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Archive for April, 2009

What Do I Need To Know About Money Management Software?

Written by Toi Williams on Apr 30th, 2009 | Filed under: Uncategorized

Many of the people that would like to find money management software to help them get out of debt and stay out of debt do not understand the importance of understanding how the money management software works.  There are dozens of different types of software programs sold across the nation and each one offers money management solutions that can be very helpful for extracting yourself from a difficult financial situation.  Choosing good money management software is very important for being able to get out of debt and repair your credit.

Providing Financial Information

The information in the money management software will explain different types of repayment methods that the person can use to eliminate their debt.  The person using money management software should know about the different methods available and the requirements for each one before determining which methods will be the best for their needs.  The information pages of the software can answer any questions that the person may have about what they need to do for the repayment plan and help them find the right repayment methods for their current financial situation.  In some cases, the money management software may be able to suggest ways to save money by using some of the lesser known tactics of the financial industry.

Detailing The Steps To Take

Money management software can provide a person with the steps that will be needed to get out of debt and repair bad credit in a reasonable amount of time.  Most people do not use this type of software frequently so they may not understand all of the terms or calculations that are used by money management software.  Some software programs have many requirements for the person to follow and the person will need to enter their personal financial information into the software correctly so the software can accurately determine what will be needed for the person to repay their debts in a timely and efficient manner.  The information portion of the software program will go over the entries for errors and provide answers to any questions the person may have about the money management software.

Money management software can be a very valuable tool if it is used correctly.  It is important for the person to use the software consistently and enter in the correct information so that they can receive an accurate picture of their financial health and can take the proper steps to improve their financial situation.


Tips For Choosing A Debt Management Counselor

Written by Toi Williams on Apr 28th, 2009 | Filed under: mindset

If a person is interested in debt management methods, the person may need a debt management counselor to help them find the right debt management methods for them. Choosing a debt management counselor can be difficult because there are a large number of counselors that have opened up shop all over the nation.  By keeping some simple tips in mind when looking for a debt management counselor, the person will increase their chances of being satisfied with the debt management methods available to them.

Take Recommendations

Many people choose a debt management counselor by talking to family members and friends about which counselors they recommend.  If someone that the person knows has had a good experience with a particular counselor, there is a good chance that the person looking to manage their debt effectively will have a good experience with the counselor as well.  This is one of the easiest ways to choose a debt management counselor because the person will know what to expect beforehand.

Investigate Their Business Reputation

Another thing to think about when choosing a debt management counselor is the reputation of the counselor.  This can typically be accomplished by searching the name of the counselor in the search engines of the internet to read consumer reviews about the counselor or their company. 

These websites allow thousands of people to voice their opinions on many different subjects, including debt management counselors and experiences with different debt management methods.  If most of the information found is negative, then the person should avoid that counselor before the person has a bad experience as well.

It is important that the debt management counselor is an honest and reputable counselor that has the best interests of the person at heart.  It is also important that the person read all of the terms of the debt management agreement very carefully to make sure that they understand all of the information that is included. 

Many people believe that it is best to contact a debt management counselor that have been in business for years rather than counselors that are new to the business because there is the perception that a more established counselor will not risk their standing in the industry by taking advantage of their customers.  When it comes to choosing a debt management counselor, finding the right counselor can help the person find the best debt management methods for their needs.


How Do I Know If I Need Credit Counseling?

Written by Toi Williams on Apr 27th, 2009 | Filed under: mindset

Many people know that bad credit may affect their lives in many negative ways but a lot of the people that have bad credit are unaware that their credit rating is as bad as it is.  Personal credit status is not one of the things that people see on a frequent basis, so it is difficult for many people to determine whether or not they fall into the good, fair, or poor credit categories or whether they will need to enlist the services of a credit counselor in order to improve their credit profile.  There are several different ways that a person can use to determine their credit rating and where they fall on the credit worthiness scale.

Estimating A Credit Score

The first way to attempt to determine where a person falls on the credit rating scale is credit score estimation.  Using this method, the person takes the amount of debt that they are carrying and their financial actions over the last several years to determine whether their actions have led to their credit score increasing or decreasing.  People that have missed some payments and have used more than 70% of their available credit can expect their credit rating to decrease significantly and if they cannot find a solution on their own, their actions may result in the need for credit counseling.

Although this method of determining whether a person needs credit counseling is imprecise, it will give the person a reasonable estimate of what their credit rating may be.  As long as the person is honest about their actions over the past few years and accurately remembers how much of their available credit they are using, they may be able to correctly judge the credit worthiness level that they are currently at and whether they need credit counseling to improve their credit profile.  There are even some credit rating calculators available on the internet that will take this information and calculate what range your credit score is likely to fall into.

Obtaining A Credit History

Another method of determining whether a person needs credit counseling is to obtain the person’s actual credit history and score from a credit rating company.  This can be difficult because the person will need to find a reputable place to obtain the credit information from and will have to verify their identity to the company before their personal credit information can be released.  In some cases, it can take up to two weeks to obtain the information that the person is looking for because of the number of requests that these companies handle each day from businesses and individuals alike and if there is a problem with the information that is submitted, it can take even longer.

Once the credit report and score has been obtained from the company, the person will easily be able to see how their actions in the past have affected their credit history.  If there are a great deal of negative entries on their credit report, the person may want to enlist the help of a credit counselor to find ways to bring their credit score back up into an acceptable range as quickly as possible.


Are You Interested In Learning How To Repair Bad Credit?

Written by Toi Williams on Apr 26th, 2009 | Filed under: credit score

Because credit is so important today, many individuals are wondering how to repair bad credit so that their poor credit histories will stop affecting their lives.  Learning how to repair bad credit is not hard, regardless of how bad your credit score may be and knowing where to look for these methods and how to take advantage of what is offered is one thing that every individual should know.

Find A Company Offering Credit Repair Assistance

Learning how to repair bad credit does not have to be difficult as there are many sources of bad credit repair that you can use and where you turn depends on what required you to seek the assistance in the first place.  There are many traditional companies that offer bad credit repair and credit counseling and some of them work hand in hand with government programs to help individuals get out of debt. 

After you consult with the company, the representative will submit your information to the creditors and the creditors determine whether you are eligible for any of their programs that could reduce your debt and help you repair your credit, such as reducing the interest rate on the account or forgiving some of the fees that have been charged.  Using the credit repair companies in this way works well for people that have many creditors and are not confident in their ability to negotiate with each of them. 

Find A Credit Repair Website

Another option is to review one of the credit repair websites that can be found on the internet.  These websites will offer information about a number of things that the person can do to get out of debt and may even have a phone number listed within the information that can be used to contact the company to ask questions and find the best way to repair your credit.  Individuals are required to give their information to the representative or type their information into an online form so that the company will be able to learn about the person’s personal financial situation and will be able to give the best advice for that particular person. 

There are a couple of drawbacks to taking this approach.  One drawback is that it will still take a few days to submit all of your information and have someone from the credit counseling company contact you about your situation.  There is also an increased risk of becoming the victim of a scam because there are a number of criminals that will prey on desperate people that are looking for a way to repair their credit score.  By conducting a careful review of the company before allowing them to take your personal and financial information, you will reduce the risk of becoming a victim of a scam.


Debt Settlement Information For People With A Low Credit Score

Written by Toi Williams on Apr 24th, 2009 | Filed under: debt relief

Many individuals are looking for a debt settlement method to decrease the debt load that they are carrying, especially when the person is battling a low credit score as well.  When looking for settlement methods, there are several things that the person must keep in mind in order to get the best price and the quickest approval for the method that they desire.  The method used will be based mainly on an individual’s credit history, payment history, and the amount of debt that the individual is carrying.  When using these factors to determine whether the person should be using a debt settlement method, a low credit score can result in the person receiving a much higher price for debt settlement help or being rejected by the company outright. 

Review Your Options

When looking for a debt settlement method, there are several things to keep in mind.  The first thing that should be taken into consideration is that the first methods that the person may find may not be the best one for the person’s situation.  In many cases, a person that has a low credit score is so desperate for a solution that they will use the first method that they see regardless of the terms and choose whatever method that looks like it may work.  It is best to review several different methods to find out which ones will offer the best results. 

Be Wary Of Deals

It is always great to find settlement methods with fees that are low and little effort involved, but the person must be careful to make sure that the low fee is not just a hook to get the person to accept the method.  In some cases, the fee will change after a brief introductory period, after which the fee will rise dramatically higher for the program to continue.  A higher fee can put the person deeper into debt by a significant amount and may even make the method unaffordable for someone that has a low credit score or is in a bad financial situation, making the situation worse. 

When dealing with companies that offer debt settlement methods, it is best to be sure that the person is dealing with a company that is reputable.  There are many scam artists and shady lenders out there just waiting for the unwary, which includes many people with a low credit score.  Individuals that submit their information to these companies can find themselves even deeper in debt because of the numerous fees that have been charged before the individual ever receives any assistance with their problem.  Be sure to read the terms and conditions for the company carefully before giving them any personal or financial information.


Features That Indicate A Good Credit Repair Program

Written by Toi Williams on Apr 21st, 2009 | Filed under: credit score, debt relief

Many people have accumulated a great amount of debt in recent years and have found that the effects of amount of debt that they are carrying have become unmanageable.  This situation has made using a credit repair program a popular way for a person to increase their credit score and reduce the amount of money that they are paying for their credit accounts.  Many individuals across the nation have used a credit repair program reduce the financial effects of carrying large amounts of debt that were generally accumulated by using credit cards unwisely or were the result of costly medical illnesses. 

There are many different programs that will offer a credit repair plan to individuals that have accumulated large amounts of debt and each of these credit repair programs offer plans are different in subtle ways.  When trying to find a good credit repair program, there are a few important features to look for that will indicate the best credit repair program for your needs.

Reasonable Program Fee

One of the most important items to review before deciding whether to do business with a particular credit repair program is the fee that you will be charged for utilizing the services of the program.  The program that charges the lowest fee may not always be the best choice, but reviewing the fees of several different credit repair programs will help you determine a fair fee for the services provided.  The fee for the credit repair plan is typically based on the amount of debt the person is carrying, with higher debt levels commanding higher fees. 

The higher the fee charged by the program for their services, the more you will pay to try to reduce or eliminate the amount of debt that you are holding.  It is not uncommon to see some programs offer a person a credit repair plan that charges a large amount of money to help a person get out of debt and increase their credit score.  Be sure to review the fee required by the credit repair program to be sure that you are getting the best deal available for your situation. 

Additional Fees

Another feature that should be reviewed prior to doing business with a credit repair program is whether you have to pay any additional fees associated with the credit repair plan.  These fees may include charges for calling lenders, for copying paperwork, or other common occurrences that are routine to the credit repair process.  Very few reputable credit repair programs charge an excessive amount of these additional fees so it is possible to find a program that do not charge you for these additional items or includes them in the base fee for using the service, so be sure to look for these credit repair programs.


Simple And Easy Methods To Reduce Your Debt Significantly

Written by Toi Williams on Apr 14th, 2009 | Filed under: debt relief

In recent years, people across the nation have been accumulating significant amounts of debt.  Reducing your debt has become more difficult because creditors have found that keeping people in debt and charging high interest rates and fees can ensure that these people continue owing money to the creditors.  Effectively reducing your debt is not easy and can take time to complete but, by using some simple and easy methods, it is possible to reduce your debt significantly and even remain debt free forever.

Monitoring Your Spending

The first task that you must accomplish to reduce your debt is to reduce the amount that you are spending each month.  Many people spend money on unnecessary purchases each month, typically on convenience items or the latest items released by high profile manufacturers.  To reduce your debt, you must begin to save more each month and start using the money saved to pay down your debts.

Creating A Repayment Plan

To reduce your debt, the repayment of your debts must be a priority and creating a repayment plan is a large part of completing that goal.  Any money that is saved after paying for your monthly expenses should be used to pay down your debts.  The balances of these accounts will begin to disappear, saving you hundreds of dollars in interest payments and increasing your financial security. The more money you can allocate to paying off these debts, the faster the debts will disappear.

A credit card will never be paid off if you continue to place charges on the card.  Paying for items with credit can increase the cost of the purchase because of the finance charges, interest rate charges, and any additional charges on the account charged by the issuer for carrying a balance on the account.  If you are unable to pay for a purchase in cash, waiting until you have saved up enough money to pay for the item is the most responsible action to take.

Tracking Expenses

Tracking expenses is an important part of reducing your debt because it lets you know where your money is being spent.  One of the easiest ways to reduce your total monthly expenses is by eliminating unnecessary purchases, but to recognize these spending trends; expense tracking for at least 2 months is needed.  Eliminating additional expenses can save you thousands of dollars each year.

In order to stay out of debt after reducing your debt, you should begin a savings account that can be used to take care of any unexpected expenses that may occur.  The main reason that many people find themselves drowning in debt is because an unexpected expense arose and they did not have the money available to take care of the issue.  Unexpected expenses occur regularly in life and having the money available to cover these expenses will reduce the risk of you becoming mired in debt once again.


Understanding Credit Solution Companies

Written by Toi Williams on Apr 13th, 2009 | Filed under: debt relief

Many of the people that would like to find a credit solution company to help them get out of debt quickly do not understand the importance of understanding how the credit solution company works.  There are thousands of credit solution companies across the nation and each one is charged with matching each person to the credit solutions that are best for their needs and their financial situation.  Choosing a good credit solution company is very important for being able to get out of debt and repair your credit.

What Can A Credit Solution Company Do For Me?

A credit solution company can provide a person with the steps that will be needed to get out of debt and repair bad credit in a reasonable amount of time.  Most people do not use credit solution companies frequently so they may not understand all of the terms or procedures that are used by the credit solution company.  Some credit solution companies have many requirements for the person to follow and the person will need to provide personal information to the company so the company can accurately determine what will be needed for the person to repay their debts in a timely and efficient manner.  The representative of the credit solution company will go over the paperwork with the person and answer any questions they have about the credit solution company or the steps they will need to take to repay their debts and repair their credit.

The person representing the credit solution company will be trained to explain different types of repayment methods that the person can use to eliminate their debt.  The person seeking a credit solution company should know about the different methods available and the requirements for each one before determining which methods will be the best for their needs.  The representative can answer any questions that the person may have about what they need to do for the repayment plan and help them find the right repayment methods for their current financial situation.  In some cases, a representative from the credit solution company may be able to obtain a lower interest rate on some of the person’s debts by using some of the lesser known tactics of the financial industry.

A good credit solution company will pride themselves on the relationship that they have with the people in their area and conduct business in the right way to keep a good reputation.  A credit solution company knows that a loss of confidence in the business by people in the area may be something that the company will be unable to recover from because no one wants to go do business with a credit solution company that may be cheating their customers or driving them deeper into debt.  For this reason, a credit solution company will do their best to match all of their customers to the correct debt repayment plans for their needs.


Looking For A Way To Repair A Bad Credit Score?

Written by Toi Williams on Apr 9th, 2009 | Filed under: credit score

Being able to repair a bad credit score is a very important part of today’s financial environment and many people are seeking to repair a bad credit score to improve their personal financial situation.  Making the choice to repair bad credit can save a person a great deal of money and knowing which methods to use to repair bad credit will take time and research to determine.  To find a way to repair a bad credit score, there are several things that the person should keep in mind. 

Important Information

Being able to repair a bad credit score will depend on your personal financial situation and previous credit history.  The majority of people that need to repair a bad credit score have a great deal of blemishes on their credit report, which is used to determine a person’s credit worthiness and their record of repaying money that they have borrowed from lenders.  A person with a fair credit history for the last few years will be much more attractive for companies to help repair a bad credit score than a person that has a great deal of recent blemishes on their credit report because it shows that the low rating numbers are justified.

The best type of method to repair bad credit for one person may not be the best type of method to repair bad credit for another person.  An ideal way to repair a bad credit score for an individual will have the best results with the least amount of hassle in the shortest amount of time.  It is very important that any person that is looking for the best method to repair a bad credit score is reading all of the terms and conditions associated with the method to repair a bad credit score make sure that they understand what they will need to do to complete the process.

The amount of effort needed to repair a bad credit score can vary from person to person.  Some people may have to make a few phone calls and submit some paperwork while some others may have to negotiate with their creditors and make repayment arrangements for their accounts before they can repair a bad credit score.  Some people choose to purchase bad credit repair software to help them keep track of all of the financial steps they will need to take to repair their credit and to chart their path to a higher credit score.  There are a number of different methods a person can use to repair a bad credit score and the method that is chosen should be the one that works the best for the person and their financial situation.


How To Recognize Credit Counseling Scams

Written by Toi Williams on Apr 7th, 2009 | Filed under: scams

As people across the nation find that they are deeply in debt, they begin to search for a simple and easy solution to their financial problems.  In many cases, this means that the person will contact credit counseling companies that promise to eliminate their debt and give them a clean slate to start fresh.  In recent years, some of these companies have become very good at taking advantage of people in difficult financial situations, causing many people to become more deeply mired in debt and owing more money than they did before contacting the credit counseling company.

There are some indicators that will tell you whether the credit counseling company can really help you or whether the company is basically a scam to steal the money that the person has left.  By keeping these things in mind, the risk of being taken advantage of by a bad credit counseling company will be greatly reduced.

Illegal Charges To The Account

Some of the companies that offer credit counseling services tell their customers that charges, interest payments, or fees that have been charged to their account are illegal or that there are flaws in the credit agreement that make the entire debt amount illegal for collection.  With all of the lawyers that companies that extend credit hire to work for their firms, the chance of this actually happening would be slim to none and even if there was a small mistake in the credit agreement, it would not invalidate the purchases that have been charged on the account. 

A credit counseling company may offer to contact the creditor on the person’s behalf and, after time has passed, the company will tell the person that the creditor is discharging the debt or a lawsuit against the creditor has been filed on their behalf.  People that rely on these statements often find that their debt has increased due to finance charges and late payment fees.  The person may even be sued by the creditor for the balance of the account.

New Credit Profile

Some credit counseling companies may offer to eliminate the total amount of debt by creating a new credit profile for the person so the person can start accumulating fresh with a new credit history.  This process is accomplished by creating a fake social security number and creating a new credit profile under the person’s name and linked to the new social security number.  This is illegal and, if you are caught using this social security number and credit profile, you could be prosecuted and could be facing felony charges of fraud and identity theft that could result in going to prison for years. 

Although there are many credit counseling companies that can help a person reduce the amount that they owe, choosing a bad credit counseling company can lead to increased debt, being sued for large amounts of money, or even facing criminal charges.  The best solution is to do some research on the company you are thinking about doing business with to make sure that they are reputable and being on the lookout for any of these credit counseling scams.