Don’t let mortgage debt wreck retirement

Posted by administrator | 06/01/13 | Tagged Credit Card Debt

Don’t let mortgage debt wreck retirement
News from Los Angeles Times:

Dear Liz: I have a first mortgage with a current balance of $ 32,000 at 5.625% interest. This will be paid off in about 24 months, based on regular payments plus $ 200 a month extra I am paying on principal. I have a home equity line of credit with a balance of $ 200,000 at 3% interest on which I am paying interest only ($ 490) monthly with an occasional principal payment when I can afford it. Between the two mortgages I am making payments of about $ 1,950 per month.

I am about to retire and want to reduce my payments to a more manageable amount. I do not intend to move in the near future. Income is $ 145,000 annually now but will be reduced to about $ 76,000 annually upon retirement. Should I just hold on, pay off the first mortgage and then begin making interest plus principal payments on the credit line? Or should I refinance both mortgages now into a 30-year fixed mortgage?

Answer: Ideally, you would retire your mortgage debt before you retire from your job. That’s not possible in your case, so you should focus on making sure this debt doesn’t wreck your retirement.

A spike in interest rates could play havoc with your budget. Mortgage interest rates have been extremely low for some time, but that won’t continue indefinitely. Inflation may pick up as the economy improves, which means that 3% varia…………… continues on Los Angeles Times

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Obama schedules debt-ceiling ‘fiscal cliff II’ for February
News from Daily Caller:

President Barack Obama scheduled another so-called “fiscal cliff” crisis for February by announcing late Jan. 1 he would refuse to negotiate any curbs on his use of the nation’s maxed-out credit card.

“I will not have another debate with this Congress over whether or not they should pay the bills that they’ve already racked up through the laws that they passed,” he claimed during a late-night appearance on the last-minute resolution to the December 2012 fiscal cliff.

However, the GOP-led Congress wants to use its authority over the nation’s debt ceiling to pressure Obama to shrink future spending, not to repudiate existing debts. (RELATED: House Republicans approve Senate fiscal cliff bill)

Obama is expected to add $ 3.4 trillion to the national debt by 2017. In his first term, he boosted the national debt by $ 5.8 trillion, up to $ 16.4 trillion.

But on Dec. 31, his government hit the $ 16.4 trillion limit agreed by Congress and Obama in 2011.

Federal officials say they’ll use a series of financial maneuvers to postpone any problems until February. But sometime after that, Obama’s administration won…………… continues on Daily Caller

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Tyga’s Accountant Sues for Credit Card Debt

Posted by administrator | 04/01/13 | Tagged Credit Card Debt

Tyga’s Accountant Sues for Credit Card Debt
News from Eurweb.com:

Tyga’s Accountant Sues for Credit Card Debt | EURweb

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5 Ways to Get Out of Debt: Which Will Work for You?
News from Huffington Post:

By Gerri Detweiler

You’ve set your goal to get out of debt. Now you have to figure out how to achieve that goal. But with so many different experts touting different solutions, how do you pick the one that will work for you? Here are five options:

DIY Debt Reduction

With the DIY approach, you make the minimum payments on all of your debts except the one you are targeting. There are two main variations on this strategy: the snowball method, and the avalanche approach. With the snowball method you pay off the account with the smallest balance first. With the avalanche approach, you pay off the credit card with the highest interest rate first. Either way, once the first debt is paid off, you apply the payment you were making to the next target debt, and so on until they are all gone.

DIY debt reduction may work for you if: You have a clear plan and are committed to sticking with it; you are able to stop taking on new credit card debt for the durat…………… continues on Huffington Post

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Credit Card Tips for 2013

Posted by administrator | 02/01/13 | Tagged Credit Card Debt

Credit Card Tips for 2013
News from wmbb:

On your 2013 New Year’s resolution list you may be planning to make changes to your personal finances.  If you automatically use credit cards, you might consider options before you make that next purchase.  Details in this News 13 Problem Solver report.

For many of us buying something, whether it be gasoline or thousands of other items, means pulling out a card.

Credit cards have long been a way of life.  But, it may be time to get better control of your credit status.

Here are tips to consider for the new year from bankrate.com.

  • First, know your credit.  The state of your credit will determine what card you can get. If you have good to great credit (720 and above), you’ll likely qualify for numerous rewards cards that cater to your personal tastes.
  • Next, read the fine print.  The details of a credit card’s agreement will help you compare it to others such as the annual percentage rate for purchases, balance transfers, etc.
  • Ignore flattering marketing.  Don’t believe it.   Many issuers will send out “special invitations” to apply for a credit card, or they’ll tell you that you’re “pre selected” for a credit card.
  • Don’t overspend for sign-up bonuses.  Those sign-up bonuses are hardly free. Most come with spending requirements that encour…………… continues on wmbb

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Credit Card Tips for 2013

Posted by administrator | 02/01/13 | Tagged Credit Card Debt

Credit Card Tips for 2013
News from wmbb:

On your 2013 New Year’s resolution list you may be planning to make changes to your personal finances.  If you automatically use credit cards, you might consider options before you make that next purchase.  Details in this News 13 Problem Solver report.

For many of us buying something, whether it be gasoline or thousands of other items, means pulling out a card.

Credit cards have long been a way of life.  But, it may be time to get better control of your credit status.

Here are tips to consider for the new year from bankrate.com.

  • First, know your credit.  The state of your credit will determine what card you can get. If you have good to great credit (720 and above), you’ll likely qualify for numerous rewards cards that cater to your personal tastes.
  • Next, read the fine print.  The details of a credit card’s agreement will help you compare it to others such as the annual percentage rate for purchases, balance transfers, etc.
  • Ignore flattering marketing.  Don’t believe it.   Many issuers will send out “special invitations” to apply for a credit card, or they’ll tell you that you’re “pre selected” for a credit card.
  • Don’t overspend for sign-up bonuses.  Those sign-up bonuses are hardly free. Most come with spending requirements that encour…………… continues on wmbb

… Read the full article
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Procedure for Credit Card Debt Validation

Posted by administrator | 28/12/12 | Tagged Credit Card Debt

Procedure for Credit Card Debt Validation
News from Opposing Views:

by Mandy Mitzsheva

Credit card debt can build up quickly.

Comstock/Comstock/Getty Images

Unpaid credit card debt can haunt you for a long time. The original creditor may try to collect the money from you. If this isn’t successful, the creditor may hire a collection agency. As a debtor, you do have rights. The collection agency must verify a debt, if you request that it do so. The Fair Debt Collection Practices Act outlines the procedure you can use to obtain this verification.

Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act governs consumer debt collection. Some consumers confuse the terms “validation” and “verification.” Under the FDCPA, each term has a distinct meaning. The FDCPA requires a collection agency to send you a written “validation notice” within five days after it first contacts you. This notice specifies the name of the creditor a…………… continues on Opposing Views

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Regrets about holiday spending? Change that now
News from Cache Valley Daily:

SALT LAKE CITY – While the flurry of holiday spending may be good for the economy, it can prove to be exactly the opposite for an individual or family struggling to pay for necessities. In response to a new survey, one in four people said they’ll need more than three months to pay off what they charged as holiday expenses.

Melody Bell, executive director of Financial Beginnings, a nonprofit group that teaches money-management skills, says a new year means a new chance to get on track with a monthly budget, which starts by defining financial goals for the year.

“It’s such a hassle sometimes writing out the budget. But really, statistic after statistic has shown that we are more likely to achieve our goals if we write out a plan. And it’s not enough to just say, ‘I resolve to have no debt this year.'”

In another pre-holiday survey from the American Research Group (ARG), people said they’d spend an average of about $ 850 t…………… continues on Cache Valley Daily

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The Freshman $ 1000: How To Help Your College Student With Credit Card Debt
News from TheStreet.com:

Instead of gaining the infamous freshman 15 of extra pounds, your student has fallen prey to the Freshman $ 1000 by quickly running up credit card charges soon after arriving on campus. But unlike other mistakes that your student is bound to make, getting into debt and missing payments can affect his future for years to come. And because of the Credit CARD Act of 2009, unless your student has significant income, you most likely are a co-signer on your college student’s credit card and their debt can directly impact your credit as well.

“Unfortunately, financial disasters are not like broken bones that can quickly heal. Credit mistakes that young people make have a way of hanging out for a very long time and on-the-job training in the world of credit debt can be very painful,” says John Ulzheimer, President of Consumer Education for

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Ban on credit card companies at colleges advances
News from Vineland Daily Journal:

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Year-End Debt Checkup: Make Sure Yours Is Healthy Debt

Posted by administrator | 24/12/12 | Tagged Credit Card Debt

Year-End Debt Checkup: Make Sure Yours Is Healthy Debt
News from DailyFinance:

Americans have set another record. It’s not a good one, though.

U.S. consumer debt hit an all-time high in October, with borrowing rising by $ 14.2 billion over September levels, to total $ 2.75 trillion. But there’s a little silver lining in the news: Most of the gain — 76 percent of it — came from auto loans and student loans. Only 24 percent reflected a rise in credit card borrowing. That’s worth noting, because all debt is not equal.

The bright side
Some debt is not only good, but critical. Without the ability to take out mortgages, for example, most people couldn’t afford to buy their own homes. Without student loans, many…………… continues on DailyFinance

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Columbia County civil lawsuit: Credit card debt
News from Magnoliareporter:

Here are recent case filings in Columbia County Civil Court since December 20. Statements are drawn from the plaintiff’s complaint. The facts of these cases have not been determined by a judge or jury, and no decisions have been rendered.

CV 2012 220-4. Citibank NA v. Renita Atkinson, 411 Columbia 213. Open account. December 20, 2012. The bank seeks an $ 11,597.80 judgment against Atkinson for the unpaid balance on a credit card.

…………… continues on Magnoliareporter
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Warning Signs for Holiday Credit Card Debt

Posted by administrator | 22/12/12 | Tagged Credit Card Debt

Warning Signs for Holiday Credit Card Debt
News from Fox Business:

You might be an overspender when …

Looking for a gift that always fits and doesn’t require wrapping? How about a new year that’s free from lingering credit card debt?

For many, staying out of debt at this time of year is about as easy as losing 10 pounds. But it’s actually quite simple: Know how much you owe. Read your credit card statements. Keep a budget.

Most of all, know when it’s time to keep those credit cards at home.

Still unclear? Here are five signs you may need to cool it with the credit cards this holiday season.

You don’t have a budget

Don’t know how much you can afford to spend for the holidays? Put down that credit card and back away slowly.

A lot of people shop with an attitude of, “If I want it, I buy it,” says Mark Foster, director of education for Credit Counseling of Arkansas. “That’s a recipe for disaster.”

Instead, take a few minutes to figure out what you can safely spend this holiday season, from stamps to decorations to gifts. The amount may be smaller than you’d hoped, but so what?

Among “the people that we see who have the highest credit scores — 750 and above — we do see consistent behaviors in them that drive those scores,” says Anthony Sprauve, spokesman for myFICO.com, a division of credit scoring company FICO. Things such as “not overspen…………… continues on Fox Business

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Debt breakdown: Is being-debt free a realistic goal?
News from SheKnows.com:

We help you understand your debt profile in order to evaluate what balances are realistic and how to best manage large purchases like homes and college educations.

Few of us are debt-free. Depending on how much debt you have, it can loom over your life like a dark cloud. Many financial experts tout being debt-free as a surefire way to financial success but often this bit of advice is too idealistic. Our financial profile is largely based on our credit score, which is solely based on our debt profile. Being debt-free may not be realistic for many and, in many cases, it can actually hurt your financial well-being.

Be mostly debt-free with your credit cards

Not all debt is bad debt. Lenders are interested in your ability to repay — those with higher credit scores are more reliable in terms of the amount of debt they carry and the consistency with which they make repayments. Credit card debt is really the thorn in your side. Take a look at the ratio of your balance-to-limit ratio: This is the amount of debt you carry on a card divided by your total limit. Aim for 7 percent or lower combined and never more than 30 percent on a single card.

For example, let’s look at a fictional case:

    <…………… continues on SheKnows.com

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Five Tips For Managing Credit Card Debt In 2013

Posted by administrator | 20/12/12 | Tagged Credit Card Debt

Five Tips For Managing Credit Card Debt In 2013
News from LowCards.com:

A new year is just around the corner. Undoubtedly, millions of people will be making resolutions to lower their credit card debt in 2013. Here are five tips to help lower and manage your credit card debt in the New Year:

Know Your Credit Report Inside And Out

A wonderful time to check your credit and understand your credit profile is right after the holiday shopping season. Request the free annual copy of your credit report and go over it with a fine tooth comb to understand every little detail. Look for inaccurate information, mistakes, fraud and any sign of identity theft. After reviewing your credit profile, you should know where you stand in terms of credit history and your actual credit score. This is valuable to know as you start the new year, and will help you financially plan the rest of the year.

Improve Your Chances For Success

Are you stuck paying 20% interest on your current debt? If your credit profile will allow for it, consider applying for a balance transfer credit card. These cards will typically have an introductory offer of 0 percent for 12-18 months, which can save you hundreds, even thousands, of dollars in interest penalties. If saving that extra money will help you bec…………… continues on LowCards.com

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Credit cards are back as preferred way to buy holiday gifts
News from Sarasota Herald-Tribune:

Published: Wednesday, December 19, 2012 at 6:27 p.m.
Last Modified: Wednesday, December 19, 2012 at 7:11 p.m.

Although she budgeted for the holiday season, she is only using one card to pay for all purchases — a Discover credit card.

With one in every three consumers failing to save in advance for the holiday season — and more people feeling confident enough this year to buy big- ticket items like homes and new cars — more consumers are finding themselves strapped for cash.

To bridge the gap and still be able to fulfill holiday purchases, the largest numbers of consumers since before the Great Recession began are turning to credit cards, according to a survey by the credit bureau TransUnion.

“The use of credit cards is fairly common for holiday purchases, and a good percentage of shopping is still done that way, despite how the economy has improved from the lowest point of the financial crisis,” said Sean Snaith, a University of Central Florida economist.

In the wake of the recession, more and more people began using cash to pay for gifts, as credit limits edged up to all-time highs and 2009 regulations left more than 15 million Americans without plastic, according to The Nilson Report, a credit card industry publication.

But the use of available credit has slowly crept back into consumers’ vernacular, leavin…………… continues on Sarasota Herald-Tribune

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Walk Away From Credit Card Debt – and Restore Your Credit In As Little As Three Years
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Consumers Incur Less Debt

Posted by administrator | 18/12/12 | Tagged Credit Card Debt

Consumers Incur Less Debt
News from KELOLAND TV:

SIOUX FALLS, SD –

For the majority of this year, consumers have charged less on their credit cards than expected.  That’s according to a study by CardHub.com.  We’re still expected to end the year with $ 36.4 billion dollars more in credit card debt than when it started, but that’s some $ 7 billion less than expected.  But that number could rise if people overspend during this holiday season. 

With the pressure on to buy gifts, many people just whip out the plastic and don’t think about those bills rolling in come January. 

“You always want to think about what is the value of this gift and how does that relate to my long-term goals?  Is my long-term goal to have a house, or to be able to go on a family vacation? What is it costing me in the short term for those holiday gifts, in order to get there?” Marley Prunty-Lara with Consumer Credit Counseling said.

The average household carries $ 6,747 in credit card debt.  If your balance is high, you may want to consider a zero percent transfer. It can save you up to $ 1,000 while you pay it off, unless there are fees that go along with it.

“Not only are there fees to put it on the new, zero-percent credit card, but there can be fees to move it from your…………… continues on KELOLAND TV

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