Mortgage and house loans are among the most expensive consumer transactions. But credit card debt is a problem that could become a major problem in the future. The average American household carries an average of $12,900 in credit card debt. This amount constitutes more debts than all the money that is owed on credit cards combined.
Debtors can prevent you from getting a better credit card deal than they have. They can also turn you on to this payment path on which you will avoid over-use of the credit card while also improving your credit rating.
Secured Mortgage Loans
Secured mortgage loans represent the best way for a homeowner to keep their credit rating healthy. They are especially useful in areas with long lines at the monthly cash advance pump. A homeowner can set up a secured mortgage with minimum payments at the end of each month. The principal amount was $500 per month which provided payment relief for someone that frequently lacked credit. Additionally, once the loan is secured, any balance that would have been owing would reach a predetermined amount.
With a secured mortgage loan, the homeowner can pay monthly installments and they can also extend the time to cover the loan amount.
Secured mortgages are ideal for a homeowner who has a large household. Mortgages provided to a homeowner for a specific amount of time also help with the rebuilding of a home. Mortgages are smaller than unsecured mortgages and are secured by collateral. In addition, the homeowner can qualify for a secured loan if they are young and have a good credit history.
To qualify for a secured mortgage loan, you must have a reasonable income and a regular monthly income on the loan. Mortgages are especially beneficial for those who have income from a job or car.
Secured Auto Loans
Secured auto loans offer the homebuyers a way to rebuild their auto. The principal amount is determined by a formula that allows the homeowner to meet the loan amount monthly. After the car has been purchased, the lender usually negotiates a loan that covers the entire cost of the car.
There are different lenders that offer secured auto loans. Auto Land Leasing.com has the best secured auto loans site.
Credit Card Bankruptcy – The Endgame
One day in 1999, a bankruptcy judge granted another credit card bankruptcy protection to another. Though that decision was certainly conservative, the court ruling has certainly helped the credit card industry win in the years since.
That has prompted businesses, including credit card companies and discount merchants, to beef up their resources in an effort to open credit card bankruptcy cases. A major reason given by consumer advocates is the financial risk that filing for bankruptcy could cause.
As of June 1, 2006, over $1.5 billion in credit card bankruptcy cases have been filed in America so far. This represents nearly 40% of the total cases in which more than 75% of the cases are consolidated. Under the bankruptcy laws known as MBAs, nearly 80% of the money that is owed is paid back by way of interest. As much as 70% of the cases are non-frivolous.
However, for those file for bankruptcy or who want to increase the number of non-frivolous bankruptcy filed in 2005, there is an alternative source of funds:
Consumer Finance Strike Pay. Some law firms also offer their employees “pay-off” credit card bankruptcy suits in lieu of an unpaid bankruptcy. The interest rates paid per bankruptcy suit can be as much as 40% of the total amount. Under the Strike Pay plan, employment disputes not resolved through bankruptcy must be explicitly asked by the company to negotiate zero interest installments with creditors. For example, if your company refuses to negotiate on your behalf, cannot pay an employee $50 per month or not ask more creditors to agree to pay you, then stop making payments and pay off creditors who owe money to avoid paying creditors with less-than-zero-interest-rate garners.
Individual Freedom. If you lose your job, then by law you have the right to sue the company that paid you to obtain that job. This gives many lawyers and legal experts the grounds for filing their own individuals with Personal Freedom, a suit against the company.
In a filing, AG’s say they want the case (if all goes to plan) thrown out. However, some credit card bankruptcy attorneys will not provide the same services or information as to other direct-to-consumer cases you see by the press. The attorney for the industry, who wishes to remain anonymous, claims that anyone who is currently serving a no-longer-right-now sentence for a bankruptcy may petition the U.S. Supreme Court to put the case before a panel of the Court.