Consolidating Debts Information

Bankruptcy Help

2012-05-20T07:54:00.001-07:00

If your debt has spiraled out of control and you are faced with bankruptcy, learn your rights and how to cope.

Since its inception, the bankruptcy code was designed for one purpose. to help relieve Americans from the shackles of endless and unmanageable debts. Before the bankruptcy code came about, people went to debtor’s prison. We all know we can’t pay many bills while incarcerated. So the law was written to give people a way out with the opportunity to have a new beginning.

Aside from the attorney fees of up to $2000.00, and appearances in court, bankruptcy is no trip to Disneyland. The filing becomes a matter of public record and the mark stays on your credit file for 10 years. The mark proclaims to the world, “I had no other solution to my debt burdens and neede to seek protection.” This is why lenders are concerned when they see this notation. It makes borrowing in the future a bigger challenge and the interest rates that your are charged by creditors are not favorable whatsoever.

When you have exhausted every avenue possible, and you simply cannot make your payments, it may be time to consider the protection from the court. The filing of a bankruptcy will stop a foreclosure immediately. Mortgage companies must cease all collection and legal activity by law. In a chapter 13, a trustee is appointed who will distribute money from your salary to go to all of your creditors in a plan that is manageable for you to afford. You will pay your mortgage payment each month as you did before you ran into trouble, with no increase to the payment. The pay plan will continue for 3 to 5 years depending on the amounts you owe and how far behind you are in payments.

Credit Secrets You should Know……

2012-02-21T07:52:00.000-08:00

Your credit score which is also known as a FICO score has become an principal evaluation of many Americans and can be widely shared. It is used to determine how much you can borrow, how much you pay for various insurance policies, if you can rent from a house or apartment from landlords, and it can be a factor in determining the interest rate you pay on a credit card or a mortgage.

Previously, only financial instituations or lenders checked your credit. Today, it is a common practice for a potential employer to perform an analysis of your credit report to determine your financial responsibility, obligations and payment history. Many employers have decided that your credit report paints good picture of the person you are and also let’s them know quite a bit about your past.

Regardless, keeping a good score and knowing how to manage your own credit and credit report is crucial. Achieving great credit scores should be on your list of wealth building strategies. Author John R. Ulzheimer has a great book that helps expand on more credit report secrets and how to build your score, because in the world of credit…..You’re Nothing But a Number.

The ratio of your outstanding balance to the available credit limit will affect your credit score. The closer the balances are to the limits, the lower your credit score. Real estate and car loans which are known as “installment loans” on a credit report affect your score to a lesser degree than credit card accounts or “revolving accounts”.

Here are some general rules to follow to help keep up your credit rating:
Pay your cards off every month by the 20th day.
If you are going to keep a balance on a revolving credit account, keep it below 12% of the available limit.
Never close old accounts. This helps raise your “available credit to outstanding balance ratio”
When shopping for a mortage or car loan, only allow inquiries on your credit to occur within a 2 week window of each other. This way your credit score is only deducted for the equivilent of one inquiry request.

You CAN beat debt and build great credit.
If you would like to comment on this post or if YOU have any CREDIT REPORT TIPS or SECRETS, please let us know!

Tagged as: Beat Debt Build Good Credit, Build Your Credit Score, Credit Report Secrets

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Do You Need an Emergency Fund?

2012-01-30T07:52:00.000-08:00

Building up an emergency fund is a very important step towards financial freedom. It should matter to everyone. After we pay off our consumer debts, setting aside money for an emergency fund is essential. Placing that money in the highest yield account is a smart move.
The Best Bank Money Market Accounts:

Institution Rate Minimum

UFB Direct 5.31 $1
One United Bank 5.30 $1000
Zions Bank 5.30 $1000
FNBO Direct 5.05 $1
IGObanking.com 5.17 $1

More tips on establishing an emergency fund

Have you heard of any other high yield accounts? Post a comment and tell us where. We would love to know about them.

Tagged as: emergency fund, money for emergencies, saving money for a rainy day, what is an emergency fund

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The Best Credit Cards Around

2011-12-31T07:52:00.000-08:00

Now, we not an advocates of credit card debt, in fact, we hate it. This website is all about killing our debt burdens as we strive for financial freedom. But we should all have one for emergency purposes while we build up our emergency fund and payoff our consumer debt. So why not only stick with the least expensive credit cards?

The Best NO FEE Cards With The Lowest Rates
Institution Rate Fee
First Internet Bank of Indiana 12% 0
Simmons First National Bank 12.5% 0
Bryn Mawr Trust 13.65% 0

The Best Platinum and Gold Cards With The Lowest Rates
Simmons First National Bank 7.25% 0
Well Fargo Bank 7.50% 19
Pulaski Bank and Trust 7.99% 50

Got the scoop on better cards? Let other readers know about it.

Tagged as: Best credit cards, best rates on credit cards, how to beat debt, low interest credit cards, payoff credit cards

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How to Earn Interest from Your Debt

2011-12-30T07:52:00.000-08:00

I know it seems like a strange concept, but as you pay off your debt and eventually wipe out any credit balance that you have, the payback on your money is equal to the interest you were paying……What?
That’s right, think about it this way. You were paying $200 per month towards a debt that was charging you 15% interest; when that debt is paid off, that money is now yours without any interest being charged against it. Therefore effectively, you are earning a return on that money since you are no longer being charged!
Regardless of the return, it is important to take the payment that you have now recouped and use it to roll-up into the next targeted debt according to the Accelerated Debt Payment Calculator.

Tagged as: debt payoff rate of return, earning interest, how to calculate rate of return, interest on debt payments

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What’s In A Budget?

2011-12-18T07:52:00.000-08:00

Suggested Reading:
MONEY FOR LIFE
Planting your feet firmly on the ground and deciding to keep a budget seems like such a complicated thing to do. The fact of the matter is, getting an accurate picture of your spending habits is not only critical in overcoming debt, but necessary in order to help keep you on track with your budget. It’s OK if you want to use the term “spending plan” which seems to be gaining popularity.
“Money For Life” is a budgeting success novel based on a couple named
Ryan and Christine. While Ryan and Christine are fictional characters,
the financial dilemmas that they face are based on the true-life
experiences of many people. And like our couple, many people today are
finding there really is a way to regain control and to successfully
manage finances in today’s society. This book will captivate those
seeking a blueprint for achieving long-term financial wellness.

Tagged as: budgeting program, free budget advice, free budgeting book, How to budget

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The “Universal Default” Credit Card debt problem

2011-12-10T07:52:00.000-08:00

Universal default is a provision that over the last few years has been added to the terms and conditions by credit card companies. Universal default permits creditors to review your credit report on a regularly, and if there are any negative changes to your credit report, then the credit card company can charge you a higher interest rate. They can do so even if it the blemish was on a completely different account!

If your credit card has a universal default clause, you need to be very cautious with all of your accounts. If you’re late to any creditor, you could default to a rate as high as 29.99 percent! Surveys have found that over 40 percent of credit card companies said they enforce the rule to customers, even if they had no late payments on that company’s card.
What Can You Do About credit card issuers being unfair?
Avoid being a victim of this horrible clause by paying all of your bills at least 5 days before they are due. Once any negative information shows up on your credit report it is virtually impossible to get the credit card company to reduce your rate to your previously low interest rate. Fortunately, CitiCards, one of the largest of the credit card companies, has recently stated that they will no longer apply or enforce the universal default clause to its customers.

You should make every attempt to convince them that you are not the one at fault for any negative error or late payment to any of your accounts. Dealing with these giants can be a daunting task. Many of their rules do not leave much room for negotiation. It is possible however to learn how to Talk Your Way Out of Credit Card Debt with the advice of Scott Bilker, Author and Financial Expert.

Tagged as: stopping universal default, universal default, universal default explained

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Foreclosure Help

2011-11-24T07:52:00.000-08:00

Facing a possible foreclosure is a very traumatic thing to experience for any family. If you are more than 30 days late on your mortgage you will receive a notice of default from your lending institution. At that point it is still not too late to recover. You can expect another three notices before actually getting forced out of your residence.

In the fall of 2006, over 1.5 million notices of default were issued in the United States. This is the highest it has been in over 9 years. The problem? Too many families have over extended themselves by not sticking to the general rule of only buying a home that is 2 and a half times their annual incomes. People have over stretched themselves.

Over one Trillion dollars in mortgage loans are set to adjust between early 2007 and mid 2008. The scariest thing about this is that so many people will be caught off gaurd when their mortgage payments jump as high as 30%.

If your mortgage has become more than a bear that you can handle, letting the bank foreclose on your home can be damaging for longer than you will want to remember. Down the road, if you plan to purchase another home, you will suffer with extreme difficulty in getting approved for a new mortgage and if you are approved, you may face ridiculously high fees and interest rates. All said, such costs would be well justified considering your credit history. There is also the possibility that the lender will file a claim in the courts in order to capture any gap in you loan balance not covered by a sale of the property.

Many owners do not realize that the best thing you can do for yourself when faced with a foreclosure is to try and negotiate with the lender. If you have very little equity available in your home, your lender has even more incentive to keep you in your home since they won’t make anything from a sale. They would have to write-off the difference. The U.S. has had a great run-up in both real estate prices and sales over the last 6 years. But for every action there is a reaction, and over the next few years, the number of foreclosures will continue to increase. This gives anyone facing a foreclosure situation greater leverage for getting a lender to cooperate with allowing you to keep your home.

Here are some key things to remember if you are suffering a financial setback and need cooperation from your lender:
Ask for a FORBEARANCE. This gives you the ability to make smaller payments until you get past your crisis.
If you fall behind in payments, ask for a REINSTATEMENT. This means you agree to pay the amount your owe from missed or partial payments by a certain date. What ever you do, DO NOT miss more than 3 payments. After this point your loan is declared “in default” and negotiating is no longer an option.
Another option is to ask for a MODIFICATION. This is when a lender will change the terms of your loan to make the payments more affordable for you.

Selling your home ASAPAsk your lender for a “Short Sale”Ask the lender to accept a “Deed in lieu of foreclosure”

You must do everything you can to avoid a foreclosure. Only stick with credible assistance agencies. There are many predators out there that will scam you out of money during some of the worst times in your life.

Most home owners are unaware of the secrets that lie hidden in the foreclosure process, knowldege that Steven Porter’s book claims would allow most anyone facing the loss of their home not only to live rent free but also to avoid foreclosure altogether. It is called Save Your Home: How to Protect Your Home and Property from Foreclosure .

Tagged as: Foreclosure solutions, How to stop foreclosure, Negotiating with lenders, Options to foreclosure

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