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Have you ever had a debt? Whether a small one or those big ones that are hard to pay for? Ever tried spending more money than what you have? Have you ever consider it a bad habit to ask someone money then promise to pay at a later date? Actually, debt could be divided into two kinds, the good debt and the bad debt. What is a good debt? Good debt is borrowing money to buy a necessity in case of emergency and you are broke while bad debt is actually borrowing money to buy something that you don’t actually need or not really a necessity.

So, are there really cases when a person ends up being put in jail because of not paying debts? One generally cannot be put in jail by just having debts that he can’t pay. But when the time comes that he stated that he must settle tax debt but cannot pay it, that is the only time he could get caught and filled with a legal case because of his acts of breaking a promise to pay.

Credit Card, just a plastic. A powerful plastic that could almost run the whole world. A plastic that could make a person’s world turn. How come this plastic is so powerful? Credit cards could be a subtitute to bank statements, also known as cash. It is easy to bring, safe for outside transaction and could be payable after months.

Credit cards are very useful but sometimes harmful to those who does not have self control, but how? Good example of a bad case of having a credit card is the movie Confession of a Shopaholic by Sophie Kinsella. The movie show a very good reason why people should not over use there credit cards. The movie actually pointed out how someone should also be braved enough to face the challenges that could come when someone actually over use the “plastic” and the time had come for that person to pay for what he had charged to the card. It showed how someone should use debt settlement to start over with their lives after experiencing the bad debt times, face it, accept the consequences, get over it and never do it again.

Debt, can you handle it?

Posted: May 28th, 2010 under Debt Relief Programs.
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Looking for a credit rebuilding card? If your goal is to rebuild your credit and get it back to where it belongs so you can regain your financial independence then there are a few things that you need to do. The first promise you have to make to yourself is that you cannot charge anything and we mean anything that you do not have the cash to pay for. If you are willing to live by this rule, then you will be able to handle a credit rebuilding credit card.

When applying for a new card, steer clear of cards that are from banks that specialize in bad credit customers. This is going to put an unnecessary tag on your name and on your social security number. What you want to do is to find a bank or credit union that will give you a credit card with a small limit on it that you can use for things that you would normally purchase with cash, let’s say groceries or gas. Once your bill comes in the mail, pay it off immediately. Once your credit agencies see that you are paying off your credit card bill month after month they are likely to raise your credit limit and your credit score will begin to go up. Each payment you make helps you use credit cards to rebuild credit.

Do not even waste your time with pre-paid credit cards. These cards are great if you need to use a credit card for something and have no other choice. The bad thing about them is that they have all of these activation fees, annual fees and they do not report to any credit bureau. There is nothing good about them and they are really not going to help you in any way at all.

Posted: May 21st, 2010 under Financial Planning Tips.
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There is a ridiculous amount of information out there about debt relief, debt consolidation, credit cards etc.  It is very important to understand that anytime someone recommends a service, they have an agenda – period.  It is your job to figure out that agenda and look at the offer objectively.

 In times of high stress, it is extremely difficult to be objective.  You may be struggling and worried.  Unfortunately, companies prey on people when they are in these kinds of states.  They will get you worked up on the phone talking about all your financial problems, then they will offer you a lifeboat which many times is too good to be true.

 So how can you figure out someone’s agenda?  Well, when your friend’s or family make a recommendation to you their agenda is usually just out of wanting to help you.  Maybe a journalist or writer will give you honest opinions because they want you to trust them and buy their books at a later time. 

 To be perfectly honest, 9 times out of 10 on the internet the information you are reading is in front of you because you were targeted and because someone has an agenda of making money.  Even the so-called “not for profit” organizations that just want to help you find solutions make money if you enter a debt management program based off of their referral.

 Debt relief programs are marketed under many different names.  These may include credit counseling, debt consolidation, debt settlement, debt management, financial planning, financial counseling and many more.  While some of these options may actually be a good choice for you, do not be naive when listening to a sales pitch from someone offering you those services.  One way or another they will be making money off of you.

 Even the Federal Trade Commission recommends that consumers “read between the lines” when they are hearing pitches from these types of companies. 

 There are some things you can do to make sure you are entering into a safe debt relief program.  First of all, outweigh the pros and cons of the offer.  There are ALWAYS cons and you need to find out what they are.  This information probably will not come out of the mouth of someone trying to sell you a service.  Secondly, research the state and federal regulatory agencies regarding the type of debt relief you are seeking.  Find out what laws are there to protect you and if the company you are dealing with is in good standing with these regulations. 

Posted: April 30th, 2009 under Debt Relief Programs.
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