How to Get Out of Debt With the Get Out of Debt Guy » credit card debt help

UGH

Steve Rhode — Wed, 08 Apr 2009 17:34:09 +0000

If you are feeling low and having a bad day, worried and stressed about your debt, then you might find a moment of humor out of reading the experience of the person below that had a worse day than you.

These real stories always make me shake my head and make me appreciate that while things might feel bad right now, they could always be worse.

Steve

“Today, I had to return a shirt to Target. My mom offered to do it for me on her way to work, so I gave her the shirt and receipt. Later, I realized that on the same receipt I had purchased condoms, lube, and whipped cream. “

Source: UGH

Myvesta Foundation
PO Box 96503 #80622 Washington, DC, 20090-6503 USA
contact@getoutofdebt.org • 815-301-3917

Read the full article at GetOutOfDebt.org, click here: UGH

livay315

Steve Rhode — Wed, 08 Apr 2009 17:08:06 +0000

From How to Get Out of Debt

These real stories always make me shake my head and make me appreciate that while things might feel bad right now, they could always be worse.

Steve

“Today, my daughters school was putting on a fashion show for charity and all the kids were supposed to ask their mothers to be in it. I asked my daughter about it and she said “well I was going to ask you, but they said only to ‘ask all of your BEAUTIFUL mommies.” “

Source: livay315

Read the full article at GetOutOfDebt.org, click here: livay315

Crazy09

Steve Rhode — Wed, 08 Apr 2009 14:43:55 +0000

From How to Get Out of Debt

These real stories always make me shake my head and make me appreciate that while things might feel bad right now, they could always be worse.

Steve

“Today, my girlfriend told me that she had an ultrasound tomorrow morning. With a confused look on my face, she said to me “don’t worry, it’s not yours.” “

Source: Crazy09

Read the full article at GetOutOfDebt.org, click here: Crazy09

blizzard_of_77

Steve Rhode — Wed, 08 Apr 2009 13:10:33 +0000

From How to Get Out of Debt

These real stories always make me shake my head and make me appreciate that while things might feel bad right now, they could always be worse.

Steve

“Today, I was flirting via text with a coworker. Things started getting heated, and I wanted to send her a sexy picture. I asked if she had any suggestions. She said, “Your nuts!” She meant, “YOU’RE nuts.” I sent her a photo of my junk. I offended a co-worker with incriminating evidence. “

Source: blizzard_of_77

Read the full article at GetOutOfDebt.org, click here: blizzard_of_77

daremetobecooler

Steve Rhode — Wed, 08 Apr 2009 12:53:15 +0000

From How to Get Out of Debt

These real stories always make me shake my head and make me appreciate that while things might feel bad right now, they could always be worse.

Steve

“Today, I saw a letter from Geneseo that invited me to apply to the honors college. Excited, I wrote the required two page essay on how I am organized. I then saw the strict deadline was March 15th. My little brother thought it would be funny to hide my mail. For the past seven weeks. “

Source: daremetobecooler

Read the full article at GetOutOfDebt.org, click here: daremetobecooler

Sears, Home Depot May Lose 8% of Holiday Sales on Credit Limits

Steve Rhode — Mon, 03 Nov 2008 21:01:45 +0000

From How to Get Out of Debt

Looks like predictions of a less happy holiday shopping season are true and this article supports my position in Expect Tidal Wave Of Limit Reductions and Credit Card Closures to Hit Before Christmas.

Home Depot Inc., Sears Holdings Corp. and other retailers may lose as much as 8 percent of their holiday sales this year because lenders and stores are clamping down on financing.

Almost a quarter of shoppers say banks cut the spending limits on their credit cards, according to a survey by America’s Research Group, which also provided the sales-loss estimate. More people are being rejected for new cards, hurting sales for bigger purchases. Demand is being pinched just as retailers prepare to enter the holiday selling season, which accounts for as much as 35 percent of their annual revenue.

“Banks just don’t have the money,” said David Bassuk, a New York-based managing director at consulting firm AlixPartners LLP. The tightening credit is putting retailers “at big risk to lose those sales or lose those customers,” he said. “There is a big concern there with the holiday spending.”

A quarter of consumers polled in a Standard & Poor’s survey released Oct. 15 said they’re at or near the limits on their primary credit card, and 20 percent said they’re approaching the limit on their secondary cards.

Outstanding credit-card debt has risen 75 percent since 1999, while real wages have grown 4 percent in the same period, according to a report last month by Innovest Strategic Value Advisors, headquartered in New York.

Target Corp., the second-biggest U.S. discount chain, is cutting credit lines and granting fewer increases to store-card holders to cope with the “very difficult credit environment,” said Chief Financial Officer Douglas Scovanner.

Chase Card Services, a unit of JPMorgan, “has lowered the credit limits of customers who have shown signs of increased risk,” spokeswoman Tanya Madison said in an e-mail. It’s still boosting them for its most credit-worthy customers.

Click Here for totally free debt help, advice and answers.

Source: Sears, Home Depot May Lose 8% of Holiday Sales on Credit Limits

Europe puts tight controls on £4bn bank offer

Steve Rhode — Wed, 29 Oct 2008 23:12:48 +0000

From How to Get Out of Debt

Britain’s biggest banks will be offered £4 billion by Europe today to lend to small and medium-sized businesses, in a move that will restrict their ability to impose punitive interest rates.

The banks, including Royal Bank of Scotland, HBOS, Lloyds TSB, HSBC and Barclays, will receive the money only if they agree to tight parameters set by the European Investment Bank (EIB) on how it is handed out. There is widespread political anger that banks are forcing businesses to renegotiate loans on harsher terms when they come up for renewal, despite large cash injections from government.

Europe puts tight controls on £4bn bank offer Times Online, UK - 37 minutes ago At the same time the Prime Minister pledged to take action against companies that force people out of their homes for trivial amounts of credit card debt . …

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Read the rest here: Europe puts tight controls on £4bn bank offer

Hardships Past Haunt Europe’s Search for Financial Safety

Steve Rhode — Tue, 28 Oct 2008 05:02:57 +0000

From How to Get Out of Debt

Even more striking, an overwhelming surge in the demand for gold has forced several Internet sites and gold vendors to temporarily shut down their sales operations.

“I’ve never seen anything like this. We’re basically sold out until the end of the year,” said Robert Hartmann, co-founder of ProAurum, a gold vendor based in Munich.

Despite the shortages, about 200 customers line up at his counter every day, he said, asking for coins and bars, not certificates. According to his estimates, “only about 5 percent of German investors” are interested in converting a small part of their savings to gold, “but it’s enough to put suppliers under strain.”

Mr. Heinz, the financial adviser, started diversifying his investments in the run-up to the 1992 recession. He has bought land and gradually built up a stock of gold, which he buys in small units, suitable as emergency payment, and keeps in a safe at a specialized company.

Hardships Past Haunt Europe’s Search for Financial Safety New York Times, United States - 6 minutes ago Even when it comes to the British, who look more like Americans in terms of credit card debt and mortgage exposure, only about 20 percent of them have …

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Source: Hardships Past Haunt Europe’s Search for Financial Safety

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

YOUR VIEW: Charles Merlis

Steve Rhode — Tue, 28 Oct 2008 02:36:43 +0000

From How to Get Out of Debt

We’re bailing out large corporations, it’s time to help the little guy.

A few years ago, the powerful credit card lobby flexed its ever-growing muscles and changed the universe to its advantage. The government eliminated criminal usury (interest rates of 25 percent or more had been illegal), took away bankruptcy protections, voided many regulations and proceeded to screw the public.

Now, credit cards routinely bill around 30 percent interest, charge exorbitant fees making the real interest rate even higher and creatively manufacture ways to bring down your credit score so you cannot qualify for the low-interest rates they advertise to lure you into their ravenous clutches. They have created “universal default,” allowing them to raise their rates if card holders fall behind on other bills that have nothing to do with the credit card they issue. They have taken bait and switch to new heights to befuddle the public.

How can ordinary people, who are struggling with their finances, keep up? The government has sent out “stimulus” checks to encourage us to spend on goods and services. Instead many people have used it to reduce their credit card debt on which they are paying confiscatory rates. Credit card debt has increased exponentially in the last 10 years. If interest rates on credit cards were lowered significantly, people would have more to spend on goods and services and the economy could recover quicker.

YOUR VIEW: Charles Merlis Hartford Courant, United States - 2 hours ago Instead many people have used it to reduce their credit card debt on which they are paying confiscatory rates. Credit card debt has increased exponentially …

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Source: YOUR VIEW: Charles Merlis

Americans losing sleep over financial crisis

Steve Rhode — Mon, 27 Oct 2008 22:38:25 +0000

From How to Get Out of Debt

NEW YORK (Reuters) – If fellow workers seem groggier or grumpier than usual in the mornings, they are probably losing sleep over the global financial crisis, according to research released on Monday.

Ninety-two percent of respondents said the economic turmoil is keeping them awake at night, according to a survey by ComPsych Corp, a provider of employee assistance programs.

Of those, a third said their biggest worry was the cost of living, while another third cited their credit card debt.

One in six said their biggest worry was their mortgage payment, and another one in six cited concern over their retirement account.

Eight percent of those surveyed said they were not worried.

Americans losing sleep over financial crisis Reuters - 32 minutes ago Of those, a third said their biggest worry was the cost of living, while another third cited their credit card debt . One in six said their biggest worry was …

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Source: Americans losing sleep over financial crisis

Humor: US Solves Credit Crisis, Credit Cards

Steve Rhode — Mon, 27 Oct 2008 17:05:40 +0000

From How to Get Out of Debt

The recent bailout of several major financial institutions by the United States government has raised concerns of a “credit crisis” in America. Borrowing money has certainly become a favorite pastime, with the US government alone in hock for over ten billion dollars. And with the average American owing more than $8,000 in credit card debt, paying everything back is going to take a while.

Fortunately, there are companies that can help reign in debt. That’s why, after hearing a commercial on the radio, President George W. Bush made a call to (555) BIG-DEBT, the number for the Big Debt Credit Counseling Service. Bush, along with Treasury Secretary Henry Paulson, members of the House Ways and Means Committee, and members of the Senate Budget Committee, met for four hours on Thursday with John Little, a senior counselor with Big Debt.

Henry Paulson, still under scrutiny for his handling of the federal budget, was pleased. “I don’t know why I hadn’t thought of calling them before,” Paulson said during a post-meeting press conference. “Big Debt told us about secret programs that credit card companies and banks don’t want you to know about. We were able to cut 200 billion in credit card debt right off the top. And with easy monthly terms, and an equivalent increase in middle-class taxes, we’ll have the full debt paid off ten years sooner.”

Humor: US Solves Credit Crisis, Credit Cards Gather.com, MA - 2 hours ago And with the average American owing more than $8000 in credit card debt , paying everything back is going to take a while. Fortunately, there are companies …

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Source: Humor: US Solves Credit Crisis, Credit Cards

Debt collection lawsuits increase in Wisconsin

Steve Rhode — Mon, 27 Oct 2008 15:20:18 +0000

From How to Get Out of Debt

More Wisconsin residents are being sued for failing to pay their credit card bills and other debts.

Court records show the number of lawsuits involving debts of $5,000 or more increased by 49 percent last year. They are on track to jump another 16 percent this year.

In some places, the number is growing even faster.

Waukesha County had more large claim money judgment lawsuits filed by September than in all of last year. Many were for failure to pay credit card debt.

Debt collection lawsuits increase in Wisconsin Chicago Tribune, United States - 4 hours ago Many were for failure to pay credit card debt . But the lawsuits also can include defaults on business, car and college loans. They do not include mortgage …

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Source: Debt collection lawsuits increase in Wisconsin

Credit crisis hits even people not late on bills

Steve Rhode — Sun, 26 Oct 2008 08:16:16 +0000

From How to Get Out of Debt

Mt. Juliet resident Wayne Anderson believed he was doing everything right. He paid his credit card bills on time and sent in regular checks on a home equity loan in California.

But this month, Bank of America increased the interest rate on one of his credit cards from 14 percent to 28 percent, saying the $20,000 he owed on various cards made him too high a risk. That jacked up his monthly payment by $100 per month.

Citigroup had already closed his line of credit on his California home, cutting off his backup plans to borrow if he needed home repairs or living expenses.

“I always thought I’d make my payments and pay it off, but I never thought I’d get robbed like this,” said Anderson, 38, who installs ceramic tile for a living. “I’ve been doing everything I can to pay down these credit cards. I feel like they’ve got me in a situation where I feel like I’m never going to pay it down.”

Credit crisis hits even the diligent The Tennessean, TN - 1 hour ago He said Bank of America told him it was increasing the interest rate on one of his cards because he had too much credit card debt . …

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Source: Credit crisis hits even the diligent – The Tennessean

Searching For a Debt Consolidation Loan or Credit Card Counseling Service

Steve Rhode — Tue, 21 Oct 2008 01:19:49 +0000

From How to Get Out of Debt

When faced with credit card debt and suddenly looking for a credit card debt payoff it is not unusual for people to search out solutions they feel might be able to provide debt consolidation for bad credit.

See if this sounds familiar, you wake up, in the middle of the night, worried about your debt problems. You know that the credit card debt is out of control so what is the first solution that jumps into your mind, credit consolidation or credit counseling. It’s a natural knee jerk reaction but is it the right way to get credit card debt reduction?

The Debt Consolidation Credit Card Loan Scam

The reality is that unless you have a good local bank that appreciates your business and a load of equity in your property, you might find it very difficult to find a lender that will actually offer you debt consolidation for credit card debt.

When you are deep in debt that is the least likely time that a lender will want to provid debt elimination help. It’s always when you least need the debt consolidation loan that the lenders are jumping at the chance to consolidate your credit card debt.

Chances are significantly higher that will will be scammed, the target of a scam, or encouraged to pay a fee up from with the promise that if you pay the up-front debt consolidation fee that a loan for debt consolidation for credit cards will be waiting for you. I’m sorry to break the news to you but if it sounds too good to be true, then in the debt consolidation or credit consolidation world, it probably is.

The reason I mentioned the equity situation and helpful local bank is because the exception to the rule is that if you owe little on your home, a local bank may lend money to you for a credit card loan to allow you to consolidate your credit. Local banks these days have more flexibility than the larger banks do to make small loans for local community customers.

The tremendous amount of equity in your property will protect the lender in case you should default. Sadly, there is a chance that even with the credit card debt reduction that you could find yourself right back in the same situation again. I know, I know, you’re promising yourself right now that you won’t. That’s what most people say.

What happens after the debt consolidation loan provides a payoff of your credit card debt is that unless you are vigilant and very self-aware, in about six months the cards that you got the pay off on will find their way out of the drawer and back into the wallet. If that happens you’ll then have a debt consolidation loan for your credit card debt and a whole new crop of fresh credit card debt on top of the credit card consolidation loan. It’s not a good situation.

Other than contacting your local bank you can try this link for a mortgage loan or this one to refinance your mortgage.

The Credit Card Counseling Service Scam

You will hear a lot from companies that will offer some sort of credit counseling service. These companies may claim to offer Christian credit card debt solutions, be a for profit company that charges a fee, or proclaim to be a nonprofit credit counselling service with credit counselors just standing by to help you consolidate your debt. It does not really matter what flavor the credit counselors come in, you need to watch out for the same issue from each.

The non-profit credit counselors and those that say they offer Christian credit counseling often lead people to lower their guard and trust them more. That’s not such a smart thing to do.

Credit counselors who are offering a traditional debt management program don’t actually negotiate with your creditors to put together a repayment plan that best meets your needs. They will tell you the payment the creditor will accept and then ask you if you feel you can afford that amount.

Consumers who enroll in a credit consolidation program often think they will be getting a debt consolidation loan from the counseling service for their credit card debt. That’s not what happens.

The credit card counseling service does not pay off your debt, they simply act as an agency of convenience between you are your creditors. What actually happens in a credit counseling debt consolidation loan program is that you will make one payment each month to the credit counselling service and they will in turn cut it up into smaller payments and send a portion to your creditors.

There is it is, debt consolidation for your credit cards, when in fact your individual accounts remain with each of your credit card companies and the credit card counseling service is just taking your single payment you make each month, cutting it up and sending it off for you.

Credit counseling services often charge a fee for their service these days. The fact that they charge a fee is not necessarily a bad thing as long as you feel you are getting a good service for that money.

Not-for-profit credit counseling services are getting paid by your creditors based on how much money they collect from you. They skim off a “fee” for collecting the debt, send the rest to the creditor and the creditor will credit the entire amount to your account. This hides, from you, the fee the credit counseling group got.

In this way the creditor claims the fee they paid was a tax-deductible contribution, the credit counseling agency is paid a collection fee for service and you feel like you are getting a bargin by not having to pay a fee to the credit counseling agency.

There is no free lunch, remember that, please.

How to Get Out of Debt With the Get Out of Debt Guy » credit card debt help

UGH

livay315

Crazy09

blizzard_of_77

daremetobecooler

Sears, Home Depot May Lose 8% of Holiday Sales on Credit Limits

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