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Jul
31
Credit Card Trap and Student
Filed Under Berita Semasa, Crazy News, debt management, finance, news | 2 Comments
College is often the first experience you have with credit. You’ve probably seen or heard about the incredible volume of credit card offers available to you. Do you wonder why banks and retail stores offer credit to you when you’re living on a fixed income, sometimes without a regular job? Banks and retailers are looking for new business, and you’re a prime candidate. Creditors know two important things about offering credit to college students:
You’ll probably be a customer for life. Your parents will often pay the balance if you fall behind.
While banks and retailers look to college students for new business, college is also the perfect time for you to begin establishing good financial health. You may want to follow the guidelines below to get started on the right foot.
Talk With Your Parents
Ask your parents to tell you about their experiences using credit. This may be difficult for them because their credit experiences, especially credit problems, are very personal. It may be helpful to tell them that their knowledge will help prepare you to be a good credit consumer.
Look Into Different Types of Credit Cards
There are bank credit cards and retail credit cards. Bank cards have the VISA, Mastercard, American Express, or Discover logos on them and are accepted by many vendors. Examples of retail credit cards are department store credit cards (such as JC Penney or Macy’s) and gas cards (such as Shell or Exxon). A good way to establish credit is to make a small purchase on a retail store card each month and pay off the balance when the bill comes. This shows creditors you aren’t spending beyond your means and can handle the repayment obligations. Using a bank card may get you into more debt than you can handle because you can use it almost anywhere. You might consider having a major credit card only for emergencies and don’t keep the card in your wallet or you may be tempted to use it for other purchases.
Hoho. I cannot show all to you. You can read the rest in this site >> Read more here
But, i can advice you to read this article too to help you understand about student and debt problem. Not many student know how to do that and solve their credit problem.
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Jul
16
Debt Relief - Do you think its Myth?
Filed Under Business, Crazy News, debt management, file khas, finance, investment | 3 Comments
Debt relief comes in many forms — credit counseling, debt consolidation loans, settlement and even bankruptcy. Each solution will help you get out of debt, but the long term impacts and fees can vary greatly. Understand the myth and reality behind your debt relief options. I believe you need to know this:
Myth: All credit counseling programs are the same.
Reality: Unfortunately, there are people and companies out there that make a living taking advantage of people in financial trouble. Please be careful. Please do your homework — check around; ask questions. Beware of hidden fees. If a company requires you to make a payment to them (a payment that they’ll keep) before they will make payment to your creditors — find another company. For more information, read the U.S. Federal Trade Commission article Fiscal Fitness: Choosing a Credit Counselor.
Myth: If I check with multiple Credit Counseling Agencies (CCAs), I may find one with a lower creditor payment than another.
Reality: The creditor benefits you will receive on a debt management program are standardized within the industry. Agencies providing the CareOne service, as industry leaders, work with thousands of creditors on your behalf, allowing efficient and accurate processing of your payments and benefits.
Myth: If a CCA is non-profit it must be reputable.
Reality: There are more than a thousand credit counseling agencies in the United States, having very different service levels, fee structures, and reputations. Find out if the service has member access by phone and online, electronic debt repayment processing, and 24/7 customer service. Also, check out your local Better Business Bureau (www.bbb.org) for complaints.
Debt Consolidation Loan
Myth: A debt consolidation loan is the best way for a homeowner to get out of debt.
Reality: For some homeowners the answer can be yes. But it will depend on several factors, such as the amount of equity in your home, the current interest rate on the mortgage, and the value of your property. However, if you are having trouble paying your credit card debt as it is, rolling it all together in with the security of your home could be a risk not worth taking.
Debt Settlement
Myth: Debt settlement is a good, new alternative to get out of debt.
Reality: If you still can’t afford your reduced monthly payment with credit counseling then debt settlement may be an option. Like bankruptcy, debt settlement may have a lasting impact on your credit report which will affect your ability to get credit at favorable interest rates. Fees for this service vary significantly from company to company, so do your homework. For the differences between debt consolidation and debt settlement, see the Wikipedia entry about debt settlement and the article Debt Consolidation Company vs. Debt Settlement Company.
Bankruptcy
Myth: Bankruptcy isn’t such a bad alternative.
Reality: If you still can’t afford your reduced monthly payment with credit counseling then bankruptcy may be an option. Bankruptcy will have a lasting impact on your credit report (10 years). Filing bankruptcy may also be the most expensive alternative — if you decide to buy a car or a house your interest rates could dramatically increase (more than double). Also, the 2005 bankruptcy reform law has made it more difficult to file for bankruptcy and there are stricter rules in the bankruptcy process. For more information about bankruptcy, see the U.S. Courts Bankruptcy Basics webpage and the American Bankruptcy Institute Overview of Bankruptcy.
Credit to Careonecredit
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