Debt Consolidation Whiz Discusses Out of Control Credit Card Debt and How to Best Solve It

Debt Consolidation Whiz, an online resource for debt relief information released an article entitled Out Of Control Credit Card Bills. This article meant to provide readers with insight on how credit card debt can really get out of hand and how difficult it is to overcome the problem that it causes.

The article published on June 20, began by narrating how credit cards can easily be availed before the recession. A booming economy gave credit card companies the confidence to issue accounts to consumers who do not have a steady income to support payments. This is also true for mortgages and auto loans.

What the article is driving at is that while generosity helps keep the consumer economy thriving, it became a problem when the decline happened. The article narrated how people lost their homes, valuable possessions and still landed in a heap of debt. The country was in some serious card trouble because people relied on credit cards to support even the most basic of expenses. The problem continues to escalate as the credit card bill shows an amount that the consumer cannot pay off.

The article then concludes how the need for credit card debt help must be sought and that a third party debt relief service provider can play a huge role in debt freedom. Debt Consolidation Whiz warns how consumers must take extra care in choosing the company that they will hire to help with their debts. If they choose the wrong company, the consumer could end up losing hundreds or thousands of what they could have saved had they gone to a better debt relief company.

The article suggests that credit counseling programs can be an option to solve debt problems. This program restructures the debts of the consumer and negotiates for a lower interest rate on the current debt. The article then cites the benefits of credit counseling:

1. Credit counselors directly work with creditors and lenders for interest rate negotiations. They have a close working relationship with creditor which makes it easier to do business and haggle for a lower rate.
2. Counselors can stop creditor and collection calls.
3. Credit counseling can accept any debt amount.

The article is also quick to point out certain disadvantages. The programs usually take long to complete. The longer payment term allows the lower monthly payments but it usually costs more in terms of interest amount - even with a lower interest rate.

Debt Consolidation Whiz suggests that consumers consider debt settlement as a way to get out of debt too. They believe that the potential to have a part of the debt forgiven could sound appealing to those who are burdened with credit card debt.

To read the whole article, visit Debt Consolidation Whiz.

The website is an online source of information about debt relief and debt consolidation. The site also provides debt relief company reviews for consumers looking to hire a debt professional.

More information you can also find on website: Credit Card Application

News source: PRWeb

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Debt Consolidation Whiz Discusses Out of Control Credit Card Debt and How to Best Solve It

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Corporate Alliance of San Diego Partners with Mr. Credit Radio

Corporate Alliance has recently partnered with the local financial radio show host, Mr. Credit, A.K.A. Derrick Evens. Derrick hosts The Lunch Hour, which airs weekdays at noon on ESPN Radio 1700 AM in San Diego.

The Lunch Hour is an educational financial talk radio show designed to give people a place to anonymously accumulate knowledge about pertinent financial matters so they can make better financial decisions for themselves and their families. Listeners gain information about how to invest, eliminate debt, have better credit scores, eliminate liability, develop retirement strategies and ultimately increase their financial health.

"Adding Derricks ESPN 1700 Radio program to our stable of CA Partners gives us a dynamite opportunity to reach executives and business leaders throughout the region. Derrick is incredibly sharp and likable, and his full embrace of the Corporate Alliance culture gives us a recognizable and enthusiastic media-savvy advocate for sharing our services and benefits" - Gary John, President, Corporate Alliance of San Diego.

The Lunch Hours tagline is, "Guaranteed to make You Smarter than everyone else"
With a personal history of dealing with complications in the credit industry, Derrick enjoys teaching his listeners the ins and outs of the financial world. He has the opportunity to be a source of support for individuals going through sticky financial situations. As Derrick stated,

My favorite story from helping a listener is from a man who got an invoice in the mail from Wells Fargo for $287,000. He had a recourse 2nd mortgage on a property he let foreclose. We helped him eliminate this debt before Wells Fargo forgave the debt and generated a taxable event with a Chapter 7 Bankruptcy. Today, he is a homeowner again and other than that, debt free and loving life.

As a business owner himself, Derrick values the new partnership because Corporate Alliance demonstrates an efficient, fun and effective way to generate new relationships with people whom an entrepreneur would have otherwise never met.

Its a structured environment, which assures everyone will be on task, get an equal amount of talk time and assistance from other members, Stated Derrick. I wish we had a Corporate Alliance meeting every week.

Derrick spoke on his future involvement in the Corporate Alliance of San Diego events: I expect to get help with any business problems, needs or struggle that I bring to each monthly Executive Pools Development Session, and the organized and facilitated nature of Corporate Alliance almost guarantees that result.

About Corporate Alliance of San Diego

Corporate Alliance of San Diego provides the tools, space, and events for local San Diego business professionals to meet and cultivate new business relationships. As the San Diego business networking specialists, the team at Corporate Alliance gives business owners the chance to work together to solve each others business needs. Memberships have different levels of dedication and involvement, some featuring weekend getaways at luxurious destinations. To learn more about Corporate Alliance of San Diego, please visit: http://knoweveryone.com

About Mr. Credit

Mr. Credit is Derrick Evens, a well-rounded professional in the credit industry with a background in Finance, Mathematics, Real Estate, and Journalism. He is a Certified Credit Expert and has a personal history of dealing with the credit industry which inspired him to create his talk show which can help people with their own finances. Through his show he connects people with the right service providers that he knows to be trustworthy. To learn more, please visit: http://mrcreditradio.com

News source: WebWire

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Corporate Alliance of San Diego Partners with Mr. Credit Radio

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Debt "fixes" like payday loans much more of a hindrance than a help

Debt can be a vicious cycle. Bills are paid just to have more creep up. Unexpected expenses like medical bills, auto repairs or property damage can strain budgets to the breaking point. Paychecks are spent to pay expenses before they are even earned. Unemployment, layoffs and slashed hours have put millions of Americans at the mercy of creditors.

Many of those overburdened by debt are tempted by quick influxes of money provided by the countless payday loan businesses around the nation, lured in by a promise of immediate payment. These businesses operate by essentially hedging their bets: they gamble by extending credit without a thorough financial background check. The recipients of this "easy money" do not get away easy, though; these loans come with extremely high interest rates and a very short time to repay them.

How do payday loans work?

Payday loans are meant to be short-term loans to help the recipient "bridge the gap" until his or her next paycheck. The loans are usually given without any formal credit check, and may or may not require collateral. The loan process usually involves the applicant filling out an application to request a certain percentage of his or her paycheck and then writing a post-dated check for the entirety of the loan amount plus interest.

Trouble ahead?

Sounds almost too good to be true, right? Well, that's because it is. The problem with payday loans is two-fold, involving both a short time for repayment and a very high interest rate. These loans are designed to be a stop-gap measure to tide over an applicant financially only until the next weekly, bi-weekly or monthly paycheck comes in, so there is a window of 30 days or less to pay off the debt.

However, the real problem with these loans doesn't necessarily lie in the small window for repayment. The main reason why financial and legal experts adamantly caution people away from payday loans is the exorbitant, usurious interest fees. Many of them come with an annual interest rate of 300 to 500 percent, about 20 times more than most credit cards!

Such a high rate of interest compounds the underlying debt issue by tacking on an additional fee necessary to pay the loan; most people who get these types of loans simply cannot afford the interest payment, so they will ask for an extension. This, of course, leads to a higher amount to pay off in the end.

Steer clear

Attorneys and financial experts have advised clients for years to avoid using payday loan services, and some states have even outlawed them. While they remain legal in many other states, they should be approached with great caution, and other options like borrowing money from a relative, asking an employer for an advance paycheck, negotiating with creditors or filing for bankruptcy protection should all be considered before getting sucked in to the payday loan debt cycle.

If you are having trouble managing your debt, consider speaking with an experienced bankruptcy attorney in your area to see if bankruptcy might be right for you; bankruptcy is a legal tool that can help discharge debt and give you a fresh financial start.

Article provided by Miller & Miller Law, LLC
Visit us at www.millermillerlaw.com

FL Web Advantage

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Debt "fixes" like payday loans much more of a hindrance than a help

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Debt Collection Now Monitored By The Consumer Financial Protection Bureau - KEL Credit Clients Affected

As reported by the CFPB on its consumer website, http://www.consumerfinance.gov, the Consumer Financial Protection Bureau recently published a ruling that will allow the federal agency to oversee larger consumer debt collectors for the first time, at a federal level. An estimated 30 million Americans have, an average of $1,500 subject to debt collection nationwide. Because collectors report consumer collection activity to credit bureaus, it is vital that the information be accurate. When mistakes are made, consumers suffer serious consequences by being denied future credit, such as a home or auto loan.

While many KEL Credit Repair clients will benefit from bureau oversight, CFPB Director Richard Cordray expresses hopes for the ruling, stating, Millions of consumers are affected by debt collection, and we want to make sure they are treated fairly. We want all companies to realize that the better business choice is to follow the law not break it.

KEL Credit Repair sees consumers every day, who have struggled with collection agencies, engaging in unethical and unscrupulous collection practices. The CFPB ruling gives KEL Credit Repair one more tool to help consumers fight unfair practices, by allowing individuals to file complaints and concerns directly.

The consumer debt collection market that will be subject to federal supervision includes companies that purchase defaulted debt and collect on the balances for themselves, companies that collect another companys debts for a fee, and debt collection attorneys that get paid through litigation. Supervision of the collection industry will begin January 2, 2013 and will include those companies who collect over $10 million annually in consumer debt. The new regulation should affect about 175 companies, or about 60 percent of U.S. debt collectors.

KEL Credit Repair welcomes the federal oversight, as the CFPB will be monitoring collections in a number of areas related to federal consumer financial law. These include; proper required disclosures to consumers, accurate information on status of individual accounts, maintaining a consumer complaint and dispute process, and communicating civilly and honestly with consumers.

News source: PRWeb

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Debt Collection Now Monitored By The Consumer Financial Protection Bureau - KEL Credit Clients Affected

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