What You Need To Know About Credit Card Laws Even though it may sometimes seem that credit card companies can do anything they way, there are credit card laws that regulate what they can and can't do, as well as how they can and can't go about it. Apart from when major changes are made, you don't regularly hear about these laws. One of the reasons for this is that a lot of the laws are fairly basic, but there are some exceptions. In fact, some big changes just recently went into effect. One of the big changes is that credit card companies can't just simply change the terms of the agreement in any way they choose. The way it used to work was that they had to send you a notice spelling out the new terms; almost always written in undecipherable legalese, and in very small print. In theory, you could opt out of those changes, but only by paying off your balance and closing your account. To make it worse, you "accepted" the new terms, no matter how detrimental to you, through the continued use of your card. Among the questionable practices, from the consumer's point of view is the ability to change interest rates at any time, and it doesn't matter if you have made every payment on time or not. Another is what is known as "universal default". This is where you miss a payment with one card, and all of your other cards punish you by raising your rate, even though you have paid them without fail. Credit card laws allowed them to do this, and the argument was that you had become more of a risk to them. However, under the new law says they have to give you at least 45 days notice and give you a chance to close your account. Granted, that may not be the best option, but it's better than it used to be. In addition, the new law says that any increase in interest rates can only be applied to new balances. This is more fair as you should (in theory) always know what interest rate is being charged on any purchases, regardless of how old they are. Prior to the new credit card laws, any amount you paid above the minimum payment could be applied in the way the credit card company saw fit. What this usually meant is that they would apply it to your balance with the lowest interest rate. This allowed them to collect even more from you by letting the higher interest balances bring in more money. Now the law states that they have to apply any extra to your highest rate balance first. There are other provisions in the credit card laws that are meant to help the consumer. However, the law still largely favors the credit card companies so don't think everything will work in your favor; it won't. To put it another way, the laws are better than what they were, but they still have a long way to go.

What You Need To Know About Credit Card Laws

Even though it may sometimes seem that credit card companies can do anything they way, there are credit card laws that regulate what they can and can't do, as well as how they can and can't go about it. Apart from when major changes are made, you don't regularly hear about these laws. One of the reasons for this is that a lot of the laws are fairly basic, but there are some exceptions. In fact, some big changes just recently went into effect.

One of the big changes is that credit card companies can't just simply change the terms of the agreement in any way they choose. The way it used to work was that they had to send you a notice spelling out the new terms; almost always written in undecipherable legalese, and in very small print. In theory, you could opt out of those changes, but only by paying off your balance and closing your account. To make it worse, you "accepted" the new terms, no matter how detrimental to you, through the continued use of your card.

Among the questionable practices, from the consumer's point of view is the ability to change interest rates at any time, and it doesn't matter if you have made every payment on time or not. Another is what is known as "universal default". This is where you miss a payment with one card, and all of your other cards punish you by raising your rate, even though you have paid them without fail. Credit card laws allowed them to do this, and the argument was that you had become more of a risk to them.

However, under the new law says they have to give you at least 45 days notice and give you a chance to close your account. Granted, that may not be the best option, but it's better than it used to be. In addition, the new law says that any increase in interest rates can only be applied to new balances. This is more fair as you should (in theory) always know what interest rate is being charged on any purchases, regardless of how old they are.

Prior to the new credit card laws, any amount you paid above the minimum payment could be applied in the way the credit card company saw fit. What this usually meant is that they would apply it to your balance with the lowest interest rate. This allowed them to collect even more from you by letting the higher interest balances bring in more money. Now the law states that they have to apply any extra to your highest rate balance first.

There are other provisions in the credit card laws that are meant to help the consumer. However, the law still largely favors the credit card companies so don't think everything will work in your favor; it won't. To put it another way, the laws are better than what they were, but they still have a long way to go.

Get Rid Of Unpaid Credit Card Debt

Get Rid Of Unpaid Credit Card Debt

To be blunt, the economy has been in rough shape for a while now. Even those who were normally quite good at staying out of debt, or were at least able to keep up with it, have found unpaid credit card debt piling up. While it's unfortunate, it's usually due to circumstances beyond their control. If this sounds like you, then you should know that it's not your fault, and that there are things you can do to make things better.

There is an old saying that says if you're in a hole then you should stop digging. This applies perfectly to credit card debt. No matter how bad it is, the first step is to stop using your credit cards. No excuses. Period. This is vital because unpaid credit card debt has a nasty way of following you around for years.

If you have a lot of higher interest cards, then finding a single card with a lower rate to move those balances to will help. This is a process known as 'consolidation' because you are combining several payments into one. The idea is that the lower interest rate will now be applied to your total balance (after it is moved), making your overall payment much lower. It is also more convenient to make and keep track of one payment versus several.

Be careful with consolidation though. The terms and conditions of transferring balances can be tricky, so make sure you fully understand the terms before moving any money to a particular car. Furthermore, it can be very tempting to charge more to your credit cards because you will be saving more money each month through consolidating. Resist that temptation at all costs. As mentioned earlier: stop digging!

If consolidation isn't an option for you, or you would like to try another way to get rid of unpaid credit card debt, then the following method will work very well. It is sometimes referred to as the snowball method because the effects get bigger and bigger as you go along.

The first step is to write down all of your debts and how much you owe on each one. Put them in order from the least amount owed to the most. Pretty easy so far, right? You continue to pay the minimum on all of your loans except the one at the top of the list (the one with the lowest balance owed). You then pay as much as you absolutely can toward the smallest debt, scraping every extra penny together that you can.

As you get the top debt on your list paid off, you move to the next one down. However, you now add whatever you were paying on the previous loan to the new loan, plus the minimum you were paying. Then, when you get to the third debt, you combine what you were paying on debts one and two, and apply it to the third one. This allows you to get rid of unpaid credit card debt much faster, and you will be making rather large payments by the time you get to the bottom of the list.

Free Credit Card Consolidation - Really!!

Free Credit Card Consolidation - Really



Getting into to debt has been a problem for as long as people have been lending money. However, the modern situation is worse than it has ever been. Chances are good that you are carrying more debt than you would like. Add a troubled economy and sluggish job market to the mix and it's fair to say being in debt isn't your fault. Circumstances beyond your control can put you into a downward spiral all too quickly. Before you know it, you have several cards, and you are falling further behind. A good way to get you on the right track is free credit card consolidation, but does it really exist?

Before we answer, let's take a moment to explain what debt consolidation is. In simple terms, it's combining a lot of debts into a single debt. What? That would be a huge debt! Yes, it would, but it isn't as bad as you think, as you will see.

Credit card debt is some of the worst debt you can have. The terms of repayment make it virtually impossible to get out of debt if all you ever pay is the minimum balance. Then, to make matters worse, the card companies add on fees and increase your interest rate if you're even one day late with one payment. They are in business to make money (as are all businesses), and the deck is heavily stacked in their favor.

So, you need to do whatever you can to get rid of as many credit card balances as you can. Free credit card consolidation is one way to do it. The good news is that you have a few different options for getting this type of a loan.

You can use a new credit card that offers a good rate on balance transfers. This will effectively lower your overall interest rate, and thereby reduce how much you spend each month. Be careful though! You have to read all of the fine print and understand the terms of the agreement. Some cards will charge you for transferring money, which wouldn't be free. The law says they need to tell you all of the terms of the card, and that applies to balance transfers. A new credit card may or not be the best option, but it is usually better than nothing.

Your next choice is to get a loan from a lending institution. For most people, this means their local bank. While you may be able to get consolidation loan, and get it at a decent rate, you may be able to get an even better deal by going online. The reason online free credit card consolidation is so attractive is that it makes it easy to compare several offers all at the same time. You also get access to many more lenders, one of which should be able to help. Just like with credit cards, be sure to read all of the small print and do your due diligence before accepting any offer. Once you find the right offer, you will be back on the right track.

Credit Card Judgments - What You Need To Know

Credit Card Judgments - What You Need To Know



It's no big secret that the economy could be doing better. The sad thing is that the poor economy is having a negative impact on a lot of people. Unfortunately, even the most hardworking and honest of people are now finding themselves in financial trouble, due to no fault of their own. If you have credit card debt that's starting to pile up, and you are not able to make payments on it, then credit card judgments are a real possibility.

Generally speaking, you will be sued to recover as much of what you owe as possible. Now don't get too worked up about it. Even though it is a serious matter, being sued is really nothing more than being taken to court so a judge can try to make a fair arrangement. If the judge finds you do, indeed, owe your creditor money, then a judgment will be filed against you.

A judgment may actually be a better option for you in some cases. The judge should take a look at your current income and expenses, as well as the total amount you owe all of your creditors. The judge will then rule on how much you owe. However, if you are in a really bad situation, the judge may decide to reduce the total amount. Also, the judge may give you very good terms for the repayment of your debt; making sure to give you enough time to pay it off.

Don't get me wrong, though. Credit card judgments aren't fun, and should only be used as a last resort. A far better option is to avoid being sued in the first place. One way you can do this is by taking out a new loan to pay off your credit card. You will still have to repay that loan, but at least it won't be under the terms of your credit card. Credit cards are usually the worst form of debt, so a consumer loan of any kind makes more sense.

The best way to handle it is to call your credit card company at the first sign you will be missing payments. Some credit card companies will put a temporary freeze on your account, which will give you some time to get back on your feet. They may also be willing to enroll you in what's known as a hardship program. Such a program will reduce your interest rate substantially. There is a catch, however. Once you are in such a program, you won't be able to use your credit card at all, but that's actually a good thing.

Finally, be sure to pay any credit card judgments that are found against you. If you don't, then your wages can be garnished (they will take money directly from your paycheck), or a lien be held against your home until it's paid off. The main thing to remember is that being sued and having a judgment filed against you are not as bad as they sound, and could actually help you to get back on your feet.

Can A Credit Card Garnish My Wages Or Not

Can A Credit Card Garnish My Wages Or Not



There is no question that having a lot of debt piling up can cause a lot of stress in your life. The stress only gets worse as your balances increase and you fall behind on your payments. Chances are it's not even your fault that you're in this mess, but you still have to deal with it. You may be asking yourself can a credit card garnish my wages. That's a fair question, and the answer is sort of.

To be more clear, a credit card company does not have the power to directly garnish wages. It doesn't matter if you owe a few hundred dollars, or tens of thousands, the card company themselves cannot take money directly from your paycheck. However, they can sue you in court and have a judge order that your wages be garnished.

Before you get to upset by this, you should know that this is usually only done as a last resort. In other words, your credit card account has to be in rough shape before it will even be considered as an option by the card company. Even that may not be enough. What is most likely to trigger being sued? Having a large, unpaid balance and not communicating with the card company to let them know what's going on.

Believe it or not, credit card companies do not sue people all that often; not directly, anyway. If they are having too hard of a time collecting from you, they will send your account to a collection agency. These are the ones that are far more likely to sue you. Therefore, it is in your best interest to prevent that from happening. The best way to do this is by contacting your credit card company right away, and explain your situation to them.

Most credit card companies offer programs for people who are in a tough spot. They can give you a break on interest or forgive late fees, as well as other things that will make it easier for you to pay. These programs typically last no longer than a year, but you can usually re-enroll when the year is up. While these programs are an excellent option, you have to make the first move to let the credit companies know what's going on.

If things come to the point where you are still wondering "can a credit card garnish my wages?", then you may be headed for court. Remember, this will give you a chance to explain your current financial situation to a neutral third party: the judge. Be sure to have proof of your income, expenses and all of your debt. The judge will try to work out the fairest deal possible for all parties involved.

The judgment could help you in the long run by reducing the total amount you have to pay back. However, if the judge thinks you are making enough money, your wages could be garnished. But this is only done as an extreme last resort. So, any good faith on your part will be a mark in your favor.

Can A Credit Card Company Sue You - Yes Or No

Can A Credit Card Company Sue You - Yes Or No

In today's troubled economy, people are finding themselves accumulating more credit card debt than ever before. Unfortunately, more of those same people are not able to make payments towards their outstanding balances. This leads to the question: Can a credit card company sue you? To be blunt, yes they can. While it doesn't seem fair for them to sue you for a few thousand dollars when they have billions, the law gives them the right to sue you. You may not realize it, but when you signed up for your card, you entered into a legally binding contract. That means if you go long enough without paying, not only can credit card companies sue you, there is a good chance that they will.

The card companies generate the most money from the people they can keep paying for years and years. The profits come from the interest they charge (as well as late fees and other charges), and the longer you make payments, the more interest they collect.

The question isn't really can a credit card company sue you, but rather why wouldn't they. After all, when you quit paying they lose a portion of their income. If they let too many people get a way with it, then they start getting into financial trouble themselves. Regardless, the contract you signed has provisions for how payments are made, and breaking a contract is one of the most common reasons for being sued.

Therefore, it makes sense to do whatever you can to prevent being sued in the first place. If you know you won't be able to keep up on your payments, or have already fallen way behind, you should contact the credit card company right away. Be honest with them and explain your situation. You may be surprised at how flexible they are and the arrangements they can make to help you.

It is always easier to deal directly with the card company, but if you are close to being sued, then there is a good chance that they have handed over your account to a collection agency. If you find you are now dealing with an agency, then send a written proposal to them for paying what you owe.

Sometimes they will give you a much lower pay off amount. This is where they reduce the total you owe (sometimes by as much as 50%), but there is a catch: you will have a short time in which to pay this amount, and you usually have to pay the total in one, two or three large payments. However, if there is any way you can do it, it's a good way to reduce the total amount that comes out of your pocket.

Finally, not only can a credit card company sue you, but if the court finds in favor of the card company (which they most likely will in all but the most extenuating of circumstances) you will have the added expense of court costs. That being said, you should also know that having a judgment against you isn't the end of the world, though it will be a serious mark against you for many years to come.

Gold Investment - Real Value

Gold Investment - Real Value



Now more than ever we are becoming aware of the limitations of a currency system that is not based on any real asset. Using a credit card to make a purchase is just a 'paper' transaction. It isn't backed up by tangible goods. If the person who initiated the purchase doesn't pay, the vendor is out of luck in most cases. Using e gold investment is different since all transactions are backed by the equivalent value in gold.

Think of it like this, when you make a purchase with a credit card the person you buy the product or service from doesn't  actually have anything of value backing up that purchase. They are essentially allowing you to  back it up with a 'promise to pay'.

If you don't pay your bill, they simply won't get paid. If that happens in a wide spread manner, such as it is in the economy right now, that means a lot of companies don't have any money coming in.

With E gold, on the other hand. You are buying goods or services and it's like you're handing over the exact amount of gold to cover the purchase price.

It's a lot like how things used to be in the past. Think of the old west where someone would go into the general store and pay for their goods with a certain number of ounces of gold. That had real, tangible value and that is the concept behind e gold.

Today's paper currency is only as good as the government behind it. It isn't directly tied to an actual gold reserve like it used to be. In the past when the government printed up a billion dollars in currency they had a billion dollars of gold stored away in a vault. They didn't print more money than what they had in actual gold reserves.

It doesn't work that way anymore, at least not in the U.S. Our current system of currency is based off of a debt mentality. The treasury can print more money when and if they think it's necessary and they don't have to worry about tying it to any actual gold standard.

Many people believe that it's inevitable to move back to the gold standard method for determining the amount of currency in circulation. Part of the current economic meltdown is due to the fact that there is nothing 'propping' up our currency.

Investing with gold backed currency is a growing trend since virtually every country in the world recognizes the value of gold. Again, when you are investing worldwide and with the currencies of different countries being worth different amounts, it can be a challenge.

But when you are using egold to invest you are relying on a set value since there is actual gold bullion backing up that investment.

To learn more about e gold investment just go online. There you will be able to find all the information you need to explain the concept as well as explain the advantages of making investments which are backed up with actual gold reserves.

Buying Gold As An Investment And Trading Gold

Buying Gold As An Investment And Trading Gold

With the economic state we are currently in: even more unpredictable stock market returns, evaporating retirement nest eggs and the weakening of the dollar, it's more difficult than ever to find a good long term investment. A lot of people only think of gold in terms of a piece of jewelry, but buying gold as an investment can be a very smart move.

As with all types of investments, your overall success will be closely tied to how much time you're willing to put in. To make the most out of your investment you must be willing to do your homework.  If not, you may not realize the outcome you were hoping for.

Take some time to learn all you can about buying and selling gold. Find out the history of trading gold as well as what the potential is for you as an investor. Ask questions and don't just follow along blindly with what some 'guru' says to do. Knowledge is power, knowledge can also be profit.

You'll also want to decide what type of gold to buy. For the smaller investor buying gold coins can be a good options.  These coins can be bought in smaller numbers and since they are literally quite small they are easy to buy, move, store and you may even be able to sell them for more than just the price of the gold if the coin is older and more rare. Instead of just selling the gold you can get more money from the sale and value of the coin itself.

Next you will need to locate a dealer. Make sure that it is a good reliable and honest dealer. Many times you will have better and more options online, but it's very important to only deal with someone you know and trust and sometimes having someone local can be a great idea. That way you can easily contact them if you have any questions or concerns.

If you don't have a local dealer, it doesn't mean you have to give up on your dream of investing in gold. You can easily find a dealer online. It's even more important for you to carefully check out any dealer before you do business with them. There are many reliable and reputable dealers online, unfortunately there are also many scammers on the internet.

Make sure you do searches and only deal with the most reputable dealers around.

Don't go overboard. Only invest what you can afford. Since you can buy gold in small sizes, as small as 1/20th of an ounce, you don't have to pay big to get your foot in the door and become an investor.  Since you can buy such a small size, you can start investing with only a small amount of money.

The small size of these coins does make it easy for them to be stolen. Make sure that you keep them in a safe place (and don't blab about all the gold you have). Get either a safe or use a safe deposit box at your bank.

Buying gold as an investment can be a great hedge when stocks are not doing as well. Gold will almost always go up in value, just be willing to wait and don't expect to make a killing overnight.

Business Credit Report

Business Credit Report



Just like a personal credit report there is also a business credit report for your business. There is plenty of free access to the credit report for your business which can provide you with important information you can use to make vital business decisions.

An accurate report can help you to decide whether or not you want to do business with a certain company and possibly what price you can charge. You can access comprehensive financial information that will allow you to assess the level of risk there is in extending credit to other companies.

You will also be able to investigate credit risk factors to help avoid unforeseen surprises when reviewing current customers for credit increases and learn what to expect through review of a company's historical business practices.

Having access to an objective business credit report can help determine how confidently you can make a decision on credit for a new customer or if you need to learn more about them before you extend credit terms to them.

Through UCC, or the Uniform Commercial Code, filings you can figure out what your creditor position is in relation to other creditors that may already be in line for collection on any given credit customer of yours.

If you dedicatedly monitor your business credit, you can always have access to the information available to you regarding how much credit your suppliers will extend to you, the interest you will pay, how much you can borrow from a lender, what your customers think about you, and how interested potential investors may be.

With the ability to monitor other companies' credit reports, you can get a leg up by discovering past payment practices of prospective customers, your current client's business conditions, supplier's history with other businesses, what competitors are doing, and other business details that you deem important.

You need the ease, affordability, and convenience of being able to monitor your own and your competitors credit status and receive updates right to your email. Important information about the stability of a company is sound or if they are planning to go out of business. You should also know if they begin to get behind on payments or if your own credit report remains accurate; so you can maintain a positive cash flow environment.

Having free access to all this data is the key and can mean the difference between your business success or business failure and keep you out of trouble. I have a friend who owned a business several years ago and if she had had access to all this information she probably would still be in business today. She didn't have this kind of access to other's information and got seriously taken advantage of by more than one supplier and then discovered she had no legal recourse to do anything about it.

If she had had access to objective, accurate business credit report information, she would not have ended up filing for bankruptcy and spending the better part of the next decade digging herself out from under a pile of legal BS she had to deal with.

Bad Credit Refinance - Heal Thyself

Bad Credit Refinance - Heal Thyself



Even if you have bad credit, refinance on your existing home is still possible. I know it may be hard to comprehend, you thought you were stuck right where you are; because no one wants to help any one who is down. Usually they do all they can to keep you down. Well, things have changed these days because interest rates are so low your lender may be willing to help without causing too much anguish on your part.

The only thing your lender is interested in is you making your monthly mortgage payment in full and on time. If they have to take a little off the interest to accomplish this fact then they will. They do not want your house. They probably have so many at this point they can't even count them. The last thing they want is one more house.

Ask your lender to help you learn to rebuild your credit rating in order to refinance your house and help you get out from under some bills. If they start seeing you as a person instead of an account number you will benefit. You can save hundreds of dollars a year on your monthly mortgage payment, because the prime interest rate is still so low.

Remember, your lender is not just going to agree to do this right when you ask them to. They will need some information from you to help them make their determination. They will need your income and verification of that income, how much debt you have and all three credit scores before they will even think of saying yes.

As I said the prime rate of interest has fallen recently and this is a positive thing for you if you do need to refinance. You will still probably pay a higher interest rate when you do refinance but take solace in the fact that you will not pay nearly what you would if the interest rate had not gone down at all. If you do not already escrow property taxes or insurance you may be requird to do so with a refinance just like you would be if you were going for a modification of your loan.

If this happens your payment may not change very much at all but you will have the peace of mind in knowing that your property taxes and insurance is taken care of with every monthly payment.

So what happens if your lender says that after careful consideration they still think you are too much of a risk and responds negatively to your application for refinance? The first thing I would do, other than finding ways to make the monthly mortgage payment on time, would be to check with the state to find out how long it will take to foreclose on a house and what to expect.

Then saving money to finance your move has to take precedence over anything else. So keep up with the monthly bills but if your lender is going to foreclose, save the house payment for several months for your new rental. Go over your finances and simplify as much as possible. Get rid of payments you do not need to make and try to reduce the ones you do need to make. Fixing your finances yourself can give you a great sense of relief and accomplishment. Especially if your lender thinks you are too much of a risk, because of your bad credit, refinance with them is out of the question

Bad Credit Mortgage - It Could Be Easy

Bad Credit Mortgage - It Could Be Easy



Getting a bad credit mortgage is easier to get then you might think. If your credit score is as low as 600 you may still be able to qualify. You will still pay a higher interest rate than you would if you had perfect credit but with the current interest rates as low as they are you will still get a pretty sweet deal.

If you have known for a while that you have wanted to buy a house and have planned well and now have a down payment in place, you will have an easier time of convincing the bank that you are not as much of a risk as they might have originally thought.

Having a down payment of up to 20% of the list price of the house will definitely improve your chances of getting approved for that bad credit mortgage and might just chop a couple of points off the interest the bank was thinking of charging you.

If the bank does not have to loan out 100% of the list price of the house they will probably approve you without even blinking and eye. If they only have to loan out 80% of the price of the house then should you happen to run into trouble and they have to foreclose they will have a better chance of recovering some, if not all, of their money.

Conversely if they loan you 100% of the list price of the house they take a big risk of losing it all if and when they have to foreclose on you. So, come up with up to 20% and the bank will love you long time.

Just telling the people at the bank that you are a responsible person will not cut it. You will have to prove it. How? Well, how long have you been working at your job? Have you had a long standing relationship with the bank you are working with and they can see by your records that you have been good with your money and not incurred a lot of overdraft fees and such? Have you lived in the area a long time? All of these things can help when applying for a loan.

If the bank sees that you have been at your job for years and have not changed jobs every year or so they will feel more confident that you are what is called "a good risk".

Also, if you had a short time when things were rough and your credit score suffered a bit and can offer up a reasonable explanation to the bank about what happened the people at the bank may soften a bit and accept your lower score more readily and give you a decent deal on your interest rate.

Just know that there are ways around a low credit score and you can find a way to buy the house you want and get a decent deal on a bad credit mortgage from the bank.

Bad Credit Home Mortgage - Knowing Ins And Outs

Bad Credit Home Mortgage - Knowing Ins And Outs



You are really worried the bank will not approve your request for a bad credit home mortgage. Just like most people you have always known you wanted to buy a house so you saved and saved and have a really good down payment. The only problem now is a couple of years ago you got into that accident, were hurt and couldn't work for 3 months. You got a little behind and your credit score took a hit.

It is understandable that you would be scared or concerned that the bank would have a problem with your credit score. I mean that is what they look at when considering someone for a loan, right? Right, but don't worry, that is not all.

No, I am not pulling your leg. Listen. There are quite a few things the bank will look at when considering you for a loan, not just your credit score. first of all when they see the little blip on your credit report they will ask you about it. If the explanation you give is reasonable and legitimate they will take that information under advisement and give you the benefit of the doubt during the decision phase of the loan process.

The best thing you did for yourself is save your down payment, believe it or not. Yeah, your credit score is not the best but because you have a really good down payment the bank will look favorably on you and possibly even take the interest they will charge you down a point or two.

If you had not saved that down payment you would have a harder time borrowing the rest of the money you need but even if you do not have a down payment, getting a bad credit home mortgage is not as impossible as it would seem.

You will also do your self a favor if you have been at your same job for at least a year. Several years at the same position is better but the bank will see one year and be encouraged that you tend to hang on to jobs and are not irresponsible when it comes to your financial obligations.

If you need to, your lender can convince the seller to hold a note on a portion of the loan just like it was a second mortgage, say $10,000. You make monthly payments and maybe even agree on a balloon payment at the end of two years. This is not written in stone however because you should have the option to refinance the small loan within that two year period.

If your credit score is less than perfect you will most likely pay a higher interest rate. but, with the the economy in the condition it is in, even a "bad rate" right now is not really so bad at all.

Presenting enough positive attributes to outweigh the hit on your credit should be enough to have the bank say yes to your request for a bad credit home mortgage.

Can A Credit Card Company Sue You For Nonpayment You Bet

Can A Credit Card Company Sue You For Nonpayment  You Bet



Personal debt is at some of the highest levels ever recorded, and it shows no signs of slowing down. The sluggish economy isn't helping the situation, either. Much of this debt is beyond the control of consumers. They have lost their jobs, are hit with medical emergencies, or just need to provide the basics for their families. If this sounds familiar, you may be wondering if a credit card company can sue you for nonpayment. In short, yes they can.

There are a few things you should know about the potential of a credit card company suing you for nonpayment, though. The more information you have during difficult times, the better.

First, they do not like to sue their customers unless it becomes absolutely necessary. After all, it costs them money to go through the process, and there is always a chance they won't win. That being said, it's not all that common for a credit card company to sue a consumer, but it can happen. What is far more likely is that they will turn over your account to a collection agency. You have a much better chance of being sued by a collection agency than by a credit card company.

Second, you have to really mess up before they will even think about suing you. You not only have to owe a lot, but you also have to miss several payments. Actually, missing payments may not even be the tipping point. What really gives you the best chances of a credit card company suing you for nonpayment is not communicating with them about why you're not paying.

Therefore, the best way to prevent getting sued is to call the company as soon as possible, and let them know what's going on. Most card companies offer hardship programs. You may be able to have your interest rate lowered, have late fees forgiven, or other things that work to your benefit. Most programs are usually good for six months to a year, but you may be able to re-enroll once the initial time has expired. Remember, it's in their best interest to work with you, but they can't do anything if you don't clue them in.

Third, being sued isn't nearly as bad as a lot of people assume. It's not any fun, to be sure. But it's not the end of the world either. Being sued simply means you will be taken to court. It doesn't mean you will lose. Plus, if your finances are in really rough shape, the judge may lower how much you owe by a significant amount. However, if a judgment is entered against you, the card company will have the power of the courts to collect what you owe.

Finally, a credit card company suing you for nonpayment is a real possibility if things get too far out of control. But there are things you can do to minimize the chances of it ever happening to you.

4 Top Tips On Credit Card Consolidation

4 Top Tips On Credit Card Consolidation

Credit card debt isn't any fun, and the more you have the worse it is. One method a lot of people turn to is consolidation. This is where you combine all of your debts into a single debt, with a single payment. This single payment can be significantly lower than the total amount you were previously paying. However, credit card consolidation isn't right for everybody, and there are a few things you should know. With that in mind here are some tips to help you consolidate more effectively.

Tip #1: Read any terms of service carefully, and be sure that you understand them. This tip applies to those who will consolidate by themselves through moving higher interest balances to a single card or two with lower interest rates.

You need to know if there are any fees for balance transfers, how long the lower rate will last, how much of the transferred balance falls under the low rate, and so on. All of these things can have a major impact on how much you pay, and the goal is to pay less, not more.

Tip #2: Check into any credit counseling agency or debt consolidation company you are thinking of using. In a perfect world you would be able to trust all companies that offer such services, but the reality is that some of them are only after your money, and won't do anything but make your credit situation worse.  

These types of companies advertise heavily on television, radio and the internet, but that doesn't automatically mean you can trust them. Look for unbiased reviews and check with the Better Business Bureau to see if there are any consumer complaints.

Tip #3: After you have consolidated all of your credit cards, do not use them. Remember, you will be reducing your overall expense, and this can give you the illusion of having more money to spend. But that isn't the case. You need to stop adding to your debt, and do whatever you can to pay off your consolidated card.

If you find you are in a true emergency situation after you've started credit card consolidation, then (and only then) charge that emergency expense to the card that is carrying the balance of what you owe. You should never start charging on the cards that have a new zero balance, as it will only lead to trouble.

Tip #4: No matter what company you go with, and whether you do it yourself or not, you have to read all of the terms of the agreement. This can't be overstressed. Don't go by what somebody tells you face to face. What counts is what the paper you are signing says. In legal matters, a written contract holds more weight than a verbal one.

The other reason terms are so important is that they will let you calculate how much you will have to pay. This is the only way you can accurately compare which credit card consolidation offer is the best one for you and your situation.