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What is Credit Counseling All About?
many people who are suffering from extreme financial troubles due to debt have successfully made use of credit counseling services. while it is often spoken of in the same breath with debt negotiation it is really quite different. if you work with a credit counseling service you will have your own personal credit counselor who will help you to get out from beneath your debt. they can help get your debts consolidated so that it is easier for you to make your monthly payments. you will only be paying one lump sum each month and it should be smaller than the sum of the payments you were making previously.
if you are sick and tired of bill collectors calling you as well as terrified of the collection agency letters you keep receiving, then credit counseling just might be for you.
there is a right way and a wrong way to deal with credit counselors though. first of all, you need to be able to tell the good from the bad. not all of these services are reputable. millions of people have been taken in by credit repair scams, don?t you let yourself become one of these victims.
any offer that tries to sell you a quick fix should be discarded immediately. there is no overnight fix for bad credit. it is going to take some time before you are back on top. you want to look for reliable companies that have been accredited by consumer credit counseling services.
once you have found a good service you will have to make an appointment so that you can meet with them. the counselor will need documentation of all of your debts, you need to show the counselor everything because that is the only way they will be able to work out a solid repayment plan for you.
now it is up to the credit counselor. they will then let your creditors know what is what and explain to them that you are having problems and they are there to fix it. they will work with the lenders to come up with a plan that you can live with, one that comes with smaller payments and lower interest rates.
if you want, most credit counseling services will allow you to send them a lump sum payment that they will make sure gets to the creditors each month. this is what is known as a debt management system. while this is a handy tool, these services have been known to be late occasionally with the payments and this is something that you want to avoid. late or missed payments will do even more damage to your credit report. what you need to do to avoid this problem is really check out the service and find out what dates they plan on mailing out any payments.
a credit counseling service that is running a scam will ask you for huge fees up front before they do anything at all whereas a reputable company will only charge you about 14 bucks a month. that is one of the best ways to tell the true services from the greedy scammers.
while dealing with credit counselors may not be perfect, if you are in serious trouble due to your debt and you just can?t deal with it anymore, it might just save your life.
martin lukac, represents, #1 loans usa(http://www.freeroller.net/mbs.cgi/mb532395), a finance web-company specializing in real estate/mortgage market. we specialize in daily updates, rate predictions, mortgage rates and more. for mortgage rates please visit http://www.rateempire.com
article source: http://ezinearticles.com/?expert=martin_lukac
What is Your Credit Card Actually Costing You?
so you think that you know what your credit card is charging you huh? are you aware of all the lengths credit card companies go to to keep people from noticing all of their hidden fees? you need to watch your credit card statements closely or you might end up spending a lot of money on these fees that you did not even know were there. believe you me, these fees can add up to a whole lot of extra cash over the years.
the following fees are some of the most common, let?s see what they are and what we can do to avoid them.
grace periods
did you know that not all credit cards come with grace periods? many people don?t. it is just assumed that all cards have a certain amount of time before interest begins to be charged on your purchases, usually about a month. nope, not all have grace periods and many of the ones that do have shortened them to around 20 days. since most people don?t even know this they have been paying interest without even being aware of it. grace periods are becoming a thing of the past, you had better find out how they are affecting your credit card and payments.
if your card issuer has eliminated or severely shortened your grace period you might want to think about getting a new and better card. there are still some good ones out there, they are just a little harder to find.
interest rates
credit card companies love to pay with people?s interest rates. if you are so much as late on your payment one time they can hike your rate up. and the thing is it can be late on any payment. most things that require payments will find their way onto your credit report and once your credit card company sees it, even if it is not related to them, they can raise your limit.
late fees
do you know what late fees charge you? most people don?t and reading the contract you signed years ago will not help you either. late fees have doubled in recent years and since many people still don?t know about the shortened grace periods, wow, these lenders are making money hand over fist.
one way you can try to keep late fees down is to send in your payment as soon as you get your bill each month. being late with your credit card payments is something that you want to avoid at all cost. first off you don?t want to have to pay late fees, second it damages your credit report. you want to always keep your credit rating in the best shape possible.
martin lukac, represents, #1 loans usa(http://www.freeroller.net/mbs.cgi/mb1061761), a finance web-company specializing in real estate/mortgage market. we specialize in daily updates, rate predictions, mortgage rates and more. for mortgage rates please visit http://www.rateempire.com
article source: http://ezinearticles.com/?expert=martin_lukac
Bad Credit? You May Still Qualify For A Credit Card!
let?s face it: in order to buy or sell so many things in today?s society you simply must have a credit card available in order to complete many transactions. sure, you could pay cash for many things, but how convenient [or safe] is it to carry around a wad of bills? if you lose the money, it is gone forever. not so with a credit card as that little plastic device can be easily replaced. what do you do if you have bad credit? are you locked out from getting a credit card? happily, the answer is a resounding no. you have some options that can help put a new credit card in your wallet, bad credit or not.
bad credit: what it is
before we take a look at applying for a bad credit credit card, let?s examine some things that could cause you to have a bad credit rating:
--late payments on car loans, rent, mortgage, bills, etc.
--medical bills you cannot afford to pay.
--legal judgment against you including: child support, lawsuit, etc.
--loss of job, big reduction of income.
any one of these things can harm your credit rating, making it more difficult, but not impossible, for you to get a credit card.
bad credit credit cards: what the offers are
if you apply for a bad credit credit card, please know that the consumer requirements are different than for those cards for people with good credit. still, a bad credit credit card can be a good idea to help you build your credit rating back up; it won?t improve overnight, but it can improve with your disciplined repayment plan. here are some things you must know about a bad credit credit card:
your apr will be higher. some offer low aprs for the introductory rate, while other cards will offer a variable rate. overall, the apr will be higher.
default rate. if you are late with payments, you may find yourself paying a much higher default rate.
annual fee. expect to pay an annual fee as high as $100 per card, less if it is for a secured card.
other fees. depending on the card you select, you can be charged an account set up fee, program fee, annual fee, and a participation fee.
when shopping for a bad credit credit card, only commit to getting one that fits your budget. between the fees and the higher apr, you could find yourself with a card that doesn?t work with you. still, by using a bad credit credit card, you can reestablish your credit if you use the card and pay it down quickly and on time.
just remember: having bad credit doesn?t make you a bad person. sometimes circumstances in your life can adversely affect your credit standing, but you can take charge of your credit today by finding a bad credit credit card that you?re your lifestyle.
free use of this article is allowed provided the article and resource box are unaltered with a live link back to credit-card-surplus.com.
please click here to find bad credit credit card offers.
ed vegliante runs the website http://www.credit-card-surplus.com , a well organized credit card directory enabling the consumer to compare and apply for a variety of credit card offers. view more credit card articles.
article source: http://ezinearticles.com/?expert=ed_vegliante
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