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Sunday, March 29, 2009

Credit Card Debts: Why Consolidation Can Help

The number of people falling into credit card debt is incessantly on the rise. The reasons behind debt might be manifold like inadequate money management, decreased earnings, medical costs, no saving, divorce and so on. However, the debt which is escalating at a disturbing pace is credit card debt.

At present, credit card debt is really a matter to worry about since it is increasing on a daily basis. People go for credit cards due to a number of purposes. Some of them are the following:

  • Obtaining a credit card from any credit card provider is fairly simple. Any credit card provider would be keen to issue a card to you with a variety of plans and benefits.
  • When you have a number of credit cards, you can do limitless shopping despite not having any money in the bank.
  • Carrying a credit card ensures that you don’t have to carry cash so there is no risk of theft.

Nevertheless, the fundamental problem is that the consumers go on purchasing through one credit card until they max out on it and subsequently, they shift to another card and this process goes on. At the time of doing this, they don’t take into consideration their earnings or savings and even fail to remember that they need to pay this off. Ultimately, when they receive the credit card statement, they discover that they are into a big financial chaos.

So what do you do?

Some suggest that you should consolidate all your credit card debts into one loan and get yourself debt free. If you feel this is the right move for you then look for a professional and reputed debt consolidation company that can provide you with the most affordable deal. They can negotiate with your creditors for you, eliminate your late fees and lower your interest rate. Furthermore, all your credit card debts would then be consolidated into only one monthly payment and you can become debt free in a relatively quick time period. This could help you regain your financial status and get rid of your anxieties related to credit card debt repayment.

Find out more HERE:

Contributor Dorothy Parker
Visit her site:http://www.debtconsolidationcare.com

Wednesday, March 25, 2009

Problem with you credit report? - Complain!

With the introduction of the NCA in 2007, consumers now have the right to challenge the accuracy of information in their credit reports.

If you have a problem with your credit status first, contact the Credit Bureau and obtain a copy of your latest credit report to find out the exact nature/status of the account in question. If you dispute any of the reported information, contact the Credit Bureau and provide all the facts about your claim. Make a note of the name of the Bureau representative you speak with and the reference number he or she provides. You will be required to complete and return a dispute form together with a copy of your ID and proof of residence. If your query is within their jurisdiction, they will launch an investigation (free of charge) and hopefully sort it out.

Monday, March 23, 2009

Making finance child's play

So many adults are in financial difficulty at present. Experts are urging parents to teach their kids about finances. The trick is to start early.

Most children when asked where money comes from will say:"Daddy".

Children need to be taught certain fundimentals such as seperating needs from wants, how to save money of their own and how to "invest". By doing so you can help your children avoid future money woes.

Steps you can take:

1) Be a good example.

2) Set limits. Discuss how much they can spend. Set limits with them and stick to them.

3) Allow your kids to manage their own money. If your kids are getting "pocket money" then allow them to decide how to spend(or save it).

4) Teach them to share. Encourage your kids to share what they have with others.

Your children are the future earners and spenders of our economy. Help them to avoid the common pitfalls that lie out there in the world of Credit. The sooner you start training your kids to handlle their finances the better.