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Free Debt Consolidation?
Chances are, when you’re reading this article, you’ve typed this particular set of keywords in the search box: free debt consolidation. And without a doubt, a number of articles came out as a result, this being one of them, or else you just happened...

Negotiating the Real Estate Contract
Negotiation is the process of communication back and forth in order to reach a joint agreement. There is no "one size fits all" strategy of negotiating a real estate contract. Many of our clients have been very experienced negotiators, and we...

Olds Resurrection?
Back during the late nineties, a conversation at a swank Auburn Hills, Michigan, French bistro turned heated when the talk shifted from personal pleasantries to discussing the ending of one of the most storied names in the automotive...

Real Estate Bankruptcy
Although real estate bankruptcy cases no longer dominate the bankruptcy courts' dockets as they did in the early nineties, but they continue to be filed with great frequency in UK. At its essence, the real estate bankruptcy is a two party...

Why an Alternative to Debt Consolidation Cannot Compete
Watching your financial condition worsen, there will be many to offer you a word of advice along with their sympathy. The courses of action suggested will number as much as the number of sympathisers. This confuses the individual rather than...

 
Credit Cards For People With Bad Credit - How To Avoid Getting Ripped Off

If you've had credit problems, then you've probably received offers for credit cards aimed at people with bad credit. These offers range from legitimate, to questionable, to outright scams. How can you tell the difference? The answer is to read the fine print, usually to be found in a document called "Terms and Conditions." To show you the difference between "the good, the bad, and the ugly" in the low-end credit card market, let's take a look at the fine print associated with such offers.

We'll start with one of the more popular low-limit "starter" cards available today. These are actual terms published by a major company at the time this article was written. The card comes with a Visa logo on it and looks like a regular credit card, so you can use it as an extra piece of identification when you're booking a hotel room, renting a car, and so on. In the "Terms and Conditions" document, the first thing we see is the annual percentage rate (APR), listed as 19.5%. That's not a particularly attractive rate, but it's not as high as a lot of other cards. A little farther down, we see that the APR for cash advances is higher, 25.5%, which is normal since there is greater risk involved to the company.

Where it really gets interesting is the section that lists the fees associated with the card. In this example, there is an annual fee of $150! There is also a $29 fee to open the account, as well as a monthly "maintenance" fee of $6.50. Whew! That's a lot of fees. But wait! It gets better. Toward the bottom of the document, buried in the fine print, we see something called "Available Credit Limitations." In 8-point typeface (very tough to read on a computer screen or printed page), you are informed that your generous initial credit limit will be a whopping $300. On your very first statement, you will be billed for the $150 annual fee, plus the $29 setup fee. The $6.50 monthly fees will start appearing after you make your first purchase on the card.

Let's take a closer look at the math here. It will cost you $179 up front, plus $78 per year, to obtain $300 worth of credit. Your total cost for the first year is $257, assuming you pay off the balance each month and don't incur any regular interest charges. Sound like a good deal? Does it make any sense at all to pay $257 to obtain $300 worth of credit? That's 85.6% in effective interest! If you keep a running balance of $300 on the card, and just make the minimum payments every month, your effective interest rate will be 105.2% for the first year, and 95.5 % for subsequent years. That's some pretty expensive credit! This credit card offer, while legal, still counts as a total rip-off.

As bad as the above sounds, it still only qualifies as "questionable" rather than being a full-on scam. There are much worse offers floating around out there. I've even seen some "deals" where the fees are so stiff you start out above the credit limit before receiving the card in the mail! In the bogus category I'd also include cards where you


are forced to pay an advance fee prior to receiving the "guaranteed" credit card, which of course never arrives. There are also "catalog cards," where you supposedly build credit by purchasing items through a card tied to one particular company and their catalog of goods. The problem is that the catalogs usually consist of grossly overpriced junk.

So what constitutes a good credit card offer for someone who's experienced serious credit problems and wants to take action toward rebuilding his or her credit? At the risk of annoying the big credit card marketing companies who target the "sub-prime" market (consumers with bad credit histories), my advice is to completely avoid any offer that comes to you unsolicited. Instead, do the research on your own. Check out www.bankrate.com for current offers by legitimate credit card companies. Shop and compare before you apply. Remember, the APR is only one aspect of your decision, and not necessarily the most important. What you want to look at very carefully are the annual fees, setup fees, and monthly fees.

It's important to realize that you may not be able to obtain an unsecured credit card when you're just starting to rebuild your credit. Instead of paying $257 to obtain $300 in credit, you'd be far better off placing $250 as a deposit toward a good SECURED credit card from a reputable major bank. In this real-world example, the annual fee is only $29, the APR is 19.99%, and there are no setup fees or monthly maintenance charges. Your $250 deposit will net you $250 worth of credit (less the $29 annual fee), and you'll build positive credit history just as quickly as with the ridiculously expensive offer discussed above. Plus that original $250 deposit is still YOUR money. After you've been granted unsecured credit again, and you've paid off any outstanding balance on the secured card, you can get your deposit back.

One final tip. If you have the opportunity to join a credit union, you should consider checking out their offers for low-limit unsecured and secured credit cards. Credit unions frequently offer much better terms than regular commercial banks. Through credit unions, you can often find credit cards with no annual fees, lower interest rates, and more flexibility. Be sure, however, to confirm that the credit union reports account activity to the credit bureaus. Otherwise, your positive payment history on the new credit card won't lift your credit score. And remember, no matter what card offer you're considering, be sure to read that fine print!
About the Author

Charles J. Phelan has been helping people become debt-free without bankruptcy since 1997. A former executive in the debt settlement industry, he teaches the do-it-yourself method of debt negotiation. Audio-CD training plus expert personal coaching helps consumers achieve professional results at a fraction of the cost. http://www.zipdebt.com

 

Negotiation - Wikipedia, the free encyclopedia
The first step in negotiation is to determine whether the situation is in fact a negotiation ... The book's approach, referred to as Principled Negotiation, ...
en.wikipedia.org
 
Negotiation Seminars Negotiation Training Negotiations Consultants ...
Negotiation and alternative dispute resolution seminars, negotiation training and video presentations with available keynote speakers.
www.negotiation.com
 
Program on Negotiation at Harvard Law School
Negotiation training, research, and publications from the world's foremost authority on negotiation and dispute resolution.
www.pon.harvard.edu
 
PON: Harvard Negotiations Project
Please visit the Harvard Negotiation Project website for complete information and ... The Harvard Negotiation Project's mission is to improve the theory, ...
www.pon.harvard.edu
 
The Negotiation Skills Company, Inc.
www.negotiationskills.com/ - 3k - Cached - Similar pages
 
Global Trade Negotiations Home Page
The Global Trade Negotiations Home Page at the Center for International Development at Harvard University - a centralized information resource on global ...
www.cid.harvard.edu
 
Principled Negotiation
Principled negotiation is the name given to the interest-based approach to negotiation set out in the best-known conflict resolution book, Getting to Yes, ...
www.colorado.edu
 
Salary Negotiation and Job Offer Tutorial
Job-seekers: Learn the basics (and advanced techniques) of the art and strategy of salary negotiation (getting the salary you want) in this tutorial.
www.quintcareers.com
 
Salary Negotiation and Job Offer Tutorial -- Map of the Tutorial
Site map to an expert (and free) tutorial on the art and strategy of salary and job offer negotiation. A guide to assist every job-seeker with salaries.
www.quintcareers.com
 
Win-Win Negotiation - How to reach a fair compromise - Negotiating ...
This article and free worksheet help you negotiate fair compromises with people whose goodwill you need. It highlights the importance of good negotiation ...
www.mindtools.com
 
negotiation journal
www.springerlink.com/link.asp?id=102591 - Similar pages
 
Apache Content Negotiation
Apache's support for content negotiation has been updated to meet the ... Apache 1.2 supports 'server driven' content negotiation, as defined in the ...
httpd.apache.org
 
JobStar--Salary Negotiation Strategies
JobStar is a public library sponsored guide to information for the job search. Sections useful for California are: 1500 job hotlines, calendar of job and ...
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Eric C. Gould's Negotiation Site
Subscribe to newsletter with negotiating tips and techniques.
www.batna.com
 
free negotiation training for sales, debt, contract, salary ...
Free negotiation skills training for sales, contracts, debt, salary and contracts, negotiating with creditors, negotiation skills and techniques, ...
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Monster.com: The Negotiation Coach
Salary Negotiation Advice from HR Managers · Negotiating Your Future Salary Today · Overlooking Their Interests -- A Big Mistake in Salary Negotiations ...
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Negotiation Articles
Negotiation articles for the busy entrepreneur written by a diverse group of experts, speakers, professionals, consultants, and marketing companies.
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CareerJournal | Negotiating Tips - Salary Negotiation Tips ...
Salary Negotiation Tips - When it's time to negotiate salary changes, trust Career Journal to give you the best and most current career salary information.
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PON Clearinghouse
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:: Negotiations Affairs Department ::
Information on the issues, history, developments and positions regarding Palestinian-Israeli peace negotiations.
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