The economic crisis worldwide created a new challenge for the individual as well as for the companies. Most of the citizens are in debt and struggling hard to pay back the debt. Credit card companies are facing unprecedented loss due to non payment of the debts by the customers. After the active intervention of the Federal government and stimulus package announced by the government there is positive environment created for debt settlement.Most of...more
In current financial crisis where the stock market is at all time low, people are losing jobs and income, the financial institutions are facing huge losses. Most of the citizens are in debt trap and struggling to pay the debt bills. In such difficult scenario it is essential to be particular in debt management and it can reduce the burden for the individual customer.To improve the overall economic sentiment and to improve the economy the US...more
People often behave in such a gullible manner that it is not surprising that credit card issuers and other lenders take undue advantage and loot them of their hard earned income. Most of us consider it our moral duty to repay all our debts in full. We also feel that we should make all interest payments in full as that is the price to pay for the loan borrowed. We forget that the lender charges administrative charges and other fees before sanctioning the loan.Further, the interest rate never seems to come down. It always seems to go up and up. This means that the profit earned by the lender at the cost of the borrower keeps on rising. In such a scenario, you should recognize the truth that you have probably paid more than the amount borrowed as interest payments to your credit card issuer.Hence, do not been a hurry to repay your credit card debt. Rather, you should take steps to eliminate the amount owed and reduce the debt before making any repayment. There are various methods to bring down the amount owed. Before we check out various methods, it is important to remember that no solution can work without the consent of your credit card issuer. Hence, you will have to present the...more
Is it possible to escape all your credit card debts without making any repayment? Sure it is possible. All you have to do is declare bankruptcy. You simply have to approach the court and admit your inability to repay your debts. The court shall take control of all your assets and liabilities and will settle the same. This will free you from the...more
Most of us are just not aware of the fact that credit card issuers are offering fantastic settlement deals. Lenders are ready to waive as much as sixty percent of the credit card debt without payment of even a single cent. This remedy has come as a god sent solution for the financial problems of many individuals.Unemployment in America has crossed...more
Most individuals react to any suggestion that may lead to a reduction in our credit score like a bull that reacts to the red flag. However, before you react in this manner, just take a minute to answer a few questions.- Do you know the exact amount you owe to all your lenders?- Do you know how much time you need to repay all your debts in full?- Can you afford to spend so much time and money repaying your debts?- Have you protected yourself and your family from any sudden contingency or emergency? We are not talking about insurance here. Do you have liquid cash to protect your loved ones in the event of any emergency?- Do you enjoy a high credit score? If yes, then let me tell you that you are a member of a very exclusive club. Not many individuals in America today have a high credit score.- What do you value more? Your credit score or the safety and welfare of your family and loved ones?- Will you sacrifice your credit score if you can get rid of 6/10th of your debt without payment of even a single cent?I am sure you must have concluded by now that elimination of your debt is more important and protection of your credit score. If you do not have many debts against your name, you...more
During the period of economic decline, countless people have landed in large liabilities which they area not able to pay. There are various reasons for this nonpayment. First of all, unemployment has caused a major reduction in the financial...more
Well, all of us have heard the phase "something is better than nothing". This phase has a very simple and realistic meaning. It means that in situation which would result in no achievement, any offer which is better should be accepted. In case of...more
At times, a loan taker is unable to pay his loan installments in the required duration. He then files an application and request for an extension in the planned duration. It is not necessary that the bank provides him this option. It varies from one...more
For a credit card holder, the best time is when the card is allotted to him and he start spent according to his wishes. At that time, the feeling is of being the owner of an income which will never end. However this feeling is temporary and it...more
In the current situation of economy recession, federal stimulus money granted by the government seems to a blessing for everyone. The American Reinvestment and Recovery Act of 2009 were signed into law by President Barack Obama in February 2009. This...more
The true purpose of a credit card is very different from the one for which it is being used. It had been introduced as an alternative so that people do not have to carry cash for every small purpose. Handling and carrying a credit card is easier than...more