My Guide to Credit Card Debt Elimination
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Taking a step towards credit card debt elimination, so you have decided to go for credit card debt elimination and are wondering on what the methods for credit card debt elimination are. As they say, let’s take the bull by its horns and lay it all flat on the ground. There are generally 2 recommendations that are most common for credit card debt elimination: controlling the expenditures and consolidating debt. Let’s check both of these credit card debt elimination recommendations and check the list of things that you can do for achieving credit card debt elimination using these recommendations:
1. Control your urge to spend: The first thing to do for credit card debt elimination is to control your expenditures. Here we are talking about the payments you make using your credit card. Remember that the main reason being you’re getting into credit card debt is uncontrolled expenditures using your credit card. So if you are really serious about credit card debt elimination, this is one thing that will help in credit card debt elimination by preventing accumulation of further debt. Here is what you can do to control your expenditures:
a. You need to stay away from attractive offers that are put-up by various shops and stores. Don’t buy anything that you don’t really-really need. After all you are looking for credit card debt elimination not supplementation.
b. Leave your credit card at home. If you really-really need something, then you can fetch your credit card from your house. This will prevent you from yielding to the too-attractive-to-resist sale offers (that are actually there all the year round). This credit card debt elimination technique, again, works on the principal of ‘prevention is better than cure’. This will prevent unplanned expenses from happening.
c. Prepare a monthly budget and stick to it. This is really a very important credit card debt elimination measure. This budget will form the basis of your credit card debt elimination plan. So if you deviate from your budget, your credit card debt elimination plan will go for a toss.
2. Debt consolidation: Debt consolidation or moving from high APR credit cards to a low APR one is generally the first step (the first reactive step) for credit card debt elimination. Here are a few things that you need to do:
a. Do not go for the first balance offer you come across. Analyse various offers and choose the one that best suits you. This will be an important thing on you credit card debt elimination plan. Initial APR, Initial APR period and standard Apr, all need to be considered.
b. Read the fine print on the balance transfer offer and check the terms and conditions on these. These might affect your overall credit card debt elimination plan.
c. Compare other benefits e.g. rebates, reward points, etc, before you actually decide to go for one of the offers.
Credit card debt elimination is about proper planning and discipline. So make your credit card debt elimination plan and stick to it.
Watch the video related to
credit card debt
Learn how to reduce your credit card debt faster using the Snowball Method. Visit www.debtopedia.com for more helpful information and to get a free copy of my special report “The Secrets of Credit Card Debt”
Help answer the question about credit card debt
What is the best way to payoff my credit card debt?
I currently have around 10,000.00 dollars of credit card debt on three different cards. I am paying 29.99% on two of them, and 22.99% on the other one.
I have tried to get a card with a better rate to transfer my balances to, but the issuers won’t give me one because I am using so much of my available credit now. I have not had any late payments on my credit accounts, tho.
Should I try to get a home equity loan to pay off the cards, or is that a bad idea, too?
I know that I got myself in this situation, and I am wholly responsible. I do not feel right about declaring bankruptcy, but really want to get out of debt somehow.
If I am unable to get a lower rate, then I don’t see a way to rid myself of the debt. Any advice?
About Author
Uchenna Ani-Okoye is an internet marketing advisor and co founder of Free Affiliate Programs
For more information and resource links on credit visit: Cheap Credit Cards
Tagged with: best • card • Credit • Credit Card Debt • Debt • DIY • do • eliminate • elimination • it • to • way • yourself • youself
sure dude, here I found tons more. It'll take a month to read it all.
I've found some good information here too…
http://www.safelinked.info/jump.php?link=debt
Hope that helps.
I'm going to check your answers because I need the same help!! GOOD LUCK!
The person's estate has to stand good for what he owes.
If the estate doesn't have enough, then the entire inheritance is sold, given to the credit card companies, and then the rest of the debts are cancelled (the credit card company has no choice but to write it off.)
Which is why, even if the person has a perfect FICO score, that the banks are taking some risk when loaning money.
The collecting SOL on a credit card is not a myth.
Generally you would go by the state where you have set up residence – employment, utility bills, pay taxes, etc.
Though the creditor/collection agency can actually chose which state they want to file a suit in, if they chose to file.
Since you are out of the collecting SOL in both states, send a SOL letter that includes the fact you are out of the collecting SOL for "both" states.
You might go to the following link and read the SOL letter that is listed.
http://whychat.5u.com/nottoca.html
You can also scroll down to the bottom of that page and click on the home page.
Once on the home page, scroll down to near the bottom where the states are listed.
Click on both states. The statutes you would need for the SOL letter will be listed.
edit+++++
Anonymous -
As for that link you posted, I think Studly gave an excellent example by listing the FCRA statutes of the reporting SOL.
I really don't understand why you posted that link to begin with when the facts of the reporting SOL were posted in there.
As for the "proof" of collecting SOL for you (and for the OP)
If you would take the time to read the state statutes for both Texas and Missouri, you would see for yourself that there is indeed a collecting SOL, as there is in "every" state.
Texas statutes for the collecting SOL and the statutes to prohibit the re-aging of the collecting SOL
§ 16.004. Four-Year Limitations Period
(a) A person must bring suit on the following actions not later than four years after the day the cause of action accrues:
§ 16.065. Acknowledgment of Claim An acknowledgment of the justness of a claim that appears to be barred by limitations is not admissible in evidence to defeat the law of limitations if made after the time that the claim is due unless the acknowledgment is in writing and is signed by the party to be charged.
Missouri
§516.120. Within five years
And the statute that places credit cards in a 4 or 5 year SOL (the 4 year SOL would be the UCC. If the card is a store card claiming the UCC statutes is possible)
432.045: 2,3.
Anonymous, I don't want to get into a gripe match with you on this and I was not the one who gave you the negative vote. If I had, I wouldn't have seen your edit.
Unfortunately the ones who advertise on television are usually in it just for the money. Beware of any organization that requires an up-front fee.
If you belong to a credit union or there's one that serves your office, they will be able to put you in touch with a reliable organization.
Here's a booklet that will help you:
http://www.consumerlaw.org/initiatives/credit_counseling/content/Cconsumerfactscreditcounselin.pdf
They better transfer the house before the death of this individual because you are right they will come after the estate of the deceased.
If the child purchases the house from them the seller needs to keep the money out of the banking system otherwise that money would now be the asset. But I'm sure you already know that.
Once the person is deceased the only thing the child needs to do is open the letters send a copy of the death cert. (it doesn't have to be certified unless they contact them and ask for one) and also include a note that says Deceased has no estate.
I've never after 2 1/2 yrs had any of my father in laws creditors write me again.
You have to make the payment agreement with the one that is suing you.
You should offer a percentage of the debt. You should stipulate in the agreement – if they agree to take a percentage, after payment, they will agree that the debt is paid and no longer collectable.
Be sure to have the agreement in writing!!!
Be sure that when you come to an agreement and when you pay that both the agreement and the payment is filed in the case file !!!
Spiff! Man you are starting to disappoint me something terrible!
The definition of a "written" contact is one where all of the payment issues are completely spelled out. The monthly payments, the timeframe, everything.
An "open" or "revolving" credit line does not fall into this catagory because the terms of the agreement change every month. One month you owe $200, and the next you owe $400…..and each month you have a varying amount of payment. You can pay it off, and then run it right back up again….that's why they call it a 'revolving" line of credit.
This is also clearly spelled out in the US UCC codes, and many states specifically label credit card debts as open accounts.
Georgia is one state that specifically labels credit cards as NOT being a written contract. Please refer to the link below.
Once again….poor answers with no source of information cause a lot of damage here on Yahoo. If they don't provide you with a source for further examination it's best not to believe it.
Have you lived in it for at least 2 of the last 5 years? If so, there's no capital gains tax from the IRS, and the money is yours to spend as you wish.
Glenn is correct – This all depends upon what you'll do with these newly cleaned up credit cards….. It's a falacy that people can get out of debt by placing all their credit card debt onto their house. They usually run up their cards again in a few years and are then worse off than before.
Put the money to the house. Start paying EXTRA to your credit cards. Start cutting up your credit cards. Then start sending extra to your house.
FREEDOM!!!!!!