Finding free credit card debt relief that’s accomplished easily is an extreme and perplexing problem for millions of people caught up in this depression through no fault of their own. Kids really can solve the problem but unfortunately for adults none of them have a card debt problem so you won’t hear about it out of the mouths of babes.
How can this be you ask? Kids love cartoons and you can find the exact one they need to see by searching the term “FTC debt video” and let them explain it to you. Their belief system is a little more trusting than yours so they believe it but you on the other hand think it’s just too simple and must be some kind of government scam.
Okay old dog, it’s time to learn some new tricks and be a kid again but you must be over 18 because there is some adult material included here about the banking industry and even though it’s been broadcast on PBS, it remains a hush-hush, whisper only information item that people never discuss openly.
Just use the search term “Frontline — the credit card game” to see how this unorthodox activity began and how it ties in with the “Humpty Dumpty” housing bubble that took a big fall. It explains the exact reason you’re looking for free credit debt relief right now.
Big banking put you on the debt merry-go-round, gave you the plastic genie to swipe for dream fulfillment and at the same time implanted a 30% interest rate that’s now taking an arm and leg out of your paycheck if you are one of the really lucky people that still employed. Don’t feel bad, the entire nation was seduced by the debt genie.
From watching the Federal Trade Commission video you should have concluded that debt collectors, who represent the darkest side of the banking industry, can be easily beaten because they’re not as smart as their banking daddies. Not only can you stop their calls for the price of a postage stamp, you can also get a digital recorder and take their money!
How much money can you take from a debt collector? Use the search term “man wins $1.5 million lawsuit against debt collector” to see the current record and this guy wasn’t even trying. Just remember when collectors’ harassment has you “crying” while you’re recording their conversation, the $100 bills you’re earning will each absorb more teardrops than two roles of bounty quicker picker upper. Didn’t know that did you?
The last item on the free credit card debt relief that’s so easy a kid can do it is about your child’s ability to write a simple letter demanding proof of the alleged debt and getting the address right on the envelope. You must send this letter or all your kids’ effort will be for nothing. It’s a legal essential because without proof you owe collectors nothing! Live life and have fun!
Many credit card debt solutions are available to help the people who are trapped in the vicious circle of debts. Debts can be secured or unsecured. Secured debts are issued against some security i.e. assets like house or car whereas an unsecured debt is not issued against any security.
The debts must be evaluated if some relief option is to be opted for getting rid of them. As we all know that various credit card debt solutions are present to solve the liability issue of people therefore, it is very rare case that a creditor sues any of his consumer for the recovery of the loaned amount.
The most preferred credit card debt solutions include debt settlement and bankruptcy. According to the expert’s opinion, debt settlement is the best option to solve the problem of liabilities. Settlement deals can either be formal or informal ones. Informal deals involve a written or verbal agreement between the lender and the borrower including details of how much money is to be paid to the creditor and at what time this payment must be made. For formal deals, a person has to be aware of the legal formalities.
On the other hand if we talk about bankruptcy then it is worth mentioning here that it is not an appropriate way to get rid of the loans. This is because the long run consequences of this option are really disastrous for the person who is opting for this option. If a person becomes a defaulter, he gets ineligible to take any loan for the fulfillment of the financial obligations for the next many years. Creditors also don’t get any money if any of their clients become bankrupt.
Debt settlement is that option which grants 50 to 60% elimination in the amount of the debts along with an opportunity to pay the remaining amount in easy monthly installments or in a lump sum amount as per desire.
Therefore, among the credit card debt solutions, debt settlement is the debt relief option that makes the most financial sense for a debtor.
Every year, people who run up impossible levels of debt on their credit cards have no option but to pay something back through bankruptcy filings and Chapter 7 liquidations. It’s about $25 billion worth of liquidations of personal assets every year that help with debt payoff in these circumstances. While this might seem like a good way to help the credit card companies make back some of what they have lost, irresponsible behavior of this kind has a way of making things very difficult for every kind of business that deals in lending – retailers, mortgagee, banks and credit card companies.
It all comes down to unplanned living. When people casually charge their home loan payments, their car payments, their utility bills and all their living expenses to their multiple cards without really thinking about the interest they are paying on their credit card debt, there can be only one way for all of this to end up – bankruptcy and financial ruin.
Some borrowers, though not many, have a way of gaming the whole system. They know that eventually one day, they will have no option but to declare Chapter 7 bankruptcy. They try to get the most they can out of their cards before declaring bankruptcy. They’ll charge purchases worth thousands of dollars to their credit cards and then finally declare Chapter 7. They know that their credit card companies stand at the end of the line when it comes to debt payoff by a court-appointed trustee. They can practically get away with everything they got off their credit cards for free this way. It’s a terrible way to live of course; but to many people, it seems like a workable way to live life large.
While secured debt like car loans or mortgages have always to be paid no matter how bankrupt one is and even student loans, taxes and child support obligations need to be met, unsecured claims such as credit card debt can easily be signed away with not so much as a penny paid. All it takes is the order of a judge in bankruptcy court. The credit card companies can’t really ask for any enforced debt payoff. They can’t even sue the borrower for fraud. If a borrower files for Chapter 13 bankruptcy, nothing can be done even if fraud is suspected. There are actually a few rumblings of change here. The authorities are beginning to notice that borrowers regularly try to game a system originally designed to help those in real need of consumer debt protection.
Creditors enjoy the best chances of a debt payoff when a debtor files for a Chapter 13 bankruptcy. The court structures the debtor’s earned income each month to help pay off all credit card debt. Almost all outstanding credit can end up getting paid for this way. There is a cutoff repayment period that the court enforces; the way they structure these debt payoff plans, if everything isn’t paid off in five years, whatever is left over gets wiped clean off the slate. This of course is no way to live, to have the courts come in and tell you how to spend your money. It’s just the price to pay when one lives one’s life on the edge.
Like it or not we’re stuck in a downward economic cycle. The good news is that the economy always pops back. Just like people, it has some down days, but then picks itself up, dusts off and goes back to normal. The bad news is that we don’t know when the economy will pick up and get back to where we want it to be.
In the meantime, many people are struggling. The cost of living has been consistently going up, while pay scales are not keeping pace. If you have a job you are not going to say anything about that lack of pay increase because you’re just happy to be working, as you see many companies around you laying employees off or closing their doors altogether.
The current economic situation is a recipe for major debt to be piling up.
Most people came into the economic downward trend with some amount of debt accumulated. With the increase in the cost of living, expenses have gone up and there is less money to pay down that previous debt. Interest is being tacked on month by month and no matter how hard you try your debt may be getting deeper instead of going away.
What can you do?
One solution is to change the way you are paying off your debt. If you have a loan or a Credit Card holding all that debt, you are most likely paying a good chunk every month just in interest. Instead you could pass on paying interest and just work on the principal by using balance transfer credit cards.
Balance transfer credit cards are just what they sound like, cards that you can use to transfer your balance from other cards and loans to one card.
If you’re thinking this is no different than the situation you are already in, except that you have all your debt on one card, think again. Many of the best balance transfer credit cards offer a little something extra for deciding to use them, they are 0% interest balance transfer credit cards. This means when you transfer the balance from your other cards or loans over to this card, you will not have to pay any interest for a predetermined time. Others have very low interest rates that won’t keep choking you.
When you are selecting the best balance transfer credit card you should make sure to look at the duration of the 0% interest or low balance transfer interest offer. Most balance transfer credit cards offer these types of deals for 6 months, 8 months, a year or more. The longer the better as that is more time you have to pay off your debt without seeing it grow due to interest. Get more information at Gebyar4d
If you have been juggling all sorts of credit card payments and are drowning under a sea of monthly bills, you may be looking for a way to make things a lot easier to deal with. You need to be looking into balance transfer credit cards.
The idea of a balance transfer credit card is to offer you one card where you can consolidate all those other cards and have only one monthly payment to pay. In addition to making things easier, if you look for the best balance transfer credit cards out there you may well be able to save a bit of money while paying off your debt.
The key to finding the best balance transfer credit cards is to shop around and ask a few questions:
What is the introductory rate?
By shopping around you may be able to find great introductory rates for your balance transfer credit cards. Some of the best balance transfer credit cards offer 0% interest. This means you can just work on paying down your principal and not worry about interest stacking on for the duration of the introductory rate.
How long does the introductory rate last?
While a 0% introductory rate is a good thing, it is important to note the length that rate will be available will change by company. Some companies only offer the rate for the first 3-6 months that you own the card. Others offer a year or more with that 0% interest rate. The longer the introductory rate stays in place the more you can pay down the principal on your balance transfers
What will the standard rate be?
You should always know what the interest rate will be once the introductory rate has ended. All cards will switch to a ‘regular’ rate after the introductory period and this is the interest you will be paying on any remaining money on the card. The lower this is, the better.
Is there a transaction fee?
Most cards will charge a balance transfer transaction fee. This is a fee you will have to pay to move your money from your old cards to the new credit card. You should find out how much this will cost to see if it is worth it.
Is there an annual fee?
Some credit cards charge annual fees, others don’t. Make sure you know if the card you are considering does so you are not surprised by an annual charge you were not expecting.
Are there credit standards to be met?
Before you get your heart set on a balance transfer credit card you should make sure you can qualify for it. Some cards want higher credit standards and if you have less than perfect credit you could find yourself disappointed by rejection. www.imuslim.co.id Recommended website to get other information.
What’s in the fine print?
Always read the fine print and know what is expected of you when using the card. Many of the best balance transfer credit cards only work well if you follow the rules. The first time you are late or miss a payment, you may void the introductory rate and a high interest rate may kick in for the remainder of your balance.