It has recently been said that ‘Debt’ and ‘unpaid bills’ seem to be on a collision course just beyond our wildest dreams. I know someone whose credit card company paid her over $6,000 a month but never paid off her old debts. Many of us can see the drastic changes in our financial futures, such as a drastic end to our ability to make large monthly payments, without a swift relief from the alarming financial effects of credit related problems.
Getting out of debt can be challenging for many of us, especially when we use our credit cards to pay off older debts, paying back our loans and building our credit as we go. But getting out of debt can be a simple solution that can help us get out of debt.
‘To make matters even more difficult, many credit cards companies offer ‘rewards’ packages to their cardholders on a regular basis, usually with the card offering the cheapest rates for low monthly repayments. Some of these deals even promise to ‘reward’ you with cash back on your purchases for a specified period of time or even lower rates – on average. There are many, many types of cards and the types of deals most financial advisors and clients are interested in.
However, there are a few simple techniques one can use to get out of debt successfully that you can follow whilst looking for the right card.
Some great financial advisers will go on record with the Financial Directories of America to encourage consumers to switch companies to the ‘FreeMoney’ Credit Card Money Guarantee. Again, note that it is up to the person to make the call and if they are frustrated with their current situation, they can go online and do just that (and a whole lot more) for free.
Another great advice would be to get a personal debt management loan – it is good, in the sense that most money managers get a loan from their own members, and it allows them to make cuts on interest, as you can repay the amount you borrow – and not interest on the same.
The next thing to investing in an ‘insolvency’ credit card is to check out the types of products and services that the card supports. The above mentioned three methods requires some research and quite a bit of experience in managing debt, but is certainly worth the effort.
Another great place to start is with 401K’s, Silver plans, etc. These are offered by many large retirement plans, and are widely advertised well on the Internet. These offer retirement savings of up to 55% (verifiable) – which translates into savings over 2,100% if you have a 401K. Remember that too much of the ‘hard” (money!) you put into paying off credit card debt probably causes it to peak and end up paying off much sooner, meaning you won’t be saving much in interest costs.
So now that you know what you are looking for, and what you can get for less than the stated price, consider looking into a more flexible credit card and the option to purchase from hundreds of different credit card – card suppliers across the country. And if you still pay off your old cards as you go, make sure that you can still get big savings with the credit cards that you have borrowed on. The savings can be big, if you really have to to pay off the principal before the debt gets out of control.
Don’t wait for your sire to fall victim to some of your own personal – debt’. Make it that far if you still have to pay off old debt after the fact. Some of the best resources are online, at http://creditline.org. Just make sure you check out the actual links. A lot of financial advisors are doing all sorts of fantastic and creative stuff, and have a great deal of options for working towards your personal goal of being free of credit. If you do your research make sure that what you are looking for is something they can help you find, rather than just profit, well worth the time and effort. So be one you can trust.
The Credit Repair Organizations Act (CRA)
As Congress enacted the Credit Repair Organizations Act ( CROA ) to restore the value of our financial and credit files, scores, and credit files to those that had been stolen, these files were updated. CROA actually meant that all accounts and information in them should be free of charge.
That is why, once the thieves stole nearly all of the personal and credit files on the victims of those crimes, it was important that Congress pass a law requiring credit repair businesses to obtain the owners’ name, address, and Social Security number (not just individuals’s identifying information) in return for their business.