Toss Out Debt: Credit Score Repair

How To Repair Your Credit Score

Don’t despair if you find yourself with a less than desirable credit score and credit history. You are human and can make mistakes. It’s natural. The key to this is recognize that your spending habits are out of control, your credit has been damaged, and then vow to never get yourself back in the same situation after you have your credit repaired.

First, get your credit report. Get one from all three agencies. You get one free and then you’ll probably have to pay around $10 a piece for the other two. It’s important to get reports from all three agencies so that you have a full picture of your credit history.

Some companies only report to one agency. Some report to all three. But if you are committed to repairing your credit, you need all three so that you don’t miss anything.

Then go over those credit reports carefully. See the section above on how to read these credit reports. Check to see that there are no errors such as a bill you’ve paid but that is still being shown as owed.

People at credit bureaus are human too and make mistakes just like you! If you don’t call attention to these mistakes, no one else will. We’ll cover correcting those mistakes a little bit later.

The next part involves pulling out those accounts that are delinquent and making a re-payment plan. Unless you are declaring bankruptcy, you’ll still need to pay your debts and doing so can go a long way towards improving your credit history. Creditors will see that you are doing the best you can to get back on your feet and this improves your credibility.

If all the bills are too overwhelming for you to consider paying back at once, just concentrate on one at a time. Break them into pieces, contact the company and let them know you are trying to come up with a repayment plan and if there’s anything they can do to help you out.

These companies really just want their money in the long run, so they are going to be willing to help you. Once that company is paid off, move on to the next one until everyone is paid off.

After that happens, it’s not like your credit is immediately pristine. Late payments and charged-off accounts remain on your report for seven years; bankruptcies for 10 years.

Most creditors, however, look for a pattern of payment rather than focusing on one-time or rare occurrences. That’s why consistent on-time bill payments will improve those blemishes.

As soon as you have paid off your creditors, then you can start all over again. Follow the steps given above in the section about establishing credit. Nothing can compare to consistent, on-time bill payments and responsible credit practices when it comes to repairing your credit.

Experts say the average time required to rebuild one's credit to the point at which you can be accepted for a major credit card or small loan is approximately two years.

Here are some other things to consider when trying to repair your credit:

Pay down your credit cards. Paying off your installment loans (mortgage, auto, student, etc.) can help your score, but typically not as dramatically as paying down -- or paying off -- revolving accounts like credit cards.

The credit-scoring formulas like to see a nice, big gap between the amount of credit you're using and your available credit limits. Getting your balances below 30% of the credit limit on each card can really help.

While most debt gurus recommend paying off the highest-rate card first, a better strategy here is to pay down the cards that are closest to their limits.

Use your cards lightly. Racking up big balances can hurt your score, regardless of whether you pay your bill in full each month.

What's typically reported to the credit bureaus, and thus calculated into your score, is the balance reported on your last statement. That doesn't mean paying off your balances each month isn't financially smart -- it is -- just that the credit score doesn't care.

You typically can increase your score by limiting your charges to 30% or less of a card's limit. If you're having trouble keeping track, consider using a check register to track your spending, logging into your account frequently at the issuer's Web site, or using personal finance software like Microsoft Money or Quicken, which can download your transactions and balances automatically.

Check your limits. Your score might be artificially depressed if your lender is showing a lower limit than you've actually got. Most credit-card issuers will quickly update this information if you ask.

If your issuer makes it a policy not to report consumers' limits, however -- as is the usual case with American Express cards and those issued by Capital One -- the bureaus typically use your highest balance as a proxy for your credit limit.

You may see the problem here: If you consistently charge the same amount each month -- say $2,000 to $2,500 -- it may look to the credit-scoring formula like you're regularly maxing out that card.

You could go on a wild spending spree to raise the limit, but a more sober solution would simply be to pay your balance down or off before your statement period closes.

Check your last statement to see which day of the month that typically is, then go to the issuer's Web site about a week in advance of closing and pay off what you owe. It won't raise your reported limit, but it will widen the gap between that limit and your closing balance, which should boost your score.

Dust off an old card. The older your credit history, the better. But if you stop using your oldest cards, the issuers may stop updating those accounts at the credit bureaus. The accounts will still appear, but they won't be given as much weight in the credit-scoring formula as your active accounts. That's why many financial companies recommend to their clients that they use their oldest cards every few months to charge a small amount, paying it off in full when the statement arrives.

Get some goodwill. If you've been a good customer, a lender might agree to simply erase that one late payment from your credit history. You usually have to make the request in writing, and your chances for a "goodwill adjustment" improve the better your record with the company (and the better your credit in general). But it can't hurt to ask.



A longer-term solution for more-troubled accounts is to ask that they be "re-aged." If the account is still open, the lender might erase previous delinquencies if you make a series of 12 or so on-time payments.

When trying to improve your credit score or credit history, avoid any of the following:



Tips For Credit Score Repair

Asking a creditor to lower your credit limits. This will reduce that all-important gap between your balances and your available credit, which could hurt your score. If a lender asks you to close an account or get a limit lowered as a condition for getting a loan, you might have to do it -- but don't do so without being asked.

Making a late payment. The irony here is that a late or missed payment will hurt a good score more than a bad one, dropping a 700-plus score by 100 points or more. If you've already got a string of negative items on your credit report, one more won't have a big impact, but it's still something you want to avoid if you're trying to improve your score.

Consolidating your accounts. Applying for a new account can ding your score. So, too, can transferring balances from a high-limit card to a lower-limit one, or concentrating all or most of your credit-card balances onto a single card. In general, it's better to have smaller balances on a few cards than a big balance on one.

Applying for new credit if you've already got plenty. On the other hand, applying for and getting an installment loan can help your score if you don't have any installment accounts, or you're trying to recover from a credit disaster like bankruptcy.

By the way, all these suggestions work best if you have poor or mediocre scores to begin with. Once you've hit the 700 mark, any tweaking you do will tend to have less of a positive impact.

And if your scores are in the "excellent" category, 760 or above, you'll probably be able to eke out only a few extra points despite your best efforts.

There's really no point, anyway, since you're already qualified for the best rates and terms. Here's one area where it's really OK to rest on your laurels and worry about something else.

If you are in serious, serious credit problems, sometimes the only solution is to file for a bankruptcy. This is a last-ditch thing, though, and should only be done if you’ve dug yourself in so deep that the odds of getting out of debt are little to none.


***Note: This article is from a website that was recently merged into this site and may not represent the views of the sites owner. ***

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Toss Out Debt: Bankruptcy

How Bankruptcy Affects You

Filing for bankruptcy has a very negative connotation in society, but it’s a way for people who have found themselves in serious financial trouble to ease the burden of what they’ve done and allow them to start over. Businesses don’t like it, but for consumers, it can be a life saver.

Let’s start by exploring the different types of bankruptcies. There are three different filings you can make: Chapter 7, Chapter 11, and Chapter 13.

Chapter 7

Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors.

The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".

One of the main purposes of Bankruptcy Law is to give a person, who is hopelessly burdened with debt, a fresh start by wiping out his or her debts.

New legislation has been passed regarding Chapter 7 bankruptcies. Laws can vary from state to state, so you will want to check with someone who knows or do extensive research as to what is allowed to be discharged with a Chapter 7 and what is not.

Essentially what the new laws ask of people who are filing a Chapter 7 bankruptcy is twofold. First, they must take an approved credit counseling course within six months before filing. They must also complete an approved financial management course before any debts can be discharged.

Even though those two new stipulations are in place, it is still relatively easy to file for a Chapter 7 bankruptcy. There are, of course, governmental “hoops” you will have to jump through which is why it is often a good idea to secure the services of a bankruptcy lawyer. However, it is possible for you to do this yourself as long as you do your research and “cross your T’s and dot your I’s”!

What are the most common reasons given for filing a Chapter 7 bankruptcy? Well, of course, it’s the accumulation of excessive debt! But seriously, here are the most common reasons why people get into such debt:

Medical bills

Unemployment

Divorce

Overextended credit

Large, unexpected expense

A Harvard Study reported that half of US bankruptcies were caused by medical bills. The study was published online in February of 2005 by Health Affairs. The Harvard study concluded that illness and medical bills caused half (50.4 percent) of the 1,458,000 personal bankruptcies in 2001. The study estimates that medical bankruptcies affect about 2 million Americans annually — counting debtors and their dependents, including about 700,000 children.

If you find that you have to file for a Chapter 7 bankruptcy, you may be worried about whether or not you’ll get to keep some of the things that are important to you and essential to life. These things include a car and your home, among other things.

Unsecured debts, such as credit card debt, personal loans, money judgments and certain taxes are wiped out in a Chapter 7. However, certain debts are not dischargeable under Chapter 7 bankruptcy; these debts include, but are not limited to, most student loans, certain taxes, alimony and child or other court ordered support payments.

If a debt is secured by property, such as a home mortgage or an automobile loan, then you get to decide how to handle that debt. For example, in the case of a vehicle, you could:

1. Keep the automobile and the debt as long as you are current and continue keeps your payments current.
2. "Redeem" the automobile which means pay it off at its current "fair market value"
3. Return the vehicle, include any balance due in your bankruptcy and pay nothing further on the vehicle. The choice is yours.

In 99% of the Chapter 7 cases, the person filing bankruptcy keeps all of their property. Bankruptcy law is not meant to punish you and allows you to keep your property under what are called "exemptions" or things you get to keep. You keep your car, your house, your jewelry, the boat, your clothing, everything!

Of course, if you still owe a debt on anything like your car and your house, you should refer to the above scenario. If you want to discharge your car loan, you’ll have to either pay up or give up the car.

Chapter 13

Another option for bankruptcy for individuals is the Chapter 13. This is more commonly known as a reorganization bankruptcy. Chapter13 bankruptcy is filed by individuals who want to pay off their debts over a period of three to five years.

This type of bankruptcy appeals to individuals who have non-exempt property that they want to keep. It is also only an option for individuals who have predictable income and whose income is sufficient to pay their reasonable expenses with some amount left over to pay off their debts.

There are many reasons why people choose Chapter 13 bankruptcy instead of Chapter 7 bankruptcy. Generally, you are probably a good candidate for Chapter 13 bankruptcy if you are in any of the following situations:

1. You have a sincere desire to repay your debts, but you need the protection of the bankruptcy court to do so. You may think filing Chapter 13 bankruptcy is simply the "Right Thing To Do" rather than file Chapter



2. You are behind on your mortgage or car loan, and want to make up the missed payments over time and reinstate the original agreement. You cannot do this in Chapter 7 bankruptcy. You can make up missed payments only in Chapter 13 bankruptcy.



3. You need help repaying your debts now, but need to leave open the option of filing for Chapter 7 bankruptcy in the future. This would be the case if for some reason you can't stop incurring new debt.



4. You are a family farmer who wants to pay off your debts, but you do not qualify for a Chapter 12 family farming bankruptcy because you have a large debt unrelated to farming.



5. You have valuable nonexempt property. When you file for Chapter 7 bankruptcy, you get to keep certain property, called exempt. If you have a lot of nonexempt property (which you'd have to give up if you file a Chapter 7 bankruptcy), Chapter 13 bankruptcy may be the better option.



6. You received a Chapter 7 discharge within the previous eight years. You cannot file for Chapter 7 again until the eight years are up.



A Chapter 13 can be filed if:

The debtor received a discharge under Chapter 7, 11 or 12 more than four years ago

The debtor received a discharge under Chapter 13 more than two years ago.

You have a co-debtor on a personal debt. If you file for Chapter 7 bankruptcy, your creditor will go after the co-debtor for payment. If you file for Chapter 13 bankruptcy, the creditor will leave your co-debtor alone, as long as you keep up with your bankruptcy plan payments.

You have a tax debt. If a large part of your debt consists of federal taxes, what happens to your tax debts may determine which type of bankruptcy is best for you.



As of October 17, 2005, new bankruptcy laws took effect for all three types of bankruptcy. When it comes to Chapter 13, you cannot file this way unless the following conditions are met:

The debtor received a discharge under Chapter 7, 11 or 12 more than four years ago.

The debtor received a discharge under Chapter 13 more than two years ago.

When a motor vehicle was purchased within 910 days (2 1/2 years) of the filing and a secured creditor has a lien on it, the creditor retains the lien until payment of the entire debt has been made.

The following debt is NOT discharged:



o debt for trust fund taxes;
o taxes for which returns were never filed or filed late (within two years of the petition date);
o taxes for which the debtor made a fraudulent return or evaded taxes;
o domestic support payments;
o Student loans;
o Drunk driving injuries;
o Criminal restitution;
o Civil restitutions or damages awarded for willful or malicious personal actions causing personal injury or death.

All tax returns for the four years prior to filing Chapter 13 must be filed.

Debtors must provide to the trustee, at least seven days prior to the 341 meeting, a copy of a tax return or transcript of a tax return, for the period for which the return was most recently due.

Chapter 11

A Chapter 11 bankruptcy is filed by businesses and is quite similar to a Chapter 13. A Chapter 11 is available for individuals, but it is generally used by businesses to reorganize their debts and dealings so that they can be more financially solid.

When a troubled business is unable to service its debt or pay its creditors, they can file with a federal bankruptcy court for protection under either a Chapter 7 or a Chapter 11 bankruptcy.

In a Chapter 7 bankruptcy, the business must cease operation and a trustee will sell all its assets and distribute the proceeds to the business’s creditors ratably in accordance with statutory priorities.

A Chapter 11 filing, on the other hand, is usually filed in an attempt to stay in business while a bankruptcy court supervises the reorganization of the company’s contractual and debt obligations. The court can grant complete or partial relief from most of the company’s debts along with its contracts so that the company can make a fresh start.

Often, if the company’s debts exceed its assets, then at the completion of the bankruptcy, the company’s owners or stockholders all end up with nothing. All their rights and interests are terminated and the company’s creditors end up with ownership of the newly reorganized company in the hopes that it will eventually succeed financially as compensation for their losses.

So, in general, an individual bankruptcy will be under a Chapter 7 or Chapter 11. It’s a big decision for you to make, but sometimes, it’s the only way you can “get out from under” and begin anew.

Before you resort to filing for a Chapter 7 or Chapter 11, consider the alternatives. Creditors might be willing to settle their claim for a smaller cash payment, or they might be willing to stretch out the loan and reduce the size of the payments. This would allow you to pay off the debt by making smaller payments over a longer period of time. The creditor would eventually receive the full economic benefit of its bargain.

Occasionally, you may "buy time" by consolidating your debts; that is, by taking out a big loan to pay off all the smaller amounts of debts that you owe. The primary danger of this approach is that it is very easy to go out and use your credit cards to borrow even more.

In that case, you end up with an even larger total debt and no more income to meet the monthly payments. Indeed, if you have taken out a second mortgage on your home to obtain the consolidation loan, you might lose your home as well.

When there really is no other way out, you’ll need to file for a Chapter 7 personal bankruptcy. Try looking at it in a positive light, however.

There are some advantages to filing for bankruptcy. By far the most important advantage is that debtors may obtain a fresh financial start. Consumers who are eligible for Chapter 7 may be forgiven (discharged from) most unsecured debts.

A secured debt is one which the creditor is entitled to collect by seizing and selling certain assets of the debtor if payments are missed, such as a home mortgage or car loan. With those two major exceptions, most consumer debts are unsecured. You may be able to keep (that is, exempt) many of your assets, although state laws vary widely in defining which assets you may keep.

Collection efforts must stop as soon as you file for bankruptcy under Chapter 7 or Chapter 13. As soon as your petition is filed, there is by law an automatic stay, which prohibits most collection activity.

If a creditor continues to try to collect the debt, the creditor may be cited for contempt of court or ordered to pay damages. The stay applies even to the loan that you may have obtained to buy your car.

If you continue to make payments, it is unlikely that your creditor will do anything. However, if you miss payments your creditor will probably petition to have the stay lifted in order either to repossess the car or to renegotiate the loan.

You cannot be fired from your job solely because you filed for bankruptcy.

Of course, there are disadvantages to filing for bankruptcy. Since your bankruptcy filing will remain on your credit record for up to ten years, it may affect your future finances. A bankruptcy is a troublesome item in your credit record, but often debtors who file already have a troublesome history.

In one respect, bankruptcy may improve your credit records. Because Chapter 7 provides for a discharge of debts no more than once every eight years, lenders know that a credit applicant who has just emerged from Chapter 7 cannot soon repeat the process.

Research in this area has produced mixed results. A study by the Credit Research Center at Purdue University found that about one-third of consumers who filed for bankruptcy had obtained lines of credit within three years of filing; one-half had obtained them within five years.

However, the new credit itself may reflect the record of bankruptcy. For example, if you might have been eligible for a bank card with a 14 percent rate before bankruptcy, the best card that you can get after bankruptcy might carry a rate of 20 percent—or you might have to rely on a card secured by a deposit that you make with the credit card issuer.

There are a couple of ways you can go about filing for bankruptcy. The most reliable is to secure a bankruptcy attorney and have them do it for you. They are experts in this area and will often take care of everything for you including appearing in court on your behalf.

They do charge a fee for this service, however. That fee can range anywhere from $500 to $2,000 depending on your area. Yes, it is odd that they’ll charge that high a fee to file a bankruptcy for someone who doesn’t have money in the first place, but many will accept payments.

You can also file the bankruptcy yourself. There are many places on the Internet where you can download the forms you will need. Be advised that they are often lengthy and in-depth, but they are fairly straight-forward when you take the time to fill them out completely.

Once you have the forms all filled out, take them to your local courthouse and pay the filing fee which is usually around $100 to $200. You will receive a notice of a court date at which time you will need to show up and the judge will grant your request for bankruptcy.

The bad part about filing yourself is that you have to contact all your creditors yourself to let them know that the bankruptcy has been filed. You have to be very careful to list each and every one of your debts so they will apply under the discharge order. If you miss even one, you will have to pay it after the bankruptcy is granted.

Filing for bankruptcy might not be your only option. One of the newest trends in achieving financial freedom and a good credit score is to secure the services of a credit counseling or debt consolidation company. But do they work?


***Note: This article is from a website that was recently merged into this site and may not represent the views of the sites owner. ***

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Happy New Year

It is 10:59 here in the central time zone, which means in one minute it will be midnight on the east coast. So I thought, this would be a good time to wish each and everyone of my readers a Happy New Year. May  you have a fantastic 2010, may it be full of great health, wealth, love and debt-free success. I know I expect this to be the year that I get everything (including the IRS) paid off (except maybe the new siding on the house).

I know many of you will be making New Year resolutions and that's a good thing. If you missed mine earlier today, feel free to go back, read over them and comment.
This next year will be the best you have ever had, I know it will be for me, both in my debt-free progress and my pending marriage. Thank you for your readership, comments, encouragement, gifts and other forms of support you have shown me over the past 3.5 years.

Happy New Year!
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Resolutions For 2010

Last year, I made four (4) resolutions. Lets see how I did. Then see what my new resolutions are.

1. Pay off the WaMu balance transfer I made in 2008.
I have faltered in this area. It should have been paid off several times, but I have ashamedly used the card and charged more. That is something that must stop if I am going to get out of debt. I will have to focus on this debt now owned by Chase.

2. Pay off the Car loan.
Again an area, I didn't quite succeed in, but am close. I am within $800 of having the debt paid off. That is equal to 2 payments. So, there is no question, I will have it paid off in 2010. The question is how soon.

3. Pay off the IRS
This debt, which is in hardship deferment isn't much further along then it was last year. Still, I see actual payments beginning in 2010 thanks to other debts being eliminated.

4. Find love
This I was very successful in. It did cause me to slow my debt elimination process, but I am in love and engaged to be married in August 2010.





Now let's look at my New Year's Resolutions for 2010.

Finish paying off the car.
I expect to have the last $800 paid off by the end of February.

Book
I have started working on a book, that I hope will be very different from any other personal finance book out there. It is my hope to finish it and find a publisher for it by the end of the year.

Eliminate the Chase credit card debt.
Last year WaMu, was taken over by Chase and I intend to have this debt paid off this year. No more playing around. No more playing with fire.

Pay off the IRS
This year, I intend to start putting a focus on this debt and have it paid off as quickly as possible.

Marriage and Honeymoon
My fiance and I have talked about honeymooning in New York, but reality is that it will more likely be Omaha. We are both committed to paying for the wedding and honeymoon with cash. Cash that we must save up quickly between now and August. Currently, we have saved $25 and paid for the wedding and reception locations. We also have the wedding dress and tuxedo, though I do need to get the red vest to complete the outfit in our wedding colors. We may have to rent the wedding parties outfits. We are making every effort though, to get everything paid for before the big day.



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Establishing Good Credit

Improve Your Credit Rating

So you don’t have any credit to speak of, but you have big plans for the future. Maybe you’re a fresh college graduate or a young person eager to buy your first new car.

If you have never had to use credit before, first of all BRAVO! Of course, it’s best to pay cash for the things you need so that you don’t have to worry about credit card payments, loan payments, or interest rates.

But if you’re young, the chances of your needing credit in the future are very real. Someday you might want to buy a house. Perhaps you’ll want to buy a new car.

Chances are pretty good that you won’t have the cash outright to buy these high ticket items which mean you’ll need credit. Plus, it’s always good to have a little credit since many utility companies will look at your credit to turn on your power bill, for example, without a deposit of some type.

When you’re starting fresh with no credit history at all, here are a few ways to get a good start on establishing good credit:



1. Pay your bills on time, especially mortgage or rent payments. Apart from extreme circumstances like bankruptcy or tax liens, nothing has as big an impact on your credit history as late payments.



2. Establish credit early. Having clean, active charge accounts established many years ago will boost your score. If you are averse to credit on principle, consider setting up automatic monthly payments for, say, utilities and phone on a credit card account and locking the card away so it's not a temptation to use for other purchases.



3. Don't max out available credit on credit card accounts. Lenders won't be impressed. Instead, they are much more likely to assume that you have trouble managing your finances. Beyond one or two credit cards, it starts to get complicated.



4. Don't apply for too much credit in a short amount of time. Multiple requests for your credit history (not including requests by you to check your file) will reduce your score. If you are hunting around for good loan rates, assume that every time you give your Social Security number to a lender or credit card company, they will order a credit history.



5.  Be neat and consistent when filling out credit applications. This will ensure that all your good deeds get recorded in a single file, as opposed to multiple files or, worse, someone else's file. Watch out for inconsistencies in use of "Jr." and "Sr."

Check your credit history for errors, especially if you will soon be requesting a time-dependent loan, like a mortgage.

Credit Improvement

One great way to start establishing credit is to apply for a store credit card (Sears, JC Penney, etc.). Once you get the card, make a few small purchases and pay them off completely. Do this a few times over the course of a year and you’ll find yourself with some established credit with an excellent payment history. DO NOT go overboard and buy more than what you can pay for, though.

You can also apply for a secured credit card. These cards ask that you place a certain amount of money in your account for which you will receive a charge card. Then you can make purchases up to the amount of money that is in your account. Credit reporting agencies treat these cards just like regular credit cards and look to them as a responsible way for you to establish a good credit history.

You will need a checking account to establish credit. This adds to your credibility with lenders and shows that you are able to manage your money effectively.

When applying for a credit card of any type, be sure to ask if they report to any of the credit reporting agencies. As we’ve said before, they are not required to do so, and if they don’t, having one of these cards or loans won’t do you a lick of good even if you do make your payments on time.

You can also establish credit by making a purchase or applying for a loan with a co-signer. A co-signer is a person with good credit history who is basically telling the lending company that they will be responsible for making sure you make your payments on time. Often a co-signer is a relative such as a parent. This can be a risky proposition for them, so know that they are putting their own credit history on the line just to help you out, so don’t let them down.

When applying for a loan, such as a car loan, it can also be helpful if you have a large down payment to make thus lessening the amount of money you have to borrow. This shows the lending company that you have the ability to save and they are more likely to take a chance on you based on this factor alone.

So let’s do a quick review on how to establish a good credit history:

Apply for a store or gas credit card and make a few charges

Ask a loved one to co-sign on a loan

Find a respected secured credit card company

Open a checking account

Don’t apply for too many credit cards in too short of a time

Check your credit report for any errors

Go slowly

Don’t overspend

Make sure your lender reports to at least one of the credit reporting agencies

MAKE YOUR PAYMENTS ON TIME!!!!!!!

Of course, the last one is the most important in establishing credit. If you don’t make your payments on time, it won’t make a hill of beans worth of difference what you are trying to do. This is what makes your credit history worthwhile – making on time payments and showing you are responsible with your credit and your creditors.

So, what if you’ve already had credit, but you’ve made some mistakes over the years finding yourself with bad credit? Is all hope lost? The good news is – NO!

***Note: This article is from a website that was recently merged into this site and may not represent the views of the sites owner. ***
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AchieveCard A Great Budgeting Tool

As I move towards being debt free, I have to find a way to pay for things when a credit credit would seem more piratical. That is why I like a new product that was recently brought to my attention. That item is the AchieveCard. It is a debit card that serves as a prepaid MasterCard. You, may be asking, can't you just use your banks debit card? I know I did, when I first heard of it.

Unlike many banks debit cards, there is no overspending. If you don't have enough on deposit, you can't use the card. Any payment greater then your balance will be rejected.

You will never be charged a fee for overdrawing your account! Because the AchieveCard is designed to help you avoid overspending!

I just love that concept, because it is great for your budget. According to their website,there is no overdraft fees (because you can't overdraw) , no late fees (because it's prepaid, no interest (which I admit I find hard to believe. How do they make any money) and best of all the is no minimum balance required.

So go ahead check them out for yourself and see if you might not be able to work them into your budgeting tools.

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Toss Out Debt: Do You Have to Pay Off Credit Cards of the Deceased?

This is a video that comes to us via the site we recently merged with. Posting of this video, does not mean I am in agreement in whole or part, but am presenting it so you know there are other views of how to eliminate your debt.




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