S Korea's surging household debt threatens its economy BBC News
The risk is families with low-credit ratings will have to look elsewhere for loans.
A report by Samsung's Economic Research Institute (SERI) found credit-card spending went up by almost 10% last year, with more cards being issued, and more loans and cash advances being taken out.
More families, it said, had multiple credit cards and multiple credit-card loans, increasing the risk attached.
In June, the government announced measures to curb credit-card companies' excessive expansion, and is bringing in new tax incentives to encourage families to use debit, rather than credit, cards.
But SERI says the poorest households have more than twice the average credit-card debt. They are likely to be the ones caught in the middle of the credit crunch.
The government says it is aware of the need to protect low-income households and has announced plans to bring in extended repayment windows and micro-credit programmes to help off-set the tightening of liquidity.
The truth about credit card debt
www.Savedme.com 800-728-3363 800-SAVEDME. Bankruptcy Attorney Jamie Ryke from the Law Offices of www.FreeBankruptcyEvaluation.c om talks about the ...
Which one of the credit card help companies are the best one to use? You know 800 credit card debt? who?
I have terrible credit (2 back surgeries will do that to you, plus male pride, my prides' gone now) I get the constant annoying calls, and I don't want to plead bankruptcy. I've paid off a couple of them for about half what I owed (most of that money was fees, on average 28% a month and $70 in other fees, adds up quick) Which company could help cut all those freaking fees, and crap! Which companies have the most influence and can help the most? Please help my stupid butt!
Be very careful of responding to companies that claim they can help you with eliminating your credit card problems. Many of them are scams that do you more harm than good. You should first try to deal with the card companies yourself. Let them know that you are willing to work things out, but that you need their help by eliminating penalties and reducing the interest rate. In any case, cancel the cards. This will not cancel your obligation but it will stop you from getting in deeper.
The credit card companies may not cooperate. They make huge amounts of money from people like you, and as long as you are making payments, they are happy to leave things as they are.
Bankruptcy is a last resort. Before you consider it, talk to an attorney and ask him to help you. He may advise you to stop making payments on the card while he writes letters to the card companies and negotiates a settlement or a schedule of repayment at a lower interest rate and elimination of penalties. The card companies may only start cooperating when the payments stop and they hear from a lawyer. I know of a case where this tactic eliminated 1/3 of the total debt, but the balance had to be paid in full. Good luck.
I have a 800$ credit card debt and no job no car what should i do ? i been applying for jobs like crazy !?
no jobs have callled me. how can i lower my debt
time to start hocking stuff -- start with computer!!!
try to do some free work like taking bus from friend or something like that its working for me
for now
http://www.thesimpledollar.com/2007/02/21/five-minute-finances-2-call-your-credit-card-company/
I would also try looking at your state's department of labor and seeing if they have any programs that can help you find a job and get transportation.
The fact that it's open disappears from your credit report... but you still need to make regular payments to close it down.
Keep working on trying to get some earnings... but when you find yourself in a hole --> stop digging !! (ie using the card!)
After this, try to get a few hundred bucks in the bank to avoid against any future surprises. Cash is king.
http://www.ehow.com/how_2326032_avoid-escalating-debt.html
How to Stop Escalating Debt
It includes information on companies (both non-profit and for-profit) that can help you with debt consolidation and reduction.
You can also look here for tips on earning some extra cash online:
http://www.ehow.com/how_2254361_money-internet.html
How to make money on the internet, scam-free
Lastly, here's an interesting alternative to conventional lending...getting a "social networking" loan from Virgin Money (from the same folks who run Virgin Airlines):
http://www.ehow.com/how_2310995_student-loan-through-virgin-money.html
Social Loans from Virgin Money
Hope these help.
2256426_foreclosure-middle-subprime-housing-crisis.html
How to Avoid Foreclosure During the Subprime Crisis
Read through it carefully, follow the steps outlined, and make full use of the Resource links provided.
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://is.gd/7il
I Just Saw an Ad for 800 Credit Card Debt, Todd Cook, Another Con Artist?
Does Anyone Have a Knowledge of this Company?
Thanks redvelvetflames4ever, I Got a Bad Feeling About Him.
Thanks K, his Primary Motivation is Very Probably Not Altruistic.
I will definitely be of no help here, but couldn't resist a comment:
So, you are referring to an ad to do with someone advertising their services to help people get OUT of debt??
If so, boy, do I feel like the most naive person in the world. I mean, someone who is suppose to help people get out of a horrible, stressful, financial mess is really out to sucker them??
I am 34 years old, pretty introverted, also never had any credit cards, and I've been a student for so long (11 years), I think I've missed out on certain aspects of reality here :-) :-). I mean, wow, how does this person sleep at night knowing he's swindling very vulnerable people whose debt I would suspect would affect every fiber of these people's being?? I am also seriously shocked that this kind of thing largely goes unchecked without legal consequence.
Phew, it blows my mind! I never see those kinds of ads here.
EDIT: Huh, imagine. With examples like this, it is easy to see why many people walk around with iron cages surrounding them. *Sheesh*...
I actually know someone who was considering, I guess, a similar service that offered debt-consolidation, of some kind. I will be warning him to be prudent about his decision...but, I'm sure he is more aware than myself about this kind of thing. I wonder how many of these ARE fraudulent...
I have 4k in credit card debt, I can settle it myself now for 2,800, but how much will that hurt my credit?
I can eliminate this debt today by paying this card off and keeping the much needed $1,100 it will save me, but will this cause too much of a negative impact on my good credit to make it worth keeping the money?
From what i have got so far..
What collectors won't tell you, is when they settle for an amount that is less that what you owe, 9 times out of 10 the rest of that amount will just sit on your report and it will usually haunt you later.
Before deciding to pay the amount in full, you need to contact either the collection agency or the original creditor to have that item "tradeline" removed from all three credit agencies. That is the only way that it impact your score to your advantage.
However, once you have settled, you can get them removed from your TRW by doing a simple TRW Clean Up. It's easy and only takes 30 days to get your score up. Plus, there are tons of other easy ways to strengthen your score fast. Check out the two articles below to see how to do this fast. I've done it myself and it does work.
Hope this helps.
Credit card debt and new baby on the way?
I know this sounds like a CRAZY question.
My husband and I currently have about $2,800 in credit card debt. We are also expecting our first child at the end of January '08.
Has anyone else out there gone into first time parent hood with credit card debt?
If so, was your debt like mine? Or worse? Or better?
We only pay about $200 a month to it and I know, with a baby in our lives, that may be less... but I guess I just needed a pep talk. We are working hard at paying it off and saving money at the same time, but.... I feel like I should be debt free when the baby arrives and that's not going to happen!!!!
Thanks guys :)
For the next 4 months, "pretend" that you already
have the baby with respect to expenses. You're going
to have to buy food, diapers, medicine, blankets, etc
for the baby, so take *that* money and pay down your
credit card bills now. When the baby comes, you'll be
used to having that part of your budget being taken,
and your credit card debt will be smaller.
good luck with the baby
But some people are braver .
Best of luck with the baby !
>
$2800 isn't that bad, honestly, unless you make less than 1/2 of that per month.
Just put as much extra cash toward the debt as you can.
Depriving (meaning not splurging as often) now will save you from being overly deprived (and not by choice) in the future.
Best of luck honey...congrats on the pregnancy!
In credit card debt and they want $800 payment?
I have a credit card that is 5000 in debt. I am over the limit and the interest is sky high. I have been making 2-300 dollar payments every month until about 3 months ago when an emergency arose and I couldnt do it anymore. I am planning to enroll in cccs to resolve this so they get paid but last month before I talked to a cccs counselor I called the credit card company myself to try and resolve it and they said the only thing to do would be to make the payment of 800 that was due. Now the payment is due on Friday and I dont have an extra 800 or else I would have paid it on my own. The cccs counselor says call the bank and cancel the automatic payment and freeze my checking account so nothing goes through. Will the credit card company cancel the payment if I tell them too or will they do it anyways? What will freezing do? And what should my next step be to get out of this debt with high interest and fees?
Okay thats all good advice but I need answers as to what exactly to do.
first thing i to get a second job and then hock everything that is paid for and us it toward the debt -- it will only get worse till you get the monkey off your back!!!
Is it legal to settle your credit card debt, and then the creditor sell the remaining balance to another Co?
I was on the verge of Bankruptcy a couple years ago and my parents generously offered to allow me to move back home for a year to get my credit squared away.
In that year, I managed to settle my debt with almost all my creditors for about 1/2 to 2/3rds of the orginal debt. For example, my debt with one credit card was about $1,800 and I settled for $1,000 and paid it off.
A year or so later, I'm starting to receive letters from different creditors stating that I owed now $800.00 to them as they've bought the balance of my debt from the last collection agency.
Is this legal? Why should I bother settling if they can turn right around and make the pay the full balance anyway? I live in the State of Oklahoma if that matters.
Do NOT pay them anything and tell them that you've settled the original debt with the original company. If they insist that you owe the money tell them that you have the documentation to show that the debt was settled, and if they report you to the credit companies, that you'll file a wrongful debt suit against them. Play hardball and you'll win, but under no circumstances pay them a penny. If you do, it's like an admission of the debt.
Should I consolidate my credit card debt?
I have about 30K in credit card debt and I have good credit. My payments are about $800.00 a month and I want to eliminate my debt fast. Should I consolidate my credit card debt, or will that ruin my credit? I appreciate your help.
There are actually more lawful and moral ways to zero-out thousands of dollars in credit card debts. And if you only take the time to research and know your rights and how bankruptcy laws have changed, you will discover that there are valuable facts to eliminate credit card debt. Actually, the possibility of reducing or eliminating the high interest credit card debt is now more possible when a person takes action to get his or her finances back on track.
Apart from knowing your weapon in terminating credit card debt, it is very important that you develop a sense of control and perseverance first. Since credit card debt elimination process requires organization, clarity, and commitment to your own growth, it is a must that you are ready for the responsibility and to stand free and independent. In other words, stop spending and start researching.
Refinance home to get out of high credit card debt?
I owe $145,000 on my home which appraises for $182,000. I have $17,800. in credit card debt. My current rate is 7.75% and I still have 29 1/2 years left on my mortgage. Do you think it would be a good idea to refinance my home for $172,000 at a rate of 6.6% to relieve myself of this debt that never seems to go down. My mortgage would go up about $140 a month and my overall savings would be about $350.00 a month by paying off my credit cards. I'm not sure if it's a good idea and any advice would be greatly appreciated. If I go through with this I plan on closing all credit cards except for one. Thanks.
What you are proposing is one reason for the mortgage crisis, pouring all our debt into our homes. . . . .leaving little or no equity in home. . . .
It may be possible. . . .start with your current lender first, but check out at least one other. . . . .IF you refrain from using your charge cards it can be a good deal for you. . . .It would be an even better deal, IF you were to take $200 of the $350 you're saving, and make extra principal payments, thus building up your equity in your home more quickly. . . .and you'll still be $150 ahead. . . .the first 10 years with a mortgage almost all your money goes to interest. . . .putting extra into principal will shorten your loan and significantly decrease the money you pay in interest over life of loan
If you can't do this. . . . .then just start throwing every penny into paying off your debts. . .show restraint in spending. . . .you can do it
How can I get out of credit card debt?
I have so much credit card debt and I really need help, and I cant afford to pay more then just the minimum amount each month, since my monthly income is only 1,800...any suggests please!
800 credit card debt - News
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