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Member You - I'm in Credit Card Debt: What are My Options?
A GOOD INVESTMENT – I am the Leader of this business and am responsible to see that the business is treated and evaluated on the same basis as any business investment I might make, both in terms of time and money invested. I may have paid managers and staff to perform some or even all of the day-to-day tasks, but ensuring an adequate return on investment (blood, sweat and money) is my responsibility and my responsibility alone.ACHIEVING SECURITY/ROI – I recognize that there are two components of an adequate return: First, time invested must be compensated through salary, benefits and perks; AND, money invested must be guaranteed a fair rate of return plus a premium for the level of risk assumed (by operating a small business – usually 3-5% over prime). Adequate returns do not just happen; they are achieved through pla
Cons: Your unsecured credit card debt becomes secured by your home, if something happened and you can’t make the payments, you could lose your home. Also, even though your interest rates are lower, the period of time to pay the loan back is greatly extended, so you end up paying a lot more money. Also, this system does not help you to manage your debt, making is easy to relapse.
Debt Settlement (Negotiation)
A debt settlement (sometimes known as debt negotiation) is an arrangement between a debtor and a creditor to fully satisfy a debt for a reduced amount of money, up to as much as 65%. The creditor agrees to eliminate a portion of the debt and accept only payment on the remaining amount.
Pros:This program allows you
A professional online reputation is essential to the flourishing of any business big or small. Many business owners spend countless hours on the core operations of their business forgetting the importance their website has. Having an up-to-date website with a professional appearance and easy navigation can make or break a lot of potential business deals. Below are 7 ways you can gain a professional online reputation.1.) Simple Site Navigation. A site with simple navigation allows customers to focus on the products or information they are searching for. An unorganized site reflects an unorganized business and customers will not trust you with their business.2.) Up-to-Date Content. Fresh content keeps customers coming back time and time again. If customers feel they are viewing the same co
There are several different programs that you can look at to relieve your debt, including debt settlement, debt counseling, and debt consolidation. All of these programs have their positives, as well as their potential drawbacks. It is up to you to decide how you should tackle your debt issues.
Here is a list of the most popular forms of debt management:
Credit Counseling (Debt Repayment Plan)
Credit counseling usually involved a repayment plan, where the credit counselor works with the debtor and creditor to create reduced interest rates and payments on their credit card debt. Credit counselors work closely with the creditors and generally go by their fees and interest reductions. Credit counseling agencies are usually paid by the creditors: they generally receive a percentage of the amount that is paid through them. They may also charge the debtors fees for their services. Many credit counseling agencies maintain a non-profit (which is deceptive) status.
Pros: The debtor can receive reduced payments and interest. This keeps them from defaulting or falling behind further on their payments. It could help you to avoid bankruptcy.
Cons: A credit counseling agency generally receives a majority of their income from the credit card companies that are paid through the program. This means that the agency is basically working for the credit card companies and is merely collecting on their behalf. This could mean that the credit counselors do not have the debtor’s interests at heart. They may also not help stop the unfair practices of the creditors because they could potentially lose money. Another issue is the non-profit status that these companies receive when they are clearly paid a generous sum of money from the credit card companies and generate an enormous amount of income a year.
Another issue is the reduction of the payments will greatly extend the process of repaying your creditors. Also, your credit may be affected by being in the program because creditors can report that you are in a debt repayment plan and you have received reductions in interest and payments, which can adversely affect your credit.
Debt Consolidation
Debt consolidation is typically a loan that is given to repay unsecured debts, such as credit card debt; most of the time, this loan is secured by an asset, such as a house. This allows the debtor to have a much lower interest that is extended over a much longer period of time. By taking on this loan, the debtor permits the foreclosure of the house or asset if they are unable to pay back the loan.
Pros: You will replace your credit cards’ high interest with a low interest extended loan. You payments are consolidated into one large payment.
Cons: Your unsecured credit card debt becomes secured by your home, if something happened and you can’t make the payments, you could lose your home. Also, even though your interest rates are lower, the period of time to pay the loan back is greatly extended, so you end up paying a lot more money. Also, this system does not help you to manage your debt, making is easy to relapse.
Debt Settlement (Negotiation)
A debt settlement (sometimes known as debt negotiation) is an arrangement between a debtor and a creditor to fully satisfy a debt for a reduced amount of money, up to as much as 65%. The creditor agrees to eliminate a portion of the debt and accept only payment on the remaining amount.
Pros:This program allows you
In many small and medium sized businesses there is little or no strategy to improve the fortunes of the organization. This may happen in good times as well as bad and may result from a belief that: If it is not broke don’t fix itThe business is in a niche market with no competitionNo skills are available in-house to make proposed changesThe business owner is retiring – it will be someone else’s problem And so onThe lack of a desire to continually develop and improve the business encourages a reactionary mode within the business, rather than a more desirable pro-active stance. Why is this important? Generally a reactionary organization fails to take business planning seriously and is more focused on resolving current issues than establishing a mechanism to allow problems to
Credit Counseling (Debt Repayment Plan)
Credit counseling usually involved a repayment plan, where the credit counselor works with the debtor and creditor to create reduced interest rates and payments on their credit card debt. Credit counselors work closely with the creditors and generally go by their fees and interest reductions. Credit counseling agencies are usually paid by the creditors: they generally receive a percentage of the amount that is paid through them. They may also charge the debtors fees for their services. Many credit counseling agencies maintain a non-profit (which is deceptive) status.
Pros: The debtor can receive reduced payments and interest. This keeps them from defaulting or falling behind further on their payments. It could help you to avoid bankruptcy.
Cons: A credit counseling agency generally receives a majority of their income from the credit card companies that are paid through the program. This means that the agency is basically working for the credit card companies and is merely collecting on their behalf. This could mean that the credit counselors do not have the debtor’s interests at heart. They may also not help stop the unfair practices of the creditors because they could potentially lose money. Another issue is the non-profit status that these companies receive when they are clearly paid a generous sum of money from the credit card companies and generate an enormous amount of income a year.
Another issue is the reduction of the payments will greatly extend the process of repaying your creditors. Also, your credit may be affected by being in the program because creditors can report that you are in a debt repayment plan and you have received reductions in interest and payments, which can adversely affect your credit.
Debt Consolidation
Debt consolidation is typically a loan that is given to repay unsecured debts, such as credit card debt; most of the time, this loan is secured by an asset, such as a house. This allows the debtor to have a much lower interest that is extended over a much longer period of time. By taking on this loan, the debtor permits the foreclosure of the house or asset if they are unable to pay back the loan.
Pros: You will replace your credit cards’ high interest with a low interest extended loan. You payments are consolidated into one large payment.
Cons: Your unsecured credit card debt becomes secured by your home, if something happened and you can’t make the payments, you could lose your home. Also, even though your interest rates are lower, the period of time to pay the loan back is greatly extended, so you end up paying a lot more money. Also, this system does not help you to manage your debt, making is easy to relapse.
Debt Settlement (Negotiation)
A debt settlement (sometimes known as debt negotiation) is an arrangement between a debtor and a creditor to fully satisfy a debt for a reduced amount of money, up to as much as 65%. The creditor agrees to eliminate a portion of the debt and accept only payment on the remaining amount.
Pros:This program allows you
You have complete control. Unlike public relations efforts, you have final word in determining where, when and how often your message will appear, how it will look and what it will say. You can target your audience more readily (working mothers, new home purchasers, small truck owners) and aim at very specific geographic areas. You can be consistent through advertising that presents your company's image and sales message over time to build awareness and trust. Similar to McDonald's golden arches, a distinctive identity can eventually become clearly associated with your company. People will recognize you quickly and easily - whether in ads, mailers, packaging or signage - if you present yourself consistently through all the promotional vehicles at your disposal.What Are Advert
Cons: A credit counseling agency generally receives a majority of their income from the credit card companies that are paid through the program. This means that the agency is basically working for the credit card companies and is merely collecting on their behalf. This could mean that the credit counselors do not have the debtor’s interests at heart. They may also not help stop the unfair practices of the creditors because they could potentially lose money. Another issue is the non-profit status that these companies receive when they are clearly paid a generous sum of money from the credit card companies and generate an enormous amount of income a year.
Another issue is the reduction of the payments will greatly extend the process of repaying your creditors. Also, your credit may be affected by being in the program because creditors can report that you are in a debt repayment plan and you have received reductions in interest and payments, which can adversely affect your credit.
Debt Consolidation
Debt consolidation is typically a loan that is given to repay unsecured debts, such as credit card debt; most of the time, this loan is secured by an asset, such as a house. This allows the debtor to have a much lower interest that is extended over a much longer period of time. By taking on this loan, the debtor permits the foreclosure of the house or asset if they are unable to pay back the loan.
Pros: You will replace your credit cards’ high interest with a low interest extended loan. You payments are consolidated into one large payment.
Cons: Your unsecured credit card debt becomes secured by your home, if something happened and you can’t make the payments, you could lose your home. Also, even though your interest rates are lower, the period of time to pay the loan back is greatly extended, so you end up paying a lot more money. Also, this system does not help you to manage your debt, making is easy to relapse.
Debt Settlement (Negotiation)
A debt settlement (sometimes known as debt negotiation) is an arrangement between a debtor and a creditor to fully satisfy a debt for a reduced amount of money, up to as much as 65%. The creditor agrees to eliminate a portion of the debt and accept only payment on the remaining amount.
Pros:This program allows you
Your postscript is one of the most important parts of your fundraising letter. It usually stresses the point of your letter and asks for action. Some donors read it first. Some professional writers write it first.Since the P.S. is one part of your letter that you can be confident your donors will read, you need to write something there that will motivate donors to send you a gift or take your desired action.A donor reading a P.S. is a donor looking for information. And that’s your opportunity. So don’t treat your postscript as an afterthought. Here are some ideas to get you started on finishing your letter.1. SHOW WHAT A DONATION “BUYS”“Remember, your gift of just $25.18 will provide a hot supper every day for a week. Please give today.”2. MAKE YOUR DONOR MAD (AT THE PROBLEM YOU SOL
Debt Consolidation
Debt consolidation is typically a loan that is given to repay unsecured debts, such as credit card debt; most of the time, this loan is secured by an asset, such as a house. This allows the debtor to have a much lower interest that is extended over a much longer period of time. By taking on this loan, the debtor permits the foreclosure of the house or asset if they are unable to pay back the loan.
Pros: You will replace your credit cards’ high interest with a low interest extended loan. You payments are consolidated into one large payment.
Cons: Your unsecured credit card debt becomes secured by your home, if something happened and you can’t make the payments, you could lose your home. Also, even though your interest rates are lower, the period of time to pay the loan back is greatly extended, so you end up paying a lot more money. Also, this system does not help you to manage your debt, making is easy to relapse.
Debt Settlement (Negotiation)
A debt settlement (sometimes known as debt negotiation) is an arrangement between a debtor and a creditor to fully satisfy a debt for a reduced amount of money, up to as much as 65%. The creditor agrees to eliminate a portion of the debt and accept only payment on the remaining amount.
Pros:This program allows you
Lucrative list building is of course the art of building a list that has as its purpose the creation of profits. It almost a misnomer that a beginner could have a lucrative list, because part of developing a list, especially a lucrative list, is a trial – and –error exercise. No matter how much good instruction you have, every list has its own personality, every set of subscribers has its own character, and the only way to find out is to mail them, question them, observe the way they behave, and make adjustments to your system.So if a newbie list builder really wanted to create a lucrative list, where would he or she start?1) Decide on exactly your niche. Decide exactly who you want on your list. The more targeted your list, the more money it will make for you.2) Create a set of emails. It doesn’t ma
Cons: Your unsecured credit card debt becomes secured by your home, if something happened and you can’t make the payments, you could lose your home. Also, even though your interest rates are lower, the period of time to pay the loan back is greatly extended, so you end up paying a lot more money. Also, this system does not help you to manage your debt, making is easy to relapse.
Debt Settlement (Negotiation)
A debt settlement (sometimes known as debt negotiation) is an arrangement between a debtor and a creditor to fully satisfy a debt for a reduced amount of money, up to as much as 65%. The creditor agrees to eliminate a portion of the debt and accept only payment on the remaining amount.
Pros:This program allows you to pay your in a manner that fits your financial ability and needs. This program is particularly helpful if you are experiencing some type of financial strain, such as losing your job, medical bills, or any unforeseen financial problems. This program also allows you to pay your debts off quickly and efficiently because your debt is reduced so drastically. This is the only debt management program that allows you to reduce your principal balance and helps you to avoid interest and fees. This program also helps you to avoid bankruptcy, which remains on your credit report for as much as ten years.
Cons:If more than $600 of your debt is forgiven, the IRS can consider it taxable income. However, if your debts are greater than your assets, you are not required to report that forgiven amount. (Talk to your accountant for more information) Also, you’re credit could be affected (it is often the case that the debtor’s credit is already damaged by the inability to make payments).
Bankruptcy
Bankruptcy should be your last option for debt relief. The main reason for this is the long term effects, bankruptcy can stay on your credit report for approximately ten years. It can negatively affect your ability to obtain a job, home, apartment, or car. Bankruptcy is a legal process that allows you to have your debts forgiven. There are two types of bankruptcy, Chapter 7 is when all of your debts are forgiven and your assets are liquidated to pay off your creditors. Your median income must be below the median income in your state along with other requirements to file for Chapter 7. When you for Chapter 13 bankruptcy, you are required to undergo a stringent repayment plan through the court. All of your disposable income is required to go towards your debts for a minimum of three year; however, you are allowed to keep your property.
Pros: If all of your other options are exhausted, bankruptcy will relieve you of your credit card debt.
Cons: Your credit will be scarred for up to ten years, your property is possibly subject to liquidation, with Chapter 13 you must abide by a strict repayment plan, your bankruptcy filing is public record, it could be difficult to obtain employment or loans for assets, and you will have to pay court fees and possibly attorney fees. The list goes on, so exhaust all possible options before you file for bankruptcy.
To learn more about your different debt options, click here
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