Tackle credit card debt with these tips

Posted by administrator | 03/11/12 | Tagged Credit Card Debt

Tackle credit card debt with these tips
News from Detroit Free Press:

Question: I owe $ 45,000 to six credit cards. I pay a total of over $ 1,000 a month. What is the best way to manage this debt? Can I get a five-year loan so there is just one payment?

Answer: Unfortunately, there is no quick fix to get out of credit card debt. It is important to explore all the pros and cons of the debt consolidation options and stay clear of quick-fix schemes.

Here are some ways you may be able to get a five-year loan to consolidate your debt.

A secured personal loan. Banks, credit unions and other professional lenders offer this type of loan. However, it requires the backing of some type of collateral. Secured loans are often used to purchase an item of significant value, such as a car. Secured personal loan rates can vary substantially. The rates generally depend on a number of factors, such as the collateral and your credit score.

An unsecured personal loan. This type of loan does not require collateral. Unsecured personal loans can be found online, and these loans can provide borrowers with fast cash. However, low interest rates are generally only available to borrowers with excellent credit scores. For borrowers with low credit scores, the interest rates will be higher and the loan can be more difficult to obtain.

A home equity lo…………… continues on Detroit Free Press

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Debt settlement not as simple as ads make it seem: Plain Dealing
News from Plain Dealer:

By Sheryl Harris, The Plain Dealer The Plain Dealer
on November 03, 2012 at 12:00 PM, updated November 03, 2012 at 12:12 PM

The only thing most consumers hear about debt settlement are the radio and television ads promising relief from credit card debt.

Off the airwaves, the debt settlement industry has been assailed by criticism that it overpromises and underdelivers.

In July, the Department of Justice posted a warning about debt settlement scams and hefty fees. Last month, the National Association of Consumer Bankruptcy Attorneys declared debt settlement schemes “the No. 1 threat facing deeply indebted…………… continues on Plain Dealer

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Using Credit Cards Effectively While Traveling

Posted by administrator | 03/11/12 | Tagged Credit Card

Using Credit Cards Effectively While Traveling
News from TheStreet.com:

As the holidays approach, many people hit the road for vacations. Whether you are planning a cross-country road trip or are flying to foreign lands, using a credit card can make paying for your travel expenses a lot easier than if you used cash. But if the possibility of going over budget has you cringing, remember the benefits of using a credit card for travel and put a spending strategy in place before you leave.

Hotel and Airfare Reservations

Benefit – Reservations are easier with credit cards: Generally speaking, when you make a reservation for a hotel or plane ticket, you are asked to provide a credit card number. Even if you plan to pay cash when you arrive at a hotel, a credit card is usually required to hold your room. Once you arrive at your destination, however, you can pay with cash (although you may be asked to pay the full amount when you sign in). You can also pay for plane tickets with cash at the airport, but you may be subjected to additional security checks.

Strategy – Use a travel agent: A travel agent can bo…………… continues on TheStreet.com

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Myanmar banks sign deals for credit card use
News from Straits Times:

Published on Nov 03, 2012

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Vice chairman of Kanbawza Bank, Myanmar’s biggest private bank, Than Lwin speaks to reporters during a press conference held at the Myanmar Bank Association building in Yangon on October 6, 2012. Myanmar banking officials on October 6 sought to reassure nervous savers after rumours over the fate of the boss of the Kanbawza Bank saw account holders dash to withdraw their cash. — PHOTO: AFP

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