10 Steps for Obtaining Financial Freedom in 2018

Written by adminJanuary 4, 2018
Credit & Debt Settlement

The New Year is finally here!

As the holidays wind down to a close and the earth completes yet another rotation around the sun, we tend to get sentimental about starting the new year right. It’s easy to reflect and see the things we want to improve upon while correcting the mistakes we did make.

Weight loss is usually at the top of all resolutions, either from the holiday gravy train that wouldn’t quit, or it’s the few pounds you quietly put on throughout the year. It’s not difficult to see the problem, but fixing it something else altogether.

The same goes for deciding to get your finances in order and obtain TRUE financial freedom!

Is such a thing possible?  YES! Here are ten ways for you to find financial freedom in 2018:

1) Determine where you’re at right now.

The simple fact is, you can’t figure out how to get to where you want to be if you don’t know where you’re currently at. Sit down at the table (with your spouse, if applicable) and go over everything. What are you worth? Are you in debt? Are you paying off your mortgage? How long until the car is paid off?

Go through your assets, subtract liabilities, and find out your overall net worth. It can be difficult to see any issues with your budget when you’re not proactive about seeing it all listed together. If you see you’re spending more than you’re bringing in and relying on credit to get by, then you have some important decisions to make.

But you won’t get there until you figure out this step first.

2) Exchange credit for debit

Unless you’re working on building better credit, your credit cards are only holding you back. We get into the cycle of buying everything on credit and paying MORE for it later with interest and fees. Is the convenience really worth spending more in the long run? Try to spend only what you can afford to right now, rather than borrowing.

3) Give yourself an allowance.

Even though step #2 says to use your debit card rather than your credit card, you can take things a step forward by using cash more often than cards. Determine what you need ahead of time for regular expenses, pull out the cash, and put the rest into savings. It’s easier to spend, spend, spend when you have a card, but can’t track what you have left like you do with cash.

4) Cut spending!

I’m sure you knew this was coming, but it’s true! Right now, in this modern technological age, we spend a lot of money on gadgets and plans. They are all convenient, but do you really need them? Can you survive on Netflix and Hulu while cutting the cord? That’s potentially $100 per month savings right there.

Look at your phone bill. Do you need unlimited everything, or can you survive perfectly fine with a cheaper plan? Can you plan to eat in more often and save more throughout the year? These are all conscience decisions you can make to drastically improve your bottom line. The only way to lose weight is to eat less. The same lesson applies here.

5) Plan your goals.

You probably have the same big goals I do. It’s one thing to have a dream in the back of your mind, and another to actually sit down and do the math. You can’t hope your goals into existence. No, you must plan for it and scrape together everything you can. It will be a journey getting from Point A to Point B, but it should be an enjoyable one.

Where do you see yourself next year? In 5 years? In 10? Think of all your short-term AND long-term goals and write them down.

6) Strategize your plan of attack.

The great thing about writing down your expenses and figuring out what to cut is you can actually see your plan coming into fruition. If you know you can cut “X” amount of dollars from your budget and stick that into a savings account, you’ll have an approximate idea on where those savings will take you.

You may not save a ton, and that’s perfectly fine! It’s always good to have a bit of extra saved in the bank, which brings us to the next point:

7) Have an emergency fund.

It was said recently that most people don’t even have access to $400 if they needed it for an emergency. That’s a sad statistic! We’re so busy living above our means and charging everything to credit (and paying more for it later) that we don’t actually think about our safety. It’s a good idea to have at least $1,000 in savings for an emergency.

8) Check your taxes.

I know in the previous points, where I say you should look at cutting your spending habits, you didn’t think I was going to suggest hiring a tax accountant, but it might very well be worth it in the long run!  Let’s face it, most of us are clueless and do our best to file as accurately as possible. Because we’re not experts, so we could be missing out on huge deductions we had no idea were possible!

9) Start paying off small debts.

Think of debt as the amount of weight you need to lose. You might step on the scale and see a large number, causing you to panic. How can you possibly lose all this weight?! The answer is simple, one pound at a time. The problem is, we think about ALL the weight we need to lose rather than the short-term progress and results we’ll experience.

Start cutting into your smaller debts and get those out of the way first. It will build your confidence and allow you to see yourself slowly gaining control of your finances. It’s a cool feeling to free yourself out from under its worrisome burden!

10) Keep your plan with you at all times.

Once you get all your numbers organized, write up your goals, and make a plan of action, turn your notes into canon. Officially recognize your plan as the way to move forward and stick with it. It will be difficult. There will be unforeseen events that pop up. Do not fret! The plan is solid and it will get you through!

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10 Ways to Save Money Each Month

Written by adminOctober 26, 2017
Credit & Debt Settlement

Saving money can seem nearly impossible when you don’t know what steps to take. Start with these 10 ideas to start spending less every month.

1. Consolidate Your Debt

If you have several types of debt, you can consolidate it into one account with a lower interest rate. Once you consolidate your loans, you only have to make one easy payment per month. As long as you get a lower interest rate, you could save hundreds of dollars a year.

2. Refinance Your Car Loan

Car loans don’t seem expensive when you get them. Those monthly payments add up quickly, though.
Talk to several banks in your area about refinancing your car loan. If one of them gives you a lower interest rate, then you can make your monthly payments more affordable. Even a few dollars each month will make a difference.

3. Find Cheaper Car Insurance

Take a few minutes to search for cheaper car insurance. Call your insurance company to ask them about a lower rate. You may have to increase your deductible, but it’s worth it as long as you don’t have an accident.
You should also get quotes from other insurance companies. You never know what kind of deals you’re missing until you get offers from several companies.

4. Consolidate Student Loans Into a Lower Monthly Payment

Repaying student loans can make it difficult for graduates to start saving money. You can often lower your monthly payment by consolidating your student loans.
When you consolidate your student loans, you could lock in a lower interest rate. Plus, you’ll only have to make one payment per month instead of worrying about loans from several lenders.

5. Use a Credit Repair Program to Get Lower Interest Rates

It’s hard to repair bad credit on your own. Consider talking to a credit repair program that will negotiate lower rates on your credit cards, loans, financed purchases and other debts. It helps to have a pro on your side.

6. Look for Cheaper Health Insurance

You can also save money by getting cheaper health insurance. Try looking for plans that don’t cover as many medical services. You can also increase your deductible to lower your monthly payment.
As long as you don’t get really sick or hurt, you won’t even notice the higher deductible.

7. Buy a New Car With Lower Payments

Sell or trade in your current car so you can get a vehicle with lower monthly payments. You’ll need to research several cars to make sure you save money, but it’s worth it. Plus, driving a new car means that you don’t have to pay a mechanic to fix mechanical problems that happen in older vehicles.

8. Get a Payday Loan Advance

If you can’t afford to pay your bills one month, get a payday loan instead of letting your credit report take a hit. Make sure you repay the lender as soon as possible, though, to avoid extra charges.

9. Find a New Credit Card With a Lower Interest Rate

It pays to shop around for a new credit card that gives you a lower interest rate. You’ll see a big difference in your monthly bill even if you only knock off a few percentage points.
Look for cards that will give you an interest-free trial period. That way, you can start paying off your debt without worrying about interest.

10. Take Your Lunch to Work

Grabbing lunch at a restaurant gives you a break from the workday, but it also costs a lot of money. Eating out for lunch costs about $11, so you can easily spend $50 from Monday to Friday. Taking your lunch only costs about $6.50.
Pack your lunch everyday to save about $90 a month.
It doesn’t take a lot of effort to save money when you know how to do it right. With these tips, you could start spending less and saving more!!

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10 Ways to Save Money Every Month

Written by adminOctober 26, 2017
Credit & Debt Settlement

Most Americans are interested in ways they can save money every month to pay off debt more quickly or put savings aside for their futures. Here are just ten ways you can save a little each month.

1. Keep a Budget

The first step in saving money is tracking how you spend it. When you start keeping a budget, you can begin to see where you’re spending too much. You may find you could cut back on eating out, start clipping coupons or skip that morning coffee habit to save some serious cash.

2. Consolidate Your Debt and Student Loans

The next step in saving is to track all your debts. Once you have a handle on how much you owe and what your interest rates are, it may make sense to consolidate your debts at a lower interest rate. This saves you money in the long term on interest payments and cuts down your minimum monthly payments.

3. Shop Around for Auto Insurance

Auto insurance companies will raise your rates every year. It’s a good idea to switch providers regularly to negotiate for lower rates. Also consider paying quarterly or annually to save money in the long run.

4. Decrease Your Monthly Car Expenses

Now that you’re tracking your budget, you may find you’re spending too much money on your car – either in monthly repairs, gas or your monthly payment. Consider making a change to your auto expenses by buying a different car that won’t cost as much in those categories or driving less to save on your gas bill.

5. Cut Out High-Interest Credit Cards

After you’ve tallied all your debts and interest rates, you may find some of your credit cards come with high interest fees. On top of that, your minimum payment covers mostly interest, which means your principal balance could take a very long time to pay off. Consider moving your credit card balance to a provider who will offer you a lower interest rate.

6. Enter Into a Credit Repair Program

If your credit is in bad shape, you may want to look into applying to be in a credit repair program. These programs allow you to get lower interest rates on your debt so you can work on rebuilding your credit score. Overall, you could save money and be in a better place financially to make important purchases down the road.

7. Lower Your Health Insurance Costs

Health insurance costs can be costly expenses. Talk to your HR representative at work (even if you only work part-time) or shop around online if you have insurance from the Health Insurance Marketplace. There may be a tax incentive or benefit you’re missing out on that could save you money.

8. Implement a 30-Day Rule

The biggest way to save money each month is to not buy things you don’t need. If you’re trying to get control over a shopping habit, try a 30-day rule, where you don’t buy anything until you’ve wanted it for 30 days. Keep a list of purchases you’d like to make and evaluate them over the next month to see if they’re things you really need.

9. Consolidate Your Student Loans

If you’re one of millions of college graduates who feel overwhelmed by your student loan debt, consider consolidating your loans. Through this process, you can merge multiple balances into a single balance to lower your monthly payment, interest rate, or both. It’s a great option for graduates who are struggling to make a dent in their overall loan debt.

Stick to a Grocery List

Rather than buying without a list and when you’re hungry, plan your weekly meals and stick closely to your list to avoid overspending at the grocery store. Also try sticking to the perimeter of the grocery; produce, dairy and proteins are both healthier and more cost-effective than processed foods in the center aisles.

If you’re looking to trim your budget, consider trying one, two or all ten of these simple money-saving hacks.

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The Plight Of The Middle Class And How Credit Repair Can Help

Written by adminApril 24, 2017
Credit & Debt Settlement

*This is an advertorial*

Life can be filled with limitations when you have bad credit, and I recently learned how to screw and un-screw myself out of credit nightmare. Putting everything on a charge card turned out to be a terrible decision, and when the government threatened to start garnishing my wages, I was forced to pool everything I had to make a one time payoff on one of my student loans, which actually had a negative impact on my score because I settled. I was bankrupt and I was just starting out. As my score dropped, the banks sent cancellation notices for all of my credit cards—even the ones I always paid on time. It seemed like big banks had just turned their back on me.

My husband was forced to face his credit barriers when his car transmission died out of warrantee. When the car salesman pulled his credit to see if he could get approved for a lease, he shook his head in shame. It showed a score in the low 500s, a high debt to credit ratio, and poor payment history because of medical bill charge-offs from when his appendix ruptured. 

We needed better credit, which I thought meant waiting 7-10 years for negative items to be removed. As it turned out, fixing our credit was painless because there are services out there, like CreditRepair.com, that are meant for people like us. CreditRepair.com works directly with the credit bureaus and your creditors to help you get unfair items removed from your report and get you back on track for a clean financial future. They understand that life can get out of hand, and that sometimes, trustworthy candidates can get screwed out of good credit scores in the process. Plus, they do all the legwork for you.

I signed up for CreditRepair.com just two months ago. On my consultation call, Skye, my personal CreditRepair.com representative, worked with me through the process, answering my questions with patience and knowledge. She made me feel confident that together we could accomplish everything I’d sought out to achieve. She explained that for most items she saw on my report, they would send their lawyerly “challenge letters”, to which creditors have to respond or refute, or the items get removed. CreditRepair.com has methods of getting creditors to exercise leniency as well. For example, if you have issues with high student loans, bankruptcy, an expensive divorce, or high medical bills, Credit Repair will alert creditors of this as they did when they mentioned my outstanding student loans in challenge letters so that creditors would potentially give me more leeway.

During just the first month of my subscription, I received my frist 3 removal emails from CreditRepair.com! (It means they got 3 negative items removed from my report.) My credit score shot up 22 points immediately as a result, and continues to climb as I follow along on my Score Tracker, the chart which displays your credit score progress each month.

As for my husband, he started receiving removal emails from CreditRepair.com just two days after I did, and within just the first 45 days of his membership, CreditRepair.com had already gotten 44% of the negative items on his report removed. And he got approved for that car lease from the dealership that scoffed at him less than two months prior! Incredible, and fast results.

Turns out, this is the norm. While individual experiences may vary, on average, CreditRepair.com subscribers see increases in their credit scores month after month. And it’s been giving us the fresh start we need to rebuild our future.

Update: The folks at CreditRepair.com are extending a special offer to our readers. Follow this link, or call 1 (855) 969-4469 for a free credit consultation including your free credit report summary and score!

Call 1 (855) 969-4469 anytime between 7am and 11:59pm EST for a free consultation including your free summary credit report and score!

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Her Ex Ruined Her Credit. Look How Fast She Turned It Around

Written by adminFebruary 23, 2017
Credit & Debt Settlement

*This is an advertorial*

Most of us think that love will conquer all… we might not say it out loud, but inside we do things that we know are not in our best interest for the sake of love and happily-ever-after… In other words, we put ourselves at risk and go all in for love.

That’s exactly what Britney did when she and her ex got an apartment together and he asked her to put all the bills in her name.

“I was crushed. I never thought he’d leave me for someone new, especially not with all HIS bills and bad credit… I thought he loved me, and that we were in this together… for the long haul.”

“I have a great job that I love, and I work really hard. My credit has always been excellent, and when I got with John, I never even thought about his credit.

Our relationship was fun and he was so sweet… After a year, we decided to get a small apartment together, so we could start saving money to get married.

Of course when he said the bills should go in my name because my credit is better than his, I thought nothing of it.

We shared the bills and were supposed to share in the wedding savings too, but he had to pay some other things off before he could start putting money toward the wedding fund – he said this would give us a clean, debt free slate to start off with.

I worked and saved, and worked and saved, and things just kept coming up… His car broke down, and he even had a couple really old bills that creditors began hounding him about.

One day he asked me if I’d open a new credit card to pay them off, and then he could just pay me. It seemed perfect… until he lost his job.

Not only was I paying for all of our living expenses, but now I had racked up more credit card bills too. Eventually I had to start making arrangements with creditors so that I could keep the lights on and make sure we had food…


That’s when the fighting began…

I guess we were both just really stressed. Late payments started getting marked on my credit: 30, 60 and 90 days late and one even went to collections.

I got a second job, and got caught up… Things seemed to be getting better, and he finally got a great job. The only problem was, I now had all these late payments and collections on my credit report so my score had dropped to 457!

Then one day I came home from work and he was gone. He sent me a text that said he thinks it’s best for him to stay with a friend so that he doesn’t cost me any more money and that we “clearly needed space”.

Well, I’m sure you know, my best friend found out that his “friend” was more than a friend, and that he’d been seeing her for a few months. I was devastated.

…And furious, but I was stuck.

Because of my crappy credit, I could no longer qualify for an apartment on my own, so I ended up moving back home with my parents. They were remodeling my room, so I had to sleep on the couch.

I was so embarrassed. While my ex-fiancé was livin’ it up with his new girlfriend, I was sleeping on a couch at my parents, with horrible credit. Who in their right mind would even want to date me?

I knew I had to do something about my credit, so I did what I always do, and started googling for advice. That was a can of worms! I found so many ads and tips and “instructions”… it was overwhelming, but I was determined to get my credit back so I tried whatever I could find.

As you can probably guess, my credit score still wasn’t budging. One day when I wasn’t expecting it, this quiz showed up on my Facebook newsfeed (of all places). It said I should find out what my #2 credit killer was and why my score won’t raise. I didn’t even know I had a #2 credit killer! So I checked it out.

It talked about how this lady named Ali made this quiz to help her clients…. I was skeptical at first, but nothing else had worked, and it was a FREE quiz, so I basically had nothing to lose, and took it.

That’s when everything changed…

It was the best decision ever. I seriously thought I had tried everything, but it turns out that I was doing the wrong things to raise my score all along. Some weird thing I had never even considered was what was actually keeping it low!

The quiz gave me some pretty simple steps to follow, and sure enough, my score skyrocketed! It’s been 5 ½ months now, and my score has already risen by 237 points. I wish that I found the quiz sooner; it would have saved me months of doing the wrong things and tons of stress.

And, guess what? I just signed for my own apartment. I feel like I’m on top of the world again!

Looking back, there are a lot of things that made this experience horrible, and the salt in my wound was being left with no options because of my bad credit score.

After all these months of struggle, trying to get back on feet, I’m on a mission to help keep others from experiencing this nightmare and spread the word.

I looked it up, and according to research over 68% of Americans are stuck with bad credit. Most of them struggle for years trying to figure out how to fix it while it costs them thousands in dollars and missed opportunities!

Don’t let yourself be a victim to this.

Take this quick quiz and find out what your #2 Credit Killer is. You’ll be surprised at what’s really affecting your score and at how quickly you can raise it.

We all need and deserve good credit. So, don’t miss your opportunity to get this info for FREE! You owe it to yourself to take the quiz and see what’s really causing your score to be lower than it should be.

P.S. My best friend Sarah, the one I told you about above, took the quiz too. She raised her score by 181 and bought herself a BMW lol! Click here to discover what is your #2 credit killer.

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What is Debt Management?

Written by adminJanuary 4, 2017
Credit & Debt Settlement

*This is an advertorial*

You see it coming. Every time you look at yet another of your credit card statements and can only afford to make the minimum payments, you are aware that it is time. Balances are mounting and with that the awareness that it is essential to get control of additional spending and increasing debt due to minimum payments and compounding interest. Do you want to start making late payments, incur late fees and negatively impact credit scores? Climb out of the hole and make headway on outstanding balances with a feasible debt management plan.

What Happens When You Consolidate?

A debt management plan, or DMP, reduces high interest rates and creates a more suitable monthly payment schedule for your situation. It is a voluntary agreement between individuals, counselors and creditors. Individuals can begin to make headway on principal balances and gain control over their finances.

Unsecured debt is consolidated, regardless of credit score, in a debt management plan. Types of unsecured debt that are eligible for inclusion are:

  • Credit cards;
  • Gas cards;
  • Department or specialty cards; and instances of
  • Payday loans; and
  • Unpaid medical bills.

Secured loans such as mortgages, home equity loans, auto loans and general student loans cannot be applied. Collection debt may be able to be included in certain instances. While on the plan, all credit cards will be closed and no new credit lines may be opened.

How Do Credit Counselors Work For You?

A credit counselor will spend time (45-90 minutes), to review your situation, including your finances and budget. They will offer advice on managing sending and reducing debt, and a new budget will be created for the client that takes their unique situation into account. When individuals continue with a debt management plan, credit counselors take additional steps to intervene with creditors for clients.

A new payment schedule will be agreed upon by all parties. Payments are based on the total amount of debt and your budget. Counselors contact creditors on your behalf to agree on reduced interest rates and an adjusted payment schedule. These changes to payment expectations make a significant difference to how quickly and how easy balances are paid off while reducing the amount necessary from individual budgets to meet acceptable payments.

A credit counseling team transforms how individuals think about and handle their finances. Signing up for a debt management plan provides a means of:

  • Ongoing support. Support staff are always available to help current client with any concerns or questions.
  • Housing counseling. Clients that are homeowners can speak with HUD-certified housing counselors for additional guidance.
  • Regular progress reports. Credit counselors prepare monthly progress reports to demonstrate payment distribution and remaining balances.
  • Continuing education. There are a number of free courses and seminars available on a range of subjects, such as understanding credit scores and reports, managing credit, financial planning, avoiding foreclosure and more.
  • Payment processing. Counselors accept deposits electronically and disburse them according on a fixed schedule for timely payments.
  • An intermediary with creditors. Credit counselors make communication easier and speak with either clients or creditors for either party.
  • Budgeting assistance. We partner with clients to establish a workable budget and help them during the life of the plan. Additional budgeting courses help clients fine-tune their budgets to changing needs.

Get the support you need to manage your finances today.

Is There a Negative Impact on Your Credit Score?

A debt management plan can actually improve your credit score. Individuals that make regular payments on time and complete the program, see their credit scores remain neutral or increase. How does this happen when you are paying less overall? Each creditor has accepted the new payment schedule and rates, therefore no negative impact will be seen on your credit scores when the terms are fulfilled. During this process, you eliminate your unsecured debt and build a positive track record of payments. These are two major factors when credit scores are calculated.

How Does a Debt Management Plan Quickly Pay Down Debt?

There are a number of benefits derived from a debt management plan. Individuals that enroll in the program:

  • Make a single monthly payment with a reduced interest rate.
  • Have a larger percentage of each payment applied to the principal of the balance.
  • Can see a savings of 30 to 50 percent of what would be paid on balances before consolidation with high interest rates.

Experts tailor a program that meets your needs and make it possible for you to pay off outstanding balances faster than without consolidation. More money also stays in your wallet or is used towards the principal with a debt management program, as interest rates are significantly lower.

Turn to experts to help you resolve escalating debt and develop a debt management plan with practical steps that reduce the amount owed on credit cards. Pay off your debt without lowering your credit score and gain financial literacy with a debt management plan.

SEE IF YOU QUALIFY NOW »

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4 Excellent Benefits Of Choosing Debt Settlement Services

Written by adminJanuary 4, 2017
Credit & Debt Settlement

If you are overrun with debt, you may want to just shut off your phone and throw out the bills without looking. Unfortunately, ignoring the problem tends to multiply your troubles over time. Ignored debt amounts continue to grow due to interest, fees and other charges added to your accounts. Eventually, you will find yourself without the tools needed to achieve debt relief and start over on your financial journey. To save yourself from this situation, immediately respond to the constant barrage of bills by seeking out debt settlement assistance.

Money Savings

When your accounts go delinquent, the original creditors prepare to hand them off to a collection company. When the creditors go ahead with this process, they tend to sell the accounts for pennies on the dollar. If you seek debt settlement assistance before this happens, your credit counselor can negotiate a similar rate on your behalf. If the creditor and credit counselor reach an agreement, you may be able to pay a portion of the owed amount in exchange for a paid in full designation on your credit report.

Credit Preservation

As your debts remain delinquent, your credit score steadily drops toward the poor rating. If you elect to file bankruptcy, rather than negotiate and pay off your debts, your credit score will drop even further. Unpaid debts and bankruptcy continue to impact your credit score until the reports drop off in about seven years. By choosing debt settlement services, you can protect your credit score from dropping to an all-time low. With the negotiated repayment plan, you will make mutually acceptable, timely payments that keep your debts from reducing your credit scores.

Peace of Mind

Facing high debt amounts can have a negative impact on your peace of mind and mental health status. In fact, studies show that even low credit card debt can weigh heavy on the mind and increase the risk of developing depression. The main reason for high stress is that credit card bills and other unsecured debts lack the benefits of long term financial investments, such as mortgages and business loans. To reduce your stress levels, you can leave the debt management to credit counseling professionals. With every dollar you dedicate to your repayment plan, you will experience a stress reduction due to your focus on building a healthy financial future.

Knowledge Support

Debt settlement professionals will strive to impart the knowledge you need to regain control of your finances for good. You can learn more about budget creation, debt resolution and saving strategies during the debt settlement process. Your credit counselors look at your unique financial situation to help you develop a plan that will work for your income level and debt requirements. Although the initial counseling session may provide you with the framework you need to succeed, you can also attend follow up appointments to gain advanced knowledge on the finer nuances of financial management.

Obtaining Settlement Assistance

Debt settlement professionals can lead you through the resolution process for all of your delinquent accounts. The credit counselors negotiate with the creditors on your behalf to find a suitable repayment plan or payoff amount for each debt on the list. These professionals utilize inside market information to net you the best results every time. As a result, you will likely end up saving money, preserving your credit, reducing stress and gaining knowledge by choosing debt settlement services. With the credit counseling knowledge gained from the process, you can fine tune your finances in an attempt to remain debt free well into the future.

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Understand Credit Card Debt and When to Settle

Written by adminJanuary 4, 2017
Credit & Debt Settlement

We can agree on this. Credit cards are a great way to purchase items when ready cash in not available. However, it becomes far too easy to whip out a credit card for routine and spontaneous purchases and be surprised when balances are far more than expected. Cash is simply easier to manage and when it’s gone, it’s gone. Credit cards allow individuals to spend more than what is practical for their budget and can negatively impact finances and more. When massive balances loom overhead and it’s a struggle to make minimum payments, it may be time to take matters firmly in hand and settle. Learn more about credit card debt and if debt settlement is the right choice for you. Call 866-703-4945  for help today!

What to Know about Credit Cards

Credit cards are a convenient method of payment and debt can be managed with larger and faster payments. Be aware that:

  • Credit cards are useful for essential items or emergencies but make sure to adhere to a short repayment time plan. Be willing to pay down the balance quickly and on time. Credit cards interest rates can be 18 percent or more and quickly add to your balance. Miss a payment and incur penalty fees or see a rise in your rate. Only buy what you can afford to pay off in a short time frame.
  • Credit card debt can be a blessing and a curse. Credit card debt that is less than 35 percent of the available credit limit and is paid consistently on time, can build and maintain a positive credit history and establish high credit scores over time. Skipped payments can result in creditors reporting 30-day delinquencies to major credit agencies with a noticeable ding to your credit score. Poor credit scores and skipped payments are an issue and can be a problem when individuals want to apply for a home mortgage loan or personal loans.
  • You can ask for help. Many credit card companies are willing to work out new payment arrangements but it is not obligatory. You can speak to a lender directly and if that fails you can work with a credit counselor that will intervene on your behalf and develop a feasible repayment plan.
  • Creditors can sue for non-payment of credit card debt and if they are successful, you can be powerless against garnished wages or the removal of your nonexempt property and assets.

If you are having difficulty managing spending and paying down outstanding debt, and contacting lenders directly has not helped, look to a credit counseling team to work with you to develop a repayment plan for your unique situation.

Is It Time to Settle

It is possible to settle outstanding debt with lump sum payments. Borrowers need to:

  • Be a few months behind in payments;
  • Have tried and failed other repayment options;
  • Know that settlement can lower credit scores;
  • Understand that forgiven debt can be reported as taxable income and those that settle may have to pay taxes on it;
  • Realize that creditors do not have an obligation to settle;
  • Stop making direct payments to creditors. This can lower credit scores and add fees and penalties.

Research repayment options and debt settle companies. Credit counseling is one way to avert a financial crisis. Call 866-703-4945  for help today!

*This is an advertorial*

SEE IF YOU QUALIFY NOW »

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