Credit Card Problems In America
Posted on December 21, 2009
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The United States is a country that is filled with consumer credit card debt and this places many people in a position of stress and desperation. Figures show that the average American household is over $8,000 in credit card debt, with our without having a credit card. Households with a credit card are over $10,000 in debt, on average, and this number seems to be growing at an alarmingly fast rate. These credit card problems foster indecision and confusion among consumers that don’t know where to begin to look for the relief that they need.
Fortunately, there are several solutions available to consumers that are in need of help during financially turbulent times. You should always weight your options when it comes to becoming free from credit card debt because what might work for someone else might not work out for you.
Four common solutions to credit card debt include; debt consolidation, debt management programs, bankruptcy and debt settlement. The first three options might be beneficial to some people, but generally offer little help to those that have gone off the far end with debt. Debt consolidation is ideal for those that are able to continue to make monthly payments; it is a solution to combines several smaller debts into a larger debt. The problem with this is that you are left with a larger debt and, usually, larger monthly payments. Debt management programs offer advice and devise a plan to pay off debts, but it can prolong the time it takes to pay off your debts and increase the amount of interest you pay. Bankruptcy is a last resort option that will cripple your credit record for up to ten years and affect your entire life severely; it involves wiping certain debts completely, but the negative effects of bankruptcy remain for a long time.
Debt settlement is a process by which debts are negotiated with collectors in order to reach a mutually beneficial agreement of payment. A legitimate and accredited debt settlement company, such as Debt Logic, can help you negotiate your debts and lower your monthly payments and even your overall debt. Debt Logic is fully accredited by The Association of Settlement Companies and works diligently on your behalf to put you on the right path to financial freedom. Unlike the three other options, debt settlement can actually help reduce your debts and make it much easier and timely to get rid of your debts.
If you are in debt and need a solution that is simple and cost-effective, call Debt Logic immediately at 1-800-549-3456 or email us at customersupport@debtlogicusa.com. For more information on the benefits of debt settlement, be sure to visit our site at www.debtlogicusa.com. Remember that there are always options available to you if you feel financially defeated, contact us to see if you qualify for debt settlement right now.
Best Debt Settlement Techniques
Posted on December 16, 2009
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Debt settlement is a simple and viable solution for those that are in debt and have no desire to file for bankruptcy or cannot afford debt management and consolidation programs. Debt settlement, however, can also go wrong if you don’t use the proper techniques and exercise precautions before agreeing to any terms and conditions. Here are five of the best debt settlement techniques that will ensure a smooth process.
- Always seek reputable and established debt settlement companies. In order to avoid falling victim to fraudulent activities you should always look for accredited debt settlement companies. Debt Logic is a debt settlement company that is accredited by The Association of Settlement Companies and has a proven track record that has settled millions of dollars in unsecured debt.
- Know your boundaries and limitations. Debt settlement can be an excellent solution, but you must remember how much you are able to pay. You should strive for monthly payments that are affordable and still have enough for basic necessities such as food and housing.
- Know your rights. Harassing calls, emails and letters can put anyone on edge and make anyone feel bullied and cornered. Many states have their own debt collection laws and knowing your rights will result in collectors being less likely to try aggressive tactics. A debt settlement company, such as Debt Logic, will help you end those calls, emails and letters almost immediately.
- Keep private information private. The less you reveal to collectors, the better. You should not give collectors information about where you work, where you conduct your banking or your checking account number. Revealing this information leaves you vulnerable to being charged more than you can afford and can defeat negotiation efforts as well.
- Enroll in a legitimate debt settlement program. A debt settlement company, such as Debt Logic, can help make your life easier. You will enjoy the convenience of making one monthly payment, instead of several different payments. A legitimate company can reduce your monthly payments substantially and may even be able to reduce your overall debt. Debt settlement also allows you to forego the damaging effects of bankruptcy and is an affordable alternative to debt consolidation and debt management programs.
If you are in debt and need a solution that can save you money along the way, be sure to contact Debt Logic at 1-800-549-3456 or email us at customersupport@debtlogicusa.com.
10 Debt Tips For Christmas
Posted on December 11, 2009
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Christmas is a time for giving and spending time with the ones you love, but it can also be quite expensive and can even spiral you further down into debt if you don’t carefully manage your expenses. Here are ten tips to keep in mind after you’ve finished your holiday shopping and traveling. These tips will help you manage and get rid of holiday debts before they snowball into bigger debts.
- Confront your bills: ignoring your bills after the holiday season adds late fees and digs you deeper into debt.
- Avoid using credit cards as therapy: although you may become startled by your post-holiday debt, using credit cards as a form of therapy only amounts to added debt.
- Settle your debts: a legitimate debt settlement company, such as Debt Logic, can assist you in negotiating with lenders and banks to reduce your monthly payments and might be able to reduce your overall balance due as well, for more information visit www.debtlogicusa.com.
- Go above and beyond the minimum: making the minimum payments on debt prolongs the time you are in debt, as well as the interest you pay. Pay more than the minimum payment to shorten that time and interest, but make sure you still have enough money for essentially necessities such as housing, food, etc.
- Transfer balances: If you are able to transfer your multiple balances to one credit card with a low interest, it is much easier to make the single payment instead of multiple payments with varying interest rates. Be careful, however, because a higher interest rate can make it more difficult and expensive in the long run.
- Weight your options: If you are not able to transfer your balances to one credit card, you should make a large payment to one credit card and minimum payments on the rest, this way you can pay one off and still make progress on other cards.
- Return purchases: If you went overboard with holiday shopping, you can always return excess purchases and receive credit for them on your credit cards.
- Keep track of everything: Tracking your progress and knowing your deadlines will ensure you pay off debts in a timely manner and avoid hefty penalties.
- Pay with cash: This one is simple; avoid using credit cards whenever possible, during or after the holiday season, and you don’t have to worry about interest or late fees.
- Save up: This one should be practiced throughout the year; save up some cash each month to pay for holiday gifts at the end of the year without using credit cards.
If you feel helpless after the holiday season, and your debts have become uncontrollable, contact Debt Logic for a solution that helps you avoid bankruptcy and debt consolidation. We are accredited by The Association of Settlement Companies and can help you lower your monthly and overall payments. Give us a call at 1-800-549-3456 or email us at customersupport@debtlogicusa.com.
How To Avoid Debt Problems
Posted on December 11, 2009
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Debt is a serious problem for many people around the country; many people that are in debt become stressed out and let the debt problems snowball until it becomes completely unmanageable. The key to avoiding debt is to pay your bills on time and not allow them to become overdue because that just adds to the amount you already owe. Other preventative methods to avoid debt problems include: avoid paying with credit cards, pay with cash instead; stay within your spending limits; avoid impulse shopping; compare price before making major purchases; keep bank account balances on check to avoid overdraft fees; pay more than the minimum payment, if possible, to get rid of debt quicker; avoid having multiple credit cards; avoid credit card scams that seem too good to be true.
If you find yourself in too much debt already and have no solution to the surmounting overdue balances, there are several solutions that can help you get out of debt problems. The first one is known as debt consolidation; this is a method includes the convergence of several small debts into one large debt. The problem with this method is that, while it may work for some as a form of organizing several debts, it usually involves higher monthly payments that some may not be able to afford and does not reduce the overall balance due; you end up owing the same amount but with a higher monthly payment attached.
Another solution that one may seek is bankruptcy; this process can clear you of most debts, (not all, including student loans) but stays on your credit record for up to ten years; it also has damaging effects to your credit score during that duration of time. Bankruptcy also affects others at the same time; for example, a spouse is also affected by bankruptcy if they are responsible in any part of your debt.
One simple, viable solution to getting rid of unsecured credit card debt is called debt settlement. Debt settlement allows you to negotiate with banks and lenders to reach an agreement that is beneficial to you. Legitimate debt settlement companies, such as Debt Logic, which is accredited by The Association of Settlement Companies, can help you in providing an alternative to the damaging effects of debt consolidation and bankruptcy. Debt Logic can help lower your monthly payments and can even help reduce your overall balance due.
If you feel that you are on the verge of debt problems or are already in trouble, be sure to contact Debt Logic at 1-800-549-3456 or at customersupport@debtlogicusa.com to begin your path toward a debt free future.
Can You Overcome Massive Medical Bills?
Posted on December 11, 2009
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According to CNN, an estimated 1.5 million Americans will declare bankruptcy this year. The shocking finding by the Harvard Medical School, however, is that 60 percent of those that file for bankruptcy will do so because of medical bills, not because of leading a lavish lifestyle or overspending like in the past.
Bankruptcies due to medical bills increased by nearly 50 percent in a six-year period, from 46 percent in 2001 to 62 percent in 2007, and most of those who filed for bankruptcy were middle-class, well-educated homeowners, according to a report that will be published in the August issue of The American Journal of Medicine.
Even more disturbing is the finding that 3/4 of those who filed for bankruptcy in the Harvard Medical School survey had health insurance. There is a common misconception that having health insurance will save you from massive medical bills, but that isn’t always the case.
“If an illness is long enough and expensive enough, private insurance offers very little protection against medical bankruptcy, and that’s the major finding in our study,” said Steffie Woolhandler, M.D., of the Harvard Medical School.
“That was actually the predominant problem in patients in our study — 78 percent of them had health insurance, but many of them were bankrupted anyway because there were gaps in their coverage like co-payments and deductibles and uncovered services,” says Woolhandler. “Other people had private insurance but got so sick that they lost their job and lost their insurance.”
So what can the average American do if they find themselves on the verge of declaring bankruptcy due to overwhelming medicals bills? Bankruptcy is a damaging option that will leave negative traces on your credit record for up to ten years. It can also negatively affect your family, for example, it will also affect your spouses’ credit record if they were responsible, in any way, for the debt owed and it can make it more difficult for you and your family to attain car loans, home loans, etc.
One viable solution for those overwhelmed by massive medical bills is known as debt settlement. This process involves negotiating with lenders and banks to lower your monthly payments and overall balance due. Debt Logic, a debt settlement company that is accredited by The Association of Settlement Companies, can help you avoid the damaging effects of bankruptcy. Debt Logic negotiates with lenders on your behalf and reaches a deal that is beneficial to you in the long run. The company can settle your debt while lowering your monthly payments and may be able to reduce the overall balance due as well.
If you feel that you are overwhelmed by stacking medical bills and want to avoid the detrimental effects of declaring bankruptcy, be sure contact Debt Logic at 1-800-549-3456 or at customersupport@debtlogicusa.com.
Debt Collection – Part 2
Posted on November 27, 2009
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Debt collection can be a very high profit business. Debt collection agencies make more money when you pay back your debts in full, and they keep their administrative costs lower if you make your payments in one lump sum rather than several smaller payments. Some debt collection agencies will work with you and set up a payment plan. Whenever you make a deal with a collection agency, make sure to get it in writing and signed by both you and the collection agency. Verbal agreements are rarely legally binding in cases with debt collection agencies. Debt collection agencies also buy and sell accounts quite often, so even written agreements with one collection agency may not be honored by another agency that has taken over your account. But in case you get sued by a debt collection agency, having an agreement on paper puts you in a much stronger position when you go to court.
If you find yourself dealing with a debt collection agency that refuses to adopt a payment plan and you cannot afford to pay your debt back in one lump sum, keep sending in your monthly payments-even if they send them back to you. Keep your receipts, check register and returned mail. In the event that your debt collection agency sues you for nonpayment of your debt, the judge in the case will see that you were at least trying to pay back your debt and may dismiss the case altogether.
Since debt collection agencies so frequently buy or sell accounts to other agencies, many accounts get lost in the shuffle. Sometimes debt collection agencies start calling you about accounts that you actually repaid, or that were never yours to begin with. In those cases, you should send a certified letter requesting that they send you proof that you owe money. If they actually have to check their paperwork, they may see that they have mixed up their accounts. Again, you can ask them to stop calling you, and once you do they must comply. If they are harassing you about a debt you have already repaid, make sure to send them copies of proof that you have dealt with the matter.
Don’t let debt collection agencies bully you. While the Fair Debt Collection Practices Act governs how debt collection agencies work, state laws typically govern how original creditors can work with you. Get to know the laws governing debt collection in your state. Knowing your rights can save you so much stress in the long run.
If you feel like you are being mislead by lenders and banks and need a solution to your financial struggles, contact Debt Logic at 1-800-549-3456 or visit our site at www.debtlogicusa.com.
Debt Collection – Part 1
Posted on November 27, 2009
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Having old debts to repay can be extremely stressful. In addition to the worrying about your finances and potential damage to your credit score, debt collection agents are frequent reminders that you owe somebody money that you may not have. In the past, because debt collection agencies were largely unregulated and unwatched by law makers, they very often would use incredibly intrusive and pushy ways to contact you and get you to pay your old debts back. In some cases, debt collectors would lie or use threats to get people to pay back their debts. While debt collection agencies are still aggressive, you do have rights. The Fair Debt Collection Practices Act was passed in 1996 in order to protect people from debt collector behavior that crosses the line into harassment or abuse. In this article, we will discuss some of the tactics that debt collectors frequently use and what you can do about them.
Debt collection agencies are allowed to call you. However, they are only allowed to call you between the hours of 8 a.m. and 9 p.m. Moreover, under FDCPA laws, debt collection agencies are responsible for knowing what time it is in whatever time zone they are calling. Time zone differences are no longer an excuse for debt collection agencies to call you while you or your family are sleeping. Debt collection agencies can and do frequently leave messages on your personal answering machine. They will most likely continue to leave messages for you until you request that they stop. Once you specifically ask them to stop leaving messages on your voicemail or answering machines, they are legally required to comply. Debt collectors are also not legally allowed to discuss your debts with a third party, so they cannot call your employer or relatives about your debts, nor can they leave messages for you with them.
Wage garnishment is a very real possibility for many people in debt. However, every American citizen has a constitutionally-protected right to “due process.” As such, no debt collection agency may garnish your wages through your employer unless they have successfully sued you in a court of law. Your employer should not garnish your wages unless he or she receives an official court order requiring them to do so.
If you feel like you are being mislead by lenders and banks and need a solution to your financial struggles, contact Debt Logic at 1-800-549-3456 or visit our site at www.debtlogicusa.com.
Stopping Lender Manipulation
Posted on November 25, 2009
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Credit card issuers have long employed techniques that benefit them when it comes to consumer lawsuits. Arbitration clauses were once a common practice that issuers used (and continue to use) when opening lines of credit to consumers, but they have been heavily criticized and are now being phased out. Bank of America, one of the largest credit issuers in the nation, was the first issuer to eliminate arbitration clauses altogether and now it seems that other issuers will follow suit. JPMorgan Chase & Co., the nation’s largest credit card issuer, has settled to remove arbitration clauses from their contracts during the first quarter of 2010. Two large arbitration companies also announced that they would no longer be handling consumer debt collection disputes in the midst of heavy criticism from consumers and consumer advocates.
The credit card industry is evolving and it seems to be reflecting a shift that might benefit consumers. For a long time, credit issuers have included sketchy arbitration clauses in their contracts in order to divert consumer lawsuits away from the court system and into the privately-run arbitration system. The arbitration system has generally worked to the benefit of issuers and leaves consumers in the dark when they want to settle complaints. One of the benefits of arbitration, however, is that it is a bridge between issuers and consumers when pursuing debt settlement. Debt settlement is a process that involves negotiating unsecured credit card debt with lenders and banks in order to reach a mutually beneficial agreement. A legitimate debt settlement company can help people in debt reduce their monthly payments and may be able to reduce overall balances due as well.
Debt Logic, a settlement company that is accredited by The Association of Settlement Companies (TASC), provides assistance in negotiating debts with lenders and banks to people in debt. We work around the clock in order to help consumers fight back against lenders that use manipulative practices to mislead and deceive consumers. We know what your rights are when it comes to credit card debt collection and will help you decipher what lenders don’t want you know. We have successfully settled millions of dollars in unsecured credit card debt and have helped consumers put an end to harassing calls and letters from lenders. Debt Logic will work on your behalf, not for the lenders’ benefit, in order to end the manipulation and to get your financial situation evened out. If you feel like you are being mislead by lenders and banks and need a solution to your financial struggles, contact Debt Logic at 1-800-549-3456 or visit our site at www.debtlogicusa.com.
Debt Settlement and Your Credit Score
Posted on November 25, 2009
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Debt settlement is a process that is becoming more and more common amongst people that are in debt in the United States. Other solutions to debt that are common are bankruptcy and debt consolidation, but these two options have detrimental effects on the borrower. Declaring bankruptcy not only ravages your credit score, but it also remains on your credit report for up to ten years. Debt consolidation is an option that lumps multiple debts into one larger debt, the only problem is that you are left with a high monthly payment and the debt remains the same, if not higher. Debt settlement is an alternative that helps avoid the pitfalls of both bankruptcy and debt consolidation; it works to eliminate unsecured debts in a timely and effective manner. The debt settlement process includes negotiating with lenders and banks to reduce monthly payments and overall balances due to get rid of debt. There are, however, a few things one should know before jumping into debt settlement head first.
Does It Affect My Credit Score?
The process of debt settlement is similar to bankruptcy and debt consolidation in that they all affect your credit score. No matter which option you choose, your credit score will be negatively affected. Bankruptcy has the most devastating effects on your credit score and your credit report, debt consolidation also affects your credit score but on a smaller capacity. Debt settlement also negatively affects your credit score, but the amount that it declines varies from client to client. Even though your credit score will decline, it is much better than having unresolved delinquent debts or bankruptcy. When you go through a debt settlement program, your credit score will decline, but it can also improve once your debts are settled and paid as the negative items have been resolved.
Debt Logic, a debt settlement company that is accredited by The Association of Settlement Companies (TASC), provides people in debt with a viable solution that is less harmful to your credit score than bankruptcy and debt consolidation. We negotiate with lenders and banks on your behalf to reduce your monthly payments to an affordable rate and to reduce overall debts owed. Our team of professionals has helped negotiate millions of dollars in unsecured debt and will work diligently in order to help you become more financially stable.
If you are in debt and can no longer afford to pay your monthly payments and necessities, you need to find a solution to your problems before they become unmanageable. Although debt settlement might not be a solution for every person in debt, Debt Logic can evaluate your situation and help you settle your debts if you qualify for our program. If you are interested in negotiating your debts and becoming debt free, contact us at 1-800-549-3456 or visit our site at www.debtlogicusa.com.
Credit Card Fees Increase
Posted on November 23, 2009
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Credit card companies, such as American Express, have found a new way to penalize customers that do not pay their bills on time. Tough new rules for credit card companies, that are scheduled to go into effect in February, have left the companies looking for ways to counterbalance their inability to increase rates on existing balances unless a person is more than 60 days behind on a payment. The new tactic includes forfeiting miles or points earned through cobranded credit cards if you are behind one payment and charging a reinstatement fee to get those miles or points back.
John Ulzheimer, president of educational services for Credit.com, said “I think over the course of time, people miss a payment at least once because of unforeseen circumstances like something getting lost in the mail or a long vacation taking your focus off making your payments. Essentially if you can’t charge one fee, you create a new fee.”
This is but one of the many increases that have come down on customers over the past few years. These increases have been partially to blame for the struggles of many that are in credit card debt. Credit card debt affects a large population of people in this country and many are unsure solutions to their credit card woes.
The added increases that credit card companies are piling onto monthly payments makes it tougher for those in debt to get out of debt. Fortunately, there are solutions that you can take to remedy the situation when you are no longer able to pay off your debts and support your well-being month-to-month.
One solution that those in credit card debt are gravitating toward is debt settlement. This process involves negotiating with lenders and banks to lower your monthly payments on unsecured credit card debts. Debt Logic, a debt settlement company that is accredited by The Association of Settlement Companies (TASC), can work on your behalf to reach a favorable agreement with lenders and banks to lower your monthly payments so that you can afford those payments and your essential necessities at the same time. Debt Logic can also help reduce your overall balance due by negotiating with lenders and banks and settling a lowered debt that makes it easier for you to get out of credit card debt.
In the face of increasing fees and rates, many people in debt are becoming more and more worried with their financial situations. Often times, people try to brush off their problems and end up in credit card debt that can become unmanageable. If you find yourself in a situation where you can’t afford monthly payments and feel overwhelmed with debt and increasing fees, contact Debt Logic for assistance in getting out of credit card debt. Call us at 1-800-549-3456 or email us at customersupport@debtlogicusa.com for a free consultation.
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