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Cooperation Credit Repair
When you are trying to get out of debt, you will need cooperation from others as well as your self. If both of the sources are hard headed, I promise you your credit repair scheme will probably not work.
Debt is an everyday part of life and we...
How to Find a Bad Credit Loan UK
Finding a bad credit loan UK that meets your financial needs can be difficult sometimes… it might seem as though there isn't a lender anywhere who's willing to take a chance on an individual that's had credit problems in the past.
Of course, it is...
PROVEN METHOD FOR RE-ESTABLISHING YOUR CREDIT
Your Credit Report is the most important financial document you will ever have. And it can be reviewed by every creditor, employer, lender, and virtually anyone else with whom you hope to do business with. WHAT IS CREDIT Credit, plain and...
Some Truth About Credit
Credit is currently and has been historically an integral component of our economy. Credit contribute a person’s net worth, and financial power. No matter who you are or what type of business you are considering, credit is a vital component to be...
Why You Should Use A Prepaid Credit Card?
Prepaid credit cards have been growing in popularity over the past few years. But despite the 'credit card' name, no credit is actually involved. Here's how it work's.
When a standard credit card is used, you pay for the convenience of being able...
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The Truth about Credit Counselors
The average American is a mere three paychecks away from facing
huge, potentially devastating financial difficulty. Each year,
more than a million Americans turn to credit counselors to try
to help themselves regain control of their financial burdens.
But just how the credit counseling business works is a mystery
to most consumers. What's involved when you hire a credit
counselor?
HOW CREDIT COUNSELORS WORK
It may come as a bit of a shock, but the first thing you need to
understand is that consumer credit counselors don't work for
YOU! That's one reason their ads on television, radio, and in
your email box shout, "Our services cost you nothing!" However,
any business needs to derive income from somewhere, so if
they're not charging you, who does pay them? In truth, they work
for the lenders. Here's how it works:
Regardless of what their commercials would have you believe,
credit counselors don't renegotiate the overall amount of your
debt--that is, the total principal balance you owe to your
creditors. Instead, they negotiate with the various lenders to
decrease your interest rates. For instance, let's say that
you're paying somewhere around 18 percent on the charge card you
want help with (some stores still charge as much as 21 percent).
A credit counselor will contact the cardholder and negotiate a
lower interest rate--sometimes as much as half the original rate.
That's the good news. The not-so-good news is that your minimum
payments will still be based on a 90/10 split, meaning that 90
percent of your monthly payment will still go toward paying
interest on the card. That
means, as is the case with any credit
card payment, it will be well worth your while to pay a little
more than the minimum each month, in order to whittle down your
principal. It will save you significant amounts of money in the
long run.
But how can credit card companies continue to make money by
cutting interest rates in half, and what do they have to gain by
doing so? The first reason is because they know that it's better
to get something, which they'll do if you continue to pay them,
even at a reduced interest rate, than to risk having you default
on the entire amount. The second reason is because, even at the
reduced rate, the lender is still making a healthy profit. They
have borrowed that money at a significantly lower
rate--sometimes as much as 66 percent less than the rate they'll
be charging you. (That's why the financial institutions have big
buildings; they make huge amounts of profit.)
Credit counselors CAN save you money, there's no doubt about
that. But don't be fooled into thinking that they work for YOU,
because they don't. In the end, credit card companies love
credit counselors, because the counselors truly work for them.
That's why you don't pay for credit counseling services. The
credit card companies are happy to pay them for you.
Copyright © Jeanette J. Fisher
About the author:
Jeanette Fisher teaches how to get out from under credit card
debt and how to use credit to make money. Free ebook "Credit
Tips" http://worryfreecredit.com
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| Credit Reports - Credit Cards - Car Loans - Home Loans - Credit.com |
| Credit.com offers a variety of credit related products and services including credit reports and credit scores, credit cards, car loans, home loan and ... |
| www.credit.com |
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| Equifax Personal Solutions: Credit Reports, Credit Scores ... |
| National consumer credit reporting company that offers credit reports, FICO(R) credit scores and identity theft protection products to consumers and small ... |
| www.equifax.com |
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| The FTC's web site on Credit |
| Credit is much more than a piece of plastic, and the resources on this site can help you become a more savvy consumer. You’ll also find compliance ... |
| www.ftc.gov |
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| Federal Trade Commission - Consumer Credit Center |
| Features an assortment of helpful articles related to credit issues. |
| www.ftc.gov |
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| AnnualCreditReport |
| Site set up by the big three credit reporting agencies in the United States, to furnish free annual credit reports, as required by federal law. |
| www.annualcreditreport.com |
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| Springboard - Non-Profit Consumer Credit Management |
| Our mission is simple: To offer education on the wise use of credit. ... SPRINGBOARD has been approved to provide credit counseling services and issue ... |
| www.credit.org |
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| myFICO - FICO Credit Scores, Online Credit Reports and Identity ... |
| myFICO.com: Get your Free credit report and Free credit score with a 30-day trial of Score Watch. All three FICO Scores and Credit Reports Available now ... |
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| Credit Suisse Global |
| Credit Suisse Group is an international financial services group. - Shares part of SMI. |
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| Experian: Free Credit Report and Credit Score, Credit Check ... |
| Credit referencing and consumer targeting for the USA and other countries. |
| www.experian.com |
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| National Credit Union Administration - Home Page |
| An independent federal agency that supervises and insures 7152 federal credit unions and insures 4240 state-chartered credit unions. |
| www.ncua.gov |
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| Credit - Wikipedia, the free encyclopedia |
| Debits and Credits, a type of bookkeeping entry; Credit (creative arts), acknowledging the ideas or ... Retrieved from "http://en.wikipedia.org/wiki/Credit" ... |
| en.wikipedia.org |
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| Credit (finance) - Wikipedia, the free encyclopedia |
| Any movement of financial capital is normally quite dependent on credit, ... Sometimes if a person has financial instability or difficulty, credit is not ... |
| en.wikipedia.org |
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| The National Foundation for Credit Counseling |
| DebtAdvice.org is a service provided by the Members of the National Foundation for Credit Counseling (NFCC), most of them known as Consumer Credit ... |
| www.nfcc.org |
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| FreeCreditReport.com | Free Credit Report and Credit Score Online ... |
| FreeCreditReport.com: Free credit reports and credit scores from Experian. Get your free credit report and credit score now. It's free, fast, and easy! |
| www.freecreditreport.com |
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| Compare credit cards | apply for a credit card | 0% balance ... |
| Compare over 300 credit cards, including 0% offers and balance transfers, and make a credit card application online... |
| www.moneysupermarket.com |
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| Ford Credit - Auto financing for Ford, Lincoln and Mercury cars ... |
| Ford Credit provides auto financing to finance a lease or purchase a car or truck through Ford, Lincoln or Mercury dealerships. |
| www.fordcredit.com |
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| The Credit Card Prank |
| In my lifetime, I have made nearly 15000 credit card transactions. ... Credit card signatures are a useless mechanism designed to make you feel safe, ... |
| www.zug.com |
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| Credit magazine, corporate bonds, derivatives, structured credit ... |
| Credit magazine provides information on the international credit markets for credit investors, issuers and market professionals. |
| www.creditmag.com |
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| CUNA: The Credit Union National Association |
| News and resource directory about credit unions. |
| www.cuna.org |
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| Credit/Debt Management - Tools and Advice for Managing Credit and Debt |
| Drowning in debt? Trying to improve your credit score? This is the place for you. Get real world information and tips, as well as the legal low down, ... |
| credit.about.com |
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