This Hollywood Screenwriter Haggled His Way Out Of $ 222000 Of Debt
News from Business Insider:

Kenny Golde

In 2005, indie film screenwriter Kenny Golde’s finances were in nothing short of mint condition.

“I had less than $ 10,000 in credit card debt, more than $ 100,000 in unused lines of credit, a FICO score over 800, and about $ 100,000 in savings even after the downpayment on my home,” he says. “I even adopted a dog.” 

Then the bottom fell out. Within a year, a perfect storm of financial and professional mishaps would carry him down a seemingly never-ending rabbit’s hole of debt. 

By his fortieth birthday, he had amassed a staggering $ 220,000 in credit debt and spent his days sparring with debt collectors, dodging lawsuits and doing all he could to keep bankruptcy at bay. 

That was until an attorney steered him toward a path he never thought he’d travel: Debt settlement––essentially negotiating his debt directly with lenders. 

“The journey took me about a year and a half,” Golde writes in his book,
“The Do-It-Yourself Bailout.” Now “I have reduced my debt … to zero.  I have done this legally, at a fract…………… continues on Business Insider

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DebtAdviser: How to revive your credit after a car repo
News from The Republic:

Dear Debt Adviser: This one’s a doozy: Back in 2009, during the recession, I lost my job, my vehicle was repossessed, and it sold for more than the loan amount. The repo is now on my credit report, and my score is in the mid-500s. This makes it 10 times harder to get back on my feet. I can’t get approved for credit cards or even another vehicle loan. What is the best way to handle this situation and get out on top again? — Clyde — Dear Clyde: You are luckier than most people who have had a vehicle repossessed. They’re usually left with an additional bill because the car sold at auction for less than what was owed.

The fact that you don’t owe any money after your repossession won’t help your credit score. But it may help when you try to get another loan. Lenders like to know that your loans eventually get repaid, and they’ll be looking for proof. You can show this by obtaining a “letter of satisfaction” from your previous lender. It tells potential new creditors that, despite your low credit score, your vehicle loan was paid in full after the repossession.

Improving your credit score significantly will take about two years and consistently good credit behavior on your part. The taint of a vehicle repo and other negative information will fade as you add new, positive information to your credit history.

Here are…………… continues on The Republic

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Gas credit cards provide few rewards

Posted by administrator | 17/09/12 | Tagged Credit Card

Gas credit cards provide few rewards
News from MarketWatch:

By Jennifer Waters, MarketWatch

CHICAGO (MarketWatch) — Don’t waste wallet space with gas credit cards. They tend to be costly with few rewards and don’t have near the flexibility of a general-purpose card, experts say.

“If you give your loyalty to a gas company, you would expect they will give you something back,” said Anisha Sekar, vice president of credit and debit products at, a financial-services information site. “Unfortunately, that’s not always the case.”

Gas cards generally are issued in two versions: gas-only branded cards, which you can only use at that station, or co-branded cards that are a Visa or MasterCard and can be used almost anywhere.

Like retail-store cards, gas cards typically carry low credit limits and interest rates that hover at about 25%. In some cases, the interest rate can be higher than the default rate on other cards.

But your favorite department-store card comes with discounts and special cardholder-only deals that you’ll see regularly. That’s not true with gas cards.

“Margins on gasoline sales are already so razor thin they can’t offer you 50% off like a cl…………… continues on MarketWatch

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The New Generation of Credit Users
News from The Herald |

— /PRNewswire/ —

  • 18-34 year olds finances affected the most in the last twelve months
  • Nearly one in five (19 per cent) of 18-34 year olds with credit have had budgets squeezed, so are relying on credit more this year
  • Yet a fifth (21 per cent) of 18-34 year olds with savings accounts have saved for the first time this year

The last twelve months has taken its toll on our finances, but those aged 18-34 have had to adjust their finances significantly and have also put themselves at risk to extra fees and interest charges by using expensive forms of credit, according to new research* from

The UK’s number one comparison site asked respondents about different areas of their finances including credit, overdrafts, loans and savings, and found some good news and bad! Over one in ten 18-34 year olds (11 per cent) admitted they have had to use a credit card to make cash withdrawals (compared with eight per cent of the UK), seven per cent said they had taken out a pay day loan (up from the four per cent UK average), and one in six (15 per cent) had used an unauthorised overdraft (UK average of seven per cent) – all of which risk high f…………… continues on The Herald |

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