How Non Profit Credit Consolidation Company Can Aid You

Are you so far in debt you can’t see any way out? Are you in danger of loosing your automobile or even your home? If so you need to take action now before your house goes into foreclosure or you have to take the choice of a bankruptcy..

Credit card counseling debt consolidation non profit companies may be the way for you to pull yourself up out of the crushing weight of your bills and be able to breathe freely again knowing you are taking steps to pay off your debts.

In case you were wondering what these companies can do to help you I have provided a list of all the benefits of using one. 1. You can expect as much as a 70% reduction in your credit card debt.2. Phone calls from bill collectors will stop. 3. Get all of your bills into one easy monthly payment. 4. Your debts will instantly be reduced and interest charges will be erased 5. You will have credit counselors working with your creditors to get you a lower payment. 6. You won’t have to worry about making multiple payments anymore as the nonprofit debt consolidation company will make them for you. 7. You only have to send one payment to the credit agency and they will make sure that everything is paid on time. 8. You won’t be left in the dark has each month you will receive a statement that includes Bill payment times and amounts. 9. Your statements from the creditors will still be received by you.

The annual interest rate on credit cards is normally between 18 and 24% If you decide to only make the payments on credit card in 30 years you will still be paying for them. When you take advantage of the services of a credit card counseling debt consolidation non profit company you will be able to reduce your interest rate and eliminate late fees in some cases. Another good thing about it is that your creditors will end up getting their money and you have the possibility of saving your credit rating. It is a win-win situation for everybody and the span of time that you are in debt gets dramatically reduced.

You need to remember that, as with all things of such importance, you need to research the company that you want to do business with thoroughly before you sign any type of agreement with them. There have been some of these companies who have taken the money from clients and used it for their own designs, stating that the monthly amount was a fee for their involvement. Others have been late on payments and their clients have paid the price by having their credit destroyed.

Make sure you are clear about how much they will charge for a fee. Don’t leave it up to the company to make the decisions on what they do with the money, you need to make sure to let them know that the money is to be paid out to the creditors as soon as they receive it. Consolidating your debts can be a real blessing but you need to make sure that what she wanted stated clearly and you need to be sure what the company’s methods of business are.

In the long run, as long as you are aware of the problems with some of these companies you have the advantage. If you find a reputable credit card counseling debt reduction company, they can truly benefit you by helping you to restore your credit and helping you to get a hold of any other financial troubles you are experiencing.

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Tips on How to Cut Credit Card Debt

Most Americans have too much credit card debt, we've all heard that before, right? Only now its gotten a bit personal... right again? You personally have too much credit card debt and its about to drive you crazy. You may even find yourself making plans at some luxurious spa, to sample of their relaxing (not to mention, extremely costly) facials, massages or treatments. After all, you work hard and so you've definitely earned it since you've been stressed out all month long from your hectic schedule and tight deadlines.

Well there is hope so don't file those bankruptcy papers just yet. One major thing you have to keep in mind is your creditor is probably very willing to work with you. Its in their best interest to have you making some payment versus no payment.

So here are a couple points to help you deal with your credit card debt. The first thing you have to do is simply contact your creditor and let them know your situation. Ask for a lower interest rate or a repayment plan. You might not have thought of it because you're just naturally so polite but it’s a very good strategy to be courteous at all times when negotiating with your creditor.

Polite, but firm. Come across as one who knows what you're asking for and expect to get it. If you're not sure what you're asking for in the first place you might consider a reputable credit counseling service.

There's a lot of great, honest organizations out there whose mission is to help you work things out with your creditors. Next you've GOT to stop using your cards. Cut them up, freeze them in a tub of water, whatever you need to do to get them out of your wallet or purse, do it! You simply can't keep adding to the problem by running the debt up any higher. This is actually one of the hardest parts of cutting your credit card debt. Its like you're addicted to spending money you don't have.

So go cold turkey and drop the habit. Start paying the ones with the highest interest rate first and work from there. How do you do that? Concentrate on those high interest rate cards by paying more than the minimum balance each month. The minimum is just designed to keep you on the hook longer anyway. The credit card companies are in this business to make a profit and want to have you paying them for years to come. Even a little extra each month makes a big difference in the long run. Lastly, keep your chin up and have a good attitude. Millions of folks just like you have begun to cut their credit card debt by following the common sense steps outlined above. You can do it too. Good luck.

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Relationships With Credit – Are You And Your Partner Ready For It?

As you found the love of your life at last, one of the most acute problems that your couple faces is how to manage the both partners' finances. It is usually no easy for the partners to determine how they will spend together and how they will own the property in possession.

There are some guidelines to help couples organize their spending according to their choice and lifestyle and the way they make their relationship. You and your partner are free to share or not share your property and earnings.

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There are a number of models to organize the financial aspect of your relationship:

You spend as a married couple: that is you have joint accounts and are both reliable for payments, plus both of you are involved in the ownership. You also make credit card applications in both names, building a joint credit history.

Partnership for spending: you can get joint accounts for certain expenditures, such as rent or household payments, on other needs each of you spend on your own.

Keeping independence-model: each partner pays for himself and you manage to pay for mutual needs (household, food, holidays) in turn or making equal contributions.

When living together, young people can't usually do without big purchases. A TV, a sofa or a washing machine – sooner or later the couple gets in need of such sort of things.

No wonder, a loan or a credit card plays the main part in this case. It goes without saying you should be careful and wise to play it fair and safe. Remember, you should be 100% sure of your partner before putting your name on an application or agreement. These are some possible threats that each of you should be aware of when some of you decides to apply to the bank. - Be careful becoming a co-signer. If your partner fails to pay off the debt or you fall apart, you will have to pay off the balance, as a second responsible person. Besides, it is fraught with damage to your credit score.

Joint accounts for credit cards or loans seem to be a good option, but not in cases when the relationship is unstable and seems to be not to last long. Though in this way you can build your credit rating together and both of you are responsible for payments, there are pitfalls to beware. If some of you fail to pay or exceed the limit, the other's credit history can be damaged and he or she will have to pay the balance and all the penalty fees. If one of the partners has bad credit, it is required that it should be under repair, in order to prevent future problems with approvals.

Before taking the decision to apply for mortgage or a car loan, which are long term and money consuming types of lending, you should know for sure you can trust your partner. Mistakes in this matter can cause serious troubles like bankruptcy. Love has nothing to do with money. So if you want to be protected, it doesn't mean you do not love your partner. Create your relationship and do not forget about future and financial security.

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Credit Cards – How Much Do We Really Owe?

Credit card debt seems to be growing and people are getting more and more concerned. Americans are once again polarized.

Some like David Ramsey encourage consumers to shred all credit card applications and buy only things they can pay for in cash. Some say that a mature person can use loans and credit cards for his or her benefit. Of course, there are some things most people need but can not buy with cash like cars and houses.

Student loans are also looked upon as a necessity. That is why credit cards are mostly under attack. It is a widely known fact that an average American carries about $8,000 in credit card debt.

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However, this number is often misinterpreted. It actually shows how much an average American household that has a credit card owes to the card-issuing financial institution. Moreover, this number is greatly influenced by credit card users with enormous credit card debts thus making the average number so shocking.

According to the recent Federal Reserve report, if you add together the number of households that do not use credit cards or own nothing on them you will see that more than half Americans have no credit card debt. The median credit card debt for those that do carry a balance is a little bit less than $2,000. Almost half of them owe less than $1,000. This figure seems to be far less alarming. Especially if you take into account the fact that the situation with paying off credit card balances is slightly but constantly improving.

The data provided by the Federal Reserve System does not differ much from the one disclosed by another acclaimed credit resource – Fair Isaac. Only a little bit over 50% of Americans with credit history owe more than $1,000 on their credit cards. More than 50% credit card owners use less than 30% of their credit line. That means that Americans are not as irresponsible when it comes to money as they are portrayed.

So does this mean that the problem of credit card debt does not exist? It surely does. Although most consumers try to avoid high balances on their plastic but there is still a significant part that is balancing on the razor’s edge.

One third of those who have more than $10, 000 in credit card debt have a household income of less then $50,000. The number of bankruptcies filing is still extremely high with about 1.5 million personal filings a year. Another problem is unfavorable policies credit card companies use to make more money especially on those clients that fail to pay off their full balances on time.

Definitely, the government needs to step in and force the banks to make credit card terms and conditions less confusing for average consumers. But the biggest issue is financial literacy. People need to be more educated about credit and its costs. Americans need to learn to compare credit card offers before mailing another credit card application and calculate the amount of money they will need to pay back. The situation with credit card debt is not as terrible as it is usually described by the media but there are still many problems to be solved.

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Why Minimum Payments On Your Credit Card Deals Are Rising?

There are several aspects that should be taken into account when people choose credit cards. When they decide what type of credit card deals they should own, they pay attention to annual fee, APR, introductory APR, rewards and cash rebate.

The Complete Credit Repair Kit (+CD-ROM) by Brette McWhorter Sember Learn how to keep your creditors from harassing you, reduce your monthly payments and lower your debt. Find out how to get a copy of your credit report, understand what it really says and make it read more favorably for you. Stop worrying about identity theft by teaching yourself what to do to prevent it and how to react if it happens to you.

It’s not a secret that lots of people are attracted by low payment. Many people are sure that the lower monthly payment, the more convenient credit cards. Nobody can guarantee that payment will remain the same. You must be aware of the fact that it may change. If one day you find out that your minimum payments have increased, don’t be shocked. As a matter of fact many credit cards have low monthly payment, which is very attractive for people. However, it may cause different problems. This low monthly payment is convenient, as you pay this minimum each month just because you can. But at the same time the process of paying off your credit balance will be very slow and you will lose more money.

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As a rule, lenders offer a lower monthly payment but a higher interest rate. So while choosing a credit card, examine both positive and negative sides of this type of card. It goes without saying that the program of increasing payments has both advantages and disadvantages. This change will not affect consumers who paid their balance in full each month or who paid more than their minimum payment.

So they even won’t see this increase. But this change may be devastating for those cardholders who don’t know how to make ends meet and who can afford to pay only minimum payments. Increasing monthly payments may cause new debts and at one time or another they will find themselves in over their head. But you should be conscious of the fact that it is for your own sake.

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Credit card companies have been asked to raise the minimum payment on balances from two percent to four percent. Two percent of credit balance required by credit card companies covered only interest and other fees, so it may take people many years to pay off the principal balance. Four percent should cover interest, any fees and one percent of the principal balance. The real motive of this increase is to get out of debt faster.

Only imagine that you may pay down your credit balances in a shorter period of time and save money in interest. Increasing monthly payments gives cardholders an opportunity to reduce their balances. Another reason for increasing minimum payments is the fact that plenty of people have many credit card deals and they can’t stop spending more than they can payback. The way out for such consumers is to stop using credit cards frequently or to control their expenses. On the whole increasing minimum payment is in the interest of consumers, as it is an excellent opportunity to pay off balances in a shorter period of time and get out of debt.

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Credit Cards Account after Divorce

Divorce might be a very painful process and money issue often makes it even more unpleasant. You need to divide both assets and liabilities. The situation can be especially complicated if you have joint credit card accounts or your spouse is an authorized user on your account.

You need to know the law to make sure your interests are defended. First of all, you need to understand what a joint account is. A joint credit card account means that both you and your spouse are equally responsible for all the transactions and payments. It is a good option for a married couple in a situation when one of you does not have too much of a credit history or a strong income and can not qualify for a good credit card deal.

When considering applicants for joint accounts creditors check credit reports of both family members. If you will be late with your payments the information will be reported to credit bureaus in both names. If your marriage has fallen apart and you are getting divorced do not forget that both of you are responsible of making the payments.

According to the law, your bank cannot close your joint account just because you are divorced. Your ex-partner or you need to request the bank to do it. However, the creditor has the right to ask you to reapply for a credit card deal on an individual basis. Thus the credit-issuing company checks your individual creditworthiness. If the credit card is opened in your name and your spouse is an authorized user. Although credit information might be reported to credit bureaus in the user's name you alone are responsible for payments.

So if you are getting separated make sure you have enough income to make at least minimum payments. If you and spouse have separate credit card accounts usually you won't have problems dividing responsibilities. However if you are lucky to live in a community property state you might be held responsible for any debts incurred during marriage. Moreover, your spouse's debt may affect your credit score. The best way to clinch the matter is to get the divorce decree that will state who is responsible for what credit cards. Make sure you discuss the issue with the bank because your creditors are not parties to the decree. If you have joint accounts you might still be held liable. If you act according to the law you should not have a problem separating your financial responsibilities.

However, you need to pay special attention to your credit report and make sure everything is correct. If the bank charges you for late payments your spouse is responsible for you should immediately contact its representative. If the creditor does not want do anything and keeps billing you the best way would be to get a lawyer and file a complaint.

Of course, it is hard to be clearheaded when you are in love but if you have decided to get married do not forget about the possibility of a divorce. So, if you and your spouse have found a credit card deal that you want to apply for carefully consider all the possible types of credit card accounts.

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How the Pin Helps Reduce Credit Card Fraud

The newly introduced Chip and Pin scheme has been incorporated in almost all shops, shopping centers, restaurants and web sites. The main intent of introducing such a system is to prevent credit card owners from signing for their purchases with the hope that it might, to a large extent, curb credit card fraud.

For an initial period of time, card owners could persuade shops to accept their signatures by pleading that they have forgotten their Pin and shop keepers could bypass the Pin requirement as requested. For some time now, this has become largely impossible and now you can no longer sign for purchases, making fraud that much more difficult.

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With this new system, even though your card might get stolen and even though your card details can be leaked, it cannot be used unscrupulously without your credit card Pin.

How the Chip and Pin System Works
The Chip and Pin is given to you by your bank - if you haven’t yet received it, you should request it immediately. The bank sends you a default Pin number which you can change if you wish, to do this you will need to visit the nearest ATM, and select a number you are likely to remember.

Selecting a Secure Pin Number
Avoid using numbers which can be derived from your card or your records, for example, avoid selecting obvious choices such as your birth date or part of your phone number as your Pin. Additionally you should avoid too many repetitive numbers; if you’re stuck for suggestions you could try following these tips to select a secure Pin number:

• Shift all numbers by one. If your preferred Pin number is your birth date - 020470 then your new , more secure Pin number could read 131581 or 010369
• Work out a pattern on the keyboard of your ATM
• Reverse your favorite digits, read them from right to left, or add a sum of 44 or 77 or whatever to make your Pin number more difficult to guess

Once you have selected and changed your Pin, remember to keep it secret as it’s the only security you have against credit card fraud. If you have several cards, you could juggle the numbers between them for extra security. After all, how many Pins can you remember? If you have trouble recalling the numbers, either put them in a password protected file on your PC or make a note of it in your mobile phone. Then, of course, keep praying your wallet and cellular phone are not stolen together by the same thief. More on this article...