CreditHelpJournal.com

yes, i know this is off topic, but because this is an important issue, I am going to go ahead and post this…

A person that I know had a friend that had a home with recent water damage, so I said, go to 24 HOUR Fire Water Damage - they (Adjusters Reference Manual) can give you a list of water damage companies… and don’t forget to call your insurance agent.

Robert Mandrake

Serious financial debt can be the cause of many problems including stress and marital break-ups; this situation is sometimes the result of outside pressures. It’s not the end of the world even if you have a poor credit score; there are many companies who will supply you with a bad credit loan.

If you have a situation where you need extra money there is always someone available to assist if you spend some time looking. By the way, having a poor credit score can be a result of your own actions, either accidental or deliberate. It could be that you missed a credit card payment due to an unforeseen situation. Nevertheless, you do have a chance to improve your financial status.

The money from a bad credit loan might be needed for a forthcoming wedding, for a child’s further education or even to consolidate existing debts which have become a burden. It may be that you would like to improve your credit history and do not actually need the money but taking out a loan and repaying it will help improve your credit status.

There are two options available, secured and unsecured loans, but with the secured option the amount of loan will be greater, up to 150,000 dollars and the repayment period can be extended to a period of twenty five years. Whereas with an unsecured loan, the maximum amount that can be borrowed is fifty thousand dollars and the repayment term reduced to a maximum of ten years.

There will, however, be either a home or car, for example, used as collateral for the loan and this will result in the lender offering the loan at a lower interest rate; albeit, the borrower could lose their possessions if they fail to make their repayments. For an unsecured loan, the borrower is charged a higher rate of interest because there is no guarantee that the loan will be repaid. If you want to get the lowest rates available, it is advisable to carry out research.

The easiest way to carry this out is online where lenders can be found that will arrange bad credit loans for individuals who have court judgments against them for previous bad debt repayment. However, there aren’t many lenders giving this type of loan so if you want to get credit at a rate of interest which fits your pocket and has an acceptable time scale for repayments, you should opt for an online loan facility.

These bad credit loans aren’t usually too difficult to organize even when there is a poor credit rating but they can make a big difference to person who needs the money. If at all possible, select a company online, as the process will be quicker and the stresses behind the reason for the loan should fade away.

A Loan arranged this way may at first seem like another debt and something that has a measure of desperation attached, but it can be a positive move to rebuild a broken credit score if used wisely.

The number of people falling into the credit card debt trap on account of indiscriminate use is on the increase; this situation is the result of years of easy living on credit. With the debts rising, it is not surprising that individuals have started to realize the financial problem they have created by the constant and indiscriminate spending they have carried out. Unfortunately, by the time many people realize just how bad the situation is, a credit card debt relief answer might not be possible.

The first step is to stop using the cards altogether as continued use will just compound the problem and make it harder to resolve. Delay can mean ensuring whatever credit card debt relief solution you want to proceed with is made more difficult. Of the options available, three in particular come to mind as the best ways to approach the debt consolidation problem.

The most obvious move to start with is where the debtor is in a position to pay back the debt; they can opt for debt consolidation with a credit card that charges low interest and clear off the single debt in installments every month. A good alternative to this option is a consolidation loan at a low interest rate where the debtor can decide exactly how much they can afford to repay every month after the outstanding debts have been cleared.

However, this option means that the cards must still be destroyed or it will be easy to start using them again and running up further debt. This particular route is only viable if the person with the debt retains a good credit history and they have the means to pay back the loan once the debts are clear.

The next step if their credit history will not allow credit card debt relief is to use the services of a debt relief agency that can negotiate paying the debt off. The negotiations usually mean that a set amount of the debt, normally half, will have to be repaid and the remainder written off.

Bankruptcy should always be viewed as a last resort when all other options have been tried as there are serious consequences to this course of action. This is the last resort for a debtor because once they declare bankruptcy, their credit standing fails and it will be difficult to get further loans; however, the positive aspect of filing for bankruptcy is it enables a fresh start. Credit card debt relief should not be something you ever repeat because it will mean you haven’t learnt anything from your experience.

A person or body that provides another with a sum of money (loan) is called the creditor and the person borrowing the sum is called the debtor; any type of financial arrangement will require the borrower to enter into an agreement with the lender. Whilst just about anything, product or service can be lent out; the information below focuses on financial arrangements only. Like all debts, a monetary loan entails the gradual payback of the initial sum borrowed over time, between the lender and the borrower; when payments are made can vary, but they are normally at the same time each month.

This service is generally provided at a cost, referred to as interest on the debt and it can vary how this is repaid. Some companies add the interest onto the repayments but make sure this is the first part to be paid so a number of monthly payments might be required before the capital repayment actually starts to be paid. However the normal way to repay a debt is to ensure that each monthly repayment combines part sum and part interest.

Acting as the provider is one of the principal tasks for financial institutions. For both companies and individuals, arranging a loan is a way to increase their cash flow for a regular monthly outlay. other ways to raise capital are available but none as easy as this.

A mortgage on the other hand is designed for one purpose, that of purchasing property or land and is one of the most common types of long term debt individuals experience. The financial institution is given security however; in this case the title to the house, until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it; they have the option of selling it to reclaim their money or keeping it as an investment.

There is nothing to stop any lender asking for the loan to be secured and this can happen when a car is bought using this method; in much the same way as a mortgage is secured by the house itself. To ensure that the finance company does not lose money, secured loans on cars are normally short term; it is rare for the period to exceed five years.

The marketing companies are clever at disguising unsecured loans and the vast majority of people do not even realize they probably have them; credit cards, a bank overdraft, even a line of credit for instance, are all examples of unsecured lending. The interest rates applicable to these different forms may vary depending on the lender, the borrower and the type of credit supplied.

In some countries, predatory lenders are called loan sharks and it is where they supply money at high interest rates with the sole intention of gaining control over a person. Credit card companies in many countries are often accused of a similar practice where they lend money at very high interest rates and make money out of frivolous extra charges. Try to remember what has been written here and you might not have too many problems.

In today’s way of life, your credit matters.  Do not underestimate how important your credit history and credit score are.  Almost everyone uses credit in their lives.  Especially on major purchases such as houses or vehicles.  The better your credit history and score, the better the terms on the money you are borrowing.

When I was in college, credit card companies were handing out credit cards to all of us.  You did not even need a job to get the credit card.  You were allowed to use your annual tuition fees as your “income” on the credit application.  Luckily I was smart enough not to get in trouble with all the available credit they were handing out but many of my friends were not.  They started off their credit history with bad debts they could not pay back.

I knew that my credit mattered for the rest of my life, so I was smart in using it.  Because of my discipline I was able to save thousands of dollars on my future borrowing for major purchases such as my home and many vehicles I have financed.  I had an excellent credit history and credit score so I was able to get favorable loans.

Just remember your credit matters.

Rawlin James

There are three major credit reporting agencies.

They are Experian, Equifax, and TransUnion.

http://www.experian.com/
http://www.equifax.com/
http://www.transunion.com/

They each can have different information on you.

Some creditors report to one, two, or all three of the credit reporting agencies.

Mandrake

You came here for Credit Help… you came to the right place.

Please feel free to contacts us with questions related to credit and credit problems and credit help…

We can’t guarantee that we will always have the answers to your problems or questions, but we will definitely give it our best shot to either get you the answer or refer you to the people that can help you

Mandrake

I keep seeing this commercial over and over and over for FreeCreditReport.com.

They must be selling a lot of “Free” Credit Reports ?

So, how can they afford to keep spending all this money on tv commercials, when they are supposedly giving away “Free” Credit Reports ?

Ohhhh, there is that little disclaimer at the very very end of the commercial that says something like “free credit report only valid with enrollment in something” …
I see, so, the Free Credit Report isnt really Free…

I guess this would be exactly like starting a company and calling it FreeMilkandCookies.com and running commercials offering Free Milk and Free Cookies… then at the very end of the commercial they could say… “Free Milk and Cookies only available with enrollment in our daily Food Service plan that costs $500 per month” hope you like them Free Milk and Cookies and that good ole Free Credit Report .commmmmmmmmmmmmmm

Mandrake

Are there any caps or limits on what a credit card company can charge me ?

I have been wondering about this, and was hoping someone out there could help my answer this question.

It seems to me that there was a federal limit at one time.

If there is not a cap, I wonder what is the deciding factor for what a credit card company charges, and what would stop them from raising the rate on good payers to 100% per year… especially if the credit card company knew that the client could not afford to just pay the card off… the client would have to pay the interest… sounds pretty scary.

Mandrake

Yes, a credit card company can sue you if you don’t pay your debt.

They can also stop doing business with you and they can also report you to one or all of the credit reporting agencies or credit bureaus.

You do have rights. Here is the direct link to the FTC:
http://www.ftc.gov/bcp/menus/consumer/credit.shtm

Make sure you are aware of your rights as a consumer.

Back to the question of Can a credit card company sue you if you default… its not really important to know if they “CAN” sue you… its more important to know if they are likely to sue you…
As you probably know, in the past, most cases did not go down this route… but, with bankruptcy reform that clearly harms the American Consumer… many more defaults may end up in court. However, not enough time has passed to fully see the results of this harmful law.

You should do your best to pay your debts. Calling the credit card company before its sold to a collection agency is also usually a good idea, since the credit card company historically only got ten cents on the dollar for unsecured (credit card) debt.

If you are getting sued, you should contact an attorney immediately.

ManDrake