Debt Settlement Story

Why should you settle your debt by [and for] yourself? Former Legal Assistant in a Bankruptcy Prevention Law Firm [J. Carlton Ford] explains why you should. Listen to this Debt Settlement Story and find out why.

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Credit Card Debt Settlement Question 4 of 10

What is your current outstanding balance on your credit Card? Why does it even matter?

Find out in question 4 of 10 in this "Credit Check-up" video course segment.

Debt Intelligence Day is July 31. Our mission is to provide you with the basic Intel to settle your credit card debt for yourself.

Credit Card Debt Question 3 of 10 [video]

As part of our launch of Debt Intelligence Day, Debt Warriors are educating Consumers about their Credit wit our "Credit Check-Up Video Courses.

Question 3 is, "how many lines of credit do you currently have open.?"

J. Carlton Ford goes on to briefly explains why not knowing the answer to this question can be financially damaging.

If you like our video's, log onto www.DEBTWARRIORS.com or go to www.youtube.com/TheWarOnDebt and subscribe.

Credit Card Check-Up Question 2 of 10 [video]

This is question #2 of 10 in your Credit Check-Up. Have you been late or over your credit limit on your credit cards?

Watch this video to find out why J. Carlton Ford asks this important question.

This is part of DEBT WARRIORS launch of "Debt Intelligence Day".

Credit Card Check-Up [FREE] Video Course 1 of 10

ATTENTION:

DEBT WARRIORS are declaring Debt Intelligence Day July 31, 2008.

OUR MISSION: To educate Americans about Credit and debt.

In the spirit of financial independence we are releasing our "Credit Check-Up Video Courses" [on-demand]

In this video you'll find Credit Card Check-up question #1 of 10. If you have additional questions please feel free to call or email me.

To view all of the videos at once long onto www.debtwarriors.com and click on Credit Card Debt Help.

We are also on YOUTUBE at www.youtube.com/thewarondebt. If you like what we do (or don't) feel free to tell us.

Lies lenders tell

In this video from CNN.com, an ex-Ameriquest mortgage salesman reveals how he talked clients into loans they couldn't afford.

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Legislature and Credit Card Debt | DON'T tell me we CAN'T!

In this video DEBT WARRIORS argue with YOUTUBE User "BankruptcyAttorney" about not having the authority to negotiate YOUR own Credit Card Debt for yourself.

Watch the video and then read our response below and tell us what YOU think?

HERE'S OUR VIDEO RESPONSE TO "BankruptcyAttorney"...

Dear Bankruptcy Attorney,

We respectfully disagree with you as do many reputable studies which found that success rates for "self-help" debt negotiation reduced credit card debt 70% of the time.

In addition, the FTC, suggest that Americans seek self-help when negotiating debt.

We respect your position but we don't agree with waiting for Legislation. We have to take matters into our own hands.

Best regards,

DEBT WARRIORS!

What Is A Credit Predator?

What is a "Credit Predator"?

A Credit Predator [CP], is any business who asks for your business without considering YOUR best interest.

For example, the Mortgage Broker who fails to disclose their Customer that their Interest Rate is a "Variable Rate" and will "Re-Set" higher after so many months. In my professional experience this lack of disclosure is a primary contributor of our current Mortgage Crisis.

As you may know, Interest Rates determine how much money you'll pay over the life of any loan with interest.

Why are many Lenders Credit Predators?

In the Bible, Deuteronomy Chapter 23: Verse 19, states, "Thou shalt not lend upon usury to thy brother; usury of money, usury of victuals, usury of any thing that is lent upon usury". That's one reason why. This scripture means that interest and not money is the root of all evil business transactions.

Another reason DEBT WARRIORS consider most lenders to be CP's is because CP's will lie to people while asking for their trust and business at the same time. But once the contract is signed with a CP, the Borrower / Debtor may never hear from the the CP (unless the Borrower is late or missed a payment).

This is why we feel most lenders are CPs. A Credit Union [CU} on the other hand, IS NOT a CP. CU's usually have your best interest in mind with any loan. If you are not in a CU have you considered joining one?

Let us know what you think about CP's or CU's.

Wishing you Financial Security!

We are Debt Warriors!

Top 15 Credit Card Tricks And Traps

I got this awesome email from our allies at Americans For Fairness In Lending [AFFIL.org]. It explains in plain English the TOP 14 Credit Card tricks and traps.

Here they are below:

1. Fees and More Fees!

On any given month, you might pay a late payment fee, over limit fee, cash
advance fee, balance transfer fee, foreign exchange
fee, bill payment fee, Western Union fee, and
whatever else your lender can devise. Not to
mention monthly and annual fees.

2. Tricks to Make You Pay Late.

These come in many varieties. If you’re late you’ll pay a hefty fee
and your interest rate may go up. Check each
statement carefully and pay your bill as soon as it
arrives.

3. Changing Due Dates.

Your bill will not be due
on the same day every month.

4. Early Due Dates.

Bills may be due just a few
days after you receive them.

5. Weekend Due Dates.

If your due date is on the
weekend and your payment arrives on the date, it
won’t be processed until Monday and you’ll be
considered late.

6. Morning Due Times.

Your payment may be
due at 9am on the due date, not 5pm.

7. Approved Over limit Charges.

If a purchase puts you over your limit, your credit card company
will approve the charge then hit you with an
over limit fee and maybe even raise your interest
rate. Keep careful track of your balance and know
that even approved charges may put you over limit.

8. Universal Default.

Pay Card A on time but pay late to Card B (or anything else monitored by your
credit score) and your interest rate on Card A may
jump!

9. “Any Time For Any Reason” Changes.

Most contracts include this ominous phrase. It means
just what it says – they can increase your interest
rate on a whim.

10. Teaser Rates That Don’t Stick.

An introductory 0% interest rate can jump to 30% with a late
payment or if you go over limit. Don’t bank on
keeping that 0% rate for the entire promotional
period.

11. Retroactive Application of Higher Interest
Rates.

To make things worse, if your interest rate
increases, they can apply the higher interest rate to
the entire existing balance, not just to new charges.

12. Allocation of Payments.

If you end up with two or more different interest rates, they will apply
your payments to the balance with the lower
interest rate first. The rest of your balance will
continue to generate high interest charges until the
low-rate balance is entirely paid off.

13. Tricky Interest Calculations.

For some cards, you can pay interest on purchases from previous
cycles. This is known as double cycle billing.
Look for a card that uses the “Average Daily
Balance” interest calculation method.

14. Credit “Protection”.
Services like this may sound good, but they’re usually useless. The fee
for the service likely exceeds the minimum
payments it would cover if you became sick or lost
your job. Avoid add-on products like this.

15. Binding Mandatory Arbitration (BMA).

This provision requires that you resolve any conflict
with an arbitrator selected by the lender, which
means you give up your right to take the credit
card company to court.

Log onto http://www.affil.org/ to learn how you can help end these dirty credit card tricks and traps.

To get the training to negotiate your credit card debt for YOURSELF log onto http://www.debtwarriors.com/.

Wishing you Financial Security!

We are Debt Warriors!

Blasting Binding Mandatory Arbitration Clauses

What is Binding Mandatory Arbitration [BMA]?

In the video, gang rape victim, Jamie Leigh Jones, speaks to Congress about banning BMA Clauses.

Civil Justice Group, People Over Profits [PeopleOverProfits.com] defines BMA as "Tricking People Out of the Right to a Trial by Jury". That's a dead-on description.

Jamie Leigh Jones'' employment contract had a BMA Clause in it. Now she's demanding that BMA Clauses be banned.

What does this have to do with debt?

BMA Clauses are in many contracts. Auto Loans Cell Phones, employment contracts, Mortgages, contractor agreements and credit cards all have BMA Clauses.

A BMA Clause requires that any disputes that arise will be resolved via 3rd Party Arbitration.

On the surface BMA seems like a win/win. It's really a lose / win - YOU LOSE they win.

Up to 86% of the time the Arbiter, takes the side of the business over the consumer.

How does BMA work?

Businesses hire these Arbitration Companies. Next the business will place an BMA into their contracts. If you sign that contract, you just gave up all right to have your day in court.

In many cases, you also give up your rights to joining a class action Lawsuit.

For example; let's say you were cheated by a contractor who did faulty work, overcharged you, and double-billed you?

If your contract with the contractor has a Mandatory Arbitration Clause, you have given up your right to a fair trial by Jury. You have to accept whatever the Arbiter decides.

Word to the wise, beware of BMA Clauses. Have your lawyer review the contract before you sign it.

What do you think about BMA? Let us know by leaving a comment.

Foreclosure Phil

Years before Phil Gramm was a John McCain campaign adviser, he was a Senator then Lobbyist for a Swiss bank at the center of the housing credit crisis. Foreclosure Phill [as called by MotherJones.com writer Jason Corn] pulled a slick maneuver in the Senate that helped create today's sub-prime meltdown. The trick was; the Commodity Futures Modernization Act. This Act prevents the Securities and Exchange Commission [sec] and the Commodity Futures Trading Commission [cftc] from regulating financial many products. In plain English, this act allows Banks, Energy Companies and Financial Institutions to screw over each other and the American Consumer.Read the full article [by clicking 'read more'] and tell us what you think about this guy? If you like this article, please give us a digg? It will help us spread the word. Digging it is FREE and easy.

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A Declaration of Debt Intelligence

"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness." ~ The U.S. Declaration of Independence


With honor for God. We come to you today because debt a threat to our inalienable Rights to life, liberty and the pursuit of happiness. Deregulation of Financial Markets as allowed a system designed to make Americans the new Indentured Servants the Status Quo.


Deuteronomy 23:19 says, "You shall not charge interest to your countrymen: interest on money, food, or anything that may be loaned at interest."

Yet why is the average Default Credit Card Rate is 32%? The average for a Credit Card ATM withdraw is 24% and the average interest rate for consumers in good standing is 18%.

• For years American Consumers have been subject to tyranny at the hands of various 1st Party Credit Predators and 3rd Party Debt Collections Terrorist who unfairly usurp wages and earnings from often innocent and or unaware Consumers.
  
  


• For years American Citizens of every walk of life have suffered the abuses of arbitrary charges, due date changes and largely undisclosed changes in credit terms.
  
  


• Consumers are not educated by their Creditors as to what actions [or lack thereof] will trigger a launch of skyrocketing fees and interest for Consumer Accounts.
  
  


• Creditors perpetrate acts of predatory lending upon our most trusting, undereducated and vulnerable citizens.
  
  


• Lack of disclosure by lenders prevents American Consumers from making fully informed financial decisions regarding matters of debt.
  
  


• Exorbitantly high interest rates on loans are unfair to American Consumers yet mostly unchecked by many of those who represent us in government.
  
  


• Big Banks get bailed out while betrayed borrowers are berated for being violated by bogus transactions.
  
  


• Scam home appraisals for sub-prime loans by some of Americas Biggest Lenders have been investigated for colluding with appraisers.
  
  


• Medical expenses pull money out of American families earnings like a syringe. This in-turn sucks the life-blood out of the American Economy. The American Consumer is the Economy. Federal Reserve Board Chair, Ben Bernanke called for changes in Americas health care system. But those calls are ignored by all of the 2008 presidential candidates.
  
  


• Mortgage brokers have been allowed to employ convicted felons to handle large sums of money for consumers. So far a combined 85 million dollars has been stolen from unsuspecting and unaware Consumers.
  


• Auto Dealers use slick as oil sales tactics to slide in Addendum Stickers. Many "steal the trade" of the unwitting Consumer which takes the consumer for a ride worth thousands of extra dollars. The worst of the Auto Dealers tell Consumers to "kick the trade" which is illegal. This is why we must see most Auto Dealers as Credit Predators.
  


• Cellular phone companies have been found guilty of violating the Unfair Business Practices Act in California, yet most people don't know the laws that exist in their state.
  


• 3rd Party Debt Collections personnel often act like terrorist. They call, harass, berate, and sometimes violate the law in heinous ways. They intimidate Americans with myths and half truths
  


• The Big Three Credit Bureaus; Experian, Equifax and Trans-Union are considered by many to be indifferent to the errors and false information placed on Consumer Credit Reports.

Why do we rant so? Because we as Americans must become more debt aware. We must Declare War On Debt. We Must engage and rant and make positive change for our country.

We must be vigilant in our individual duty and responsibility to protect our Credit Standing and Financial Health. America, we must take the responsibility of becoming informed about the invisible land-mines in our back pockets and purses. We must act to prevent the financial catastrophe that awaits us in the form a a total market crash.

All of American Consumers must strive to live sustainably. We must learn to seed and grow and obey the Law of the Harvest.

Dr. Martin Luther King Jr. said, "Our lives begin to end the moment we become silent about things that matter".

If you are in debt you are not alone. But are you the few who seek to win their war on debt with honor? Do you prefer to surrender to unfair business practices, mandatory arbitration clauses?

Or are you willing to educate yourself, enlist, go off to war against debt, fight back and return with honor and dignity?

If you are, we will help you become more debt intelligent. Join us and spread the word. Tell people that they can settle their debt for themselves.

Wishing you Financial Security!

We are Debt Warriors!

Dropping Pride Decreases Debt

One of the many problems with getting out of debt is that many Americans are in denial about their debt situation. Millions more are unaware that the amount of their debt is troubling.

For me, being a Debt Counselor is like being a psychologist. When people find out I help people get out of debt, I usually see one of two reactions; 1. Denial and 2. an immediate request for help.

The problems with debt.

There are many problems with debt. Some of them include; not understanding how interest rates compound, not fully understanding the terms and conditions of their lines of credit, or simply believing that if they are responsible they will be able to pay their debt off.

The solution.

The solution to getting out of debt begins with humbling oneself to the fact that some Ivy League mathematician has stacked the financial deck against them. I know, it wasn't until I was coached by one of these math geniuses that I learned what many people don't. That is, one must learn the secret code words and tricks that lenders use to keep borrowers in the role of indentured servants.

I was lucky to have this person (who had few morally redeeming qualities) to show me what many people will never learn on their own. The reason why I was coached in the ways of credit was because I worked for him. I made him thousands of dollars a day by helping those who needed help with negotiating their credit card debt lower.

The clients whom I was most successful helping where those who knew that their debt situation was becoming worse, and were determined to doing something about it.

If this is where you are I suggest the following:

A. Pray for help.
B. Seek help
C. Act on the help

I've literally helped people save thousands of dollars of debt. But I couldn't do it without their [the clients] help. If the clients that I've helped never realized that "maybe they were in over their heads" and reached out to me, I'd never have met them - let alone been able to help them.

Pride goes before debt falls.

Wishing you Financial Security!

We are Debt Warriors!

Credit Mistakes Make For Miserable Lives

Keep an eye on your Credit Reports. Why? Because Americans are suffering from credit ratings that don't reflect their credit worthiness. Many times, credit reports don't even accurately reflect who they are.

Imagine you apply for a job? Everything goes well in the interview and you're offered the job - contingent upon a credit and background check. You think to yourself , "no worries I pay my bills on time and I don't have any problems with my past due bills".

Then, after reviewing your credit report, you're called and told that you won't be getting the job based on something listed on your credit report. Of course you're outraged. You are responsible [not a dead-beat] but your credit report has a "clerical error". That error indicated that you owe back child support for children that you don't have.

In an interview with National Public Radio yesterday, Harvard Professor Elizabeth Warren estimated that 70% of employers check your credit report, before they offer you a job. So if you have a clerical error on your credit report you could lose your dream job.

The Big Three Credit Bureaus; Equifax, Experian and TransUnion [code name "Big 3 CB's] are not on your side. These companies don't verify the information provided by their customers [big businesses]. The Big 3 CB's put the burden of proof on you to prove that you are not a dead-beat.

Again, the burden of proof is on you. I know, it sucks but it is what it is. What do you do about it? Be aggressive and do the following:

1. Log onto http://www.annualcreditreport.com/ and get your free copy of your credit report. Once every 12 months you are allowed to check your credit report from the Big 3 CB's. Check them and if you find any errors on your credit reports, the Fair Credit Reporting Act provides defense against false information staying on your credit report.

2. Log onto http://www.debtwarriors.com/ and check out our "War On Debt Arsenal". In Operations II and III we provide you with all the information to correct mistakes on your credit reports without hurting your credit score.

The Federal Trade Commission takes the position that although someone else has placed the false information on your credit report, it's your duty to use the laws that protect you to remove those errors.

If you'd like to hear Elizabeth Warrens' credit tips interview on National Public Radio click here

Wishing you Financial Security!

We are Debt Warriors!

Fed Gets Over 8,200 Compaints of Credit Card Abuse

Developing News from our Allies at Americans For Fairness in Lending:

Angry Consumers Flood Federal Reserve Board with Complaints on Credit Card Practices; Over 8,200 Consumers Tell of Abuses

(Boston, MA—July 1, 2008) More than 8,200 angry citizens have flooded the Federal Reserve Board’s inbox since it invited personal comments regarding a proposed new rule to end “Unfair or Deceptive Acts or Practices.” Sarah Byrnes, Campaign Manager of Americans for Fairness in Lending (AFFIL), released the following statement on this exceptional outpouring of consumers’ support for regulation and their frustration over unfair credit card practices and overdraft loan abuses:

American consumers are mad as hell and they’re not taking it anymore. Especially when it comes to credit card companies and their abusive practices.

The responses from outraged consumers posted on the Federal Reserve Board website are eye opening and heart breaking. A working woman sees her meager paycheck so eaten away by minimum payments following an unjustified rate hike that she is forced into bankruptcy.

A 23-year old trying to make her way in a new city gets hit with $750 in overdraft debit cards charges in two days after one late direct deposit and is forced to return home to her parents. For three respondents, interest rates jumped from 8% to 22%, 13% to 24%, and 10% to 28%, all for highly questionable reasons.

“Americans are telling the Federal Reserve Board in no uncertain terms that they have had enough of these tricks and traps. Consumers are demanding strong federal regulations to ban the most egregious credit card practices—doubling and tripling interest rates, applying these higher interest rates retroactively to outstanding balances, imposing exorbitant penalty fees, and requiring binding mandatory arbitration clauses.

But many wonder whether the Fed will listen to banks more than consumers and come down on the side of ‘business as usual.’ There’s no doubt that the banks are pressuring the Fed to tone down the proposed changes.

“Our government protects us from unsafe foods and drugs. Shouldn’t we demand reasonable protection against dangerous lending practices that deplete and destroy assets? We believe that consumer voices are what’s missing in the dialogue between banks and the Federal Reserve Board. That’s why AFFIL is helping consumers to contact the Fed during this period through its website http://www.affil.org/. The Fed’s invitation for comments remains open through August 4, 2008.”

Here are some responses from everyday consumers who are also AFFIL members submitted to the Federal Reserve Board on Regulation AA (Federal Trade Commission Act) - Unfair or Deceptive Acts or Practices [R-1314]:

“I get a form letter from Bank of America that says my interest rate is going to be raised from 7.9% to 21.99%. Why? Because I have a large balance that I haven’t paid off and I carry balances on a few other cards. Never mind that I’m not late, overlimit or anything else that would be a problem.” — Angela, Louisville, Kentucky

“The worst is Bank of America….The worst experience with this card was when I received my statement the other day. There was a $39 late fee on it. I knew that I paid on time and when I called the rep stated that I ‘paid too early’ so that it was applied to my previous billing cycle.

Therefore, it was if I hadn’t made any payment in [the] current billing cycle. I have never heard of such a thing, being penalized for paying too soon.” — Eileen, Farmingdale, New York.

“My husband and I recently experienced Bank of America raising our interest rate on our credit card from 13% to over 24%. The reason they sited [sic] was because they ‘re-evaluated’ our credit history…. Thankfully we continue to pay all our bills on time but these actions are predatory as I feel like they are in a dark corner just waiting to pounce.” — Jennifer, Fort Meyers, Florida.

“Back when the President signed the new bankruptcy law, all my credit cards doubled the minimum payment and at least doubled my interest rates. What was a $100 minimum payment with a 9.99% interest rate went to $200 a month at 28%. I had to open more cards to transfer balances to help pay the other cards. Now I have to file for bankruptcy.” — Tim, Troy, Ohio.

“Last month’s due date was June 1st (Sunday); the payment was electronically submitted and posted on the 2nd (Monday) and now they say we owe over $150 in late charges! This is just crazy!” — Christopher, Murfreesboro, Tennessee.

“I was forced into bankruptcy by credit card practices that jack up interest rates on payments that are only a few hours late.” — Melissa, Raleigh, North Carolina.

“…[T]hey raise my interest rates for no reason whenever they feel it is appropriate. I already borrowed the money at an agreed upon rate and the credit card companies decide on a whim to change that agreement. It is not fair. Please do something to stop this unfair practice.” — Emily, Clarksville, Arizona.

For the range of consumer comments submitted to the Federal Reserve Board on its proposed rule, see: http://www.federalreserve.gov/generalinfo/foia/index.cfm?doc_id=R-1314&doc_ver=1&ShowAll=Yes.

As part of its mission to shine a spotlight on predatory lending, AFFIL is launching an education/advocacy campaign focused on credit cards in America and will be providing regular updates and resources for consumers on abusive credit card practices.

Americans for Fairness in Lending (AFFIL), is a non-profit organization working to end predatory lending practices, provide information to help consumers, educate policymakers about the need for reform, and demand action to assist debt-burdened Americans.

AFFIL was created through a partnership of national consumer, civil rights, faith-based, non-partisan and grassroots organizations, including ACORN, Consumer Action, Consumer Federation of America, Consumers Union, National Consumer Law Center, and U.S. PIRG, among others. AFFIL’s goal is to establish fair lending principles and practices that will build and preserve individual and community assets. http://www.affil.org/

Wishing you Financial Security!

We are Debt Warriors!