Stanley’s plan on Debt and Credit

About.com: Pittsburgh has published a list of Top 10 New Year’s Resolutions and “Get out of Debt” stands at #7. It’s so refreshing to see people taking finance seriously. Hope, unlike most, this resolution won’t be forgotten soon, especially when there is a community like Debt Consolidation Care.

For me, getting a home loan is the first priority in this year and I will do everything to get it approved. I don’t have much in debt. I have a credit card debt which I have been paying regularly. No more loans apart from the mortgage that I have planned.

What about others? I am sure all of you have taken some resolutions. Please share it here.

Technorati Tags: get out of debt, debt consolidation, new years resolutions

Sarah, a graphic/web designer, musician and single mom according to her profile at SomeWhereOverTheDebt, treats her blog as a means of earning money. As a result her blog becomes a useful tool on her journey to become Debt Free. Know more about her at About SomeWhereOverTheDebt.

Blogging is no more a hobby; it is emerging as a profession. This is the right time to take full advantage of your blog. So start posting regularly; 1 post per day is not a big deal. It will add to the credibility of your blog and open doors of opportunity for you.

Technorati Tags: blog, blogging, debt free, money

American employers have shown mammoth activities in March 2007 by hiring people randomly which resulted in a drop of Unemployment Rate to five-month low of 4.4%. The report published by Labor Department also states that workers saw a bigger paycheck this month. So the financial year is going to be ended happily, good you know.

Now, why am I writing all this in my blog? I think, unemployment problem has a strong influence on consumer debts. People with a job are less likely to be in debt; there are exceptions though. However, this huge recruitment in March should be continued in the coming days as well keeping the Economy active. And I am optimistic, once the process has started, it will definitely continue.

Technorati Tags: debt, credit, consumer credit, unemployment, economy, economics

• I want to make my credit better.
• I am trying to fix my credit, please help me.
• How to repair my bad credit?
• There are some negative items on my credit that I want to pay off.

Come on guys, give me a break. I have read plenty of such posts in DebtCC and other boards as well. And let me tell you that I can draw the true picture of the persons who make such posts. (Hey, Stanley does painting, click to view my Art Work)

I am sure people start thinking about their credit when they are out to shop credit card, home loan or car loan. Trust me friends, credit repair needs time and patient, you cannot obtain good credit in minutes.

So it is better to start much before applying for mortgage, loan, credit card whatever. You must have the appetite to acquire better credit through your hard work and knowledge, there is not short cut I guess.

Technorati Tags: credit repair, credit

I simply love DebtFighter, he is quite attractive. The best thing about DebtFighter is it appears as talking to me. When I search for something, it guides me; it talks to me and helps me get the right information. Hats off to DebtFighter.

I like the subscription option as well. I have subscribed some of the hot threads, whenever I log in to my email account I get a gist of what is going on in DebtCC forums. I agree to Denny that forum can never be simpler than this and so the life is.

Technorati Tags: debt consolidation, credit, debt, debt settlement, credit card debt

After traversing along so many avenues, I found DebtCC forum to be a good place to hang around. I got stuck to it since I visited it first. Then I tried blogging and also spent some energy understanding Wiki, the knowledge base.

I still like DebtCC forum and blogs like anything, however, my latest crush is the CREDIT FORUM. I went there casually and found so many unanswered posts that I can handle easily. I did not waste a single minute but tried posting my reply because I thought; my comment can show them a ray of light.

Technorati Tags: debt, credit, credit repair

Why would people want to decorate and design their credit cards? Don’t you think that a credit card that looks good and attractive is actually very harmful? People would always like to carry it and show it, on the other way, a card that is torn and shabby is good to credit

The reason I started this topic is that I read a similar post in Yahoo! Answers. And it seems Capital One provides the options to customize your own credit card.

Is it a business deal to attract more people? Do we really need a customized Credit Card? A so-so look is ok I think!

Technorati Tags: credit card, consumer credit

Two threads in DebtCC forums compelled me to write this article.

• Payday lenders move online, try to bypass state laws

Confusions: Are lenders allowed to do business with citizens of the state where they are not licensed?

It seems they are not. Otherwise the Attorney General of the state of West Virginia would not have instructed payday loan companies to refund the overly charged fees? Read the full story.

• Misinformation about FDCPA Laws
  

Confusions: If a North Carolina consumer applies, through internet, for payday loan from a company that is licensed in Delaware, which state law the both of them should follow? Also, if the borrower defaults in such cases, what legal action lenders can take? Is there any law that supports the lender or the borrower?

Unless there is a strict law applied for Internet-based Payday Loan Companies, Stanley suggests some solutions:

For consumer: Read the very fine print very very very carefully. By agreeing to the contract you actually agree to follow the state laws where the company is licensed which create lots of confusions later on. If the lender is not licensed in your state, it’s better to stay away off them.

For lenders: Online business does not mean you would break local laws. There are several technical ways to locate the state/region of visitors. You should restrict your online business to the states where you have proper license only. Visitors from the states, where you are not licensed, should not have the privilege to apply for a loan. Tracking users’ IP is not that tough nowadays!

Technorati Tags: payday loan, no fax payday loan, payday loan online, faxless payday loan, payday cash loan, cash advance, payday cash advance, loan, news

After watching DebtCC Forum for so many days what I have understood is Payday loans could not come up as a helpful means to solve financial crises. Perhaps the business started with good intentions but not all the lenders associated with it were good and ultimately consumers suffered a lot.

While selling loan, payday lenders do not check if the consumer has understood the terms thoroughly and the consumer is able to pay it back on the due date or not. And consumers do not read the fine print and get in a trap.

Also I don’t find any law that can answer my query:

If an internet-based payday lender, physically situated in FL, loans money to a NC consumer and charges higher rates in terms of fees and renewal charges than what NC allows, then what recourses the consumer has. Also if and law is there that can protect the lender if this consumer stops payment?

Obviously I am not talking about the consumers from FL and NC only; this is a problem for payday loan consumers who go for internet-based payday loans.

The bad thing is, Third World Countries are going to recur same thing. Though the credit system is completely different there, still Spot Loan Shops are rising head like mushroom in the Third World Market. Lots of ads are posted in the classifieds that say: “Bring credit card and take home money” or “Easy Loans, Spot Cash”. I am afraid people won’t be able to find the catch. I really don’t know how to make them aware. I have some journalist friends; perhaps I will be contacting them soon.

Technorati Tags: payday loan, news, blog

Time is valuable and in modern world time is one of the scarce elements People are running behind time, corporate houses are spending lots of money on time management and work optimization. So time is such a dimension that is becoming rare nowadays.

Professional debt consolidation programs saves lots of time for consumers indeed. I am not saying that Do It Yourself approach is bad, but it needs lots of time for reading, gathering information and knowledge, documentation and so on.

Debt consolidators not only help you follow the fruitful path, but do lots of formalities on behalf of you and you save some time. However, you should be dealing with a good and reliable company; otherwise they will do no good with you, your credit or with time.

Technorati Tags: debt consolidation, debt, credit, credit counseling, do it yourself