I owe about $12,000 in credit card debt and I wanted to make that my year’s goal to pay it off, but a lot of the websites I find require that you own a home, or charge a huge interest for someone to negotiate with your creditors to bring down interest. Does anyone know of a good resource where I can just consolidate the debt and make one reasonable payment?
How do you consolidate credit card debt if you do not own a home?
April 5th, 2010I owe about $12,000 in credit card debt and I wanted to make that my year’s goal to pay it off, but a lot of the websites I find require that you own a home, or charge a huge interest for someone to negotiate with your creditors to bring down interest. Does anyone know of a good resource where I can just consolidate the debt and make one reasonable payment?
Reduce the Tremendous Burden of Credit Card Debt NOW!
April 4th, 2010
Credit Card Debt is the most profitable commodity in the world. There are over three hundred million credit cards with an average limit of $3000 collecting 70% to 85% interest monthly. Credit Card Debt is the catalyst that is producing the economic struggle in America today. Credit Card companies have issued more credit than the average consumer can handle.
Consolidating Debt With No Home Equity
April 3rd, 2010
Today many homeowners a large amount unsecured credit card debt that they struggle to pay every month. This debt usually has a rate in the high teens making paying off the debt quickly a difficult task to accomplish. Reducing your monthly debt load by refinancing is a great option to eliminate your high rate credit card debt and roll it into a tax deductible loan. With today’s low rates this is almost a sure fire way to lower you monthly payments and improve your quality of life!
But what can you do if you have no equity in your home for a debt consolidation refinance? If you have good credit one option is to transfer balances over to low rate credit cards. By transferring your balances to lower rate cards you will take a larger bite out of your debt every month. However there are drawbacks to using low interest credit cards. If you miss even one payment your interest rate will in most cases default to the normal 18-20% interest rate.
Another drawback is many of these cards only offer periods of 6 months to 1 year for the introductory rate so when the introductory rate expires you are back up to higher interest rates again. However if you look hard enough you should be able to find cards that offer 3.9-9.99% fixed for life on balance transfers. Use caution though because the same rules about late payments apply to these cards as well.
Another option if you have no equity is the 125% home equity loan. With these home equity loans you are allowed to borrow up to 125% of your homes equity. Even though they say 125% most of these programs are capped at a maximum loan amount of $50,000. A over equity loan will have a much higher interest rate then a normal home equity loan. The interest rate of a 125% equity loan is normally around 14% and is not tax deductible in most cases.
However a 14% interest rate may be lower then your credit cards interest rate and could possibly save you money every month. The major drawback to this loan is that you will not be able to sell your home for many years because you now owe more then it is worth and it will take years for your home to appreciate to a level where you will once again have equity.
By: Andrea D Johnson
But what can you do if you have no equity in your home for a debt consolidation refinance? If you have good credit one option is to transfer balances over to low rate credit cards. By transferring your balances to lower rate cards you will take a larger bite out of your debt every month. However there are drawbacks to using low interest credit cards. If you miss even one payment your interest rate will in most cases default to the normal 18-20% interest rate.
Another drawback is many of these cards only offer periods of 6 months to 1 year for the introductory rate so when the introductory rate expires you are back up to higher interest rates again. However if you look hard enough you should be able to find cards that offer 3.9-9.99% fixed for life on balance transfers. Use caution though because the same rules about late payments apply to these cards as well.
Another option if you have no equity is the 125% home equity loan. With these home equity loans you are allowed to borrow up to 125% of your homes equity. Even though they say 125% most of these programs are capped at a maximum loan amount of $50,000. A over equity loan will have a much higher interest rate then a normal home equity loan. The interest rate of a 125% equity loan is normally around 14% and is not tax deductible in most cases.
However a 14% interest rate may be lower then your credit cards interest rate and could possibly save you money every month. The major drawback to this loan is that you will not be able to sell your home for many years because you now owe more then it is worth and it will take years for your home to appreciate to a level where you will once again have equity.
By: Andrea D Johnson
The Credit Card Debt Pay Off
April 2nd, 2010
There’s a difference between taking control of your finances and letting your finances take control of you. The results vary, of course, but when finances – particularly financing involving credit cards – are taking control over an individual, debt is the awful and too familiar end result. Yet, at the same time and conversely so, one of the most tangible financial issues anyone can easily take complete control of, conquer and even, dare I say it, pay off, despite popular belief, are substantial amounts of credit card debt.
Don’t Get Caught Up and Give Up
The worst thing a credit card indebted individual can do is get overwhelmed by their credit card debt, subsequently leaving it to sit and linger. This is major financial mistake number one; do not sit on credit card debt. You’re not a hen and your debt is not an egg. Leaving credit card debt to stay stagnant and hence, accrue interest, is blocking off a clear path to future life options, particularly ones calling for polished financial standing. Financial goals such as buying a car or even owning a home could be jeopardized if credit card debt is not dealt with immediately and in a well-done manner. Bad credit means difficulty for anyone seeking upcoming and monumental purchases.
Doing Well Means Getting Organized
Firstly, you must get your, well…stuff together. Despite the mess, gather all the credit card information and place it down on a table, a big, long table. You must then be prepared to tally the necessary information needed to see just how bad a credit card debt scenario is. Take note of balances due, the actual due dates and the payment amounts required (both minimum and higher payment options).
Factor in if you have multiple balances -like most individuals do- on different cards. What are the balances like? Are there a few smaller balances and one large balance, or vice versa? If so in either case, then you might be in need of some consolidating, simply to make some sort of headway on those due credit card payments.
Making headway on payments though, can be a curious event, simply because there are numerous options one can take. Regardless of which option is selected in the end, some progress is assuredly being made in lessening your debt.
Highest APR Balance Pay Off Option
This makes the most monetary sense, paying off the credit card balance with the interest rate which hurts the most, financially speaking. Take all your multiple balances and pay off the one with the highest APR rate first. Do this until the highest balance is paid off in full then move to the other lower interest rate balances and continue paying them off until each is erased from your financial history, not to mention, memory. Paying off balances this way will take some more money, but stick with it. A great rule of thumb to stick to is paying more than the minimum requirement, even doubling or tripling the amount (when your budget can. Holding strong to such a plan will completely eliminate credit card debt.
On The Other, More Budget-Inclined Hand
Paying off the lowest credit card balance is a great way to ease into paying off credit card debt. Doing this will take longer, yet will provide capability to gain financial endurance (not to mention responsibility), in this case, stamina, to pay off debt slowly but surely. Once the lowest balance is paid off, then it’s just a matter of moving onto the next lowest and so on. Think of numbers and figures here. You’ve got three balances, each varying in financial weight. One is $5,000, the second $2,500 and the third $750. Clearly the third amount is the best option, especially if money is tight and financial stamina is weak and in need of strengthening.
By: E.S. Cromwell
Don’t Get Caught Up and Give Up
The worst thing a credit card indebted individual can do is get overwhelmed by their credit card debt, subsequently leaving it to sit and linger. This is major financial mistake number one; do not sit on credit card debt. You’re not a hen and your debt is not an egg. Leaving credit card debt to stay stagnant and hence, accrue interest, is blocking off a clear path to future life options, particularly ones calling for polished financial standing. Financial goals such as buying a car or even owning a home could be jeopardized if credit card debt is not dealt with immediately and in a well-done manner. Bad credit means difficulty for anyone seeking upcoming and monumental purchases.
Doing Well Means Getting Organized
Firstly, you must get your, well…stuff together. Despite the mess, gather all the credit card information and place it down on a table, a big, long table. You must then be prepared to tally the necessary information needed to see just how bad a credit card debt scenario is. Take note of balances due, the actual due dates and the payment amounts required (both minimum and higher payment options).
Factor in if you have multiple balances -like most individuals do- on different cards. What are the balances like? Are there a few smaller balances and one large balance, or vice versa? If so in either case, then you might be in need of some consolidating, simply to make some sort of headway on those due credit card payments.
Making headway on payments though, can be a curious event, simply because there are numerous options one can take. Regardless of which option is selected in the end, some progress is assuredly being made in lessening your debt.
Highest APR Balance Pay Off Option
This makes the most monetary sense, paying off the credit card balance with the interest rate which hurts the most, financially speaking. Take all your multiple balances and pay off the one with the highest APR rate first. Do this until the highest balance is paid off in full then move to the other lower interest rate balances and continue paying them off until each is erased from your financial history, not to mention, memory. Paying off balances this way will take some more money, but stick with it. A great rule of thumb to stick to is paying more than the minimum requirement, even doubling or tripling the amount (when your budget can. Holding strong to such a plan will completely eliminate credit card debt.
On The Other, More Budget-Inclined Hand
Paying off the lowest credit card balance is a great way to ease into paying off credit card debt. Doing this will take longer, yet will provide capability to gain financial endurance (not to mention responsibility), in this case, stamina, to pay off debt slowly but surely. Once the lowest balance is paid off, then it’s just a matter of moving onto the next lowest and so on. Think of numbers and figures here. You’ve got three balances, each varying in financial weight. One is $5,000, the second $2,500 and the third $750. Clearly the third amount is the best option, especially if money is tight and financial stamina is weak and in need of strengthening.
By: E.S. Cromwell
What is the best way to payoff my credit card debt?
March 26th, 2010I currently have around 10,000.00 dollars of credit card debt on three different cards. I am paying 29.99% on two of them, and 22.99% on the other one.
I have tried to get a card with a better rate to transfer my balances to, but the issuers won’t give me one because I am using so much of my available credit now. I have not had any late payments on my credit accounts, tho.
Should I try to get a home equity loan to pay off the cards, or is that a bad idea, too?
I know that I got myself in this situation, and I am wholly responsible. I do not feel right about declaring bankruptcy, but really want to get out of debt somehow.
If I am unable to get a lower rate, then I don’t see a way to rid myself of the debt. Any advice?
The Credit Card Song by Old Man Pie
March 23rd, 2010
Ahead of its time this is a cartoon animation that’s been up on the web since 2006 and is all about the credit crunch crisis. Credit card spending and loans from banks are in their trillions of dollars and something has to give. We no longer spend what we have earned, we spend what we havn’t earned on the back of house price rises and yet more loans. The banks are prospering and fat cats are awarding themselves massive bonuses, but it cannot continue. Beware the debt time bomb may bring the …
Debt Management Six Things You Should Know
March 21st, 2010
Six Important Aspects Of Debt Management
The harassing phone calls from your creditors just won’t stop and the credit card bills just keep coming. What can you do about it? Have you considered a debt management plan? Let’s look at how they work in the following six steps and see if perhaps this might be the answer you’ve been seeking.
1. Collect all of your paperwork and bills in one place. It’s important to know the big picture of what you actually owe and might consider putting into a debt management plan. It may be an unpleasant task to see the actual total but it’s an essential starting point. You can’t make a successful journey if you don’t know where you’re starting.
2. Find a company that you’re comfortable with and that has the resources to help you. Some of these companies can actually get your creditors to reduce the amount that you owe so pick carefully and ask about their average reduction. Choose a company that will customize a plan specifically for you.
3. Next is the actual conversation. Don’t be embarrassed by sharing the financial situation you’ve found yourself in. You’re not the first to have gotten behind in paying bills and not the first to even be considering the drastic step of bankruptcy. This is the time to take a step towards a solution.
4. Follow through with the action plan to solve your debt problems. This can mean that you make one payment a month to the company and they negotiate with your creditors and pay them. It would be a relief to have the situation under this kind of control. No more harassing calls or threatening letters. If you ever have extra money to pay, you’ll be out of debt even faster.
5. There will be fee for the company’s services in negotiating the reduction of your balances and a new payment schedule. The financial company knows how the medical billers and credit card companies work. If you need legal advice, it would be best to contact an attorney.
6. Learn what you can about staying out of debt. Create a budget and stick with it. Once you’re free of all the worrying and the stress about unpaid bills, you certainly don’t want to return to that place.
So, that’s how it works. Your pathway to a healthy financial future can be secured through a debt management plan. If it’s appropriate for your situation, and if you’re willing to stick with the plan, you can become debt free in a matter of a few months. That would feel so good and would really be the right thing for you and your family. Take the first step by getting the real picture of your finances and then making the call.
By: Terry Stanfield
The harassing phone calls from your creditors just won’t stop and the credit card bills just keep coming. What can you do about it? Have you considered a debt management plan? Let’s look at how they work in the following six steps and see if perhaps this might be the answer you’ve been seeking.
1. Collect all of your paperwork and bills in one place. It’s important to know the big picture of what you actually owe and might consider putting into a debt management plan. It may be an unpleasant task to see the actual total but it’s an essential starting point. You can’t make a successful journey if you don’t know where you’re starting.
2. Find a company that you’re comfortable with and that has the resources to help you. Some of these companies can actually get your creditors to reduce the amount that you owe so pick carefully and ask about their average reduction. Choose a company that will customize a plan specifically for you.
3. Next is the actual conversation. Don’t be embarrassed by sharing the financial situation you’ve found yourself in. You’re not the first to have gotten behind in paying bills and not the first to even be considering the drastic step of bankruptcy. This is the time to take a step towards a solution.
4. Follow through with the action plan to solve your debt problems. This can mean that you make one payment a month to the company and they negotiate with your creditors and pay them. It would be a relief to have the situation under this kind of control. No more harassing calls or threatening letters. If you ever have extra money to pay, you’ll be out of debt even faster.
5. There will be fee for the company’s services in negotiating the reduction of your balances and a new payment schedule. The financial company knows how the medical billers and credit card companies work. If you need legal advice, it would be best to contact an attorney.
6. Learn what you can about staying out of debt. Create a budget and stick with it. Once you’re free of all the worrying and the stress about unpaid bills, you certainly don’t want to return to that place.
So, that’s how it works. Your pathway to a healthy financial future can be secured through a debt management plan. If it’s appropriate for your situation, and if you’re willing to stick with the plan, you can become debt free in a matter of a few months. That would feel so good and would really be the right thing for you and your family. Take the first step by getting the real picture of your finances and then making the call.
By: Terry Stanfield
Chase Credit Card Ripoff Scam (part 1)
March 14th, 2010
In this video, I explain how corrupt of a financial institution Chase Bank is. This is not just my opinion, but the opinion of thousands of others that have filed complaints and class action lawsuits against this financial juggernaut. I missed one payment. I had a super record with this company for eight solid years. One missed payment brought my minimum payment up three times. I went from an 8.45% interest rate to 29.99%. When I called the company to negotiate, all three parties refused to …
Reducing Credit Card Debt
March 11th, 2010
ReducingCreditCardDebt.net – Helping you and your family avoid the credit crunch.
Why It’s Hard To Get Out Of Credit Card Debt
March 10th, 2010
www.FreeDebtExam.com http The power of compound interest. This is why it’s so hard to get out of credit card debt. If you want free help, take the Free Debt Exam at www.FreeDebtExam.com