Why People Get In To The Debt Trap Easily April 9, 2008
Posted by Vedis in : Debts / Credit Card Debts , add a comment
A recent study revealed that 7 out of 10 persons hide debt problems from partners, friends, and families. In fact in many cases, the person’s spouse is not the first one to be told about the debt problem.
Easy application and approval of loans from banks freely without much scrutiny about repaying capacity has pushed some of the urban population in the vicious circle of debt.
Many people are using the strategy of applying for a new card to pay off the due on other cards. Like this, in a matter of a few months, they see their credit card dues balloon. They keep withdrawing money from the cards as well as topping up loans for payment of installment of other dues.
People get in to the debt trap without realizing that it may take a few decades to pay off all the debt unless the income stream increases substantially or a miracle happens which of course is a remote possibility.
Simple, Yet Practical Debt Elimination Tips To Pay Off Credit Card Debts Fast February 4, 2008
Posted by Vedis in : Credit Cards , add a commentIf you are like me still loaded with tonnes of credit card debts and trying every possible way to pay off your credit card debts fast, I guess you will be interested in reading articles that provide simple yet practical debt elimination tips.
Just click here and you are able to read tonnes of articles related to loans, mortgages, credit cards, credit card debts, and debt elimination tips for free.
Reading tips on debt elimination or paying off credit card debts is only your first step. The next practical step is to implement the tips provided. Action speaks louder than word.
Set Up Online Lingerie Store To Pay Off Credit Card Debt Fast January 25, 2008
Posted by Vedis in : Business , add a commentI guess I should heed my buddy’s advice and set up an online lingerie store selling sexy lingerie and plus size lingerie as soon as possible so that I can make more money to pay off my credit card debts.
At the moment, I can still make a few hundred bucks online. But, it’s not enough if I want to blog full time. I need more than a thousand monthly so that I can pay off my credit card debts, loans, car loan and home loan installments without fail.
7 Golden Rules To Financial Prosperity January 21, 2008
Posted by Vedis in : Make Money , add a commentNot Enough Money? I believe that most people haven’t got enough money for everything they wish to have - the more you have the bigger your plans, and you have a feeling that you have less and less money.
Whether you have lots of money or just so-so, you need to economize and take proper care of your money - your income, expenditures, savings and investments.
Below I give you 7 Golden Rules to a Financial Prosperity:
1. Always have several streams of income: never rely on one income from one source only. (more…)
Proper Planning For Your Retirement Funds To Protect Yourself Financially December 12, 2007
Posted by Vedis in : Retirement , add a commentRetirement is meant to be a rewarding experience when those who have toiled for decades to raise families and contribute towards nation-building can relax and take it easy.
Retirees are supposed to spend whatever time they have left to do the things they have always wanted to but did not have the time as they had to earn a living.
But the opposite is true in many cases as the majority of retirees are in fact facing a nightmare in just trying to support themselves with the basic things in life. (more…)
Refinance Loans Help Homeowners Ease Cash Flow Needs December 8, 2007
Posted by Vedis in : Loans , add a commentRefinance loans are often considered by many homeowners a good option to release money from their homes to ease current cash flow needs.
When homeowners are desperately in need of money, the best option opens to them would be to refinance the homes, because in most cases, lenders feel that lending money to homeowners who have title to property is a good bet.
Refinancing of mortgage loans with low refinance mortgage rates is a good way to lighten the burden of your bills. You will find that the refinance mortgage rates are usually lower than your original loan when you actually compare rates. (more…)
Update On My Credit Card Debts - $58,303 ! May 31, 2007
Posted by Vedis in : Credit Card Debt Updates , 1 comment so far
Yeahoo… My hubby and I didn’t swipe our credit cards at all for the month of May !.
After destroying our credit cards in April, my hubby has only 1 credit card and I have 2 . Though the credit card debts are still here, the amount has been decreasing little by little.
By following 5 Simple Debt Reduction Method, we only use cash and spend less.
Besides exercising self-control, we also read tons of information related to debts, loans, financial matters to deal with our debts.
It is of utmost important that we change the way we think ! We must have a mindset that we are able to get out of debts and become rich little by little. If we always focus on lack of money, it will be magnified many times. As a result, we keep on living in poverty.
On April 24, our debts went down to $58,961 from $63,809.
We have already set our goal, that is to cut down our credit card debts to $40,000. On 31 December 2007 - Our Credit Cards - $40,000 !
I believe this goal is attainable as I have started writing paid posts. The money earned can be used to pay off some of our credit card debts.
Congratulations ! You’ve Got A Loan ! May 31, 2007
Posted by Vedis in : Loans , 1 comment so far
I have to admit that getting a credit card and loan has been very easy. Even if you don’t apply for a loan, you will be called and congratulated that you have been successfully eligible for a credit card or a loan.
Unbelievable, ya ? It did happen to me last month. One of the banks called me and told me that my card was upgraded to Gold Card ! Wow… and hey, I had been longing for a Gold card !
Well, I would jump at the chance if it was before my debt elimination program.
” Ms Teh, would you like to activate your account now ? ” asked the officer politely.
I had the impulse of saying ‘ YES ‘ at that moment. However, I found myself saying ,” Let me consider first. I will get back to you if I want to activate it.”
Can you believe it ? I turned down the offer. I am glad that I have done so. I have already been loaded with $60,000 credit card debts ! But, the story did not end there.
The next day, the officer called again. This time, I was offered a personal loan of $2,000 at an APR of 9.88 % . I know this is also called unsecured loan as I have been reading a lot of information and articles on loans, comparing loans online, mortgages and last but not least, credit cards.
The idea of unsecured loans or personal loans is that you can borrow money without the risk of your personal assets being up for repossession should it all go wrong.
It is an undeniable fact that many people are trapped with credit card debts and loans. It is my belief that a lot of these people have had bad credit history. I have had a few personal loans as they generally offer lower interest rates. It is pleasing to see that unsecured loans are more accessible nowadays.
Look to the right sidebar - $58,961 ! I am cutting down my debts gradually. I am on the right path to debt free life, are you ?
Have you made up your mind to get out of debts ? If so, read more articles provided by websites like Loanwize daily to keep yourself away from being ignorant.
2 Options On Repairing Bad Credit History April 9, 2007
Posted by Vedis in : Credit Rating , add a commentSo, how do you clean your less-than-clean credit report ?
There are 2 instrumental options here :
1. Bring the Payments Up to Date. If you cannot make the payments on all your credit facilities, to avoid further spoiling your credit history, you should restructure your loans.
For example: You can lengthen the tenure of the loan so the minimum commitment every month becomes less, or you can look at rate reduction or at the possibility of consolidating your loans with a cheaper loan.
Speak to your respective bankers to figure out the best way to normalize your repayment behavior. It is true enough that most banks will try to help and restructure their customers’ loans.
I have used this option and I find it very instrumental.
2. Consider Debt Consolidation. If you owe on credit cards and have mortgages, you could ask the bank to extend a bigger line for the mortgages in place of some collateral to pay off your credit card bills.
Or you can ask for a top-up in terms of mortgages and use the money to pay your outstanding debt.
As for this option, I have tried once, but to no avail. I was only told by the bank that credit cards and mortgages are of different products. They cannot be consolidated. Well, it is my guess that the bank doesn’t want to hurt my feelings by telling me honestly : You have bad credit, madam !
Upon normalizing the payments, the credit report should then reflect your new clean report.
