Help With Debt Problem InsightViews

Debt Settlement Scams: Empty Promises

admin — Tue, 02 Sep 2008 03:07:16 +0000

Visa credit card. Little did I know.

admin — Thu, 10 Jul 2008 03:24:43 +0000

We all have them. They’re called credit cards. It often seems that we can’t live without these nifty, little cards. They allow us to buy those things that we shouldn’t really be looking at since we can’t afford them, but for some reason we get them anyway. It’s a classic human flaw. In the world of charging, the Visa credit card is certainly the leader of the pack. There is an obvious reason for this. Every business accepts them. How can you argue with that.

I applied for a Visa credit card right after high school. I thought to myself, okay I have a job, therefore I can have a charge card. Little did I know. The Visa credit card, like any other can work like a catch 22. You can use them to purchase things you need or don’t need, but then the interest rates are going to kill you. It’s almost unavoidable. Unless you’re one of those few who pay off their credit cards every month, you know the repercussions. Although this is the case when he dive into the world of credit cards and charging it, we never seem to learn our lesson.

The allure of credit cards comes with the charge limit they offer. Let’s say you get your first Visa credit card, and your limit is two grand. Great, that’s two thousand dollars you have at your fingertips for purchases, right? Well, not exactly. Even though we can taste that new TV or CD player, we should refrain from jumping the gun, unless we have the funds rolling in next month. As a former college student, I saw many delusional students out on their own for the first time with their Visa credit card. They see something they want but can’t afford, it’s cool, throw it on the credit card. Wow, will this add up. You’d be amazed at how much you’ll have spent after four years. Another common screw up is the happy hour scene that college folk love so dearly. This can do horrible things to the credit card balance. Unfortunately this will likely go unnoticed until graduation or the next billing statement. Then the reality sets in.

Visa credit cards can work as a wonderful tool in our money stressed lives. We need a little help sometimes, so we resort to the card. This is why many of us get them. While we all want the option of paying with a credit card, we must proceed with caution. These helpful, little plastic wonders can get us in a bind if we’re not careful.

Share This

Credit Card For Teens

admin — Wed, 09 Jul 2008 02:03:09 +0000

Do you have children? Regardless of what anyone has told you, the teenage years are certainly the most challenging. Sure, it can be a lot of work taking care of a baby, and it can get old changing diapers and mixing formula. However, those stains on the carpet and fussy outbursts during the night, pale in comparison to the stress involved with teenagers. This is that time in their lives where they think they know everything and they strive to rebel. It’s rather annoying to say the least. From drinking, to sex, to drugs, the issues are non-stop. Furthermore, these days parents are dealing with more concerns than our parents even had to. Take the concept of a credit card for teens. This sounds utterly ridiculous to me, but there are plenty of teenagers who have them. Does this make any sense whatsoever? Why in the world does a teenager need a charge card?

What is your opinion regarding a credit card for teens? Does your 15 year old daughter or son have one? Let’s just ponder the possibilities here for a moment. So you pass a credit card for teens to your kid. Now he/she hits up the local malls and eateries whenever they please. How high do you think they will charge that piece of plastic? Try as high as it will go. The mere concept of a credit card for teens is outrageous. This teaches our children no responsibility whatsoever. Unless you’re going to have your child deal with the funds and bills of the credit card for teens, it’s not a prudent plan. I have a buddy from high school who always had his parent’s credit card. They apparently let him carry it incase of emergencies. Now, that’s going to go over well! Give me a break. He used the thing like crazy. Every time he saw something he wanted to eat or drink, he went ahead and slapped it on the card. Yikes, can you imagine what a teenage girl would have done? We’re talking about countless trips to the local shopping malls.

If you are interested in finding out more about a credit card for teens, then hop online to find other pointers and opinions. There are even parental forums regarding this topic. The notion of a credit card for teens is plain and simply scary. Do not get your child caught up in debt at such a young age! Instead teach them, if you can’t afford it, then don’t buy it.

Share This

Turn Your Wasted Money Into a Debt Reduction Plan

admin — Fri, 23 May 2008 08:40:38 +0000

Take the other 75% to use for your debt reduction plan. For example, if that number is $200, your savings amount would be $50 and your debt reduction plan amount is $150. The amount isn’t that important. What is important is that you …

Share This

The Debt Crisis: Help’s at hand in tough times

admin — Wed, 21 May 2008 23:53:33 +0000

Most people find it much more difficult to go to a financial counsellor than to a sex counsellor.This is part of the problem for the increasing number of families facing serious financial stress, says Sandra Saker, a financial counsellor with the Salvation Army’s Moneycare.

Ms Saker, who is Moneycare’s manager for the greater west, said there was a tsunami of debt facing families in western Sydney and people needed to seek help at the first signs of trouble.

She said people had to bite the bullet and see a financial counsellor before things escalated.

“As long as problems are tackled early on people can often come to arrangements with creditors to get some breathing space,” Ms Saker said.

Share This

Bad credit loan

admin — Sat, 19 Apr 2008 02:58:05 +0000

Bad credit can occur for a variety of reasons. Having bad credit does not necessarily mean you are a bad person. Bad credit loans can help good people who may be struggling with job loss, medical costs, divorce, or other life changing circumstances that have an impact on your financial well being.

Acquiring a bad credit loan, may be the first step to rebuilding your credit. Many people with credit problems find that a bad credit loan can help them get back on their feet and find the way to personal financial freedom once again. A bad credit loan can be used to help get your life back on track, get rid of calls from creditors and even avoid bankruptcy.

Many people who have bad credit may feel that a home loan is out of reach for them. Whether you need to purchase a home for the first time, relocate to a new home, or would like to refinance your current home, rest assured that there is a loan program available for you. Even if you have bad credit, you may be able to find a home equity loan, a home purchase loan, or even a loan to refinance your current mortgage at a lower rate and save you hundreds of dollars a month in interest payments.

Many people believe that credit cards are unavailable for those people with less than perfect credit. A credit card is merely a type of loan, and is still an available type of bad credit loan available for your consideration. The interest on the credit card will be generally higher than on a home loan because the credit card is an unsecured loan, that is, a loan with no collateral. The home loan uses the house as collateral that the loan will be repayed, and thus will generally have a lower interest rate.

For those struggling with making all those monthly expenses, one type of bad credit loan available is a debt consolidation loan. A debt consolidation loan can help you combine many different credit card payments into one loan, one payment that many times has a lower interest rate. You can merge your payments into one payment and help manage your monthly cash flow.

It is important to realize that while bad credit loans are available, and they can help you, you must remember a few things. Generally, the interest rates will be higher on these loans. This is reasonable and expected since banks and lenders assume a somewhat higher level of risk with a bad credit loan. However, taking the step of acquiring a bad credit loan and improving you financial health will eventually help you to rebuild your credit until one day, you also can have good credit.

Share This

No Down Payment

admin — Tue, 15 Apr 2008 04:33:23 +0000

Haven’t we all heard of this before: “No Down Payment!” It can be a great thing in some cases, and not such a great thing in others. Sometimes it can mean that you will have to make more payments, pay more interest, and stretch out the length of the finance term. Some people are willing to pay more and see a no down payment situation as the best option for them. Many times mortgage lenders tempt new home buyers with no down payment financing only to secure a loan with them for a higher interest rate, which them allows them to make more profit in the long run. People with bad credit or no credit especially may need to take advantage of this type of financing. Not only will it allow them to buy their own home, but it will help them to establish or rebuild their credit.

Real estate is not the only purchase that can be made with a no down payment option. Many car dealers offer the same type of financing, but again, this type of deal is usually attractive to those who cannot afford the down payment, don’t care if they pay more in payments, interest, and finance charges, or simply don’t have sufficient credit. For the average over-extended citizen of the United States, no down payment financing has great appeal. For those who are financially savvy, its not such a good deal, because most of the time, these people have good or excellent credit, and have funds available to make the down payment, which will lower the total amount financed and the interest paid.

Consumers need to read the fine print and make sure they understand every detail of the no down payment financial transaction. It doesn’t matter what you’re buying, there is always some catch, some way that you end up paying for this convenience in the end. I’m not saying all no down payment deals are bad, it’s just that many are not going to benefit you in the long run. Businesses and companies that offer no down payment financing options usually have something to gain by offering you this incentive; they are not doing it simply to be sympathetic to your situation and to be nice! It is usually costing you more money that is ending up in their pockets. So be informed and educate yourself before you sign on the dotted line.

Share This

Line of Credit

admin — Thu, 03 Apr 2008 14:22:47 +0000

We recently applied for a Line of Credit from a local lender. After a look at our credit history, and after providing proof of employment, driver’s license information and identification we were approved. We decided to take out this Line of Credit as a buffer for emergency situations and to pay off a couple of bills that were getting into the red zone. We recently shuffled around our work situations and the bit of down time between jobs quickly caught up with us. So, to buy a bit of leeway and breathing space, we decided to get a Line of Credit.

The interest rate on our Line of Credit is pretty ridiculous. Similar to the insane charges on a credit card. However, we intend to pay off the balance almost immediately since the monthly credit charge is only about 2.5%. It just doesn’t make sense to carry a balance for any length of time.

It’s nice to have the buffer of a Line of Credit. This way we know that if anything dire came up, like an emergency car repair, we always have money handy in a crisis. Of course, the biggest danger is temptation. During the long winter months, a nice vacation to some hot travel destination definitely sounds enticing. How easy it would be to throw caution to the wind and run up that Line of Credit in the blink of an eye!!

So too, we have small children. Kids always need something. They’re always growing out of their clothing and shoes or else there’s some great toy or sports equipment that they simply must have, and before you know it you’ve blown a couple of hundred bucks! It would be very nice to go on a shopping spree as well - things that are all accessible, but not recommended, with a Line of Credit.

Having a Line of Credit is great in a pinch, and as long as it’s managed well, is a great asset to have at your disposal. It gives some peace of mind, can bail you out when you get in a corner, and comes in handy if you know when you can pay it back. Leaving a large balance owing, for an extended period of time, can result in horrendous interest charges, so paying the balance down right away is always your best bet.

Also, if you have an excellent credit rating, then you can get better terms on your Line of Credit. However, it’s just as likely, that you’re getting the Line of Credit to get you out of a slightly tight situation, in which case, your interest rate is probably a lot higher and carrying a significant balance for an extended period is not desirable.

Share This

Bankruptcy Filings Is Something That Two Million Americans Are Being Forced Into

admin — Fri, 28 Mar 2008 09:27:14 +0000

Americans are most prone to bankruptcy filings and each year as many as two million of them have filed for bankruptcy and the situation at present is that there are increasing numbers of families neck deep in debt which is a direct consequence of the amount of credit on offer. The cycle goes like this; once you pay your debts, there is more opportunities becoming available to run up even more debts and young people who are not mature enough to shoulder such responsibilities thus have little choice but to opt to go in for bankruptcy filings so that they can then make a new beginning.

Share This

US to lower minimum purchase of govt debt in April

admin — Wed, 26 Mar 2008 06:48:13 +0000

WASHINGTON, March 21 (Reuters) - Individual investors will be able to purchase U.S. Treasury debt securities in increments as small as $100 starting with the April 7 auction of 3- and 6-month bills, the Treasury said on Friday.

The reduction of the minimum trading increment comes as U.S. government borrowing needs are rising. Previously, Treasury debt could be traded only in increments of $1,000, shutting out many small investors.

Share This