The Debt Free Secret

Today, I'm going to share with you the 'Debt Free Secret'.

I get calls all the time from people looking for financial advice.  Some who call me are affluent, while others are facing financial adversity.  One thing everyone has in common is that they want to know the secrets of becoming Debt Free.

But please be warned in advance?

The Debt Free Secret is nothing spectacular, but this secret produces positive results from the moment one begins to understand and apply it.  Once one learns this vital secret, they will be unquestionably equipped to become debt free for themselves.  

The Debt Free Secret is not some slick financial flavor of the month.  It's a tested and true way for American Consumers to eliminate their Debt - for themselves. The Debt Free Secret is timeless but many people don't think they have the time to learn it.

The Debt Free Secret Is....

Work. That's it.  If one wants to become Debt Free for themselves, they have to be ready to do the work.  Do it yourself Credit and Debt Management is the unsurpassed method of  becoming debt free, saving money, reducing stress, and learning how to do it over and over again.

One of my favorite teachers is the New York Times #1 Best Selling Financial Author; Robert T. Kiyosaki.  Robert always teaches Financial Education.  People ask him all the time how to become rich like him and he instructs them to "get financial education".

Once I get famous like Robert Kiyosaki, I'm looking forward to someone asking me, "how do I get out of debt"?  I will tell them, "all it takes is work".  Putting in the work to learn Credit and Debt Management is the secret to becoming Debt Free



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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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2 Things To Know Before Accepting Credit Card Offers

A Client, a Credit Card Rep and I were on the phone.

We were speaking with a Credit Card Rep while shopping around for a good balance transfer rate. We found a rate that I liked and so I suggested that my client apply for an account.

So my client applied for the card. After about 10 minutes on hold, the Credit Card Rep broke her silence and said,"congratulations you have been approved for our gold credit card". I relaxed in my chair and breathed a sigh of relief because my client needed this card to get out of a bad financial situation.

The Credit Card Rep continued "You should receive your card in about 7 to 10 days. Your interest rate will be a variable rate between 3.99% and 19.99% based on the prime rate as published in the Wall Street Journal".

Then to my surprise, my client asked the Credit Card Rep, "can't I get a Libor Rate applied to this card?" Good question but for the wrong card.

Prime vs. Libor Rates

There are two Credit Card Rates that every Consumer should be aware of; PRIME Rate and LIBOR Rate.

Some Credit Cards use the Prime Rate which is based on the Federal Funds Rate. The Federal Reserve Bank manages the Prime Rate.

Other cards use the LIBOR Rate. LIBOR stands for London Interbank Offered Rate. Usually the LIBOR Rate is lower than the Prime Rate.

For example, Capital One uses the LIBOR Rate whereas, Bank of America uses the Prime Rate.

For this reason it is important for the Consumer to keep track of the Rates. Knowing the difference between the Prime and Libor Rates can save a Consumer up to thousands of dollars in interest payments over the life of the card.

ABC News Reports: Consumers Can Settle Their Debt - For Themselves

There used to be about 20 debt settlement companies in the United States. There are now closer to 2,000. Debt Settlement Companies skyrocketed after federal law changed, making it harder to qualify for bankruptcy.

But many Consumers have had success approaching their credit card companies themselves and offering settlements for less than the total amount they owe.

There are signs that more credit card companies are accepting these offers in this recession economy in order to get something now rather than nothing later.

For more on this ABC News Report click here: Credit Solutions of America's Clients Say Debt Grew Under Company's Guidance - ABC News

Real Estate Attorney Warns Bankruptcy is Not the Easy Way Out

Bankruptcy is Not the Easy Way Out

From: Real Estate Lawyer in Miami, Florida.

Real Estate Lawer in Miami Florida, warns that Bankruptcy is not an easy way out.

"Going Bankrupt, Declaring Chapter 13 bankruptcy is the last thing you want to do. The ramifications reach far beyond any discharge of the debt and stays on your credit record for years.

Bankruptcy makes your life miserable and you have a strict repayment schedule, along with guidelines to meet, to satisfy the terms of the bankruptcy agreement. If there is any other option, then try to find another way to get out of debt.

Settle your Debtoing BankruptDeclaring Chapter 13 bankruptcy is the last thing you want to do. The ramifications reach far beyond any discharge of the debt and stays on your credit record for years.

Bankruptcy makes your life miserable and you have a strict repayment schedule, along with guidelines to meet, to satisfy the terms of the bankruptcy agreement. If there is any other option, then try to find another way to get out of debt. Settle your Debt."

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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