If you’ve ever considered filing for bankruptcy, you may have a hankering for a better credit report. These are generally statements of credit history’an important insight to a potential creditor.
Consumer credit reports provide a relatively easy route for getting a better credit report. The key is to look through the reports and make sure that there are not too many errors or bad debts on there. The key to better credit reporting is to check your credit history thoroughly.
Many consumers opt to dispute any debt to their creditors that they owe on their credit report. But, the key is not to do this. To do so, you simply need the creditor to ask the consumer to pay off their debt on their report immediately.
Credit reports are used by both the federal government and numerous law enforcement agencies so agencies can track down and eliminate credit card debt without overstating their cards. In fact, a federal judge has ruled that debt to credit ratio must be at least 50% of the total debt on your credit card.
Debt Consolidation is the New Society Step Against
Almost every adult is in debt now. In spite of the fact that there are millions of citizens who are in debt, but most of these debts are in single digit numbers, the credit card companies claim not to care. Since their very existence everything has become so easy for them to market the product to the typical consumer, who for the most part still approves of their product, has caused credit card companies to increase the fees for the cards and have introduced many many cards with increased features. Having said this, the interest rates have continued to increase.
We are faced with a world of possibilities with which we cannot sit and wait to get out of this mess. Most people will never experience these moment in time lows in their spending when they are just trying to survive financially. No wonder credit cards are so popular. This has proven to be especially true with credit cards that have become quite popular for the simple reason that many consumers are convinced that a combination of finance charges, increased interest rates, and increasingly being overwhelmed offers the perfect outlet for their credit card purchases.
And the credit cards are no different from any other. In fact they are even being marketed as the best credit cards for families. In reality, the entire market is so vast that a credit card that has worked for your entire life is no longer the right choice. The reason for this has everything to do with the immense competitive advantage that the credit card companies have over the consumers. As the credit card companies own the entire market, they have always been able to get the most out of those consumers who were attracted to the idea of using their cards to help them settle their credit card bill.
Now every major credit card company has now rolled out what they call Debt Consolidation or Debt Settlement. In this case, if you owe a lot of money for one particular credit card, you will probably likely be offered some kind of settlement offer and perhaps a reduction in the amount you owe. Obviously, though, you have to be careful not to make the wrong choices about the kind of settlement or reduced amount that you get out of getting the settlement offers. While most of the people that actually opt for this are probably just desperate consumers as they are on the receiving end of the bargains, some of them might even prefer to settle without using their credit cards because, with the market so saturated, it might actually be easier for them to do that.
As you can see, with both ends of the market so saturated, credit cards are much easier to ignore. As consumers, we are paying off our bills without really knowing what to think anymore. So even if you wanted to put your credit card bill on the spot, you cannot realistically tell until after you have paid it off. So the credit card companies have taken the best route of simply offering you an offer with a reduced amount of debt and the chance of an offer that will tempt you to do whatever it takes to prevent that offer from getting you down.
By contrast, for a credit card to work that is meant to offer the same kind of reward that you find on a savings package, the consumer has to be able to clearly distinguish a credit card offer a different kind of reward. A typical credit card debt settlement offer looks something like this:
0% APR Interest Rate: 5 years / 12,000 bonus miles
3% APR Interest Rate: 12,000 bonus miles
5% APR Interest Rate: 18,999 bonus points
The best choice with this credit card is if it is only for one year, then it would cost you about $120 a month in interest fees.