Life is a b*tch but we all know that so might as well stop whining. Or so they say. So you have financial problems. Well, you're not alone there. Everyone's got one. Except for Paris Hilton and Nicole Ritchie, may be. But since we can't trade places, we're stuck with our financial worries. You go over the list of solutions you made and hit upon debt consolidation. Well, that's a good idea. But there are several debt consolidation programs made available by companies and it's best to know which one you want in particular before you can get started.
You see, choosing from the debt consolidation programs available for you is just like choosing what car you like for yourself. Your bank has loaned you money to buy yourself wheels but it's not enough to buy something that's cool now. You have to choose something that will match yourself, something that's practical and will last all the way.
The first step in choosing from the list of debt consolidation programs you're given is to first know if debt consolidation is indeed right for you. Debt consolidation is like letting another person shoulder your burdens. But things like that don't come for free so you have to know if you're up to the task. The variety of programs will simply help you choose what course you want to take as you go along.
Now, if the specialist of debt consolidation programs has given you the go ahead, the next step to take is talking about your financial history. Just how much debt are you in, for example. The level of indebtedness you're in will help determine what you choose from the list of debt consolidation programs that the company has. It will give the specialist an idea about just how much there is to pay off and if you're capable of truly doing so with a little extra help. Then there's your income level. This is an important factor also in choosing from the debt consolidation programs you have at your disposal. Your income level will help the specialist know just how much you can afford to pay every month. Now, when choosing what among the debt consolidation programs made available to you is perfect, the specialist or expert would always ask you for your opinion. This is because ultimately, everything will boil down to what you want. But if you don't have a clue, don't worry because these experts know a lot of creditors so they can just take the steering wheel if you don't care to drive and do things for you their own way.
One good thing, however, that all debt consolidation programs have in common is that you don't have to personally deal anymore with your creditors. All debt consolidation programs make sure that you are not in any way pestered by phone calls about the loans you failed to pay off for the past three months or letters from your bank manager. This is something to rejoice because without those nagging calls, you're free to worry about other things, like earning more money.
So remember, choosing among the debt consolidation programs made available
to you is a very important task. Spend time going over it with your specialist,
researching about it over the Internet and asking your friends for their opinions.
As they say, better safe than sorry.
The Fed Proposes a Rules to Limit Credit Card Fees
The Federal Reserve has proposed a rule that would limit penalty credit card fees - those fees that are imposed when you default on your credit card, e.g. miss a payment. Right now, credit card companies are charging the maximum penalty fee to the majority of their customers. If it's passed by Congress, the new rule could end that practice.
The rule would stop credit card companies from charing fees that are more than the violation. For example, if you go over your limit by $5, your maximum over-the-limit fee would be $5. The rule would stop inactivity fees and prevent cardholders from being charged multiple times for one violation.
You can let the Federal Reserve know what you think about the proposed rule by commenting at their website. Make sure you leave a comment for R-1584.
The Fed Proposes a Rules to Limit Credit Card Fees originally appeared on About.com Credit / Debt Management on Monday, March 8th, 2010 at 02:10:52.
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...(more)Watch Out for Unauthorized Charges From iTunes
Note: This news story came out last year, but many readers are still facing problems with fraudulent charges from iTunes.
A MyFox New York story warns about fraudulent credit card and check card charges that appear to be from iTunes. The first signs of the fraud include charges or pending authorizations from a APL*ITUNES business for $1.00 which might seem to be accurate or an email for gift card receipts that were purchased with your account. The fraud is happening to a wide-variety of people who may or may not have an iTunes account. From the news story:
The high-tech scam has claimed victims from New York to California. At the heart of it all is Apple's wildly popular iTunes. Victims say it starts with an unexpected e-mail for purchases they never made. That's how Rachel Katz from Manhattan found out, "I got two emails thanking me for my purchase."
But by the time victims get the e-mail receipt it's usually too late. The receipts appear to be legitimate, and come from Apple, generated by the user's iTunes account. The receipts show purchases for iTunes electronic gift certificates and charges that hit checking accounts, credit cards or PayPal depending on what the user has linked to his or her iTunes account.
Some of the thieves wait for the $1.00 charge to complete before hitting the account with even higher charges. Sending an initial small charge through first allows the thief to determine whether the account is legitimate.
Many victims of the fraud are having trouble fixing the situation. Neither the banks nor Paypal nor Apple accept ownership. Meanwhile, victims are left without hundreds, even thousands of dollars.
Brett Larson with MyFox recommends deleting your credit card information from iTunes. Instead, he suggests you fund your account with an iTunes gift card. The cards can be purchased from many retailers like Wal-Mart, Target, and Best Buy. Or, you can make iTunes purchases with single-use credit card number available from your credit card company.
I just deleted my credit card information from iTunes by going to Store --> View My Account. I clicked on Edit Payment information and next to "Credit Card" I selected the radio button next to "None."
If you notice an authorization or charges from Apl*itunes, contact your bank immediately. Here are some Tips to Avoid Credit Card Scams and information about disputing inaccurate credit card charges.
via Consumerist
Watch Out for Unauthorized Charges From iTunes originally appeared on About.com Credit / Debt Management on Saturday, March 6th, 2010 at 02:05:33.
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...(more)Are Some Creditors Trying to Hide the True Cost of Credit?
Credit card issuers are now required to include credit card repayment time and cost on the front of your billing statement, but they may be trying to skirt that new requirement.
Credit card issuers are now required to give a minimum payment warning letting you know just how much you'll end up paying in interest if you make the minimum payment on your credit card. They also have to clearly state late payment penalties including late fees and penalty rates. Both these disclosures are supposed to be printed on the front of your billing statement.
The rule applies to printed statements and if you check your billing statement online, you might not see the warnings unless you download the PDF version of your statement. Could this be the real reason why some private-label credit card issuers started charging consumers a dollar to receive paper statements?
CreditCards.com reports that back in December of 2009, retailers who issue through Alliance Data Systems gave cardholders the option to get their statements online or pay $1 for paper statements. Of course, there'll be some customers to pay the fee because they can't or won't check their accounts online. The ones who opt for online statements could miss out on vital information about how much they're paying for credit.
Are Some Creditors Trying to Hide the True Cost of Credit? originally appeared on About.com Credit / Debt Management on Thursday, March 4th, 2010 at 02:42:48.
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...(more)Credit card skimming is a type of credit card theft that allows thieves to steal your credit card information without stealing your credit card. After being hidden in ATMs and other credit card machines, credit card skimmers collect your data in what would have been a legitimate transaction. Waiters, retail clerks, and other customer service representatives can hold skimmers in their hands and swipe when you're not paying attention. Learn more about credit card skimming, how to recognize a skimmer, and how to avoid the theft.
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Beware Credit Card Skimming originally appeared on About.com Credit / Debt Management on Wednesday, March 3rd, 2010 at 00:18:06.
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...(more)5 Ways to Spend Your Tax Refund
It's tax season and for many taxpayers that means a tax refund is due. If you know you're getting a refund, you've probably already started thinking about how you're going to spend it. Buying consumer goods would stimulate the economy, but paying off some credit card debt would stimulate your get-out-of-debt plan. See 5 Ways to Spend Your Tax Refund for some ideas on what you can do with this year's income tax refund.
5 Ways to Spend Your Tax Refund originally appeared on About.com Credit / Debt Management on Saturday, February 27th, 2010 at 00:18:53.
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