems.

If you are headed for divorce, worrying about your credit score may be the last thing on your mind. However, even during the most difficult times of our lives, the world keeps spinning, life goes on and the fact is, divorce can greatly impact your finances and credit history. If you are seeking or have finalized a divorce, it is time to assess what needs to be done to preserve or restore your financial reputation.
Here is some advice you may consider before and after your separation.

When you get a divorce, it is your marriage that is ending and not your shared financial responsibilities. Even if your spouse is responsible for some or most of the debt without your knowledge during the marriage, you may be held responsible for it after the divorce.
This can be avoided if you take the proper actions and sever all financial ties with your ex spouse. This is the norm and in most situations the ex spouse will be more than happy to cooperate due to the fact that each wants to get on with their lives. This is true of the ex spouse, but not the creditors. That is why it absolutely necessary to cut financial ties sooner rather than later.

Remember credit accounts are reported for each individual associated with that account, so if you are listed as a joint owner, cosigner, or authorized user, you must deal with that account before the divorce. That means closing the account completely by paying it off or ensuring that one name is totally removed from the account.

Many divorcing couples are confused by the role of the divorce decree. A divorce decree may specify who is responsible for accounts opened during the marriage, but it doesn’t break the contracts with the lenders. There is still responsibility as long as your name is on the account.
If the spouse responsible under the divorce decree is unable or unwilling to pay and the contract has not been changed by the lender, the late payments still will appear on both credit reports and will have a negative impact on credit scores for both individuals.
The missed payments can occur years after the divorce and still will be reported for all individuals associated with the account. That certainly can be an unpleasant surprise.
In some cases, vindictive behavior during the divorce by one or both spouses can have a very direct, very negative impact.
Sadly, an angry spouse may try to hurt their soon-to-be former wife or husband by making large credit purchases on joint accounts with the intent of punishing the other person with huge debts or wrecking their credit history. What they usually do not understand is that by doing so they also likely will destroy their own credit history at the same time.

There are many situations that can affect one's credit report. Best advise would be to keep a constant vigil on your credit. There are many ways and many programs that are available to monitor your credit. Especially under a separation situation, it is best to be in full control of your credit. Problems may still arise but the element of surprise will not be a factor.

"Credit is like a looking-glass, which when once sullied by a breath, may be wiped clear again; but if once cracked can never be repaired." - Sir Walter Scott

Marilu Nieto, The Home Biz Diva, is an experienced Real Estate Broker having helped countless families in the span of 24 years of service. If you would like more information regarding debt relief and debt relief services, visit my informative site at Consumer Debt Relief Info

I WAS SEARCHING FOR FINANCIAL FREEDOM AND I FOUND IT AT BestMoneyMakingOnlineSite

The Credit Repair Organization Act, How Does It Help The Consumer?

2011-11-09T16:16:00.000-08:00

Let's talk a bit about consumer protection. The Credit Repair Organization Act or (CROA) defines how credit repair organizations are allowed to operate. The Credit Repair Organization Act keeps a vigilant eye on credit repair companies and hears consumer complaints against such companies.

We will use the initials CROA in this blog when we refer to the organization. The CROA, was enacted to ensure consumers of services of credit repair organizations, or companies are provided with information necessary to make informed decisions regarding the purchase of such services. Also, and most important the CROA's duty is to protect the public from unfair or deceptive advertising and business practices by
credit repair companies and organizations.

The CROA requires the following from companies and organizations claiming to repair credit:

There must be a written disclosure stating that the consumer has a right to "sue" the credit repair company if they violate the CROA.
The CROA contains a provision that voids any waiver by the consumer rights provided by the CROA.

It is not illegal to be a credit repair company in every state of the UnIted States except for
Georgia, where it is a misdemeanor. It is legal in every other state to be a credit repair company
as long as it compllies with the rules of the CROA.

Here are 2 rules you should watch for:

1. The credit repair company can not bill you in advance for services not yet performed.

2. The credit repair company must disclose to you the consumer in writing that you can
challenge damaging information on your credit report for free.

Know what credit repair companies can and can not do for you. Do not become a victim of a scam or a fraud.

The advertising offered by these companies sounds great, but know this, accurate information both negative and positive can not be removed from your credit report by using credit repair fraud. Negative credit stays
on your report for upto 7 years. Bankruptcies stay upto 10 years.

The Credit Repair Organization Act came into existance because of complaints from so many consumers
that had been victims of repair scams and fraud.

There are companies out there that in fact are honest businesses. The consumer has to be informed
of rights before committing to any of these companies. Knowledge is important.

I have written about the red flag signals before regarding a credit repair company, but I believe it is worth
putting the information in plain site again, so here goes:

1. The credit repair company asks you to apply for an Employer Identification Number to use when
applying for credit instead of your social security number. This is fraud.

2. The credit repair company requires payment up front. This is a violation of the CROA.

3. The credit repair company does not inform you that whatever they can do for you, you can do
for yourself at little or no cost.

4. The credit repair company does not allow the client to contact the creditors on their own behalf.

The Credit Repair Organization Act is there to protect the consumer. We as consumers also have certain
obligations. One of them being it is our reponsibility to check who we do business with.

The most logical thing to do is consider all the options in front of us and choose wisely.

Read what the Better Business Bureau has to say about credit repair fraud and also information from
the Federal Trade Commission.

There is a difference between credit repair companies and credit relief companies.
Credit relief companies do not claim to eliminate your bad credit. I have researched credit relief companies as stated in earlier blogs and I have found 2 that I consider to be worth considering:

Curadet

Debt Consolidation

Be informed and take control. I wish everyone the best.

"If you're walking down the right path and you're willing to keep walking, eventually you'll make progress" - Barack Obama

ARE YOU STRUGGLING WITH PERSONAL DEBT?: Have You Been Scammed By A Credit Repair Company?

2011-11-02T05:17:00.000-07:00

ARE YOU STRUGGLING WITH PERSONAL DEBT?: Have You Been Scammed By A Credit Repair Company?: As promised on an earlier blog, let's talk about credit repair scamms . Of course scamms are illegal but none the less they exist. We have...

Have You Been Scammed By A Credit Repair Company?

2011-11-02T05:16:00.000-07:00

As promised on an earlier blog, let's talk about credit repair scamms. Of course scamms are illegal but none the less they exist.

We have already established the fact that derrogatory credit can not be removed from a credit report if it is reported correctly and if not enough time has elapsed since the recording. That would be around 7 years for the majority of the derrogatory credit and 10 years for bankruptcies.

We have also established that the credit repair companies claiming to clean up bad credit within 3 months, six months, one year, etc. is advertising misleading information.

Well then why are these advertising gimmicks still employed and why is nothing done to stop them.

Every day you can find advertising trying to fool consumers that have poor credit histories. First and foremost, the public has got to be aware that the poor credit can not be cleaned up. No matter how much money is paid for the service and it does not matter what company is employed.

Here are a few warning signs offered by the Federal Trade Commission. (FTC)

The credit repair company wants payment up front before they take your case.The credit repair company recommends that you do not contact any of the credit bureaus directly, but leave it all in their hands.
The credit repair company does not review with the client, the legal rights of the client.The credit repair company does not inform the client that he or she can accomplish what can be accomplished on their own for free.
The credit repair company advises the client to invent a new credit identity by applying for and EIN number, Employment Identification Number to use instead of a social security number.
The credit repair company advises for the client to dispute all derrogatory credit whether reported correctly or not.

The majority of this advise or methods to clean your credit is illegal. The client maybe committing fraud by employing these methods.

Another thing to remember is that if a person applies for a credit by telephone, mail or internet and knowingly enters false information, they may be guilty of a crime. This would be mail or wire fraud.

So you see, not only would these scammers be taking a persons money, but may potentially expose the person to an illegal action.

Take note, the following is good information to have.

It is illegal to lie on any loan or credit application.
It is illegal to intentionally misrepresent your social security number.
It is illegal to obtain a EIN number from the IRS under false pretenses.

Any and everything a credit repair company can do for you, you can do for yourself at little to no cost.

The best advise to be given in this article is that if you are not sure, contact a credit counseling agency. They can give you more detailed information and you will not run the risk of paying for a service that can not be given to you by a company that can not legally give you service.

A person's credit report is one of the most important tools consumers can use to maintain their financial security and credit rating, but for so long many did not know how to obtain one, or what to do with the information it provided. -Ruben Hinojosa

Improving credit with help of credit counseling services

2011-10-30T14:15:00.000-07:00

Improving credit with the help of credit counseling services

The credit counseling services can help you in improving your credit. However, it will depend on, with whom you are going to enroll in order to better your credit. If you would really like to improve your credit, it is important for you to get help from an authentic company. The credit counseling companies are those which not only help you with credit and debt management but may also help you in paying off debts.

Improving credit with counseling agencies

The main thing that you are required to do in order to improve your credit is recognize the debts that you have and then paying those off. Now, sometimes it can become difficult for you to do this and in such a situation the credit counseling companies can help you in managing the whole messed up situation.

If you go to a credit counseling agency, they can help you in recognizing the debts that you have, the credit rating you have and your credit score, they will analyze your whole situation and then will help you in budgeting. This will initiate in you that urge to start saving and paying off debts. Now, you will be able to maintain good credit only if you have low debt and if you make constant monthly payments within the stipulated time.

In addition to this, there can be various kinds of wrong listings on your credit reports. The counseling agencies may file the disputes with the credit bureaus on your behalf in order to remove the wrong listings. This will help in improving your credit. In addition to this, you may also have negative listings on your credit report. What the credit counseling agencies are going to do is they may negotiate with the creditors in order to delete the negatives with the "Pay for Delete" or the PFD option. That is, the negatives like defaults and missed payments are removed in lieu of the payment in case of the unsecured debts. So, this again can help you in both paying off the debts and removing the negatives; thereby helping you in improving your credit report.

The main thing is that, as the counselors are professionals, they have much more experience in dealing with the creditors and collection agencies they know more about the nuances of paying off debts. Thus, they are always better negotiators than us and so they can help you in paying off debts more easily and improving your credit.

CREDIT REPAIR COMPANIES, CAN THEY OR CAN THEY NOT REPAIR YOUR BAD CREDIT?

2011-10-20T11:43:00.000-07:00

As of late I have seen an abundance of advertising for companies claiming to be able to repair bad credit. I know this is not something new, but a "service" that has been around for many years. With the uncontrollable amount of bad credit resulting from the economic turn of events that this nation has been suffering for the past 4 plus years, these companies have surfaced like an invasion and of course are very popular especially with families that have been suffering because of bad credit due to foreclosures, short sales, bankruptcies, etc. Our whole financial system is based on CREDIT.

No credit and worse bad credit makes it extremely difficult to purchase on credit and to even rent an apartment.

Now there are companies out there offering many "fixes"

that are not possible.

For example have you heard?

"Give us 90 days and we will repair your credit"

"We can remove liens, judgements, bankrupcy, negative credit from

your credit report"

"100% satisfaction. We will clean up your credit"

Like these 3 advertising gimmicks, there are hundreds more

that are in essence misleading the consumer.

The most vulnerable to this misleading information are consumers

who have had a bankruptcy and are trying to start over again, and consumers who have had bad credit and are trying to rebuild better credit and better credit scores. Keep in mind that generally bad credit is reported to the 3 active credit bureaus. Equifax, Experian and TransUnion. The bad credit has to come off all 3 bureaus.

There are companies out there that may claim to be able to clean your credit, but you may become a victim of theirs instead of a client. There have been documented cases where the so called "company" takes the clients hard earned money and runs. Does absolutely nothing except leaving the client deeper in debt and feeling violated, robbed, lied to, well you get the idea.

Now with this knowledge in hand what can be done?

From my research and from my experience, I would interview several

credit counseling agencies. They should all give you the same advise and not guarantee you a thing. Credit repair is very difficult.

Credit reporting agencies do many errors and refuse to backtrack on those errors unless you have documented proof that they are wrong.

Let me give you an example. I have a husband and wife that HAD excellent credit. They had to move from one city to another because of the husbands job. The couple tried on repeated times to negotiate with the bank for a loan modification so they could rent their house until the market got better then sell. Great, but the bank refused to modify because of there excellent credit. They hired me to sell their home as a short sale which I did. After the sale the bank reported the sale as a foreclosure. My client got on it right away and tried to get it fixed and reported as "debt satisfied short" which is the way a short sale is reported. NOPE! Now they reported late payments which was not the case. They always kept all their payments up even through the short sale process. Let me tell you that this situation started 5 months ago and is still not resolved.

A perfect example of a major bank reporting incorrectly.

The truth is that no one can legally remove accurate negative information from a credit report. Credit reporting agencies are obligated under the Fair Credit Reporting Act (FCRA) to correct or delete inaccurate, incomplete, or unverifiable information, usually within 30 days. They are not required to remove accurate information unless it is more than seven years old (or bankruptcies that are over ten years old). This is the reality of the situation.

The consumer has a right to dispute the negative information reported on the credit report and the credit reporting agencies must investigate the negative report at no cost to the consumer.

You the consumer can do all this. It takes time and patience but you can work towards cleaning up your wrongfully reported negative credit at little cost to you. This is exactly what a credit repair company will do. Remember, they can not get negative credit reported correctly removed. NO ONE CAN.

In my next blog I will write more in depth regarding "scamm" companies trying to rip the consumer off promising clean credit.

Blog written by Marilu Nieto, The Home Biz Diva, an experienced Real Estate Broker having helped countless families in the span of 24 years of service. If you would like more information regarding debt relief and debt relief services, visit my informative site at ConsumerDebtReliefReview.

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CREDIT CARD DEBT, SHOULD I PAY OFF WITH AN EQUITY LINE ?

2011-10-08T16:50:00.000-07:00

I am struggling with high interest credit card debt. Should I pay it off with a low interest rate home equity line of credit. That is a great question, and for the most part it makes a heck of a lot of sense. Low interest rate and tax deductible interest payments on a line of credit versus high interest credit card payments. All you have to do is tap into the equity you have in your home. That is if you are one of the lucky one's whose home mortgage is not upside down. What do I mean by this, "upside down"? Well that is if you owe more on your home mortgage than what your home is worth.
If you do have equity in your home, you could obtain a line of credit on that equity to pay off your debt. But is this a wise choice. In my opinion, NO.

Credit card debt is not secured. This means there is not anything backing the debt. The credit card companies have really no way of collecting the money owed other than sending a collection company to try and make payment arrangements with you. If that is not possible after months of calling and sending correspondence, then they usually end up declaring the debt not collectible and writing it off their books. This is not to say that another collection company may not buy it for pennies on the dollar and still try to collect from you. They may take you to court and a judge may order you to pay or place a judgement against you, but that is it. They do not have an enforeceable way to collect.
On the other hand, an equity line of credit is secured debt against your home. This means that they can force you to pay by either foreclosing on your home or forcing you to sell your home in order to satisfy the debt. The latter will only happen if you have equity in your home.
Perhaps you may have a 401K retirement plan. You may borrow against this plan and pay off your credit cards but once again. What happens if you do not make the payments. What if you lose your job. Now it will be necessary to repay the 401K or run into tax issues with the IRS.

In many instances it may seem better to borrow from low interest equity lines, 401K or other retirement plans to pay off the high interest credit cards that you may have, but with so many variables at hand, it is my opinion to stick to the more conservative methods that I have outlined before in the blog dated Septemeber 23, 2011 CREDIT CARD REDUCTION TIPS

It takes patience, perserverance, determination and a focused and clear objective of paying off your credit card debt, and it can be done.

Eliminate Debt Fast Without Bankrupcy Or Debt Consolidation

The author of this blog is Marilu Nieto, and experienced Real Estate Broker with financial relief background. The objective is to offer quality information regarding debt relief.

Marilu Nieto,
Home Biz Diva, working with Plug In Profit

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CREDIT CARD DEBT IS ON THE RISE

2011-09-23T13:41:00.000-07:00

Consumer Credit Card Debt, What A Nightmare.

Let's talk about consumer credit credit card debt. Credit cards are an invitation to buy now and pay later. At first glance, this is an excellent idea. Finance what you need or want at the time with the promise to make your monthly payments and or to pay off in one lump sum. A problem results when "life gets in the way."

A person can have their hours cut back at work resulting in less take home pay or lose their job all together. There can be unexpected medical bills or you really thought you could make the payments. If you have several credit cards and revolving credit cards, you might have to opt for paying the minimum and the principal will go down ever so slightly and the result being that the consumer pays and pays and pays, and is still in debt. Does all of this sound familiar?

Nationwide consumer information reports that it is estimated that the average credit card debt per household with credit card debt is $15,799.00.

As household wealth has declined in the downturn, more American families are facing financial distress due to high debt burdens. In 2007 before the recession began, 14.7% of US families had debt exceeding 40% of their income and this is not taking into account mortgage debt.

The American consumer is drowning in credit card debt. Is there a light at the end of the tunnel? How long will it take for the individual consumer to achieve debt relief?

These are good questions and we need to find the answers.

It is a nightmare for families in debt.

Miss a payment, be late on a payment or stop paying and the nightmare begins.

Collection agencies and creditors including credit card companies and mortgage lenders can legally call requesting payment from 8am to 9pm 7 days a week including holidays. They are not supposed to harrass the person owing the money, but they do. This is their job. Collect what is owed.

Soon you know the phone number they are calling from and the type of mail they send. You don't answer the phone and the mail goes right to the paper recycle bin without opening. The problem does not go away. Several things can happen and they do.

The consumer is in need of debt relief. In my next blog I will write about some solutions to help with credit card debt.

This blog is written by Marilu Nieto, Real Estate Broker and Affiliate Marketer in an effort to offer quality information regarding consumer debt relief. I may receive compensation from companies here linked.

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Credit Card Debt Soars as Americans Borrow Like It's 2006(dailyfinance.com)
All Debt Is Not Created Equally - Why Credit Card Debt Wrecks Your Credit Score (askthemoneycoach.com)
Credit card debt on the rise, again (money.cnn.com)
Credit Card Debt Is on the Rise (consumerdebtreliefblog1.wordpress.com)

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Shocking News You Must Know About Debt Consolidation Companies

2011-09-09T16:29:00.000-07:00

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Many households across this nation are suffering from consumer debt that is out of control. As families suffer from foreclosure, new bankrupcy reforms making it harder to file and over all debt that they can not repay, there are companies seeing these situations as a money making opportunities.

The consumer is in need of debt relief. This is a given, but who do you trust?

Consumers have suffered through scam loan modifications that ultimately ended up as short sales or better yet foreclosures because they thought that the situation was being handled by professional credit counseling agencies, loan modification companies and bankrupcy attorneys that took their money and did nothing.

After researching several companies offering a shelter in the form of debt consolidation, loan consolidation, credit counseling, loan modification, short sales and consumer debt consolidation I find that they are not all the same and the cost varies incredibly not to mention the service and client satisfaction.

Checking several of these debt reduction programs offered by various agencies, I was shocked by the BBB complaints and the amount of unsatisfied customers.

In my research I found a company that offers FREE CONSULTATION.

If you like the way they handle your business and the way they resolve your debt problem, then there is a charge. Once again I did research the charge and it is lower than any of the other companies I looked up information on.

Don't spend another sleepless night. Do some research as I have and find a solution to your debt problems.

Blog and article by Marilu Nieto in an effort to offer quality information about consumer debt consolidation companies.

Email: divagirlreviews@smartreviewsonline.com