Every month thousands of Americans are forced to stop paying credit card debt simply because they are out of money. Half a million people in the US lose their jobs every month due to the deepening depression and it becomes a choice of food and shelter or make a credit card payment.
If you can't pay credit card debt, then what are you to do? First, you must completely change your thinking from "traditional economy" to "depression era" survival mode. Once upon a time, you had great credit, paid your bills on time and planned to live happily ever after.
Then the "big bad" economic depression formed and the sky began falling, raining pink slips down upon millions of people. Uncle Sam saw what was happening and with his infinite wisdom, he began the biggest "bailout" of banks and large corporations in the history of the world.
Your life changed from a fairy tale to a full-blown horror classic in a matter of months and now you're being chased by a credit card monster that is determined to eat you alive! Next month this scenario will repeat itself as another half a million people become unemployed.
The good thing is, the credit card monster can't eat us all. Some people will adapt to the debt collectors strategies and emerge to live a debt free life. Who are the survivors? You might call them the "action figures", the people who take action and defend themselves against collectors
As you begin to change your thinking about your credit-card-debt situation, you will need to realize that it was not you who caused the economic meltdown, it was the banking system. Further, you must know that after you stop paying credit card debt, the bank "wrote off" your debt and moved on.
After about six months of nonpayment, the bank sells your "debt" to debt collection companies and that is "the end "of the story for the credit card company. From that point on your account never existed with the original credit card company.
The debt collector paid a few cents on the dollar for your account information and he will now use your "moral obligation" traditional thinking to scare you into paying him instead of the original credit card company. The original credit card company will not receive a penny from the debt collector should you choose to give him any money.
The debt collector took a big risk when he purchased your account. His thinking is that he can scare you into paying him and reap a huge profit from you. He will use every legal means available to collect money from you, and many collectors will use "illegal" tactics to extort your money.
Most people don't know that they too have an arsenal of completely legal tactics to use against debt collectors. Once you show the debt collector that you have absolutely no fear of him, he will quickly move on to those who are sticking their head in the sand hoping he will go away.
You can easily make the sky fall on the debt collectors head by dropping bits and pieces of the Fair Debt Collection Practices Act on his head one piece at a time and he'll quickly move onto the less knowledgeable, easy prey.
Arm yourself with knowledge and don't be a "cowardly lion". Follow the yellow brick road laid out for you by the Fair Debt Collection Practices Act and you can successfully end your credit card nightmare.
Visit http://creditcarddebtprotection.com/ and down load the free e book Control Your Creditors to begin educating yourself with the wisdom to stop any debt collector in his tracks. Find out why collectors will gladly accept 10% of what you owe just to get rid of you or vanish altogether.
Article Source: http://EzineArticles.com/?expert=Phillip_Emerson
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Wednesday, October 14, 2009
Debt Help For Free - How the Obama Administration Makes Debt Settlements Popular
The Obama administration intervened when the downturn of the economy started affecting life of the
common man. People lost jobs as institutions filed for bankruptcy. The ones which remained in the market were fighting for their existence. Due to the sudden turn of events the liquidity seems to have been lost from the economy.
The Obama Administration intervened with the stimulus package to help people come back to normal ways of living.
Effect of the Obama's Fiscal Package on Debt Settlements.
1. The Package was given across as help to the Institutions which helped them in writing off debt in extremely bad conditions.
2. The institutional lenders became more conscious about recovering whatever money they could from the market. They started Negotiating with Debt settlement companies on the debt bill and the interest rate of payment.
3. The stimulus money and the tax rate cut infused further money into the system which increased the liquidity condition and started creating further jobs in the economy. People with debt conditions could find jobs to pay back their debt bill or could hire debt settlement companies to settle it for them.
The Obama Administration along with the Settlement companies has helped people to come out of debt situation and take command of their financial situation. People in debt situation should be extremely conscious about the kind of company they sigh up for the service. Customers need to be fast in making their decision about signing up a company with a good reputation as this friendly accommodating environment will be there only as long as the stimulus package is flowing through the economy.
If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt. FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com check out the following link:
Legitimate Debt Settlement Company
Article Source: http://EzineArticles.com/?expert=Erik_Stump
common man. People lost jobs as institutions filed for bankruptcy. The ones which remained in the market were fighting for their existence. Due to the sudden turn of events the liquidity seems to have been lost from the economy.
The Obama Administration intervened with the stimulus package to help people come back to normal ways of living.
Effect of the Obama's Fiscal Package on Debt Settlements.
1. The Package was given across as help to the Institutions which helped them in writing off debt in extremely bad conditions.
2. The institutional lenders became more conscious about recovering whatever money they could from the market. They started Negotiating with Debt settlement companies on the debt bill and the interest rate of payment.
3. The stimulus money and the tax rate cut infused further money into the system which increased the liquidity condition and started creating further jobs in the economy. People with debt conditions could find jobs to pay back their debt bill or could hire debt settlement companies to settle it for them.
The Obama Administration along with the Settlement companies has helped people to come out of debt situation and take command of their financial situation. People in debt situation should be extremely conscious about the kind of company they sigh up for the service. Customers need to be fast in making their decision about signing up a company with a good reputation as this friendly accommodating environment will be there only as long as the stimulus package is flowing through the economy.
If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt. FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com check out the following link:
Legitimate Debt Settlement Company
Article Source: http://EzineArticles.com/?expert=Erik_Stump
Getting Out of Debt - How Obama Has Made it Easier to Get Out of Debt
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One of the hardest types of debt to get rid of is unsecured debt; this is because it usually comes in the form of a credit card with high interest rates and late fees. To seek relief from your credit card debt, you may try to obtain a debt consolidation loan; however, you may run into some problems. Due to the economy, lenders are being very careful about handing out money; in fact most have stopped offering unsecured loans for the time being. What does this mean for you? It means you need to find another alternative.
President Obama has taken steps to make the elimination of unsecured debt easier. A financial bailout is available that is not just limited to giant corporations and it can help Americans who are in debt $10,000 or more. This bill made it easier for financial lenders to deal with losses attributed to the recession. Since interest rates are lower, now is the time to consolidate your bills.
One of the safest ways to consolidate your debt is to use the services of a debt consolidation agency. Many debt consolidation organizations are non-profit groups, meaning they aren't in it just for the money but rather to help Americans. Of course, it is important to do research first; ensure you aren't dealing with a scam-company because the last thing you need right now is to lose more money.
As for that consolidation, it allows you to consolidate all of your credit card bills into one low monthly payment with a low interest rate. Part of the problem that American consumers face is that with their high interest rates and late fees, many can no longer pay their credit card's minimum balance and this caused their debt to spiral out of control. Debt consolidation fixes this because the organization you choose will develop a plan that includes monthly payments you can afford to pay.
If you are considering getting a debt settlement it would be wise to utilize a debt relief network instead of going directly to a particular debt settlement company. The top debt relief networks only allow debt settlement companies into their network who have a proven record of successfully negotiating debt settlements. They must also pass an ethical standards test to ensure they are properly conducting business. Debt relief networks are the most efficient way in locating the best debt settlement companies. To find a debt settlement company through a top debt relief network check out the following link:
Legitimate Debt Settlement Company
Article Source: http://EzineArticles.com/?expert=Michelle_Messmer
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Free Credit Card Debt Consultation - How to Use the Recession to Eliminate Credit Card Debt
The recession in the market has brought people and institutions in queue where both are standing looking for relief from the government. Institutions had to pull down their shutters and close business due to high delinquency amongst customers. The question arises are customers not willing to pay? When you look at the other side of the story you would find job cuts, pay cuts and people struggling for basic sustenance. Among all other debts the one which is bothering institutions, customers, and the government the most today is the credit card debt.
Institutions have no collateral against these debts. They have no other way other than collection calls to recover debt from the customer. The customer on the other hand is trying to pay off his credit bills but the surmounting interest rates stops him from making payments towards the principle. He just pays his minimum due and revolves the rest of the bill for payment for the coming months.
Recessionary measures taken by the government has had an impact on the institutions the customer and overall economy. The customer is keen to come out of his debt situation by talking to the creditors. Where has the sudden confidence come from? After the stimulus package was injected in the economy the creditors were able to write off bad debts and are equally keen to get back the money from the customers.
The customers need to take advantage of the steps taken by the government to come out of recession. They should completely come out of card debts with the help of debt settlement companies or debt management programmes.
If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt. FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com look at the following link:
Legitimate Debt Settlement Company
Article Source: http://EzineArticles.com/?expert=Erik_Stump
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Institutions have no collateral against these debts. They have no other way other than collection calls to recover debt from the customer. The customer on the other hand is trying to pay off his credit bills but the surmounting interest rates stops him from making payments towards the principle. He just pays his minimum due and revolves the rest of the bill for payment for the coming months.
Recessionary measures taken by the government has had an impact on the institutions the customer and overall economy. The customer is keen to come out of his debt situation by talking to the creditors. Where has the sudden confidence come from? After the stimulus package was injected in the economy the creditors were able to write off bad debts and are equally keen to get back the money from the customers.
The customers need to take advantage of the steps taken by the government to come out of recession. They should completely come out of card debts with the help of debt settlement companies or debt management programmes.
If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt. FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com look at the following link:
Legitimate Debt Settlement Company
Article Source: http://EzineArticles.com/?expert=Erik_Stump
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Debt Help For Free - How the Obama Administration Makes Debt Settlements Popular
The Obama administration intervened when the downturn of the economy started affecting life of the
common man. People lost jobs as institutions filed for bankruptcy. The ones which remained in the market were fighting for their existence. Due to the sudden turn of events the liquidity seems to have been lost from the economy.
The Obama Administration intervened with the stimulus package to help people come back to normal ways of living.
Effect of the Obama's Fiscal Package on Debt Settlements.
1. The Package was given across as help to the Institutions which helped them in writing off debt in extremely bad conditions.
2. The institutional lenders became more conscious about recovering whatever money they could from the market. They started Negotiating with Debt settlement companies on the debt bill and the interest rate of payment.
3. The stimulus money and the tax rate cut infused further money into the system which increased the liquidity condition and started creating further jobs in the economy. People with debt conditions could find jobs to pay back their debt bill or could hire debt settlement companies to settle it for them.
The Obama Administration along with the Settlement companies has helped people to come out of debt situation and take command of their financial situation. People in debt situation should be extremely conscious about the kind of company they sigh up for the service. Customers need to be fast in making their decision about signing up a company with a good reputation as this friendly accommodating environment will be there only as long as the stimulus package is flowing through the economy.
If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt. FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com check out the following link:
Legitimate Debt Settlement Company
Article Source: http://EzineArticles.com/?expert=Erik_Stump
common man. People lost jobs as institutions filed for bankruptcy. The ones which remained in the market were fighting for their existence. Due to the sudden turn of events the liquidity seems to have been lost from the economy.
The Obama Administration intervened with the stimulus package to help people come back to normal ways of living.
Effect of the Obama's Fiscal Package on Debt Settlements.
1. The Package was given across as help to the Institutions which helped them in writing off debt in extremely bad conditions.
2. The institutional lenders became more conscious about recovering whatever money they could from the market. They started Negotiating with Debt settlement companies on the debt bill and the interest rate of payment.
3. The stimulus money and the tax rate cut infused further money into the system which increased the liquidity condition and started creating further jobs in the economy. People with debt conditions could find jobs to pay back their debt bill or could hire debt settlement companies to settle it for them.
The Obama Administration along with the Settlement companies has helped people to come out of debt situation and take command of their financial situation. People in debt situation should be extremely conscious about the kind of company they sigh up for the service. Customers need to be fast in making their decision about signing up a company with a good reputation as this friendly accommodating environment will be there only as long as the stimulus package is flowing through the economy.
If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt. FreeDebtSettlementAdvice.com is one of the largest and most respected debt relief networks on the marketplace today. To find a debt settlement company through FreeDebtSettlementAdvice.com check out the following link:
Legitimate Debt Settlement Company
Article Source: http://EzineArticles.com/?expert=Erik_Stump
Why Do People Get Right Back Into Debt Once They're Out of Debt?
There are kinds of reasons why people get back into debt right after they have gotten themselves out of it. It is sad really but there are some very good reasons why people do this to themselves.
People hate change. We all get so used to certain things and doing things a certain way that it's much more comfortable to keep on doing them. So if you are one of those people that whips out the plastic any time you do any kind of shopping you need to break that habit.
Most of us see that extra money that we are saving and now justify buying new things on credit because we can afford those new monthly payments. The new computer, the new car, the new spring fashions are all things that we want not need. Obviously you still can't afford them because you would have paid cash instead of borrowing. But we justify it by saying we can afford the monthly payment.
Most people lack the financial discipline to not overspend. They choose not to pay attention to where the money goes. They spend more time in front of the TV being sold things they never need instead of working with their family on setting goals and learning about money.
They choose not to surround themselves by professionals that can make a major difference on their lives. I agree it is cheap to learn things on your own. But it is often much cheaper and much more lucrative to spend some money with a professional. A few tips from a financial planner, CPA, mortgage broker, or attorney could literally save and create thousands of dollars a year for you and your family.
They choose not to take advantage of one of the greatest free resources of our time - the public library. The resources available in the library can change your life forever. They contain the answer to almost any problem you might ever face. Another great resource is the internet. Although some people may not have access to this fabulous resource the public library will.
If you are serious about wanting to get out and stay out of debt and stop being broke. If you seriously want to create true wealth for you and your family, you can not be an Ostrich. You can not just bury your head in the sand and expect things to change. You have to take action. You have to be responsible about your finances. You need to educate yourself and pay attention to your finances. You need to surround yourself with a panel of expert advisers. Get everyone in your family involved especially your children so that they can learn how to manage their finances, because if you don't do it no one will.
Matt Allen has been in the finance industry for over 8 years. His most current website teaches people how to refinance a mortgage which shows you step by step how to refinance your home. If you have been thinking about refinancing to pay off debts, you need to visit his site.
Article Source: http://EzineArticles.com/?expert=Matt_J_Allen
People hate change. We all get so used to certain things and doing things a certain way that it's much more comfortable to keep on doing them. So if you are one of those people that whips out the plastic any time you do any kind of shopping you need to break that habit.
Most of us see that extra money that we are saving and now justify buying new things on credit because we can afford those new monthly payments. The new computer, the new car, the new spring fashions are all things that we want not need. Obviously you still can't afford them because you would have paid cash instead of borrowing. But we justify it by saying we can afford the monthly payment.
Most people lack the financial discipline to not overspend. They choose not to pay attention to where the money goes. They spend more time in front of the TV being sold things they never need instead of working with their family on setting goals and learning about money.
They choose not to surround themselves by professionals that can make a major difference on their lives. I agree it is cheap to learn things on your own. But it is often much cheaper and much more lucrative to spend some money with a professional. A few tips from a financial planner, CPA, mortgage broker, or attorney could literally save and create thousands of dollars a year for you and your family.
They choose not to take advantage of one of the greatest free resources of our time - the public library. The resources available in the library can change your life forever. They contain the answer to almost any problem you might ever face. Another great resource is the internet. Although some people may not have access to this fabulous resource the public library will.
If you are serious about wanting to get out and stay out of debt and stop being broke. If you seriously want to create true wealth for you and your family, you can not be an Ostrich. You can not just bury your head in the sand and expect things to change. You have to take action. You have to be responsible about your finances. You need to educate yourself and pay attention to your finances. You need to surround yourself with a panel of expert advisers. Get everyone in your family involved especially your children so that they can learn how to manage their finances, because if you don't do it no one will.
Matt Allen has been in the finance industry for over 8 years. His most current website teaches people how to refinance a mortgage which shows you step by step how to refinance your home. If you have been thinking about refinancing to pay off debts, you need to visit his site.
Article Source: http://EzineArticles.com/?expert=Matt_J_Allen
Negotiating Credit Card Debt Yourself - Advice on Dealing With Credit Card Debt
It is amazing how quickly credit cards can turn from being a wonderful way to get the things you need to being a terrible burden hanging around your neck. Credit card debt builds up gradually but can become a huge problem that can even lead to personal bankruptcy. Even if you can still afford the minimum payments on your cards, your debt will still continue to grow because interest is being added every month. If you are struggling even with the minimum payments, then it will grow even faster due to extra penalty charges.
The only solution to credit card debt on a large scale is likely to be negotiating a settlement with the card companies. It is very common to use debt settlement companies to deal with your creditors on your behalf, but the best route is negotiating credit card debt yourself, so that you avoid paying any fees for the service.
What you will be attempting to do is approach each credit card company that you owe money to and get their agreement to writing off a large part of your debt. Sounds marvellous, but why should any of your creditors agree to such a request? The only possible reason is if they believe that the settlement amount is going to offer them the best return overall. If a credit card company think you have got enough money to pay them but simply do not want to, they will take a different approach to if they believe you are in severe hardship and you might file for bankruptcy leaving them with nothing.
The main incentive used to reach settlements is the offer of paying the balance back in one go in exchange for a big reduction. Most people in a lot of debt are unlikely to have enough money lying around to make lump sum payments in settlement of debts, but there are other ways around this. When you use a debt settlement company, you stop paying creditors and save money up each month instead. This is then built up and used to settle debts.
If you have no experience of dealing with settlement negotiation before, it is highly unlikely that you will manage to achieve very good deals, simply because you will not understand how the system works. A good debt settlement negotiator would expect to get about fifty or sixty percent written off a debt, but this is only possible when you know what to say to the card companies and crucially, when and how to say it. The reason this is so vital is that each company will have their own procedures to follow in terms of how they pursue and eventually write off bad debts. You need to understand this in order to use it to your advantage.
There are many guides and publications available online which cover negotiating credit card debt yourself, but a lot of them are a waste of time. There are a few very useful good guides available, from detailed learning programs with one to one support, to more straightforward e-books. The best ones will tell you exactly what you need to do at every step of the process, including scripts of what to say on the phone and letters and forms to cover each stage of the negotiation.
Read advice on how to negotiate debt on the author's website, where you can also find recommendations for the most reputable debt settlement companies. K D Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His website offers free, unbiased advice on a range of debt related issues, including the debt management plans, IVAs, budgeting advice, loans and bankruptcy.
Article Source: http://EzineArticles.com/?expert=K_D_Garrow
The only solution to credit card debt on a large scale is likely to be negotiating a settlement with the card companies. It is very common to use debt settlement companies to deal with your creditors on your behalf, but the best route is negotiating credit card debt yourself, so that you avoid paying any fees for the service.
What you will be attempting to do is approach each credit card company that you owe money to and get their agreement to writing off a large part of your debt. Sounds marvellous, but why should any of your creditors agree to such a request? The only possible reason is if they believe that the settlement amount is going to offer them the best return overall. If a credit card company think you have got enough money to pay them but simply do not want to, they will take a different approach to if they believe you are in severe hardship and you might file for bankruptcy leaving them with nothing.
The main incentive used to reach settlements is the offer of paying the balance back in one go in exchange for a big reduction. Most people in a lot of debt are unlikely to have enough money lying around to make lump sum payments in settlement of debts, but there are other ways around this. When you use a debt settlement company, you stop paying creditors and save money up each month instead. This is then built up and used to settle debts.
If you have no experience of dealing with settlement negotiation before, it is highly unlikely that you will manage to achieve very good deals, simply because you will not understand how the system works. A good debt settlement negotiator would expect to get about fifty or sixty percent written off a debt, but this is only possible when you know what to say to the card companies and crucially, when and how to say it. The reason this is so vital is that each company will have their own procedures to follow in terms of how they pursue and eventually write off bad debts. You need to understand this in order to use it to your advantage.
There are many guides and publications available online which cover negotiating credit card debt yourself, but a lot of them are a waste of time. There are a few very useful good guides available, from detailed learning programs with one to one support, to more straightforward e-books. The best ones will tell you exactly what you need to do at every step of the process, including scripts of what to say on the phone and letters and forms to cover each stage of the negotiation.
Read advice on how to negotiate debt on the author's website, where you can also find recommendations for the most reputable debt settlement companies. K D Garrow has worked as a senior manager with significant financial responsibility for the last twenty years. His website offers free, unbiased advice on a range of debt related issues, including the debt management plans, IVAs, budgeting advice, loans and bankruptcy.
Article Source: http://EzineArticles.com/?expert=K_D_Garrow
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