Cure Your Holiday Hangover

Went a little overboard during the holidays? Let's waste no time lamenting our overindulgences -- it's time to get those finances back in tip-top form.

Belt-tightening 101
Dieting is so de rigueur this time of year. But more fruits and whole grains aren't going to do anything to slim down your spending. Debt triage requires a crash course in cash control. That means you need to:

• Assess the damage. Use online calculators to see exactly what it'll take to pay off the cards.
• Devise an aggressive payoff plan. It's worth repeating that paying off credit card debt requires you to mail in a sizeable chunk more than the minimum payment. Come up with your per-month debt payoff schedule, and start digging in the couch cushions for extra coins.

Read Full News

Resources for YOU:

Bad Credit Personal Loan

Instant Approval Credit Cards

Credit Cards for Bad Credit

Charge-Offs and Credit Repair- What You Can Do

by: Liz Roberts

"Charge off" is a negative remark that can hurt both your credit history and credit score. When a lender attempts to collect debts from a borrower, yet the borrower fails to respond accordingly, the lender may report it to the credit bureaus as a “charge-off”. This means, the lender has given up with his efforts to collect payments from his client and count the debts as loss of income.

Nevertheless, this doesn’t mean that the debt is forgiven. Lenders could assign a debt collection company or a lawyer to do the collection on their behalf. When this happens, a borrower would have a harder time find a solution to his debt problems since it’s often more difficult to negotiate with debt collection agencies than with lenders.

Needless to say, having a record of “charge off” can significantly pull down your credit score. It could also have a very negative impact to other creditors who would be reviewing your report. Applying for new accounts can also prove to be more difficult if you have “charge offs” in your report. Thus, the best way to protect your credit history is to avoid them. But how?

Pay Close Attention To Your Payments

Submitting your payments on time is the key to maintaining an excellent credit history. However, there may be instances when you’re short on budget and paying on time is just not possible. What can you do? If you can’t meet your deadline of payment, the best thing to do is to contact your creditor and explain your situation.

Let your lender know that you are willing to pay off your debts if it weren’t for the circumstances. Inform you lender when you intend to submit your payment and request for an extension of your due date. Most lenders would oblige especially if they can see your sincerity and willingness to keep up with your payments.

By giving your lender the advance notice, you prevent them from taking unnecessary actions against you. On the other hand, hiding from your lenders or ignoring their attempts to contact you would only put you into a more serious trouble. Don’t wait until your lender makes the first move to contact you. Take the initiative to speak with your lender before they do.

What if you already have charge-offs in your report? What can you do about them? Can these remarks be written off from your report? You may still try to get in touch with your lender and negotiate. If your lender agrees with a repayment plan, don’t hesitate to ask your lender if they can remove the record of “charge-off” in your report.

Once the debts have been paid off, be sure to check your credit report to see if the “charge-offs” have really been removed. If not, you can send a dispute letter to the credit bureaus and ask them to remove the “charge-off” from your report. Upon receiving your dispute letter, the credit bureaus have 30 days to contact the creditor involved and investigate the issue.

Read more Charge-Offs and Credit Repair- What You Can Do

Related Articles:

Bankruptcy: How Does the Trustee Work?

Important Questions About Your Credit Report

Resources for YOU:

• Bad Credit Personal Loan


• Instant Approval Credit Cards


• Credit Cards For Bad Credit


• Debt Consolidation

BofA will not oppose U.S. consumer finance agency

CHARLOTTE, North Carolina (Reuters) - Bank of America Corp (BAC.N) will not oppose U.S. President Barack Obama's push to create a consumer finance-focused regulator, a company spokesman said on Tuesday.

Crisis in Credit

The Charlotte, North Carolina-based bank will not actively lobby against, or for, Obama's proposed Consumer Financial Protection Agency, company spokesman James Mahoney told Reuters in an interview.

The stance sets apart Bank of America, the largest U.S. bank, from a broad swath of the industry, which has vigorously opposed creation of the agency since it was proposed in July 2009.

The Consumer Finance Protection Agency's mission of overseeing banks' products and services for transparency and consumer fairness were principles Bank of America was already adopting, Mahoney said.

He added the stance is not a policy shift for the bank, but in line with the bank's own existing consumer-friendly push.

Read Full News

Resources for YOU:

Bad Credit Personal Loan

Credit Cards for Bad Credit

Instant Approval Credit Cards

Housing Blogs Throw StonesHousing Blogs Throw Stones

As Real-Estate Prices Plummet, Online Critics Get Nastier; Pricey House, Juicy Target

"Simply laughable. Ugly exterior and priced with copious amounts of grandiosity."

"This is what happens when you are filthy rich. No one tells you, you have bad taste."

Selling your home could be bad for your ego. The above quotes are recent comments on real-estate blogs -- online journals that often post photos of new sales listings and allow readers to add their thoughts anonymously. Thanks to the housing crisis, real-estate blogs are blooming not only in number, but in nastiness, as thousands of strangers swap stinging critiques of high-end homes hitting the market.

Read Full News

Resources for YOU:

Bad Credit Loans

Bad Credit Personal Loans

Home Loans

Avoid Bankruptcy Using Home Equity

Filing for bankruptcy will not always discharge your from all your debts. Now that the New Bankruptcy Law has taken effect, filing for bankruptcy is ever more difficult and complicated. Today, your bankruptcy attorney cannot advice you about which type of bankruptcy you should file. Even if you want to acquire a Chapter 7 bankruptcy and be released from all your debts, it will not be so easy.

Under the new bankruptcy law, the bankruptcy court judge will be the one to decide whether you can file for a Chapter 7 Bankruptcy and get discharged from your debts. First you have to go through a “means test” which calculates your income, your monthly expenses and your financial capability as a borrower. If you passed the test, that’s the only time you can file for a Chapter 7 Bankruptcy. If you fail, the judge will require you to file for a Chapter 13 bankruptcy.

A Chapter 13 bankruptcy will put you in a repayment plan, which means you still have to pay off your debts. However, through bankruptcy, your debts will be reduced and your creditors will be giving you a much lower interest. Under the bankruptcy provision, creditors can only impose up to 10% of interest rate to their debtors. Furthermore, the New Bankruptcy Law has made all repayment plans to be a mandatory five-year term. This gives you a better chance at getting out of your debts more easily.

Avoid Bankruptcy Through Home Equity

If you filed for a Chapter 13 Bankruptcy, there is a way to make things even better for you. By using your home equity to repay your outstanding debts, you have the option to pay off your debts either in part or full payment. Acquiring for a home equity loan will also give you more time to pay off your debts. Inquire from your attorney about this option so that he can personally make the necessary preparations if you do decide to get a home equity loan. It is also interesting to note that a mortgage loan is a great way to rebuild your credit.

It is also worth asking if there really is a need for you to file for bankruptcy. Given the fact that the New Bankruptcy Reform Act has made the procedures more strict and more complicated, you might want to consider other options rather than filing for bankruptcy.

Since the Bankruptcy Law will require you to undergo credit counseling with an accredited agency six months before filing, the credit counseling agency can help you find a more appropriate solution to your debt problem. Here is where a home equity loan again comes as an option.

A home equity loan lets you borrow the money you need based upon the value of your home property. By paying your creditors with your home equity, you don’t even have to file for bankruptcy. Again, it will give you more time to make repayments and it will save your credit report from the record of bankruptcy.

However, before you do apply for a home equity loan, find a lending company who will be willing to give you better rates. Keep in mind that a home equity loan uses your home as a security so be aware about your payment obligations.

Related Articles:

Owning A Home Even With Bankruptcy Or Foreclosure

5 Ways to Prepare for a Financial Emergency

Resources for YOU:

• Credit Cards for Bad Credit

• Poor Credit Home Loan
  

Obama's first State of the Union speech

Tune in to CNN and CNN.com tonight to watch President Obama's State of the Union address. CNN.com and Facebook are partnering up, allowing you to participate in the conversation as you watch online at CNN.com/live. Prime-time coverage with the best political team on television continues.

(CNN) -- President Obama delivered his State of the Union address to Congress on Wednesday night. Here is a transcript of the speech.

Obama: Madam Speaker, Vice President Biden, members of Congress, distinguished guests, and fellow Americans, our Constitution declares that from time to time the president shall give to Congress information about the state of our union. For 220 years, our leaders have fulfilled this duty. They've done so during periods of prosperity and tranquility, and they've done so in the midst of war and depression, at moments of great strife and great struggle.

It's tempting to look back on these moments and assume that our progress was inevitable, that America was always destined to succeed.

Read Full News

Resources for YOU:

Bad Credit Loans

Bad Credit Personal Loans

Instant Approval Credit Cards

What Kind of Credit Card Interest Should You Pay?

by: Liz Roberts

When it comes to choosing credit cards, one of the first things one should check on is the interest rate. Obviously, different credit cards come with different rates and terms of interest. In this article, we’ll discuss the options you have particularly with regards to the interest rate that the credit card offers.

Fixed vs. Variable Interest Rates

Fixed interest rate credit cards are unchanging through out the duration of the card while variable rate credit cards are subject to changes depending on the Prime Rate in the market. It only follows that if the Prime Rate falls, your interest will also decrease. Take note however that the rate will not fall below the minimum cap set by your bank. But if the Prime Rate is high, the interest rate on you card will also increase.

What attracts people to variable-rate credit cards is that they start with really low rates compared to fixed-rate cards. However, it is important to bear in mind that these low rates can balloon up after months because it is directly affected by inflation rates. For more assurance, it is therefore recommended to go with fixed rate interest credit cards.

The 0% Interest Credit Cards

Credit cards offer “teaser” or introductory rates as part of their marketing scheme. To entice people to sign up, a credit card company may offer a very low interest or even a zero percent interest on purchases, balance transfers or both.

Credit card holders can take advantage of these offers. However, before sign up, don’t forget to check on the duration of the offer. Some credit cards give up to a year of these low rates while others may only allow 6 months or less. Be sure to inquire how much the interest would be after the introductory period ends.

Interest on Business Credit Cards

Business credit cards often come with a much lower rate of interest compared to personal accounts. Business owners can grab this opportunity since credit cards for businesses are also one way to build a business credit. A separate credit for business will allow more flexibility and convenience when the time comes that you need to expand the business.

Business credit cards also provide more opportunity to get incentives through its reward programs. Since businesses spend more than ordinary consumers, it easy to collect points and earn rewards using credit cards.

These reward programs differ to suit every business needs. For instance, Frequent Flyer Miles Program is especially suited for businessmen who usually travel for business purposes. With this program, the credit card holder can avail of free airline tickets, free or discount hotel accommodations, car rentals and travel insurance privileges. Other reward programs are cash back rewards, gas rewards, rebates etc.

In conclusion, the above factors are what you should check when considering credit cards. Nevertheless, the interest rate of a credit card isn’t the only factor that must be considered. Don’t forget to understand the complete terms and conditions of the credit card issuer as well.

Read more What Kind of Credit Card Interest Should You Pay?

Related Articles:

Matching Your Credit Card with your Lifestyle

Practical Tips When Comparing Credit Cards

Resources for YOU:

• Credit Cards for Bad Credit

• Instant Approval Credit Cards