Online debt consolidation has been a hot topic on everybody's lips nowadays. People are divided in their opinions about online debt consolidation because there are those who swear that they've been saved from bankruptcy, thanks to online debt consolidation while there are those who say online debt consolidation is such a no-no, like all other financial processes done over the Internet, because it's too risky.
This article would hopefully be one of the few to tackle the issue of online debt consolidation in an objective manner. The advantages and disadvantages behind online debt consolidation would both be considered but in the end, we leave it to you to decide since it's your life, your money and your bills.
Let's begin then. Just for clarity's sake, debt consolidation is adding up all your bills together and asking a debt consolidation company to do some quotes for you online. Some sites even assure you that you need not show any documents at all to avail yourself of online debt consolidation. So that's an advantage of online debt consolidation over other institutions like banks, for example. Banks wouldn't let you take a loan unless you show them a heap of papers that proves your credit reputation is tarnish free. With online debt consolidation, you may not even need to show more than your bank account balance. Online debt consolidation is also convenient obviously because it can be done online. There are times when we can't help but worry about our finances and so even though we're out of town, we can easily cope with our problems thanks to online debt consolidation. If you have a laptop, you can simply plug it to a phone line and you're on. Or you can go visit the nearest internet café. Then you log in to an online debt consolidation company and there you go, bills paid in an instant. It's that easy. But of course, there are always two sides to a coin and so there are disadvantages to using online debt consolidation too. The first major disadvantage of online debt consolidation is sending personal and pertinent information over the Internet like your Social Security number, your financial status, your credit card number and so on. Online debt consolidation companies may require access to your accounts and that could be a fatal thing. Even if they don't, sending information such as those mentioned above over the Internet would instantly make them vulnerable to hackers worldwide. And you naturally don't need more bills to tally, bills for products and services that you didn't even enjoy yourself.
Another disadvantage of online debt consolidation is that you may not know what exactly is going on. They may be just a company that represents other companies so your bills may be passed to another person and so on until it's all one big mess. Although online debt consolidation can be convenient, when the situation becomes a little crazy, that's when it becomes inconvenient. Since it is online debt consolidation, there may not even be a company address for you to go to when trouble arises.
As a closing note, although we have nothing against online debt consolidation,
we do believe that if you truly want to solve your bills in such a way, then
why not try to do it personally and visit the nearest debt consolidation company
instead of doing it online? At least you'd see the person who is
going to handle the finances instead of simply relying on a computer processed
form.
7 Ways to Spot a Credit Repair Scam
If you've recently had an application turned down because of bad credit, you know the importance of good credit as well as anyone. Having bad credit can make life a little inconvenient. You might find yourself paying high security deposits or getting turned down for credit cards, loans, and even jobs.
Credit repair services look very attractive when your credit is damaged. Many consumers who've used these companies have found themselves out of hundreds, even thousands of dollars, with no better credit than when they started. Credit repair scams are rampant and it's up to you to recognize them. Read 7 Ways to Spot a Credit Repair Scam.
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7 Ways to Spot a Credit Repair Scam originally appeared on About.com Credit / Debt Management on Tuesday, July 27th, 2010 at 00:56:07.
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...(more)12 Reasons Your Budget Isn't Working
Are you about to give up budgeting because you can't get your budget to work? Check out these 12 reasons your budget isn't working before you throw in the towel. Usually when budgets go wrong, it's because of the method, not the budget itself.
Budgets are an essential tool to getting out of debt and staying there. So don't give up on your budget just yet. Try to figure out what's not working, fix that problem, and give your budget another try.
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12 Reasons Your Budget Isn't Working originally appeared on About.com Credit / Debt Management on Sunday, July 25th, 2010 at 02:02:18.
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...(more)Beware Email and Phone Credit Card Scams
Credit card thieves come up with more clever ways of tricking you into giving your credit card information. They like to pose as your credit card company, calling or emailing you to alert you to trouble with your account. Be suspicious any phone calls or emails you receive from someone claiming to with your bank or card company.
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Beware Email and Phone Credit Card Scams originally appeared on About.com Credit / Debt Management on Saturday, July 24th, 2010 at 00:09:39.
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...(more)The Debt Collector Could Be Checking Your Facebook
If you tell the debt collector you're about to file bankruptcy today, you probably shouldn't post pictures of your new Corvette tomorrow. Otherwise, the debt collector could use that information against you. The Arizona Daily Star report tells of a the debt collector who discovered information on Facebook and used it to confront a businessman who'd lied about his inability to pay a $17,500 debt. That confrontation got him to pay up.
There's nothing in the Fair Debt Collection Practices Act that prevents debt collectors from checking your Facebook or other social networking page. Fortunately, they can't use it to reveal that you owe a debt.
The best way to keep debt collectors off your Facebook page is to make it private and visible only to people you know. Of course, telling the truth about your financial status won't hurt either.
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The Debt Collector Could Be Checking Your Facebook originally appeared on About.com Credit / Debt Management on Tuesday, July 20th, 2010 at 23:06:02.
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...(more)Could This Be the Best Cashback/Balance Transfer Card Ever?
How does this sound for a cash rewards deal? Five percent cashback on gas purchases, two percent on groceries, and one percent on everything else. What about a 4.99% interest rate on balance transfer for two years?
This is a real credit card offer, from a real bank, but I must admit, there's a catch - you must be a member of the Pentagon Federal Credit Union. The good news is - there are seven ways to join the credit union and one of them could apply to you.
Read our review of the PedFed Platinum Cashback Rewards Card to learn more about the credit card offer.
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Could This Be the Best Cashback/Balance Transfer Card Ever? originally appeared on About.com Credit / Debt Management on Thursday, July 15th, 2010 at 03:00:22.
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