The Simple $10 Debt Elimination Solution - Debt-Relief

The Simple $10 Debt Elimination Solution

Ask a friend what resolutions they made for 2004 and your bound to hear
them reply "Pay off my credit cards." Ask them how they planned on
reaching that goal and many of them will not have a clear cut answer.

The obvious first step to paying off credit card debt or paying down
credit debt load is to cut back or eliminate the use of your credit cards.
For some people this first step can often be the most difficult. If you're
used to spending freely with plastic and worrying about the consequences
later, it's difficult to break free from this "buy now, pay later"
attitude.

To gain control of their careless credit card spending habits, some people
cut up their credit cards therefore making it impossible to use them.
Others lock up their credit cards or hide them in a safe place and vow to
use them only in an emergency.

The second step to paying down credit debt is to pay more than the minimum
balance due. Most credit card companies require a minimum monthly payment
of 2.5% of the outstanding balance. For example, if you have an
outstanding balance of $1100.00 on a credit card charging an Annual
Percentage Rate (APR) of 18.9% your minimum monthly payment would be
$27.50. It will take you 66 months or 5.5 years to pay off your balance of
$1100.00 making the minimum payments. The credit card company will make
$676.94 in interest from your use of their credit card.

Monthly payments are purposely kept low by the credit card companies so
that they can earn as much as possible from the interest rate charged to
you the consumer. Paying just the minimum payment will keep you tangled in
credit's web for years and years to come.

If you've been paying only the minimum due month after month, ask yourself
this question, "Do I have an extra $10.00 I could apply to this month's
payment?" I'm sure that most of us could find some way to come up with an
extra $10.00 for the month. Try cutting out a few cups of coffee or
lunches at your nearby fast food outlets and in no time flat you'll have
saved up the extra money that you need.

Now, it's time to unveil "The Simple $10.00 Debt Elimination Solution."
Take that extra $10.00 and add it to the minimum monthly payment above,
therefore making a payment of $37.50. By adding just that $10.00 a month
to your minimum payment, you'll trim 23 months or nearly two years off of
that credit debt! On top of that you'll save $277.00 in interest alone!
That's money you can put toward savings or paying off other debts. Imagine
how much you'd be able to save if you applied this same simple strategy to
each of your other credit card debts!

Paying down credit debt doesn't always mean having to make huge monthly
payments or sacrifices. It just takes some basic planning and a simple
effective strategy to make it work.

© 2004, www.yourfreecreditreportnow.com

About The Author

James H. Dimmitt. James is editor of "TO YOUR CREDIT", a weekly free
newsletter to help you manage your personal finances. Subscribe to the
newsletter by visiting http://www.yourfreecreditreportnow.com. He is also
author of "Identity Theft - How to Avoid Becoming the Next Victim!"
available at http://tinyurl.com/bc45; jimdim815@aol.com

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Debt Collectors: Men or Mice? - Debt-Relief

Debt Collectors: Men or Mice?

Who are these people anyway? They viciously harass you and call you bad
names. They embarrass you beyond belief by leaving detailed messages with
your neighbors and at your workplace. In extreme cases, they have been
known to stalk you!

Debt collection agencies are hired by your creditors to do their dirty
work. If they get you to pay, the debt collector usually gets a percentage
of what you owe, plus added fees. Some debt collection agencies buy your
debt from the creditor for a low fee and attempt to collect double and
sometimes triple what you owe on your original debt by attaching high
penalties, interest and other processing fees.

Basically, debt collectors make a living trying to scare and intimidate
you into paying your bills. They don't care that your finances are in
limbo because you have recently divorced or that your employer informed
you in the eleventh hour that you were being laid-off. All debt collectors
care about is that they will get a slice of the pie-if you pay.

Debt collectors convince themselves that you are a deadbeat, sitting on a
stack of cash and refusing to pay. By painting a negative mental picture
of you in their mind, they feel justified harassing you into paying a
delinquent bill. Most debt collectors are just downright mean, nasty,
heartless individuals who make a living scaring "the pants off" of people
who are simply broke and trying to survive.

One lady reported that after she vehemently tried to explain to an
unrelenting debt collector that she was recently divorced, underemployed
and didn't have the money to pay the $12,000 credit card bill her
ex-husband left her, the debt collector replied, "Look, fat lady, it's
obvious that you could stand to skip a few meals. Just send me your food
bill for one week to wipe out this debt!" The lady was horrified-not so
much by his remarks because she was accustomed to the debt collector being
rude to her on the phone-but by his comment regarding her size. How did he
know she was overweight? Had he been stalking her?

Debt collectors use many tactics to research you, especially if you owe a
large debt. Remember, their livelihood depends on how many people they can
get to pay overdue bills-the bigger the debt, the bigger their payoff.

Despite what debt collectors believe, most people are not faced with
buying a ticket to Tahiti versus paying their credit card bill. People who
are broke find themselves faced with real-life problems like putting food
on the table versus paying a credit card bill!

Keep in mind that debt collectors are no different than you are. As the
saying goes, "they put their pants on one leg at a time." They cannot
physically harm you and the mental abuse they throw at you can be easily
avoided (visit www.brokemansurvivalguide.com)

A.M. Harris is he author of The Broke Man's Survival Guide: 50 Clever
Strategies to Use When You Are Unemployed, Underpaid or Just Dead Broke
and Can't Pay Your Bills. Visit http://www.brokemansurvivalguide.com for
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What Is A FICO Score? - Debt-Relief

What Is A FICO Score?

Your FICO score or credit score as it's commonly called is a very
important calculation that can control whether or not you are eligible to
receive credit and if eligible the terms you can receive credit under.
Failure to understand the impact this score can have on you future
purchasing power and lifestyle can be disastrous. This article will break
down all the information you need to know regarding your FICO score.

As I mentioned above the FICO score is a numerical score that is based on
your financial history as collected in your credit report. Creditors can
use this number to evaluate whether or not you are able to pay a loan back
on time. The higher the score the more likely you are to pay off a loan on
time and the less of a credit risk you pose.

The FICO or credit score ranges are broken down as follows:

720-850 - This represent the best score range

700-719 - Able to obtain favorable financing terms

675-699- This is still a decent score range

620-674 - May have trouble obtaining favorable credit terms

560-619 - May have trouble obtaining credit

500-559 - Time to improve your score

Your credit score is broken down into 5 distinct categories each with
their own importance based on a percentile. The 5 categories and the
percentage they represent I relation to your credit score are as follows:

Payment History - 35%

Amounts Owed - 30%

Length of Credit History - 15%

New Credit - 10%

Types of Credit Used - 10%

Your payment history contains information on credit cards, retail
accounts, installment loans, finance company accounts and any mortgages
you may have had. It also details any past due accounts and the amount
owed on hem. You will also find bankruptcy information as well as other
adverse information in regards to your credit history. This is why it
warrants a 35% piece of the pie.

Your amount owed is generally speaking the amount owed on any accounts you
currently have and number of accounts with balances. Note that it has a
large impact (30%) on your credit score. The length of your credit history
details when accounts were opened and the last activity on those accounts.
New credit shows the number of recently opened accounts by the type of
account and number of account inquiries. Finally the type of credit used
is a snapshot of what types of financing you have held.

Other information that is included in your credit report but has no
bearing on your FICO score includes your race, age, where you live and
your sex and employment information. Although the FICO score doesn't use
these factors the employment information may be used by other companies
and creditors to help in their decision making process.

There are three major credit-reporting agencies - Equifax, Experian and
TransUnion that have your credit information on hand. Each of these credit
bureaus maintains their information separately, which can cause the
financial data to be slightly different among the three of them. Most
experts agree that in order to get the best snapshot of your financial
history and credit worthiness it is a good idea to request a report from
each of the reporting agencies. It is also highly recommended that you
actually review your credit report once a year in order to identify and
correct any errors before they cause any future potential problems when
you apply for credit. Recent changes in the laws no allow for consumers to
request 1 free credit report each year in order to look for any such
errors.

Here is the contact information for each of the three reporting credit
bureaus:

Equifax: (800) 685-1111, www.equifax.com
Experian: (888) 397-3742, www.experian.com
TransUnion: (800) 888-4213, www.transunion.com

As you can see your FICO Score is a very important number that represents
your financial trustworthiness in the eyes of creditors. Failure to
properly monitor it could cause you future headaches when it comes time to
apply for any form of credit.

Timothy Gorman is a successful Webmaster and publisher of
Debt-Relief-Solutions.com. He provides more debt relief, consolidation and
credit repair information that you can research in your pajamas on his
website.

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Is There Any Way To Get Out Of Debt? - Debt-Relief

Is There Any Way To Get Out Of Debt?

In this era where we are bombarded daily with commercials on television,
radio, billboards, through email, not to forget the flyers slipped under
the car's wiper blades while shopping at the mall, it's no surprise that
so many of us find ourselves endlessly in debt to the services and
products offered by others. How can we refuse, when we're baited with the
juicy orange carrot of '0% APR' up to a certain amount or for a specified
time, or 'no money down' and 'easy installments' of just so much per month?

Before we know it, we're in debt. We have credit card payments, consumer
loan payments, car payments, a home mortgage, and only enough money coming
in to pay the minimum amounts each month. Then, we start noticing a
different set of ads being directed at us from every marketing angle
imaginable. Get a home equity loan and pay off your credit cards, some
suggest. Start your own home business using our 'unique, proven' system,
and all your financial problems will be gone before you know it. But, are
these really the solutions that most of us so desperately need?

Far too many of us are as quickly bought by these financial rescue ads as
we were bought by the ads that inspired us down the road to financial
trouble. And, when we've tried more than one and found ourselves still
dealing with monthly minimum payments or even possibly just finding
ourselves deeper in debt for having tried so many systems, we end up
asking ourselves what were doing wrong. Some who are financially
struggling do take the route of taking a loan to pay off the loans already
made with others, and get the instant gratification of available credit
all over again. Or building a home business that does generate a positive
return of some sort, giving them more financial freedom to spend freely on
themselves and their loved ones. But, by doing this, are we really
resolving the problem? And, what about those that don't have or want these
options - regardless how many happy testimonials from clients are shared?

Not everyone owns a home or, for the ones that do, may be leery about the
idea of taking out a massive loan to pay off many smaller loans. Not
everyone wants to start a home based business, they just want the freedom
that comes with not having a lot of debt every month. And, most
importantly, the quick fix solutions to life's financial troubles doesn't
give any insight into how we got ourselves into this financial situation
in the first place, and how to avoid it now that we have the spending
capital that comes with available credit again. So, for the many of us who
are seeking a genuine solution to our financial woes, what is the answer
we're looking for?

The answer may be a lot closer than we think. It first starts with
developing awareness of where our paychecks are going and to whom. Yes,
the ol' balance sheet thing, where we keep a detailed log of our spending
activities. And, where we determine by simple addition just how much we
presently owe to those who have loaned us money for life pleasures and
necessities. Now that we know where we actually are, we can now determine
just where we want to be. But, just doing this doesn't solve the problem.
Rather, we've managed to illuminate it, so what do we do from here?

For starters, get the financial knowledge that we so desperately need to
stop the growing cycle of debt building, and start eliminating the
troublesome debts that consume our paychecks month after month.
Fortunately, this knowledge is not that hard for us to find, if we know
where to look. There are non-profit organizations advertising on
television and radio that are devoted to helping people consolidate there
debts, and this is a start. Other sources require a purchase of there
educational media or encourage membership in their organization for a
nominal fee, and the information provided can be more than worth the small
investments if the teachings are taken seriously and applied to one's real
life budget.

Maybe the solution is literally as simple as the way one teacher on the
subject puts it: "If you don't want to make the hole that you've dug for
yourself any bigger, then stop digging!" Sure, this may mean having to do
without some of the latest technological gadgets, or having to discipline
yourself into putting a small amount of the monthly paycheck into a
savings account. But, any step that will allow us to keep more of the
money we've worked so hard for is a step in the right direction. Then,
comes the focus on eliminating the burdensome debts that are already
weighing us down. And, it may take awhile. But, isn't the freedom to do
what we want with our money worth the effort and time?

After freeing ourselves from the obligations to creditors and banks, the
money once spent on debts needs to go somewhere. Maybe it's now time to
consider investing this money into stocks or real estate or, possibly,
even a business that in time will generate a positive return on our money.
This, too, will require some education into the what and how of making
wise investments. But, the information is as readily at hand for those who
are ready as the solutions to relieving debt.

Then, comes the need to assure ourselves that we won't fall back into the
monthly drag of giving away our money to the advertisers that so
diligently entice our attention. Resisting the urge to buy into costly
items is one way of dealing with this. But, in a land of prosperity such
as ours, is it really necessary to live frugally? There may be yet another
way. How about buying the assets that will generate an income that we can
then spend on these desired possessions?

Not necessarily a novel or new concept, but.... How many of us struggling
monthly with debts ever considered the possibility that we really have the
opportunity to reach this point? Regardless our present status in life,
what can we really achieve with just a little awareness, thoughtful
planning, and the knowledge of what to do and when to do it? For those who
are seriously looking, there is a way out of debt. And, though each
person's situation may be slightly different, the steps that are outline
above have been used and proven to be effective by countless individuals
who live financially happy lives. Just check out their ads!

Joseph T Farkasdi is the President of JtseF, Inc. and is a member of the
Financial Freedom Society. He is an entrepreneur who is committed to
helping others achieve the financial lifestyle they desire. For more
information on eliminating debt, visit http://www.jtsef.com/financial.htm.

GettingOutOfDebt@jtsef.com

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What Is A Chapter 13 Bankruptcy? - Debt-Relief

What Is A Chapter 13 Bankruptcy?

Many consumers that are bogged down in debt frequently turn to bankruptcy
as a form of restoring their financial status back to a zero balance.
Unfortunately many of these same consumers are confused when it comes to
the difference between a Chapter 13 bankruptcy and a Chapter 7 bankruptcy.
This quick article will explain what a Chapter 13 bankruptcy actually is
and what it does for a consumer that files this form of debt relief.

Before explaining what a Chapter 13 is I want to make sure that you are
familiar with what the definition of bankruptcy actually means. It is
basically a legal process that is filed in a court of law. The reason for
filing this debt elimination strategy is to relieve individuals or
businesses that cannot pay their current financial obligations of those
same debts. This allows them a fresh start on their finances.

A Chapter 13 bankruptcy which normally runs around $185 to file is
commonly referred to as reorganization bankruptcy. This form of debt
elimination is filed by consumers that wish to ay their debt off between a
period of 3 - 5 years. This is a preferred strategy for individuals that
wish to actually keep some of their possessions and have the means to
financially meet their normal living expenses while still having money
left over to pay towards their accumulated debt.

When filing a Chapter 13 the individual will present a bankruptcy petition
which list the consumer's schedule of assets and liabilities. Immediately
following this the person filing bankruptcy will have to present a
repayment plan that is carefully reviewed by the debtor's creditors to see
if it meets their needs. If there are no objections or points of argument
then both the creditors and consumer filing bankruptcy must follow the
reorganization plan.

Additional confirmation tests remain before a reorganization bankruptcy
takes place. One of these tests compares the amount that the unsecured
creditors will receive under the plan to the amount they would receive
under a Chapter 7 bankruptcy. Basically what this means is that all
unsecured creditors must be able to receive the same amount of monetary
compensation under a Chapter 13 as they would for a Chapter 7. A final
test requires that the individual filing bankruptcy must also pay all of
their disposable income into the repayment plan.

A Chapter 13 is especially beneficial for consumers interested in keeping
on to some very important possessions such as their home. For instance if
the consumer has missed several house payments and is facing the scary
possibility of a foreclosure they can effectively halt the foreclosure by
filing for Chapter 13 bankruptcy. This is normally referred to as an
automatic stay. This allows time for the consumer to catch up on missed
payments. If the individual is unable to effectively catch up during this
reorganization period then the foreclosure proceedings will continue as
before.

When it comes to a Chapter 13 or any other form of bankruptcy it is highly
recommended that an attorney who is knowledgeable in bankruptcy law be
consulted in order to receive the most accurate information. One
additional note - although a bankruptcy can restore an individual's
financial status it does so with the high price of that same consumer's
credit suffering a blemished record for about 10 years making it difficult
to obtain future credit when needed.

Timothy Gorman is a successful webmaster and publisher of
Debt-Relief-Solutions.com. He provides more debt relief, consolidation and
bankruptcy information that you can research in your pajamas on his
website.

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