How to Get Out of Debt With the Get Out of Debt Guy » consumer credit

I’m Stationed in Okinawa Japan at Kadena Air Base and Need Debt Help. – Linda

Steve Rhode — Sun, 18 Apr 2010 01:08:42 +0000

Linda

“Dear Steve,

Stationed in Okinawa Japan (Kadena AB). Currently $40,000 to $45,000 in debt; too far behind on payments to get caught up; have enough money for the monthly payment.

While being here in Okinawa, is there a way for us to get help with Consumer Credit or a debt management program? I know that bankruptcy is not an option since we can not be in the US for a hearing.

Linda”

The Answer:

Dear Linda,

Help is easily available. Debt management companies routinely assist U.S. service members all over the world. In my day I even remember one client we had that was on the front lines of a war and as soon as a satellite connect was established he was emailing back for help with his account.

With these days of internet connection, scanning or faxing, it does not matter where the group is that you are working with. Since you are in the military you can have your monthly debt management payment debited from your pay and sent straight to the debt management company.

Before we head down the bankruptcy route, contact this debt management company and see if they can help you. They should be able to.

Big Hug!

@GetOutOfDebtGuy

U.S. Air Force Pararescuemen and Japanese Air Self Defense Force (JASDF) Air Rescue personnel carry a litter of supplies from a CH-47 Chinook helicopter on a beach off the coast of Okinawa, Japan during exercise Cope Angel 09-1, Feb. 12, 2009. Cope Angel is a joint rescue exercise between members of the U.S. Air Force and the JASDF. (U.S. Air Force photo/Airman 1st Class Chad Warren)

Claims of Fraud by Debt Relief Companies Soaring

Steve Rhode — Fri, 29 Jan 2010 20:28:40 +0000

From How to Get Out of Debt

Attorney General Bill McCollum announced this month that his office is investigating the unregulated debt relief industry. Until he can persuade lawmakers to impose rules, McCollum hopes lawsuits his office has filed and its investigations “send a message to this industry that preying on consumers in financial distress will not be tolerated,” according to an Oct. 15 statement.

The Attorney General’s Office has filed five lawsuits and is reviewing or investigating more than 30 others, including one involving Outreach Housing LLC, a Broward County company that does business in Palm Beach County.

More than 100 of the 600 homeowners who filed complaints said Outreach Housing told them to make a partial mortgage payment of 60 percent to the company, which would work with lenders to reduce their mortgage debts. The company failed to do so, according to the Attorney General’s Office.

That scheme is typical of debt relief fraud. The solicitations come in the mail, appear in newspapers and on the Internet, at bus stops and, most frequently, in telephone calls to a debtor’s home. The company offers to reduce interest rates, modify loans, set up reduced payment plans or settle debts for pennies on the dollar.

Clients are charged hefty upfront and monthly fees and told to stop making payments to creditors and instead send the payment to the debt relief company. Few or no payments or negotiations occur and clients are left with more debt, damaged credit and, often, higher tax bills.

Claims of debt fraud soaring Palm Beach Post, United States - 2 hours ago As for her credit card debt , the company "made a couple of calls" and came back to her with a proposal to make a reduced, lump-sum payment of $5000 – an …

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Source: Claims of debt fraud soaring – Palm Beach Post

Bailout Plan Wants to Push More Credit On Overloaded Consumers

Steve Rhode — Thu, 28 Jan 2010 22:39:16 +0000

From How to Get Out of Debt

The average client who seeks help at the Consumer Credit Counseling Service of Central New York has $47,000 in credit card debt and makes $37,000 a year.

Not surprising, considering that living expenses are going up while wages aren’t rising to match.

“Living expenses have jumped significantly, and people’s income hasn’t kept up,” said Karyn Dettbarn, the credit counseling company’s Albany branch manager. “People are using their credit cards to pay for their expenses.”

Federal Reserve Chairman Ben Bernanke suggested on Monday that a new economic stimulus package should include increased access to credit for consumers, home buyers and other borrowers.

So we already have consumers that are overloaded with credit and the governments answer to the economic crisis is to make it easier for consumers to get more credit?

Bailout plan to perpetuate our house of cards Times Herald-Record, NY - 56 minutes ago By Christian Livermore The average client who seeks help at the Consumer Credit Counseling Service of Central New York has $47000 in credit card debt and …

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Source: Bailout plan to perpetuate our house of cards – Times Herald-Record

In this economy, layaway is in vogue

Steve Rhode — Tue, 28 Oct 2008 02:56:21 +0000

From How to Get Out of Debt

Experts who sounded the death knell for layaway were too quick with the eulogies.

The slumping economy has prodded many merchants for the first time in years to promote this form of installment buying, which dates from the Great Depression. Anecdotal evidence suggests layaway is gaining traction with tapped-out consumers.

Wal-Mart stopped taking layaway orders in 2006, citing an era of easy credit and the headaches of handling the goods. Well, guess what? Consumer credit is getting tighter at a time when rising joblessness, foreclosures and prices make it harder to pay off credit card debt.

“The American consumer didn’t vote to end layaway, only retailers,” said Michael Bilello, vice president of business development for eLayway.com, a three-year-old Tallahassee startup that handles layaway for 1,000 retailers and wants to be the PayPal of a revived industry. “People this year are wising up to their parents’ advice: If you can’t pay in full, try layaway.”

In this economy, layaway is in vogue Tampabay.com, FL - 2 hours ago Consumer credit is getting tighter at a time when rising joblessness, foreclosures and prices make it harder to pay off credit card debt . …

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Source: In this economy, layaway is in vogue

Living (too) Large?

Steve Rhode — Sun, 26 Oct 2008 05:22:13 +0000

From How to Get Out of Debt

A study by the Homeownership Preservation Foundation found that 43 percent of American households spend more than what they earn annually.

Living (too) large? Lancaster Newspapers, PA - 2 hours ago The average American household carries a credit card debt of more than $8000. According to The New York Times, as household debt has mounted, incomes have …

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Source: Living (too) large? – Lancaster Newspapers

I’m The Debt Expert And Even I’m Scared

Steve Rhode — Fri, 26 Sep 2008 14:28:39 +0000

From How to Get Out of Debt

Economic worries and concerns impact anyone that is paying attention and for those of us that have a bit of awareness and understanding about how the consumer credit and debt world works, it makes it even more frightening when looking into the crystal ball.

I avoid debt, but I have some. But it is not the debt that scares me right now, it is the potential loss of income if our economic system tanks. If it does, forget about servicing your debt, all bets are off at that point, your focus will shift from protecting your credit report to just making it through day-to-day.

Sure the headlines sent out by the president and politicians make an eminent economic collapse sound likely and those warnings can be easy to dismiss as hyper alarmist babble, but should I? Should you?

On a daily basis I have a very positive outlook about the future. I enjoy life and the experiences it brings. I really enjoy helping people. What I don’t enjoy is seeing people in pain and suffering, starting with myself and my family.

95% of Americans and American families are going to face getting royally screwed if the economic collapse happens. The poor, we’ll they are already screwed so they are in the bucket waiting for the rest of us already.

For those that think that nothing can happen to them, you might want to evaluate that again.

If the economy declines a number of dominos start to fall with each one putting more and more pressure on my life and your life as they tumble.

If we look at the broader picture, the best thing for you to do is spend, spend, spend and run up debt. Debt equals business orders, orders equal production, production equals employment, employment equals income and income leads to spending. It’s a pretty simple closed loop system.

But what is best for you as an individual right now is not what is best for the economy. Some may say that it is damn near unpatriotic. What is best for us individually is to save, save, save, instead of spend, spend, spend. By putting money in a savings account right now we will be able to put cash in the bank to help us in case we accidently lose our jobs or get our wages cut.

If your hours get cut, your management position gets eliminated or there is any loss of income, your previous obligations don’t care. Your bank will still want the mortgage payment, the auto company is still looking for the car payment and as for the utility companies, not only are they looking for their money but they are planning to raise you rates at the same time.

When faced with an economic uncertainty the best thing you and I can do is watch how we spend every single dollar and ask ourselves if what this is that I am about to purchase really necessary? If it is not, don’t buy it. I’m not. And let me be clear that I do understand that my actions are not good for the economy at large, but they are good for my family at large.

If you spend for what is best for the economy and then find yourself unable to make your payments, you don’t get a badge or bonus points. Instead you are left with not all that many rights and creditors have the power to sue you, take stuff like your home and car, and the stress and pain are intense.

I lived through bankruptcy once and once is good enough for me. I never want to go through that again and that is what leads me to share this article and advice with you. I don’t want to see you live through the unintended pain of financial failure. It is a lesson best avoided.

My advice for today, stop spending and hoard your cash to protect yourself from too much damage if this economy tanks. It can happen ‘fast and furious’ and that concept makes for a better movie than my or your daily reality.

Big Hug!

@GetOutOfDebtGuy

Lourdes Writes In “What Should I Do to Get Out of Debt?”

Steve Rhode — Wed, 24 Sep 2008 15:40:40 +0000

From How to Get Out of Debt

“Dear Steve,

I’m in debt really heavy from credit cards and other loans.

What should I do to get out of debt.

Lourdes”

Dearest Lourdes,

Wow, I really want to help you with some great advice and awesome guidance but gee-whiz a little more information would be really helpful. Maybe next time you write in you can share a bit more, please.

Based on what you told me, here are some things you can do that will cover the basics:

Reduce Expenses – Use extra money saved to pay down your debt.
Increase Income – Get a new job or a second job to help bring in more money to pay down the debt. Look on the job board or job bank page for a new job in your area.
Maybe Consider a Debt Management Company – If you are just paying the minimums you might want to take a look at a debt management company to see what debt reductions they can offer you. Warning: It will hurt your credit.
Save Extra Cash – Before you start sending all your extra cash to the credit cards and loans, save it up in a savings account so you’ve got emergency cash available. At the end of the year you can use some of your cash to then pay down the highest interest rate debts or smallest balance debts, whichever gives you the most emotional satisfaction.
Bankruptcy – If you are unable to pay your debts and you’ve done all of the above, maybe now is the time to get a free bankruptcy review from a bankruptcy attorney in your area.

Keep us posted on what happens.

Big Hug!

@GetOutOfDebtGuy

How to Get Out of Debt With the Get Out of Debt Guy » consumer credit

I’m Stationed in Okinawa Japan at Kadena Air Base and Need Debt Help. – Linda

The Answer:

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