Earn Cash Online To Pay Off Credit Card Debts Fast August 16, 2008
Posted by Vedis in : Make Money , add a comment
It’s a relief that I no longer have $60,000 credit card debts. I have paid down my debts from $63,809 to $41,331.
I am looking for ways to earn more cash online to pay down the credit card debts to $38,000 in this year. Besides setting up more niche blogs and affiliate stores selling ellipticals, mortgages, credit cards, clothing, accessories and lots more, I am waiting for the approval of a debt management plan which requires 3 months to process the application. I pray and pray that God approves of my debt management plan application.
If it’s approved, my monthly credit card repayments will drop from more than $1,500 to only $310. The interest rate will be from the existing 18% to only 9%.
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.
Reading Is To Get Out Of Credit Card Debts May 28, 2007
Posted by Vedis in : Credit Cards , 4comments“How did you get so deep into such debt trouble ?” This is the common question asked by a lot of concerned bloggers. Well, through the efforts of my hubby and me. OK..I am serious. What I can say is lack of self-control and knowledge about financial matters.
Getting a credit card has become too easy nowadays. I have been approached by credit card executives while shopping in the malls, doing transaction in the banks, going for trade fairs and bumping into roadshows by banks.
There are too many perks offered by banks. Banks now offer 0% credit cards on purchases from participating merchants, if you use their credit cards.
I have had 7 credit cards before (I once boasted to my hubby that I wanted to own 10 credit cards ! How silly !) while my hubby had 6.
Now, I have 2 cards while my hubby has 1 card…;D Are we out of the debts ? Of course, noop.. the credit card debts are still here, decreasing little by little.
Once we realized that our debts had snowballed to more than $60,000, we started feeling petrified. What did we do ? You’ve got it , balance transfers ! Yes, from 0% balance transfers to 9% balance transfers. From bank A to bank B and then from bank B to bank C.Then, thought of personal loans and secured loans.
We used to put the blame on the banks. But, now we have come to realize that we are at faults. We lack of self control. Once we admitted we were at faults, we actually took up our responsibility. We sat down and calculated the total outstanding we had at that time.
Once we knew how much our debts were, the next step was browsing through the internet reading articles which provide tips on How To Choose The Right Card, Credit Card Balance Transfer Guide,Credit Building Tactics and other helpful resources.
After reading the article of Credit Building Tactics , it finally dawned on us that we can actually rebuild our credit rating little by little and with patience.
With sound credit card advice provided by thousands of internet sites like Nations Finance, we have better grasps of the ins and outs of credit cards, mortgages, home insurance and motor insurance.
We know how to get better deals after reading Where Is The Best Place To Get Car Insurance ?
Equip yourself now with more comprehensive and updated news about credit cards, mortgages and related financial advice before you are in deep, deep debt trouble like us.
What About Malaysian Borrowers ? April 18, 2007
Posted by Vedis in : Credit Cards , 2commentsA credit score is based on the information in an individual’s credit report and banks use credit score to manage the risk posed by lending money to customers.
In mature markets like the US, customers are charged different rates on the same loan based on their credit score, a credit rating that represents an individual’s financial creditworthiness as calculated by a statistical model.
Factors that are used for credit scoring include a customer’s payment history, public records, amount owed, length of credit history, new accounts, inquiries made on your credit report and accounts in use. For example, your owing too much, especially you are approaching your credit limit, or matters of public record such as bankruptcies, may lower your score.
With credit scoring, the financial service industry is able to practice risk-based pricing, whereby interest rates are adjusted to mitigate any increased risk with increased cost. If you have a better credit history and a higher credit score, lenders will be more comfortable giving you a lower interest.
What about Malaysian borrowers ? Currently, Malaysian borrowers tend to get the same rate for credit such as credit cards, mortgages and hire purchase, despite having differing credit histories.
Most banks don’t risk yet, which means that although you are credit worthy, you are not entitled to good pricing. This is because bank margins on mortgages today are so thin, it takes banks two years to break even on the commission and cost acquisition. As a result, it is hard to give even better rates to those with better credit history.
While mortgage loans remain tough to negotiate compared with other loan products, the rates personal loans tend to be more sensitive to good repayment capabilities. If banks view you as credit worthy, they may give you better rates, depending on the loan product.
With risk-based pricing, a customer with a good credit history could enjoy up to 6% lower pricing for personal loans, compared with higher-risk person.
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.
