Saturday, March 3, 2012

How to take harassing calls from debt collectors?

Before you have decided to take a debt relief program, you probably have encountered harassing calls from creditors. And you will, still, unless you face the challenge of telling them the real status of your finances. Debt collection agencies have not failed striking fear and paralyzing those who have tried controlling their finances.

But to be able to do this, you must first learn how to control any collection actions which will be taken against you. The secret is to NEVER IGNORE COLLECTION ATTEMPTS,DON’T GET ANGRY AND DON’T BE AFRAID.

You can practice answering calls from your creditors like a pro so you may not sound defensive or offensive. You must project an image of settlement and cooperation. Remember, it was you who chose to borrow money, you must be civil enough to face them as the collection time comes in. So don’t be accusatory or aggressive when dealing with collectors.

You should also have valuable knowledge on your financial status and what you can afford to do before making payment commitments through agencies. One of the most highly recommended tips is budgeting debt relief.

You may check contact logs on internet to track contacts with debt collectors and creditors. With this, you will be able to take control of your collection practices, be updated with the agreements you have made, and show proof when debt collection attempts to go beyond the line.

And when asked by debt collectors, you should not be afraid to tell them that you are still reviewing your debt relief options, when and how you can afford to pay, and the time and day they can call you. This is better than avoiding them. 

Monday, February 27, 2012

Sleep soundly despite debt nightmares

Can’t sleep from having too much card debt and not knowing how to pay all these? Some of you have thought of turning to debt relief programs which may ease your burden. Sure, most companies you see on tv’s or newspapers are honest and legitimate with all their promises, but many of them are scams. In fact, even if some are not entirely scams, they try to conceal you with the real deal until it’s closed. So, if you really want to have a good night sleep, be sure you made the right choice of a debt relief company.

Let’s talk about tips on how to avoid getting ripped off by an unethical company. Here are some warning signs:

These companies do not ask you many questions. Well, they don’t really care what you need as long as they get you signed up with their program.

In relation to that, they also do not give too many answers. These companies hurry you up to signing their relief program without making sure it’s the best solution for you. This indicates they want a commitment as soon as possible.

And probably one of the most dangerous signs an unethical company present is making you feel that getting out of debt is easy.

But remember that serious things such as getting out of debt will be hard. The debt relief concept is easy to understand. But it takes work to change your spending habits and paying debts for years. If you’re starting to be scared by now, don’t be. You just need to ask questions and know which questions to ask to determine the right relief program for you.  

Monday, February 20, 2012

Debt offering of Fidelity and a look on your credit score

Edward C. Johnson III, Chairman of Fidelity, together with his family and executives of senior management are currently gripping the largest part of influence as they have acquired significant portion of voting stock.
Based on United States regulatory findings, FMR LLC, Fidelity investments’ parent set a plan to move up a debt offering worth $250 million.

However, Reuters reported that the company had not provided initial comments with regard to the matter. A filing of Securities and Exchange Commission of United States did not also provide exact information about how the debt sale’s proceeds would be utilized.

On the other hand, having a personal credit card serves as an investment as cardholders are privileged to purchase anything they want as long as it is within their limit. It is our best friend when we run out of cash in retail and grocery stores.

However, do we exactly know the breakdown of our credit score during bill time? Inevestopedia listed factors that could affect our credit score. Unfortunately, most of us are unaware about this.

Little unpaid private debts carry into the credit score. These may not be significant yet they can still add weight to credit scores. Examples of these are library finances and parking ticket which are unreported by a number of municipalities, according to Investopedia.

Utility bills as well as tax liens are also factors that can make credit score heavier. Utility bills such as gas and electricity could cause harm if ignored and remain unpaid while tax liens could linger up to 15 years if unpaid. Giving attention to these small bills will ease and lift your credit score.

Consolidate your debts to ease debt burden

Many individuals, corporations, and nations have resort to debt to pay for their needs. At times, they may have overlooked this and may probably end with bankruptcy. Today, many USA companies offer debt relief programs to help everyone ease their debt burden.  Debt relief refers to the partial or total forgiveness from debt. It will help in slowing or stopping the growth of debt.

Most companies provide five different options for debt relief. In this article, I will be discussing the first option called “Debt Consolidation.” The consolidation program is made for those who are looking for lower rates. You can also enroll in this program and have one monthly payment included in your bills. With this program, the company acts in your behalf to provide you reduced interest rates, low monthly payments, a single monthly payment, reduced or waived off late fees, and most importantly, no harassing calls from creditors.

The consolidation program is created for two purposes. First, it is for credit card consolidation for those who cannot effectively manage their credit cards. With the use of the credit debt relief program, multiple credit card bills are consolidated into a single payment every month. Many debt relief USA companies can 
negotiate this with your creditors.

The second type is called bill consolidation. In this program, companies can consolidate your medical bills, utility payments, store cards, personal loans, and credit cards into one payment.

In simple words, debt consolidation means getting one loan to pay many loans. The goal of this program is to simplify and lower the interest rates of your debts.