When Debt Consolidation is Legitimate

Posted by administrator | 26/09/12 | Tagged Credit Card Debt

When Debt Consolidation is Legitimate
News from Opposing Views:

Does the phrase “debt consolidation” mean anything to you? For some, it brings to mind the idea of financial scams and disreputable companies trying to take advantage of unsuspecting consumers.

But is that really the case?

Well, yes and no. Debt consolidation, at its most basic level, is simply the action of grouping all your debt into one combined debt. For example, say you have three student loans and decide to use debt consolidation to combine all three into one larger consolidation loan. In that case, the new loan would have a balance equal to the sum of the other loans.

Sounds pretty simple, right? Unfortunately it gets complicated by the fact that certain companies advertise themselves as “Debt Consolidation Providers” when in reality they actually do something called debt management, which is different.

Why do they call themselves something that they’re not? Because they know people are out there looking for debt consolidation loans and they believe people won’t recognize the difference between debt consolidation and debt management.

The reality is that debt consolidation is a legitimate tactic for managing your debt — but only under the right circumstances.  Here’s what you need to know be…………… continues on Opposing Views

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Consumers Forgo Credit Card Debt in Favor of Expensive Car Loans
News from http://www.totalbankruptcy.com:

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Police: Man stole, tried to use credit card

Posted by administrator | 26/09/12 | Tagged Credit Card

Police: Man stole, tried to use credit card
News from Idaho Mountain Express and Guide:

Police: Man stole, tried to use credit card

Suspect charged with felony


By TERRY SMITH
Express Staff Writer

Michael A. Rodman

A 36-year-old Blaine County man has been charged with a felony for allegedly stealing another man’s credit card and attempting to use it up to 26 times at ATMs and retail stores in the Ketchum area.

Michael A. Rodman is also being investigated by Sun Valley police for car theft.

Ketchum police arrested Rodman the afternoon of Thursday, Sept. 20, after he was detained by Hailey police who were told that he was at the Farmer’s Market on Main Street in Hailey.

“When we heard he was in our area, we wanted to catch him before he committed a crime in our area,” Hailey police Lt. Steve England said Monday.

Rodman was formally charged with the felony crime of “criminal possession of a financial transaction card” at an initial court appearance Friday in Blaine County Magistrate Court. Hailey attorney Christopher Simms was appointed public…………… continues on Idaho Mountain Express and Guide

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Steps to Build Good Credit With Your First Credit Card
News from Fox Business:

Dear Opening Credits,

Hi, I recently got my first credit card about three months ago with a limit of $ 1,000. I am planning to get a second credit card to boost my score. Since I have not had a credit card for long, my score would not be so high right now. So I am confused. Should I apply for a card right now or wait for some time when my credit score improves and my chances increase of getting accepted for a second credit card? Also, if my application gets rejected, does it harm my credit score? (I am not a U.S. national; however, I have an Social Security number and pay taxes.) 

– Harpreet
 

Dear Harpreet,

Baby steps, my friend, baby steps! This is not the time to start trying to run the credit race, but to learn how to walk gracefully with the plastic you have.

Now, I’m not implying that you can’t manage a credit card perfectly from the get-go. You may be a natural wiz and will never make a mistake. However, this is your opportunity to prove that you are an awesome borrower to your current card issuer and to future lenders. You have a grand to play with and if you’re like most people, that line should be more than enough to buy what you need and repay with ease.

First, know how much money you have coming in and how much is going out in expenses. All sort…………… continues on Fox Business

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