Archive for August, 2009
Can a collection agency garnish wages on a credit card debt less than $3000?
Roderick C asked:
Since most consumers have an average credit card debt less than $3000 (for ONE credit card each), would a collection agency actually go through all this effort to garnish a debtor’s paycheck when the debtor may have other bills to pay which may total thousands of dollars? Also, if it takes months to get a court hearing set up between the plaintiff and the defendant, isn’t there a strong chance that the debt owed to the collection agency could already be paid down by the time the court hearing takes place? In other words, the credit card debt would be at a lesser amount than the initial amount that was first presented to court by the collection agency.
Kelly
Since most consumers have an average credit card debt less than $3000 (for ONE credit card each), would a collection agency actually go through all this effort to garnish a debtor’s paycheck when the debtor may have other bills to pay which may total thousands of dollars? Also, if it takes months to get a court hearing set up between the plaintiff and the defendant, isn’t there a strong chance that the debt owed to the collection agency could already be paid down by the time the court hearing takes place? In other words, the credit card debt would be at a lesser amount than the initial amount that was first presented to court by the collection agency.
Kelly
In Canada, are credit cards smaller?
Posted by admin in Other - Canada on August 30, 2009
ak47 asked:
I recently received a Matt & Natt Montreal wallet as a gift only to realize that my credit cards didn’t fit in it!
I recently received a Matt & Natt Montreal wallet as a gift only to realize that my credit cards didn’t fit in it!
I want to write to them to make them aware of their mistake but fear that they did it on purpose to fit the dimensions of Canada’s credit card. Although their choice in size makes no sense to me [why not make them bigger to attract a wider span of consumers?] it really does seem that they didn’t have the international customer in mind.
Thanks!
Canuckle, your answer amused me…thanks for the laughs.
April
Consumer Credit Counseling In Austin, Texas
Alan Farrow asked:
Consumer credit counseling in Austin, Texas is fundamentally little different from financial assistance services in any other city or state, expect that these credit counseling companies are designed to meet the needs of people living specifically in Austin and its surrounding cities. Austin is the fourth largest city in Texas and is the capitol of this great southern state.
As with many credit counseling companies, consumer credit counseling in Austin offers some free or low cost assistance for your credit issues. Credit problems can be caused by debt, late payments, no payments, or several other core reasons. Consumer credit counseling in Austin is available to help you take that first step to financial freedom.
What is Consumer Credit and Debt?
To understand what consumer credit counseling in Austin is all about, you must first understand what consumer credit is and the debt that can come with it. Consumer debt is incurred when you have spent more money than you can afford on products that will not grow in value. Generally, consumer debt includes things like credit card debt, monthly bills that have not been paid, and personal loans.
This definition can be expanded to include additional products such as home loans, mortgages, and car financing that you are not able to pay and have built up into debt. All these things negatively affect your credit score, which means that any debt you have will cause your credit score to drop. This is when consumer credit counseling Austin becomes a great option.
What is Consumer Credit Counseling?
Now that you have some understanding of consumer credit and debt that accompanies it, the services offered by consumer credit counseling in Austin will be more apparent. If you are in serious debt, which automatically means that your credit has been affected, it is best to seek financial assistance. This assistance could come in many different forms. Some consumer credit counseling services in Austin come through phone sessions, help through the Internet, or face-to-face meetings. No matter how you receive financial counseling, generally you will be taught the same things.
The first thing that these counseling services in Austin will teach you is how to assess all your finances. This includes calculating how much money you are making monthly and comparing that to how much you are spending. If you are spending more than you earn, you are probably already in debt. If so, that leads to the next process you will learn, which is the discipline of budgeting.
Budgeting is a crucial part of debt management, and any consumer credit counseling company in Austin will teach you how to budget properly. These financial counselors will also offer you the best options for reducing your debt and repairing your consumer credit. That is the benefit of seeking financial assistance, so you can rise above your credit and debt problems.
So, if you live in Austin, Texas and you are experiencing financial problems, you can seek the help of consumer credit counseling in Austin and receive the tools and professional knowledge to help you manage your debt effectively.
Ricardo
Consumer credit counseling in Austin, Texas is fundamentally little different from financial assistance services in any other city or state, expect that these credit counseling companies are designed to meet the needs of people living specifically in Austin and its surrounding cities. Austin is the fourth largest city in Texas and is the capitol of this great southern state.
As with many credit counseling companies, consumer credit counseling in Austin offers some free or low cost assistance for your credit issues. Credit problems can be caused by debt, late payments, no payments, or several other core reasons. Consumer credit counseling in Austin is available to help you take that first step to financial freedom.
What is Consumer Credit and Debt?
To understand what consumer credit counseling in Austin is all about, you must first understand what consumer credit is and the debt that can come with it. Consumer debt is incurred when you have spent more money than you can afford on products that will not grow in value. Generally, consumer debt includes things like credit card debt, monthly bills that have not been paid, and personal loans.
This definition can be expanded to include additional products such as home loans, mortgages, and car financing that you are not able to pay and have built up into debt. All these things negatively affect your credit score, which means that any debt you have will cause your credit score to drop. This is when consumer credit counseling Austin becomes a great option.
What is Consumer Credit Counseling?
Now that you have some understanding of consumer credit and debt that accompanies it, the services offered by consumer credit counseling in Austin will be more apparent. If you are in serious debt, which automatically means that your credit has been affected, it is best to seek financial assistance. This assistance could come in many different forms. Some consumer credit counseling services in Austin come through phone sessions, help through the Internet, or face-to-face meetings. No matter how you receive financial counseling, generally you will be taught the same things.
The first thing that these counseling services in Austin will teach you is how to assess all your finances. This includes calculating how much money you are making monthly and comparing that to how much you are spending. If you are spending more than you earn, you are probably already in debt. If so, that leads to the next process you will learn, which is the discipline of budgeting.
Budgeting is a crucial part of debt management, and any consumer credit counseling company in Austin will teach you how to budget properly. These financial counselors will also offer you the best options for reducing your debt and repairing your consumer credit. That is the benefit of seeking financial assistance, so you can rise above your credit and debt problems.
So, if you live in Austin, Texas and you are experiencing financial problems, you can seek the help of consumer credit counseling in Austin and receive the tools and professional knowledge to help you manage your debt effectively.
Ricardo
Gasoline $3+/gal, food getting too expensive, housing costs soaring, credit out of control; to whose benefit?
Kelly B asked:
What is the matter with intelligent average Americans?
What is the matter with intelligent average Americans?
The rich white Americans are getting rich at every other American’s expense!
Buy Americans BUY!
That was GW Bush’s call after 911!!!!
This credit debacle wasn’t created by the consumer as much as it was manipulated by the wealthy at the expense of everyday Americans!
There is blame to go around!
In the end it is the individuals responsibility but the Elite took full advantage of the situtation!
Karl
Trying to buy a house and clean up debt?
Posted by admin in Personal Finance on August 25, 2009
Froggy asked:
I have been attempting to start getting ready to buy a house. My credit is good except for one ding on it from a credit card that got out of control due to life situations. From what I have heard, lenders want a credit score of 620…mine is 655. I have attempted to clean up that credit card but I’m running into walls. I have tried consumer credit counseling (which I came off of almost immediately because I couldn’t get a mortgage with that), I’ve tried to work with my credit card company (they don’t want to work with me), and I’ve tried to roll the debt into a loan that I already have (was denied because my car which is the collateral is just not worth as much as I need). Are there any other routes to try? Obviously I want to pay the credit card company but it’s out of control right now and I can’t make it stop. I am feeling like I’m running up against a wall again & again & again.
Nathaniel
I have been attempting to start getting ready to buy a house. My credit is good except for one ding on it from a credit card that got out of control due to life situations. From what I have heard, lenders want a credit score of 620…mine is 655. I have attempted to clean up that credit card but I’m running into walls. I have tried consumer credit counseling (which I came off of almost immediately because I couldn’t get a mortgage with that), I’ve tried to work with my credit card company (they don’t want to work with me), and I’ve tried to roll the debt into a loan that I already have (was denied because my car which is the collateral is just not worth as much as I need). Are there any other routes to try? Obviously I want to pay the credit card company but it’s out of control right now and I can’t make it stop. I am feeling like I’m running up against a wall again & again & again.
Nathaniel
How Will Consumer Credit Counseling Services Eliminate My Debt?
Abby Reid asked:
Participating in a debt management plan can initially seem uncomfortable, new or intimidating. Even though trained credit counselors help financially-troubled families and individuals avoid bankruptcy, changing your attitude toward money can be somewhat scary. If you’ve taken a step toward financial freedom by enrolling in a bankruptcy education course, you may be curious as to how your current financial situation will change. Many people who enlist the aid of a consumer credit counseling service may wonder, what happens next?
Be patient. Accept that changes to your financial situation may come slowly. You didn’t get into debt overnight. It probably took many months or years to dig yourself into an economic ditch. It may take even longer to reach financial stability. Don’t become discouraged or upset if your progress is not immediately apparent. Significant change takes time. Celebrate small accomplishments during your debt repayment plan. Remember that your goal is to avoid digging yourself into further debt – even if it is a slow process.
Research bankruptcy and debt management. You’ve already taken a step in the right direction – you’ve obtained the financial help of a free consumer credit counseling service. Make sure that you listen to your counselor and closely follow the debt management plan and economic advice that he or she provides. Most counselors have helped an endless number of people who are facing the same financial difficulties as you. Sign up for e-mail newsletters that offer money-saving and budgeting advice. Check out a book at the library on how to create a budget and increase your assets. Look into free online debt management and bankruptcy courses. You will learn invaluable information that can help you make the most of your consumer credit counseling services.
Look for ways to increase your income outside of your regular job. If you feel that you’ve earned it, ask your boss for a raise. Get a second job. Sell items online. There are many different ways to make money. Increasing your take-home pay can help you get out of debt much faster. You do not have to work extra hours permanently, just until you are able to put some money toward your debt management plan.
Reduce your spending. Many consumer credit counseling services suggest that you try to temporarily live below your means. It will make a considerable difference in your overall debt management plan. Learning to live on less money can also help you develop sensible spending habits that will help you avoid bankruptcy in the future.
Change your lifestyle. Become an expert at saving money and being frugal. Rent videos and books from the library. Dine out at restaurants less often. Shop at thrift stores or discount retail chains. Buy foods in bulk. Don’t purchase anything that isn’t necessary. It may not be fun, but it will help you put more money toward your debt management plan.
Margaret
Participating in a debt management plan can initially seem uncomfortable, new or intimidating. Even though trained credit counselors help financially-troubled families and individuals avoid bankruptcy, changing your attitude toward money can be somewhat scary. If you’ve taken a step toward financial freedom by enrolling in a bankruptcy education course, you may be curious as to how your current financial situation will change. Many people who enlist the aid of a consumer credit counseling service may wonder, what happens next?
Be patient. Accept that changes to your financial situation may come slowly. You didn’t get into debt overnight. It probably took many months or years to dig yourself into an economic ditch. It may take even longer to reach financial stability. Don’t become discouraged or upset if your progress is not immediately apparent. Significant change takes time. Celebrate small accomplishments during your debt repayment plan. Remember that your goal is to avoid digging yourself into further debt – even if it is a slow process.
Research bankruptcy and debt management. You’ve already taken a step in the right direction – you’ve obtained the financial help of a free consumer credit counseling service. Make sure that you listen to your counselor and closely follow the debt management plan and economic advice that he or she provides. Most counselors have helped an endless number of people who are facing the same financial difficulties as you. Sign up for e-mail newsletters that offer money-saving and budgeting advice. Check out a book at the library on how to create a budget and increase your assets. Look into free online debt management and bankruptcy courses. You will learn invaluable information that can help you make the most of your consumer credit counseling services.
Look for ways to increase your income outside of your regular job. If you feel that you’ve earned it, ask your boss for a raise. Get a second job. Sell items online. There are many different ways to make money. Increasing your take-home pay can help you get out of debt much faster. You do not have to work extra hours permanently, just until you are able to put some money toward your debt management plan.
Reduce your spending. Many consumer credit counseling services suggest that you try to temporarily live below your means. It will make a considerable difference in your overall debt management plan. Learning to live on less money can also help you develop sensible spending habits that will help you avoid bankruptcy in the future.
Change your lifestyle. Become an expert at saving money and being frugal. Rent videos and books from the library. Dine out at restaurants less often. Shop at thrift stores or discount retail chains. Buy foods in bulk. Don’t purchase anything that isn’t necessary. It may not be fun, but it will help you put more money toward your debt management plan.
Margaret
Consumer Credit Counseling Services – Many are Scammed, Beware!
Posted by admin in Debt Consolidation on August 22, 2009
Cornie Herring asked:
Credit counseling agencies are nonprofit organizations that intend to help debtors to resolve their debt issues by providing counseling and education on consumer credit, money, debt management, and budgeting. And, most of time, debtors are advised to enroll into a debt management plan so that they can follow the plan to work out of debt. Debt management plan proposed by reputable and legitimate credit counseling agencies do serve the purpose.
But, beware that many very attractive debt management plans offered by companies who called themselves credit counseling organizations are actually scams who are trying to cheat your money and worsen your debt situation. So, how could you avoid yourself from falling into these traps? Let go through 2 scenarios that you will potentially faced when approaching a credit counseling service which may run by scams.
Scenario 1: Propose A Debt Solution Without Analysis Your Financial Situation
When you consult a credit counseling agency, the counselor suppose to analyze your financial situation by understanding all your debts, expenses and financial affordability before he work out plan that best fit your financial situation. If you found that your counselor is not paying attention when you explain your financial difficulties and he did not ask you the questions to get further understanding on your debt problem. What he is trying to do is propose their best debt management plan to you with a number of guarantees that your debt issue will surely be resolved if you enroll into the plan.
Don’t ever trust him else you will regret once you sign up and hand over your money. And, after that found out the propose debt management plan does not fit your financial situation. Avoid yourself from credit counseling agencies that propose to your one debt management plan that fit all financial situations. They just want to earn your money without really help in your debt problem.
Approach other credit counseling agencies and get one that really care about your debt problem, educate you on the cause of your debt issue, tell you what are your options based on your current financial status and guide you on the best debt solution with or without a debt management plan.
Scenario 2: Charge You An Upfront Cost Or The Fee Is High
The rule of thumb, credit counseling services are free of charge but most debt management plan (DMP) offered by credit counseling services have certain fee. The fee of DMP should be deducted directly from your monthly payment and it should not be too high; the reasonable fee should be plus minus $50. If you are asked to pay an upfront cost during sign up with the debt management plan, then it better to reject the plan and approach other credit counseling agency.
Beside that, before you sign on the agreement for the propose debt management plan, remember to check in details for any other hidden costs. There are unethical companies hide other costs to make the plan very attractive. These hidden costs will be written in the agreement. Unfortunately, most people won’t read the agreement in details when they sign on the dotted line. If you are unclear or need more time to read through the terms and conditions stated in debt management agreement, request to bring the agreement back to home for reading and sign back to the company if the terms meet your requirements.
Summary
Reputable and Legitimate credit counseling agencies are organization that help debtors to reduce and resolve their debt problem through counseling & education. They may recommend you to enroll into a debt management plan if your case really needs one. Whereas, credit counseling agencies run by scams care more on their profits than your debt problem. You should smart enough to differential them and avoid yourself from these scams.
Pearl
Credit counseling agencies are nonprofit organizations that intend to help debtors to resolve their debt issues by providing counseling and education on consumer credit, money, debt management, and budgeting. And, most of time, debtors are advised to enroll into a debt management plan so that they can follow the plan to work out of debt. Debt management plan proposed by reputable and legitimate credit counseling agencies do serve the purpose.
But, beware that many very attractive debt management plans offered by companies who called themselves credit counseling organizations are actually scams who are trying to cheat your money and worsen your debt situation. So, how could you avoid yourself from falling into these traps? Let go through 2 scenarios that you will potentially faced when approaching a credit counseling service which may run by scams.
Scenario 1: Propose A Debt Solution Without Analysis Your Financial Situation
When you consult a credit counseling agency, the counselor suppose to analyze your financial situation by understanding all your debts, expenses and financial affordability before he work out plan that best fit your financial situation. If you found that your counselor is not paying attention when you explain your financial difficulties and he did not ask you the questions to get further understanding on your debt problem. What he is trying to do is propose their best debt management plan to you with a number of guarantees that your debt issue will surely be resolved if you enroll into the plan.
Don’t ever trust him else you will regret once you sign up and hand over your money. And, after that found out the propose debt management plan does not fit your financial situation. Avoid yourself from credit counseling agencies that propose to your one debt management plan that fit all financial situations. They just want to earn your money without really help in your debt problem.
Approach other credit counseling agencies and get one that really care about your debt problem, educate you on the cause of your debt issue, tell you what are your options based on your current financial status and guide you on the best debt solution with or without a debt management plan.
Scenario 2: Charge You An Upfront Cost Or The Fee Is High
The rule of thumb, credit counseling services are free of charge but most debt management plan (DMP) offered by credit counseling services have certain fee. The fee of DMP should be deducted directly from your monthly payment and it should not be too high; the reasonable fee should be plus minus $50. If you are asked to pay an upfront cost during sign up with the debt management plan, then it better to reject the plan and approach other credit counseling agency.
Beside that, before you sign on the agreement for the propose debt management plan, remember to check in details for any other hidden costs. There are unethical companies hide other costs to make the plan very attractive. These hidden costs will be written in the agreement. Unfortunately, most people won’t read the agreement in details when they sign on the dotted line. If you are unclear or need more time to read through the terms and conditions stated in debt management agreement, request to bring the agreement back to home for reading and sign back to the company if the terms meet your requirements.
Summary
Reputable and Legitimate credit counseling agencies are organization that help debtors to reduce and resolve their debt problem through counseling & education. They may recommend you to enroll into a debt management plan if your case really needs one. Whereas, credit counseling agencies run by scams care more on their profits than your debt problem. You should smart enough to differential them and avoid yourself from these scams.
Pearl
Philadelphia Phillies Credit Card | Major League Baseball™ Extra Bases™ Mastercard
College Credit Builder asked:
The Philadelphia Phillies official team logo can now be featured on the Major League Baseball™ Extra Bases™ Credit Card from Bank of America. (www.philliescreditcard.com). This rewards credit card has proven to be a grand slam with fans and is scoring rave reviews in the rewards credit card industry. Like many retailers, airlines, and universities have done for years, Major League Baseball teams like the Philadelphia Phillies are now being displayed on consumer credit cards. These baseball oriented credit cards are rapidly growing in popularity and are proving to be a hit with sports fans across the country.
The Major League Baseball™ Extra Bases™ Credit Card from Bank of America has valuable features, including:
• No annual fee.
• 0% introductory Annual Percentage Rate (APR) on balance transfers and cash advance checks for your first 12 billing cycles.
• Get an official MLB™ licensed jersey after your first qualifying transaction(s) using your MLB™ Extra Bases™ credit card.
• Earn 1 point for every net retail dollar spent redeemable for MLB™ autographed memorabilia, once-in-a-lifetime MLB™ experiences, cash rewards and travel with no blackout dates.
At a time when everyone’s nerves are frayed because of uncertainty in the stock market, illiquidity in the credit market and the softening real estate market, one thing remains constant – sports fans are crazy about Major League Baseball. Historically, baseball has given the public something to believe in and something to hope for, particularly in tough economic times. With the MLB™ Extra Bases™ credit card, Phillies fans can be reminded of their favorite team every time they take out their wallets. Real fans carry the card with pride. Visit www.philliescreditcard.com to complete the credit card application online in a few short minutes.
Sandra
The Philadelphia Phillies official team logo can now be featured on the Major League Baseball™ Extra Bases™ Credit Card from Bank of America. (www.philliescreditcard.com). This rewards credit card has proven to be a grand slam with fans and is scoring rave reviews in the rewards credit card industry. Like many retailers, airlines, and universities have done for years, Major League Baseball teams like the Philadelphia Phillies are now being displayed on consumer credit cards. These baseball oriented credit cards are rapidly growing in popularity and are proving to be a hit with sports fans across the country.
The Major League Baseball™ Extra Bases™ Credit Card from Bank of America has valuable features, including:
• No annual fee.
• 0% introductory Annual Percentage Rate (APR) on balance transfers and cash advance checks for your first 12 billing cycles.
• Get an official MLB™ licensed jersey after your first qualifying transaction(s) using your MLB™ Extra Bases™ credit card.
• Earn 1 point for every net retail dollar spent redeemable for MLB™ autographed memorabilia, once-in-a-lifetime MLB™ experiences, cash rewards and travel with no blackout dates.
At a time when everyone’s nerves are frayed because of uncertainty in the stock market, illiquidity in the credit market and the softening real estate market, one thing remains constant – sports fans are crazy about Major League Baseball. Historically, baseball has given the public something to believe in and something to hope for, particularly in tough economic times. With the MLB™ Extra Bases™ credit card, Phillies fans can be reminded of their favorite team every time they take out their wallets. Real fans carry the card with pride. Visit www.philliescreditcard.com to complete the credit card application online in a few short minutes.
Sandra
what can i do? credit card company ?
Jesus J asked:
i request a transfer balance from a walmart discover to capital one, capital one sent the check to the wrong adress, they sent it to discover credit card, when i call capital one they are rude and tell me to call discover card, but i dont have a account with discover card, they then tell me to call capital one, where should i go for consumer rights or somethuing like that, it was for 100 dollars, so i guess thats the good news, bc it could be for more
Margaret
i request a transfer balance from a walmart discover to capital one, capital one sent the check to the wrong adress, they sent it to discover credit card, when i call capital one they are rude and tell me to call discover card, but i dont have a account with discover card, they then tell me to call capital one, where should i go for consumer rights or somethuing like that, it was for 100 dollars, so i guess thats the good news, bc it could be for more
Margaret
What are the benefits for a bank to reopen a previously closed credit card account?
Posted by admin in Personal Finance on August 20, 2009
Shermamoma asked:
Today I received a call from one of my credit card companies and they offered to re-open one of my cards that I had closed.
Today I received a call from one of my credit card companies and they offered to re-open one of my cards that I had closed.
The reason why I closed the card was because my APR was at 7.24% and they upped it to over 20%. I had not missed a payment in over 12 months so there was really no reason for them to up the interest rate.
Anywho, I told them I didn’t want the card anymore even though there was still a balance on it. They closed the account and readjusted the interest rate to 7.24%.
The call today basically kept the APR at 7.24%, reestablished the original credit limit and the rep claimed my credit report would show that I had the card from the original date that I opened the card.
I asked her what the benefit for the company is? Obviously banks only make these offers if it is going to benefit them; the consumer is worthless. I hate credit cards and the companies’ lack of consumer loyalty.
Katie