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Learn several little-known credit repair techniques that can be used to legally remove bad credit from your credit report, even if it's accurate. |
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| Become Debt Free with our Debt Consolidation and Credit Counseling Program.
Make bad credit a thing of the past and make your way to financial freedom. With our debt management program, you will pay off your credit card
bills and other debt with little or no stress at all. |
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- Consolidate your high-interest debt.
- Consolidate high-interest debt such as credit cards.
- Your overall monthly payments will be reduced and may even be tax deductible.
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| Get online legal help to repair bad credits affordably.
Get your free credit report online, offering repairing bad credit information and monitoring, everything repairing bad credit related, view your report online in minutes.
The fact is that if your credit needs repairing, one person
is in the best position to fix it -- YOU
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| Credit
Card Bill Consolidation |
By time you have gotten so deep in debt that you need a credit card bill consolidation counselor you should be tearing up all your cards anyway, because you have no business using them anymore. Credit counselors can also work with you to create a budget that will get you out of debt. Because the credit card bill consolidation are trained experts in their field, they are a wealth of useful credit related information and you should get as many pamphlets as you can from them and tap them for as much advice as possible while you are using their services.
To understand the importance of credit card bill consolidation today one needs to look at the record of the past couple of years. In the first quarter of 2002, total credit debt was $660 billion. Total credit card debt was approximately $60 billion. Approximately 185 million American consumers have at least one credit card. Of those 185 million consumers with credit cards, 1.3 million credit card holders declared bankruptcy in
2002. Americans pay, on average, an 18.9% interest rate on credit cards. The average household pays $83.33 in credit card interest per month. On average, the typical credit card purchase is 112% higher than if using cash. More than 40% of American families spend more than they earn. (Federal Reserve).
As of 1995, 92% of American family disposable income is spent on paying debts, up from 65% in 1975. (Federal Reserve). That credit card bill consolidation is a billion-dollar market should surprise nobody.
Credit card bill consolidation counselors become crucial to have when you've gotten yourself into credit problems. Sometimes they double as psychiatrists, financial advisors whatnot!. Many times the credit card bill consolidation experts are able to negotiate on your behalf with the creditors you are behind payments with to lower the interest rate or eliminate the interest rate altogether. This is called a bill consolidation plan. You send the credit counselors one payment, and they payoff your creditors a little bit at a time from your payment. Most creditors will agree to this because it means they'll recover their investment in you instead of writing off a loss, or wasting more money on collection agencies to hound you. Usually one of the provisions of this relaxing of the interest is that you must close the account.
Review of credit card bill consolidation plans:
- The APR must come in writing. It is legally binding.
- This one is absolute common sense - Don't start a consolidation loan or program unless the APR is less than your current debt.
- If you do get a consolidation loan instead of a credit card bill consolidation program, close all your accounts as you pay them off.
- Throw out ALL department store and other retail store cards. Most are at 18%-23% or more. Use your ATM card instead.
- Never pay just the minimum payment. It'll take you years 10 to payoff the debt, and cost you even more interest as the balance accumulates each month.
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