admin answers:

If you truly do have great Credit (a FICO score over 700), the easiest and best thing to do is find the lowest interest Credit card you can apply for (read the fine print to make sure there is no rate bump after a certain period of time) and roll your debt into it and pay it off as quckly as possible. Make sure and cut up all your other Credit cards and close open lines of credit. Note: Leave 2 Credit card accounts of lines of Credit open, just don’t use them. Closing all accounts will negativley effect your Credit score.

admin answers:

Bored Goblin is right, we don’t lend out, not with our debt. Its actually other countries that have kept up stabilized for now, but us lending from other countries is a mistake in my eyes because now we owe them and then some. We need to fix our debt our selves and the best part is we can. Its the politicians who go for short term fixes that tend to screw up our economy because they don’t want to decrease government spending or raises taxes and if your a regular civilian you don’t want that either. However that keeps putting us in the hole because the debt accumulates as it has been.

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Acceptance of payment from customers

admin answers:

Real advice post it some where else.

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No, wage garnishment for anything other than income taxes or child support is illegal in Texas.

If you have not made a payment on over 3 years, they cannot even take you to court anymore. Tell them to stop calling you, and they have to.

admin answers:

You can apply all you want but you wont get approved. It will say on your Credit file that you are in such a program.

Also usually one of the stipulations of being in such a program is that you don’t seek new credit. Debt is what got you a position where you needed a money management program.

Why would you want to take on more?

admin answers:

The collections can be removed but ONLY if the creditor agrees to this. You will need to get this in writing from them in case they do not remove the collection after you pay , you can submit the letter to the Credit bureau to get the item removed. You want these items removed from your Credit because even though it is a paid collection it would still look better if the collection never existed at all. Then you need to use the Credit card you have opened and establish a payment history with them each month to help establish your score. Good luck.

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When the debt is cancelled, you will get a form 1099-C for the amount you aren’t paying.

The IRS says to add this to your income. If you are in the 15% tax bracket and had $10K cancelled, you pay income tax of $1500.

If you are either through bankruptcy or are insolvent, you use form 982 to POSTPONE the cancelled debt to a later year. For the totally broke, they may never include the money in income. For others, they will.

If you aren’t broke, you can’t use the form.

See irs pub 4681.

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You can learn about the different Debt Consolidation Programs at http://www.besthelpfinancial.com/bankruptcyhelp.html

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Bad Credit is one of the worst problems to have… However there exists a solution.

I will hereby talk from my personal experience.

I did debt consolidation a couple of years ago, however If I had to do it again I would pay to some minor details,
if someone wants to get out of debt today it is pretty easy with a debt consolidation plan, however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,

a good place to start in my humble opinion is astraight to the point ebook with question and answer I found :

http://umgarticles.atspace.com/debt-consolidation.htm

if it helps kindly remember me in your voting!.. Cheers!

admin answers:

Debt consolidation firms have you deliberately default on your Credit cards to settle for less. When you use such a firm, the monthly payment you make is going towards their settlement fees and to build a settlement account. Their fees are taken out first. Your Credit cards will not be paid and will go into complete default during this process, which ruins your Credit rating. This is deliberate so that they can attempt settlements for 50%.

People signing up with debt settlement firms often have the mistaken impression that their creditors will gladly work with such companies, or that they are obligated to accept settlements. You can never predict how your creditors will respond: They might settle at 50%, or they might serve you a summons, take you to court, and if they win, you could be looking at wage garnishment. If the process fails you can end up in a much worse financial situation. Here’s an example of what can happen when you use a debt settlement firm: http://tinyurl.com/3qjt945

If you’re overwhelmed with Credit card debt and you’ve exhausted all self help options like slashing expenses to the bone, selling valuables and getting extra work, then there are really only 2 options: Entering a debt management plan through a non profit Credit counseling firm like NFCC or filing for Chapter 7. NFCC can negotiate reduced payments and interest but NOT settlements. Referral at: http://www.nfcc.org – If this does not work out, the other option is Chapter 7 bankruptcy.

admin answers:

Based on the number of ads on that site.
As well as the name of the domain “affiliate-tier”

it looks like the “guide” is just a bunch of fluff.

Debt consolidation is debt consolidation.
If you have a home, you can consolidate debt and borrow against your home equity. This secures the loan which isn’t necessarily better, but it is tax deductible and will help you with your credit.

Try a service like http://www.savingslife.com
to figure out your options with free quotes from a bunch of brokers/lenders in your area.

admin answers:

There is a federal program out there to help you at no cost to you.
NFCC.org
Go to their site call the 800 number and set up an appointment at a local office.
They will tell you honestly if bankruptcy is your option.
If not, they will help you.
Reviews call them angels.

Also get a book on Debt and Credit Repair.
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Some banks i know have second chance Loans so even if you went bankrupt or have bad Credit they will still aprove you with differant terms and such check with banks around you to see if any have that program or something like it

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Sounds cool to me.

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As long as your total debt to Credit limit ratio stays below 30% your scores shouldnt drop. If you have used more than 30% of your total available Credit then you should consider a home equity line. By taking out a new line of Credit and paying off the other debt, you have reduced your overall debt to Credit limit ratio. In addition the Home equity line may be tax deductible, so there may be an added benefit.

admin answers:

Make a budget

pick up a second job

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If you have equity in your home, see if you can get some of that money. Then contact your creditors and tell them you are unable to pay your bills and are seeking bankruptcy (this may no longer be a viable option, though). Ask them if they are willing to take a lump sum now for less than the balance. Some may agree to this. Others may work with you to reduce your interest rate, or eliminate the rate altogether in exchange for stopping your card. These techniques will harm your Credit rating, so be aware of that. Consumer Credit Counselling Services can help as well. They can get you reduced or eliminated interest rates and they will pay your bills for you out of a single check (or money order) you give them every month. WITH THE SAVINGS YOU GET OUT OF THIS START SAVING IMMEDIATELY. Change your spending habits drastically. Sell things that you don’t need and use that money to pay off debt. Pile up enough savings to get you through an emergency without having to take out a loan or use a Credit card – this is key. So many of our debts are emergencies that we couldn’t handle on our own.

admin answers:

What is they fastest way to raise your fico w/o buying a house?

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Get a second job and devote this income just to relieve your debt.

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All those companies do is combine the amounts pay them off and assign you a higher percentage rate over a longer period of time. It is a scam as they charge you for the doing. Just call each of the Credit card companies and explain that you would like a stay for X months. They may ask you to pay a certain amount each. THen make a calendar and just pay the minimums and you will get out of it once the job comes in. If you are no good at it then just walk into a bank and get a loan. Tell them what it is for and if you have collateral etc, like a car that can be used if it is paid off.

I believe you best bet is to simply call them all and make arrangements. The card that treats you the best should be the one to keep. And going forward, YOU DONT NEED FOUR CARDS. Just get one good one and spend less money.. Good luck….chance favors the prepared mind….

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Here’s a nice page

http://credit—card.org/debt_help_links.html

thanks for the 2 points

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If you really need some help, I will suggest you a site. Where you can get your Consultation free of Charge! No Credit check required to get started with your free debt consultation.

Http://www.wahor.net/debt

admin answers:

You could ask them to lower the interests on it, most will do.
There are also Consolidation firms who will pay it off for you then you pay them at a lower interest rate, however there are all kinds of sharks out there so you want to be careful who you choose to use.

admin answers:

Debt Consolidation Help comes in many forms, from payment plans to Loans to resolution strategies, so it is important that you spend some time prioritizing your own personal finance needs, concerns and financial situation before signing up for any debt consolidation help program.

The four primary concerns for most consumers are:

i) monthly payment
ii) time to debt freedom
iii) total cost, and
iv) Credit rating impact of the debt consolidation program.

Be sure to evaluate each program, relative to your prioritization of these factors.

Since there are a variety of debt consolidation options, including Credit counseling, debt negotiation/debt settlement, a debt consolidation loan, and other debt resolution options, it is important to fully understand each option and then pick the solution that is right for you.

Credit Counseling
Credit counseling, or signing up for a debt management plan (“DMP”), is a very common form of debt consolidation. There are many companies offering online Credit counseling, which is essentially a way to make one payment directly to the Credit counseling agency, which then distributes that payment to your creditors. Most times, a Credit counseling agency will be able to lower your monthly payments by getting interest rate concessions from your lenders or creditors. It is important to understand that in a Credit counseling program, you are still repaying 100% of your debts – but with lower monthly payments. On average, most online Credit counseling programs take around five years. While most Credit counseling programs do not impact your FICO score, being enrolled in a Credit counseling debt management plan DOES show up on your Credit report… and, unfortunately, many lenders look at enrollment in Credit counseling akin to filing for Chapter 13 Bankruptcy – or using a third party to re-organize your debts. This is typically a good form of debt consolidation help if you have lots of high interest Credit card debt and just want a lower monthly payment. (http://www.bills.com/credit-counseling/)

Debt Settlement and Debt Negotiation
Debt settlement, also called debt negotiation, is a newer form of debt consolidation help that cuts your total debt, sometimes over 50%, with lower monthly payments. Debt settlement programs typically run around three years – so they are a short programs with low monthly payments that can save you the most money while avoiding bankruptcy.

It is important to keep in mind, however, that during the life of your debt settlement program, you are NOT paying your creditors. This means that a debt settlement solution of debt consolidation will negatively impact your Credit rating. Your Credit rating will not be good, at a minimum, for the term of your debt settlement program. However, debt settlement is usually the fastest and cheapest way to debt freedom, with a low monthly payment, while avoiding Bankruptcy. The trade-off here is a negative Credit rating versus saving money. (http://www.bills.com/debt-negotiation-an…

Debt Consolidation Loan
Many people think first of a debt consolidation loan when seeking debt consolidation help. Usually, this is reserved for home owners with equity in their homes that can be tapped to payoff other debts. This option typically means a second home loan (or home equity line of credit) or refinancing your primary mortgage. In a debt consolidation loan, you exchange one or more Loans for another. The most frequent form is taking out a mortgage loan, which carries a lower interest rate and is tax deductible, to pay off high interest rate Credit card debt.

It is important to be aware that shifting unsecured debt to secured debt can create a volatile situation, if there is ever a chance that you cannot afford the new mortgage payment you are now putting yourself at risk of foreclosure! In the case of a debt consolidation loan, most mortgages are 30 year loan, which means that the total cost and the time to debt freedom could be very high… but the monthly payment will be lower than other options and there is no Credit rating impact. (http://www.bills.com/debt-consolidation/…

Net-net: While there are many forms of debt consolidation help, many people with good to perfect Credit who own homes should look into debt consolidation loans, while consumers with high Credit card debt and poor Credit may want to explore debt settlement or debt negotiation. However, each consumer is different, so find the debt consolidation help program and option that fits for you.

admin answers:

I highly recommend Delray Credit Counseling. Their services are free. See Sources.

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I have never heard of someone being “blacklisted” but debt consolidation is the same as filing Chapter 13 Bankruptcy.

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I am concerned that you would be considering consolidating your outside debt with your Federal Student Loan debt. It is possible to consolidate the two together but I would advise against doing this.

The reason I would advise against doing this is if you consolidate your Federal Student Loans with your non student loan debt you will lost all of your Federal benefits you have on your Student Loans; for example, Forbearance, unlimited in school Deferment time, and your Federal Subsidies.

Have you taken out any new Federal Student Loans since you did your last Student Loan Consolidation? If you have you have in fact reconsolidate your Federal Student Loans by adding the new Loans into your existing consolidation. The new rate you would receive would be based on a Weighted Average of your existing consolidation rate along with the rates on your new loans.

For more information on benefits of Federal Student Loans please visit the source below.

admin answers:

I feel very bad for you as this is a common problem with young college students like yourself. Credit card companies are the scum of the earth. Credit card companies hang out at college campuses and give out Credit cards like candy. Just like drug dealers, they know that onces you are hooked they got you for life and although it’s not true in your case the Credit card companies know that when a college student racks up thousands of dollars in Credit card debt they know that their parents will more than likely bail them out

Your question is unclear. You say a great paying job at 12,000. Is that 12,000 per year, per month, per week? If you are just making the minimum payments then it will take you a very long time to pay off the debt. The reason is because of the interest. Because of what’s called the usary law which is a law that says Credit card companies can’t charge more than 29.99% interst but heres the trick they are charging you a lot more than that and I’ll show you the true amount of interest you are paying

Let’s say your interest rate is 19% APY which means annual percentage yeild but here’s the slight of hand, the Credit card doesn’t apply inerest every year, they do it every month. So here’s how you figure your true interest rate. Take the minimun payment and divide that into the finance charge. So let’s say your minimum payment is 100 and the finance charge is 83.33. What do you get 83.33% interest. Also notice the Credit cards don’t call that interest they call it finance charge. Why? Because of the usary law. So ieven if you are doubling up on your payments you are still not getting anywhere. If you pay 200 per month then your interest rate is still over 40%. These rates would make a loan shark blush and loan sharking is illegal. However these companies can do this and get away with it

This is the reason you are not getting anywhere. My advice to you would be take whatever savings you got and put that toward the debt. Sell whatever you have extra around your place. If you’ve got gold or jewelery then sell that and put it towards your debt. Do whatever you have to do to pay that debt off then go to a cash lifestyle. My opinoins are that you should only take on debt for a college tutiion, buyying a home and perhaps a car. Everything else should be cash

People spend less money when you pay with cash. But when you put it on your Credit card it’s not as painful and you spend more money. If you buy something for a hundred bucks and if you physcially have to take that out of your wallet it hurts a bit, but when you put it on the plastic it’s not as bad and the companies know this. They have brainwashed the youth today making them think they need credit. It’s like playing with snakes

admin answers:

Dumping unsecured Credit card debt onto your home is a very bad idea. Don’t pay Credit cards and you get bad Credit and collectors hounding your. Don’t pay on your home and you’ll be on the streets.

Getting one big loan to pay off all your Credit cards might be a problem. Is your Credit good enough to get an unsecured personal loan large enough to cover all the Credit cards? The biggest problem is that once the Credit cards are paid off, folks run up the balances again. Then you have the big loan payment and all the Credit cards to pay.

It’s better to work on paying off the Credit cards. Make a strict budget and take every penny you can squeeze out of that budget and throw it at the highest interest rate Credit card, while making minimum payments on the rest. When the highest rate card is paid off, move to the next till they are all paid in full.

Find ways to bring in more cash. Have a garage sale, collect alum cans, get a second job. Throw it all at the debt. If you really work at it, you can pay off the Credit cards within 2 or 3 years.

If you are having problems keeping up with the Credit card minimums, consider an NFCC Credit counseling service: http://www.nfcc.org/. These are legit, non-profit companies that offer debt management programs for a nominal fee. They negotiate lower interest and payments so you can pay off your debt. When you complete the program, you will still have decent credit.

admin answers:

I am not sure how you managed to do that
but here is a site which should have what you are
looking for:

http://credit—card.org/

hope it helped, good luck

admin answers:

What type of debt consolidation are you looking for?

What is your overall goal with your Credit and finances?

If you are a homeowner then you can refinance your home to pay off debt or take cash out.

If you are not a homeowner then there are companies that will give you a loan to pay off all of your Credit cards, then you will only have one payment.

Also, you could just get a signature loan and pay off all of your Credit cards yourself.

Managing your finances can become easier if you have a plan to achieve your ultimate goal.

I know that Credit and bills are difficult to manage.

The best thing to do is pay off all Credit card debt and pay cash for your day to day expenses. Credit cards should only be used as a last resort, unless you like making the Credit card companies rich.

Getting a home loan is different beucase the house goes up in value over time. Getting Loans to buy cars and using Credit cards for daily expenses is not wise in the short term and very dangerous in the long term.

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Well, I was in your situation and called Credit Counseling. They really did help me and it was working until I had to go to the emergency room. The medical bill was just too much for me to handle and finally I had to declare bankruptcy or work 3 jobs, which I just physically could not handle. So, I would say start by setting up an appointment with a Credit counseling agnecy (choose one wisely) and you may have to have to get more than one job, depending on how bad your debt is…..if you can live free with someone, that will save you money, get a cheaper car, sell off items that you own that you don’t need, these are some options too. Good Luck to you.

admin answers:

Go to your local library and check out some math books or other books that will help you tighten up on your math skills.

It might be a good idea to know someone who is already working there and show them how interested you are and ask if they can ‘mentor’ you

admin answers:

Consolidation doesn’t help. Your goal should be to attack the principal, not save a buck or two on interest. Once you get serious in attacking the debt, the interest rate won’t matter as much.

Get yourself a copy of “The Total Money Makeover” by Dave Ramsey. It’s one of the best books I’ve read this year.

1) Sell the car, buy yourself a $2,000 car with 150,000 miles on it.

2) Start selling, stop spending, start saving.

If you’re a full time student, eat in the cafeteria. If the cafeteria is closed on weekends, cook a $0.89 can of beans instead of buying a $10.00 pizza.

3) Pay only the minimums on what you owe, and start saving money until you have $500 cash.

4) Once you have a little emergency fund, start attacking the debts with a vengence.

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Love it man.

admin answers:

My husband and I used a Debt Negotiator, not a Consolidator. Be careful who you go with, sometimes consolidators will make you file bankruptcy anyway. The company we used is called DEBTCO and they have website (debtco.com). We have one creditor left for them to pay off and then we’re done! They settled most of our accounts for 40% of what we owed.

admin answers:

Looks like it is time to take another job, quit spending on anything except necessities and get the debt paid off.

You cannot borrow your way out of debt my friend.

admin answers:

Debt write off is more of a process for creditors than you. Basically, any organization that extends Credit of any sort will have an allowance on their books for unpaid debt. When an account reaches the point where they consider it to be “uncollectable” (meaning that there is a reasonable change that the account will never be paid in full), then they can actually realize that on their accounting statements as a deduction against their income. It’s primarily an accounting thing.

What it basically means for you is this… They will go on your Credit report as a write-off, which is an uncollected debt. It will remain on your Credit report for 7 years. However, they can continue to try and collect this debt (either themselves, or through a collection agency) for as long as they want. After 7 years, though, it’s unlikely they will still have the supporting paperwork. So if you do get collection notices on a debt that old, you can either ignore them, or ask them for supporting documentation (which they probably won’t have). In which case you won’t hear from them for a few months, and then you will probably get another letter in the mail asking for payment again.

As for the damage to your credit… Only the initial write-off is really bad. Once that falls off, the continued attempts to collect may or may not show, but they won’t have anywhere near the bearing that current Credit information will.

admin answers:

Ahh but some of these debt consolidation companies do even more than give you a loan. They charge you up front fees.

Some promise to negotiate settlements with your creditors which tends to mean they don’t pay till you’re way past due then threaten bankruptcy if the creditor doesn’t take the settlement. Often they just screw up your Credit and don’t settle anything.

Shifting debt, especially Credit card debt, to antoher loan usually gets people in trouble because they can now run those Credit cards back up. People who throw all their Credit card debt into their mortgage tend to be the ones who end up losing their homes.

Learning to pay off one debt at a time works better. It teaches how to manage your money.