4 Credit CARD ACT Fact's That Every Cardholder Should Know About

What changes to Credit Cards are going into effect today? Keep reading today's article to find out.

1. The first of three phases of the Credit 'CARD Act' go into effect today.

Starting today, Credit Card Companies will have to send Consumers interest rate increases at least 45 day's in advance of the increase. Within the 45 day period, the Consumer can "opt-out" of the rate increase.

2. The is no limit to the amount of interest that can be charged on Credit Cards.

One of the down-sides to the Credit CARD ACT, is that there is no established 'Usury Limit'. Usury is just a fancy word for Interest. This means that the Credit Card Companies, can charge almost as much interest, as the Card Holding Consumer, will let the Card Company get away with.

That's why it's so important for Consumers to not fear engaging in combat with the Credit Card Companies for lower rates.

3. Fixed Interest Rates may be discontinued.

Debt Warriors sources report that Fixed Rate Credit Cards may be a thing of the past. Because of the Credit CARD ACT, many lenders are not offering any Fixed Rate Credit Cards. What this means is that every Credit Card holder should be concerned about their rates being raised.

4. Minimum Monthly Payments Are Being Raised.

For years the standard minimum monthly payment was about 2% of the total 'Outstanding Balance'. Not anymore! Credit Card Companies are now requiring at least a 5% minimum monthly payment.

Actually this is not that bad of a change. For years I have advocated for Card Holders to make bigger monthly payments. So I think making bigger payments is actually a good thing.

There are many other CARD ACT provisions that go into effect in February 2010. Feel free to subcribe for Debt Warriors email updates, listen to Debt Warriors Radio, or follow us on twitter.

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DEBT WARRIORS™ are not Attorneys. WE ARE experienced Credit Repair and Debt Management, Negotiation and Debt Settlement Coaches. WE teach American Debtors how to manage and settle their debt (for themselves). The information on this blog, should not be considered legal advice. Debt Warriors offer helpful Credit and Debt "Self-Help" video course, Personal Finance, and information products.

Thanks for stopping by THEWARONDEBT.NET
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Top 3 Options To Avoid Judgement On Default Credit Cards

How Does One Aviod Judgement On A Credit Card In Defalult?

Make no mistake. Credit Card Companies can and often do sue Debtors/Consumers, to collect on the past-due balance on Credit Cards. While working at a Bankruptcy Prevention Law Firm, I witnessed a number of Clients being sued for Credit Card Debt.

Luckily my team was able to help a majority of the Clients prevent being sued for Credit Card Debt. Today, I'll break down the Top 3 Options to avoid Judgement on Default Credit Cards.

Before we get started, it's important to know that the response to being sued, mostly depends on the person in Credit Card Default. But below are three options for the Consumer to consider.

1. Pay the past-due balance.

This first option is like surrendering to the Debt. Why? Because many Debtors/Consumers have been tricked and trapped into more debt. And sometimes what the Creditors say you owe may not be accurate. So before one uses this option, it's best to do due-diligence and verify that what is claimed to be owed - is accurate.

2. Learn The Particulars.

Is the Debt collectible? Has it passed the Statue of Limitations for Collections? Is the business suing when they don't have any right to sue? These are a few of the particular questions that the consumer needs to address before surrendering to the debt. It's important to check the particulars before the Consumer goes to Court to defend themselves.

3. Come to a Settlement Agreement.

Once a Consumer is to the point where they are being Summoned to Court for the past-due balance, it's likely that they can settle the account before going to Court. Settling out of Court is a valid and safe option, but only if done properly.

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DEBT WARRIORS™ are not Attorneys. WE ARE experienced Credit Repair and Debt Management, Negotiation and Debt Settlement Coaches. WE teach American Debtors how to manage and settle their debt (for themselves). The information on this blog, should not be considered legal advice. Debt Warriors offer helpful Credit and Debt "Self-Help" video course, Personal Finance, and information products.

Thanks for stopping by THEWARONDEBT.NET
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Beware of New Bank Fees

Beware of New Bank Fees

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Denied Credit? Be Direct, Get Specifics

Millions of Americans are suffering through the hassles of Credit Denials.

Everyday, American Consumers are attempting to apply for a new Credit Accounts, only to be turned-down, for unspecific reasons.

But what would make anyone, seek out new Credit in this sluggish Economy? Many American Consumers are just sick of what the new Credit Terms are doing to their Finances. The Terms have changed, and so, the Consumer wants to change.

But often many American seeking better Credit Terms, try to apply for Credit only to find rejection. So what should American Consumers after they've been rejected for Credit?

The Federal Trade Commission ("FTC"), Provides some practical tips:

• Get specific: know why the application was rejected. The creditor must tell Consumer the specific reason for the rejection. Consumes are entitled to learn why they were denied Credit upon request, within 60 days.

An acceptable reason might be: “your income was too low” or “you haven’t been employed long enough.”

An unacceptable reason might be “you didn’t meet our minimum standards.” That information isn’t specific enough.

• Consumers should check their Credit Reports.

I was helping a Woman last week who was looking to do a Balance Transfer to a new Credit Card. She was seeking better terms. But when she called the Credit Card Company, she was rejected. When she asked why she was turned down, the reply she got was, "you'll have to check your Credit Report".

I informed her of her Rights under the Equal Credit Opportunity Act and told her that the bottom-line was that it was her responsibility to contact the Credit Card Company for specifics.

She called and found out that her "Debt to Income Ratio was too high". What means that her Debt is too high compared to her Income. She had too many Outstanding Balances on her Cards and that spelled trouble for the Creditors.

Tragically, she was someone that I couldn't help get out of that card. I told her to keep making her minimum monthly payment, and increase it by $5 to $10 extra every month.

In this case the Creditor did nothing illegal. It may have been ethically wrong but not illegal. If the Creditor had acted illegally, The FTC spells out the damages the Creditor could have suffered in Court.

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DEBT WARRIORS™ are not Attorneys. WE ARE experienced Credit Repair and Debt Management, Negotiation and Debt Settlement Coaches. WE teach American Debtors how to manage and settle their debt (for themselves). The information on this blog, should not be considered legal advice. Debt Warriors offer helpful Credit and Debt "Self-Help" video course, Personal Finance, and information products.

Thanks for stopping by THEWARONDEBT.NET
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When Bad Credit Reports Pose Problems For Job Applicants

True or False?

Employers Routinely Review Job Candidates Credit Reports.

It's true. Employers are routinely scanning through applicants Credit histories as part of a "Background Check".

Some shocking examples of when Employers Consider Credit Reports are:

• When employers are considering applications for employment.
  
  
• When making a decision whether to offer employment.
  
  
• When deciding whether to continue ones employment (after being hired).
  
  
  
• When making other employment-related decisions directly affecting the Employee.

These terms are defined in the Fair Credit Reporting Act ("FCRA").

The ugly truth is that employers may wish to obtain and use a "consumer report" from a "consumer reporting agency", as part of a 'Background Check'.

When Background Check are run,Job Applicants with a bunch of 'negative information' on their Credit Reports, will find future employment more frustrating.

What Can a Job seeker do before they Apply for that dream Job?

1. Applicants can check their free Credit Report at www.annualcreditreport.com.

The FCRA requires all of the Big 3 Credit Bureaus to provide American Consumers with a free copy of their Credit Report, once every 12 months. There may be inaccurate and negative information that could damage a Job Candidates prospects for employment.

2. Combat Credit Inaccuracies.

Before engaging in the endless search for a good paying Job, it's a good idea for the Applicant to evaluate their Credit Reports. The goal is to address any negative and inaccurate information before the interview.

3. Dedicate some Patience to the "Do It Yourself" Credit Repair process.

Anger and frustration is common among Job Seekers. As the bills pile up with more on the way, it's understandable if ones reserves of Patience simply run out. But it's never a good idea to spend time being angry about something one can control or improve - for themselves.

Instead of getting upset, from being turned down, Job Seekers can learn how to do what the Federal Trade Commission suggests - "Do It Yourself Credit Repair".

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DEBT WARRIORS™ are not Attorneys. WE ARE experienced "Do It Yourself", Credit Repair Debt Management, Negotiation, and Debt Settlement Coaches. WE teach American Debtors how to manage and settle their debt (for themselves). The information on this blog, should not be considered legal advice. Debt Warriors offer helpful Credit and Debt "Self-Help" video course, Personal Finance, and information products.

Thanks for stopping by THEWARONDEBT.NET
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What is the tried, tested and secret formula for applying for a new Credit Card?

Everyday Americans are feeling the rejection of Creditors. But I don't want you to feel reluctant to apply for new Credit (especially) if you are already dealing with disappointing Terms and Conditions for Credit.

The video below, from the "Credit Card Medic Debt Elimination Video Course" reveals the secret formula to apply for new Credit in a safe and responsible way.

I wanted to share with you the standards for applying for a new Credit because there are "other" methods others have tried to use that have back-fired on them.

My years of experience helping hundreds of clients reduce their Credit Card Debt is the basis for this video.

Don't be deterred from winning your War on Debt. Feel free to follow us on Twitter.

Don't be disturbed by rejection - Defeat the cause instead.

The tested and trusted formulas for applying for Credit in a safe and responsible way are right here. Debt Warriors Do It Yourself Debt Management Video Courses, Forms and Software inform you of what tactics to use to heal your Credit and Defeat your War On Debt.

Join the Army of Americans choosing to not to surrender, but to WIN their WAR on debt!

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Debt Warriors ARE experienced Do it yourself Credit Repair and Debt Management, Negotiation and Debt Settlement Coaches. WE teach American Debtors how to manage and settle their debt (for themselves). J. Carlton Ford is not an Attorney. The information on this blog, should not be considered legal advice. Debt Warriors offer helpful Credit and Debt "Self-Help" video course, Personal Finance, and information products.

Thanks for stopping by THEWARONDEBT.NET
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The 6 C's Of Credit

1. CHARACTER: A.k.a. ones ‘Good Name’.
   
   
2. CAPACITY TO PAY: Means having the income to pay the loan back with interest.
   
   
3. CAPITAL: How much money the borrower has.
   
   
4. COLLATERAL: Does the borrower have anything of value? (like money, a home, or jewelry). Collateral can be taken away or (repossessed) if the borrower fails to pay back the debt.
   
   
5. CONDITIONS: Conditions include; the kind of job the consumer has, time on that job, how many years at the same address, how old they are etc.
   
   
6. CONFIDENCE:A successful borrowers Credit Report gives confidence or concern to the lender. Many consumers have Inaccurate and false information on their Credit Reports hurting their Credit Score.

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DEBT WARRIORS™ are not Attorneys. WE ARE experienced Credit Repair and Debt Management, Negotiation and Debt Settlement Coaches. WE teach American Debtors how to manage and settle their debt (for themselves). The information on this blog, should not be considered legal advice. Debt Warriors offer helpful Credit and Debt "Self-Help" video course, Personal Finance, and information products.

Thanks for stopping by THEWARONDEBT.NET
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