Debt Free Citizen

Posted on Tuesday, 13th July 2010 by Gregory T

If you can’t beat ‘em, join ‘em – at least, that’s what big banks are doing.

After their effort to stop the financial reform bill failed with the overhaul’s passage Thursday, banks have no choice but to play along – but they’re playing on their own terms, according to Chicago bankruptcy laywers. That’s bad news for the many folks struggling with large debts.

For instance, new debit rules in the legislation decrease the interchange fee – the amount that retailers must pay to banks for debit card transactions. So while more retailers might start accepting debit – a benefit for consumers who want more payment options – banks plan to make us pay elsewhere.

That’s right, financial institutions are slapping new fees on checking accounts to make up for their lost debit card profits.

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Tags: Bill, Financial Reform, Financial Reform Bill, Reform Bill
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Posted on Monday, 12th July 2010 by Amelia M

After steady trends upward over the past twenty some years following the so called black Monday recession of October 1987, credit card debt usage was sharply reduced across virtually all sectors of the Untied States citizenry during 2009. Considering that many financial correspondents trusted by the most respectable media outlets confidently propounded that American consumers would continue to borrow heedlessly without end while continuing to hemorrhage their savings, this sudden redirection of credit card debt policy was unexpected to say the least. As a matter of fact, the extent to which Americans curtailed deficit consumer spending on unsecured credit card debt accounts could not have come as more of a surprise.

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Tags: Card Debt, Credit Card, Credit Card Debt, Debt
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Posted on Sunday, 11th July 2010 by Gregory T

Worried you have a bad credit score? You’re definitely not alone.

More than a quarter of Americans now have a credit score of 599 or less, which categorizes them as a poor risk to lenders – that’s 2.4 million more people than before the Great Recession, according to a recent report by FICO, Inc. That means more folks than ever will have trouble securing car loans, getting a good mortgage rate and qualifying for new credit cards.

But there’s hope.

At the same time most scores are plummeting, the number of Americans with very good scores – 800 points or above – is on the rise.

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Tags: Credit, Credit Scores
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Posted on Friday, 9th July 2010 by Nicholas P

Generally People find themselves in debt trap due to past financial faults. Debt is not good at all for anyone, it is a dangerous situation. But it is not something you can not repair. There are many debt counselling agencies in the market who claim to have best track records of resolving debt issues. Millions of people are living tension and debt free life after getting these services. These professionals help people to manage their income and expenditure.

Debt counselling agencies are not magician; they help you to make a proper budget plan according to your income and expenses.

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Tags: Debt, Now Debt
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Posted on Thursday, 8th July 2010 by Amelia M

Like most of life’s major problems, a debt disaster doesn’t happen overnight. There are clear warning signs that crushing debt could grow out of control.

Here are 10 Tip-Offs that you’re heading for a debt disaster. See how you score.

1. Your bank account is consistently overdrawn.

If you keep getting those thin envelopes in the mail from your bank telling you that your checking account is overdrawn, it’s time to regroup and find out why you’re not keeping up.

If you keep getting those thin envelopes in the mail from your bank telling you that your checking account is overdrawn, it’s time to regroup and find out why you’re not keeping up.

2. Your credit c

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Tags: Debt Disaster, Disaster, You’re Heading
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Posted on Wednesday, 7th July 2010 by Nicholas P

According to a survey it is found that every single person, out of a group of five of UK residents, stays here with a bad credit score. These days the cost of living of people has gone surprisingly high. Pay is less and expenses are very high. Pay comes after but the credit card bills, children’s fees, wife’s shopping list and other pending expenses already wait for the pay day more eagerly then you. In such cases when you are completely sunk in to a debt trap and the bonus is that your credit score is not good, what can you do to get rid off your creditors? Per

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Posted on Tuesday, 6th July 2010 by Amelia M

We all occasionally run low on cash from time to time. Those troubling periods, when it seems the next payday cant come too soon, credit cards are the most obvious convenience. However, many borrowers have found themselves swept up in the larger economic turmoil affecting so many Americans, and they can no longer depend upon the traditional unsecured debt alternatives like credit card debt to help their households stay afloat. This is where the so called payday loans come in. Without question, the convenience of payday loans can be extremely tempting. Indeed, for folks suffering through illness or some other catastrophe, payday loans might even be considered an acceptable risk to guarantee the comfortable survival of their families.

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Tags: Payday, Payday Loan
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