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How to Maintain a Good Credit Score with Credit Repair and Debt Consolidation

debt relief, credit repair, debt consolidation

Beginners Guide to Credit Repair and Debt Consolidation

The best kept get out of debt secrets

Having and maintaining a great credit score and low debt is paramount in todays credit crazy culture.

In todays economy you need to purchase many items with a credit card like airline tickets, online purchases etc. so good credit is essential to your financial health.

If you have bad credit or poor credit then you will need to find ways imporove your credit report now.

This can easily be done with credit help counseling, or credit repair services that will review credit repair techniques and debt consolidation strategies that work for you.

When do I Need Credit Repair Advice?

In the current world that is witnessing skyrocketing prices of goods,

huge level of inflation and increasing debts and taxes,

it is time for you to sit down and ponder about clearing off your credit card debts and other loans you’ve taken,

before your creditors come down upon you and make you go completely bankrupt.

Tyler Gregory  stated that “If you don’t take good care of your credit, then your credit won’t take good care you.”

This statement is very valid in today’s scenario where people fret and worry more about a low credit score and dwindling bank balance than anything else.

It is highly important that you stay aware and updated about mind boggling, yet essential…

…terms that will haunt you for days to come.

Also acquaint yourselve with ways to resolve them, in case you fall into such situations.

You must have heard the term called “credit repair” many a times over casual chats with your friends.

If you’ve ever had a poor credit score (below 601), you should probably sit upright and read through this entirely.

Here is a step by step credit repair and debt consolidation strategies presented to you in the simplist and most easily understandable way.

Here is the Deal:

Understanding Credit Repair and Debt Consolidation

crdit report, credit repair specialistLet’s first try to understand the term credit repair. In the most technical terminologies,

credit repair basically involves fixing a bad credit in any form and shape, disputing errors on credit reports.

In order to deal with dispute process you can approach the credit bureaus and complete the process for no fee by yourselves.

You would be required to file a formal dispute with the credit bureaus either online or through mail.

This formal dispute presents a detailed explanation of the error, which needs to be supported with the required documents along with it.

In case you are unable to resolve the issue, you can seek a credit repair specialist or get  help from a credit repair company that offers a credit repair program that will dispute errors on your behalf.

But before venturing into hiring process (if you plan to submit your case to such organizations) let’s quickly understand the basics of Credit Repair Organizations Act.

Credit Repair Organizations Act, a federal law that came into effect on April 1, 1997,

when large number of consumers suffered from credit repair scams ensures that credit repair service providers are…

…Prevented from taking money from the consumers until their services are fully catered to
Providing a written contract stating all the services they provide,

along with the terms and conditions for the payment.

As per the law, consumers can withdraw from the contract within three days.

Prohibited from making false claims with respect to the services that they intend to offer to the consumers.

Forbidden from asking the consumers to sign any document that leads to forfeiting of their rights under this Act.

You Might be Wondering:

Best Methods to Fix Credit Repair on Your Own

It is impossible for you to fix your credit quickly.credit consolidation loan, credit repair

Repairing you credit is going to take some time. So be patient.

Information about your delinquencies and late payments are reflected on the credit report and will remain as such for many years..

However, here are a few steps that you need to follow to deal with your credit repair loan so that you build a positive credit history which will eventually improve your credit scores as well.

1. Keep a Check on Your Credit Report

You need to thoroughly check your credit report for getting a good grasp of your credit picture and what the creditors get to see in that.

You can always file a dispute, in case you find any incorrect information in the report.

For example, the items on your credit report that seem unrecognizable to you, can also mean presence of some fraudulent activity.

You need to have a clear understanding of fraudulent items vs. incorrect items given in the credit report.

2. Keep Track of Your Payment History

It is important to have a good payment history to show off as delayed or missed payments lead to lower credit scores, public records and collections may cause more damage.

This negative information stays on  your credit report for 7-10 years.

Be aware that the more recent your missed payments are and the larger your credit debt is,

the lower your credit score will be.

A well maintained account and timely payment will boost your credit score higher.

3. Be Aware of Your Credit Utilization Rate

A credit utilization rate is the amount of outstanding balance compared the available amount of credit that can be accessed;

it is also called the “balance-to-limit ratio”.

That is, it is the total sum of all the revolving debt divided by total credit available (for that particular credit card, for example).

If the credit utilization rate remains high, your credit scores are sure to be impacted.

Ideal credit utilization rate is assumed to be below 30%.

In order to reduce the credit utilization rate either pay off all account balances to reduce the overall debt,

or increase your credit limit on the existing account or open a fresh account
in order to increase the total available credit.

But the second option surely is a risky one.

4. Manage Your Credit Accounts

credit card debt, business debtCredit scores take into account each and every account you own and the amount you against each of them.

It is a good idea to pay off the debt against some of the accounts, in case you own more than one credit card.

Also, the more paid-off accounts or debt cleared accounts can be a plus in the overall credit mix as they are old accounts maintained in good standing.

5. Consider Your Credit History

It is a wise move to give a thought about your credit history before you close an account.

Credit scoring models often seek the age of an individual’s oldest account along with the average age of all other accounts,

in order to reward individuals with long credit history.

It is considered beneficial to retain an account whose debts have been cleared off.

6. Stay Wary of New Credit

A good credit repair tip to consider is to think extensively before opening several credit accounts in a short span of time.

This can be a risky procedure for the lenders and might later affect your credit scores.

Whatever inquiries you make, whether for buying a car or for mortgage rates, they will be grouped and considered a single inquiry for adding information to the credit report.

The inquiries into your credit report will negatively impact your credit score so be aware of this when applying for more credit or loans.

If  you feel that your credit debts are getting out of control or too large to handle on your own…

…then you should seriously consider seeking a professional credit repair expert for advice.

You can get a free credit repair consultation from CuraDebt, one of America’s top credit repair and debt consolidation companies.

Now:

How Do Credit Repair Firms Help You

An established and experienced firm scrutinize credit reports from all the major credit reporting agencies and puts your credit issues on the table for you to understand.

This is because each credit reporting agency may have its own lenders, debt collectors,

…and credit card companies who will collect all the credit information and report the same to such agencies.

Chances of errors in any of these reports are high and it is important for the companies providing credit repair help to have a thorough information about the same.

In case errors or discrepancies are identified in your report, necessary documents have to be provided by the consumer to the credit repair company…

…in order to rectify those errors and generate an appropriate report for you.

How Can You Identify the Best Credit Repair Firm

As the market is strewn with credit repair service providing firms,tax debt counseling, debt settlement plan

it surely would be tough task to identify the right one to deal with your kind of problems.

Here are a few tips to consider, before you finalize a firm to do your job.

The company is aware of your rights and also helps you understand them.

Find a firm that genuinely explains you the consumer credit rights and answer all your questions.

If the firm is unable to do it, it’s a red flag that you should keep looking for a more knowledgeble firm.

The firm should understand the reason why a consumer wants to dispute an item on the report presented by the data furnishers and credit bureaus before they start offering solutions or sign a contract with them.

The company is able to explain how they can best represent a consumer to the credit bureaus.

A good credit repair company is the one that gives an accurate information about all the services they can and can’t provide before the consumer hires them.

So in case you are wondering as to how long the credit repair firms take to deal with your case and how much will they be charging you, here is what you need to know.

In order to remove negative and erroneous information off your report, the credit bureaus take a total of 30 days or less (exceptional cases may extend to 45 days) to respond and resolve a dispute.

The price of credit repair services offered by a firm depends upon the company, the state you reside, and the type of services you are seeking from them.

It is important that the consumer is aware of what type of services he requires and signs up for  with the firm.

Another term that you need to understand when it comes to keeping your finances on check and debts at bay, is debt consolidation.

This procedure may sometimes be a boon in disguise as it will help you pay off most off your debts and relieve you off the constant stress and worry from them.

Let’s take a look into this method a little more in detail and understand how it is going to help us.

Debt Consolidation and the Methods Involved

Debt consolidation is the method wherein you take out a new loan so that you can pay off a number of unsecured debts – liabilities and consumer debts.

That is, you are attempting to combine multiple debts into a single, large piece of debt which can have better pay-off terms like low rates of interest, low monthly payment, etc.

This method is a common one when it comes to clearing off student loans and credit card debts.

A consumer can utilize numerous ways to combine all his debts into a single large chunk.

One possible method is to merge all credit card payments onto a new account, in case the credit charges very low or no interest at all for a particular time period.

Another option can be opting for balance transfer feature of a credit card.

Other forms of consumer debt consolidation methods can be going for home equity loans –

which is essentially a mortgage of your home until you pay your debts – as the rate of interests on the loan is deductible.

Major Advantages of Debt Consolidation

debt management, debt consolidation loanFor people who have numerous debts, or owe close to $10,000 and above,

as debts are contacted frequently by the collection agencies,

owe accounts that charge high income rates and monthly payments,

are not able to negotiate lower rates of interests on loans and are having a tough time making payments for their debts, a debt consolidation strategy is an absolute necessity…

… as this plan will help you pay off your debts and never be troubled by the collection agencies.

But here is the kicker:

if your debt consolidation loan is backed up with an asset,

you can also qualify for a tax deduction as Internal Revenue System does not allow a consumer to deduct interest on any debt consolidation loans that is not secured with an asset.

In the case of the use of home equity, debt consolidation loans are tax deductible and thus such loans can help you improve your credit score.

Types of Debt Consolidation You Can Go for

Home Equity Loan

This is one of the most affordable and safe methods of consolidation as you have a choice of selling the house in case you are unable to pay your debts on time.

This method will, help you pay your debts and free you from them, making life easier and stress free.

You will be required to pay just one monthly payment, which will be way less than the total previous outstanding debts that you were paying.

Also, your lender can opt to pay other debts from the funds from home equity loan and ease you off some strain.

The major advantage of this loan is its tax deductible feature, thus proving to be the most essential form of debt consolidation plan.

Credit Cards Offering Low Rates of Interest

Now in case you do not wish to opt for home equity loans, as you don’t own a home, you can always opt for credit cards that offer very low or zero rate of interest.

Although there are high chances of getting signed up to a  fraudulent credit card company that lure you into signing up with them…

…the best way to keep a check on them is to look out for such credit card companies that focus on the consumer’s’ credit score or sound credit.

You also have to focus on the terms and conditions put across to you by the company, before you give your final word.

Take these precautionary steps before agreeing to  them:

Read their agreement thoroughly.

credit loan application, credit repairTake a note of the rate of interest that you will be required to pay after you sign with the company.

Always make your payments on time.

Even if you are late on one payment, the company can jack up their interest rates on you.

Have a keen eye for hidden charges and fees that may be present and can make the seemingly low interest look high.

Personal Debt Consolidation Loan

This method is a way to combine  all your bills into one and pay them all off with a sigh of relief.

Personal debt consolidation loans generally bundle all the existing and current debts and gives you a lump sum for paying off your combined cards or debt with single lower interest rate bill.

Although this seems a good alternative, consider the following before you jump onto it:

Be aware of the terms and conditions of the consolidation loan you are planning to procure and ensure that it doesn’t burden you by adding onto the amount that you are currently paying.

As you have no asset to secure the loan, the lender will surely hike up the interest that they will charge you.

Poor credit leads to high rate of interest and the possibility of the getting your loan turned down by the lender.

So be prepared for the same.

Applying for loans at banks and credit unions is a much better option they offer better rates of interests to the members and thus save you from higher rates.

It is best to do a survey of rate of interests and their terms before settling down for any firm.

What’s the Bottom Line?

It is always best to maintain a good credit score and pay your debts on time.curadebt credit consulting

If you fall prey to mounting debts, you can choose appropriate credit repair and debt consolidation methods to free yourself from the clutches of debts.

This is not an area where you want to do it your self.

There are some areas of expertice that just requires calling in a top professional to help you out, and this is one of them.

(For me it is plumbing!)

One of the top debt consolidation and credit repair companies operating today is CuraDebt.

CuraDebt has received numerous awards and are always ranked at the top for customer satisfaction.

Just click this link NOW for your FREE Credit Consultation.

debt relief, credit counseling, credit consultant

 

www.us-debt-free.com

 

Disclosure: We are a professional review site that receives compensation from the companies whose products we review. We review each product or service thoroughly and give high marks to only the very best companies. We are independently owned and the opinions expressed here are our own.

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How to Pay Off Federal or State Tax Liens or Debts

tax liens, pay back taxes, IRS tax lien

How to Pay off Your Federal or State Tax Liens or Debts

Guide to getting IRS tax debts and State tax liens paid off fast

Have you recently been notified that you have a Federal or a State tax lien filed against you?

It is not uncommon in this current economic environment that we are in to be saddled with a state or Federal tax lien or debt.

Many small businesses and entrepreneurs who struggled under the heavy regulatory burden of the Obama presidency…

…just could not keep up with their tax payments during the slow economy of the the Obama years.

So what to do now that the economy is booming under Trump?

If a person holds an unpaid tax bill with the country, city, state or the IRS,trump economy, IRS tax lien

…a tax lien is filed in order to force them to pay all the outstanding taxes.

A lien is a method by which the government claims an individual’s personal property (it can be the property or money) when they do not pay taxes.

When a tax lien is filed it becomes a public record easily accessible to anyone including the companies dealing with credit reporting.

This is sometimes misunderstood by the customers with tax liens that state tax authority and IRS have reported about the lien to the credit bureaus…

…which is not the case in reality.

It is the other way round wherein the credit bureaus themselves find out the tax liens and bankruptcies of individuals to include such reports on the consumer credit report.

Therefore it is extremely tough to escape such details from being included in the credit reports, and more often than not the person will be forced to pay the taxes to whomever they are owed.

Important Tax Lien Terms to Be Aware of:

Unpaid — This means that the tax lien that has been issued due to non payment of taxes is still unpaid and the debt is still uncleared.

Tax liens in the unpaid status are going to be there for a very long time on the credit reports.

Paid or Released — This state declares that the tax owed by the individual has been paid and therefore lien (government claim on property) issued has been released now.

Such Tax liens are usually going to be there on your credit reports for a period of 7 years from the date of payment of the lien.

Withdrawn — This is the status every individual with liens strives for.

It means that the public record of the lien has been withdrawn by the tax authorities and the credit report is free from any kind of tax lien reports on it.

How does  a State or Federal Tax Lien Affect Me?

Assets: When lien is attached to all of your assets (be it vehicles, property, or securities) the assets that you buy in the future will also have a lien attached to them when acquired during the duration of the lien.

Credit: Once you are affected by IRS tax lien and a notice is filed the ability to get credit becomes limited.

Business: A lien is attached to all business property as well as the rights to such business property, including all receivable accounts.

Bankruptcy: Even if an individual files for bankruptcy, the lien and tax debt may continue after the bankruptcy too.

What Does the IRS Do If You Have Federal Tax Lien

In case a federal tax lien is attached to your property, the IRS…federal Taxes,state tax lien

…Puts all the balance that is due on the books (that is, assesses the liability);

Sends a bill to the person mentioning how much they owe (Notice and Demand for Payment);

It then files Notice of Federal Tax Lien, a public document, in order to the creditors about government’s rights over the person’s property.

How do I Get Rid of a Federal Tax Lien?

Pay the tax debt in full:

If a Notice of Federal Tax Lien is sent to an individual who has not paid taxes, it should never be ignored.

The more it is delayed on taking the appropriate steps, the harder it will be to take the rights steps towards clearing off the taxes…

…as well as the accuring interest on the balance due.

In such cases paying off the entire debt in full is the best method to hop out of the clutches of a federal tax lien.

And once the entire tax amount is paid, the IRS releases the lien within 30 days.

In case a lien is attached against an individual’s liability by mistake or during some very difficult circumstances (like an injured spouse claim), the tax lien can be appealed.

Discharging the Property:

Another option is to apply for a Certificate of Discharge in order to remove a tax lien from some specific property.

But such a “discharge” of property to remove the federal tax lien from some property would be granted only if they qualify under Internal Revenue Code (IRC) provisions.

Subordination:

This is process by which the the creditors who have a share on the property on which a federal tax lien has been laid, gets paid first before an individual clears the lien.

That is, the other creditors are given preference over IRS for a particular property.

This process does not remove the lien as such but allows other creditors to get paid first.

This process, called subordination, is carried out by IRS in case it requires other creditors approval while putting up the property for sale.

For instance, in case the IRS has attached a lien to a property which also has a mortgage, it means that the bank is involved as it also holds a lien.

If the bank doesn’t get the money it holds on the property, even after the satisfying the federal tax lien, then it might not approve for the sale of the property.

But if the IRS goes for subordination, IRS gets paid after the bank receives its share.

Withdrawal:

Withdrawal is a method to remove the Notice of Federal Tax Lien and ensure that other creditors are not competing with the IRS for the property.

Taxpayers who go for a Direct Debit Installment Agreement are mostly eligible for the withdrawal option.

This method does not free you off of the tax debt and the individual still need to pay the amount that is due.

There are two additional withdrawal options. In the first option, withdrawal of Notice of Federal Tax Lien is possible after the lien’s release.

The following considerations come into play:

back taxes, IRS taxesThe tax liability is satisfied and the lien released.

The individual is in compliance for all individual returns, business returns, and information returns for the previous three years.

The individual is still paying federal tax deposits and the tax payments.

In the second option, the Notice of Federal Tax Lien is withdrawn after one has opted for or converted the regular payment instalment agreement to Direct Debit instalment agreement.

The following considerations come into play:

The individual qualifies as a taxpayer (for example, businesses have income tax liability, or any out of business entities having tax debt).

The individual owes $25,000 or less (In case of owing more than $25,000, one has to pay the balance to $25,000 and only then request the withdrawal of the Notice of Federal Tax Lien).

The Direct Debit Installment Agreement that an individual has opted for must pay the entire amount owed within 60 months or prior to expiring of the Collection Statute, whichever comes earlier.

  • The individual is fully complies with other payment and filing requirements.
  • The individual has made close to three back to back direct debit payments
  • The individual has not failed to pay any current or previous payment in the Direct Debit Installment agreement.

What Are the Steps to Follow If A Notice of Federal Tax Lien Is Issued To an Individual?

Firstly, the individual who has received a notice of federal tax lien should remain calm and not panic.

IRS and other agencies that are into tax relief services provide sufficient assistance for anyone who has been issued the notice.

Following are the ways in which IRS offers assistance:

Installment agreement:

In this method, the individual accepts to have payments automatically debited from his or her bank account for a total of 72 months.

Applying for withdrawal:

When an individual agrees to enroll for direct debit installment agreement, the payments to the IRS are automatically deducted from the bank account at different intervals agreed by them.

Offer in compromise:

An Offer in Compromise is a process where the taxpayer and IRS come to a mutual agreement,

and the individual is allowed to settle the tax debt for an amount lesser than the full amount, asked on the assessment of IRS on their ability to pay the debt.

In case you do not qualify for any federal tax lien payment methods by which you can clear off the federal tax lien…

…if you have a debt of more than $25,000 under your belt, you can also go for federal debt consolidation way to pay them off.

What Is The Difference Between Federal and State Tax Liens?

All citizens of the United States, regardless of which state they belong to, have to pay federal income tax.

So in case you own a house or a business in any of the states, you are bound to pay the tax imposed by the Federal government.

Internal Revenue Service (IRS), a Federal agency, enforces all the tax laws and collects taxes from the citizens.

The tax amount charged by the IRS is based on the income earned by the individual,

since the US follows a progressive system of tax — wherein the more you earn, the more tax you pay…

…the marginal tax bracket is the highest tax rate that is paid by the citizen from his income.

In case an individual has some outstanding tax liens, he can join the Fresh Start Program

…introduced by the IRS wherein a taxpayer can request to withdraw the lien from his account if he pays the outstanding tax in full.

In some cases there is the facility for the taxpayer to withdraw their federal liens after they make a minimum of three payments.

Once the tax liens are withdrawn, the credit bureaus can be informed.

In the case of state liens a taxpayer can request for withdrawal after he has paid the state liens.

O.K. so what if I owe a State Tax Lien?

state tax lienA state tax lien is the state imposed claim on an individual’s personal or real property used as collateral for paying the tax debt incurred back to the state.

In order to ensure that each taxpayer pays his dues to the state, the State Department of Taxation is set to secure payment in any form from the individual.

Like the federal lien, even a state lien is displayed on the credit reports and impact the taxpayer negatively in his attempt to secure financing for car or house, etc.

Filing of State Tax Lien

A state tax collector can easily file a lien against an individual’s personal property in case he has made no efforts to pay back the taxes imposed by the State Taxation Authority.

When a state tax lien is imposed on a person’s property, the state government has the rights to seize or sell the assets owned by him…

…in case he cannot or is not in the situation to pay back the taxes.

But before taking the extreme step of filing a lien, the state taxation authorities will seek alternative methods to collect taxes.

Preventing State Tax Lien:

State tax lien is prevented best by making a full payment to the state before the lien is even filed.

In case, making a full payment in a single go becomes impossible, other options such as choosing an installment agreement, or negotiating for OIC method can be a solution.

But it is always best to approach the tax attorney for assessing the current situation and choose the best way to avoid lien and save your credit report from a negative entry.

Methods to Resolve Unpaid State Taxes

Following are the methods to deal with the unpaid state taxes that have mounted on your account:

Installment Agreement:

This is a payment agreement which allows an individual who is a taxpayer to pay the amount in monthly instalments in order to relieve themselves from the imposed taxes.

A taxpayer entering into such an agreement is considered to be in a stable position while dealing with the IRS or other state taxation authorities.

Offer in Compromise (OIC):

When a taxpayer is not in the position to pay taxes at all before the given time duration, this program is offered to him.

This program helps taxpayers to settle down for amount lesser than their due amount and pay the same, instead of paying the entire amount.

Partial Pay Installment:

payment planPartial pay installment aids a taxpayer to pay the tax amount in small monthly installment than the otherwise regular installment that is assigned to them.

The financial situation and the income earned by the taxpayer determines the amount for the monthly installment.

Sometimes, the amount that is decided for monthly installments is quite small that the entire debt is not covered, or paid off before the Collection Statute Expiration Date (CSED) or the statute of limitations on the debt expires.

Thus, any unpaid taxes by the CSED is said to have been wiped clean and the taxpayer is relieved from paying taxes.

Agreement of Currently Not Collectible (CNC):

If the taxpayer does not have enough money to pay the taxes,

he can be declared uncollectible which ceases the collection activities till the time the financial situation of the person improves…

…enough to let them pay the debt amount without causing them any financial hardship.

Sometimes, even the statute of limitations expires prior to taxpayer being able to pay the entire debt and the taxpayer later does not owe the debt.

Penalty Abatement:

This option comes into play in conjunction with other options of paying off the state lien.

If an individual has a very genuine reason for not being able to pay the tax amount, which is also considered to be a reasonable cause, the penalties are either reduced or removed.

Thus, there is a solution to every situation.

Generally, the taxing authorities do not make things hard for the taxpayer who is facing some kind of financial crunch.

After the IRS or the state taxation authorities assess a taxpayer’s financial situation…

…and understand that collection of taxes will only worsen the financial hardship faced by the person,

they find suitable solutions for the taxpayer and help him deal with the situation.

How do I Remove Tax Liens from My Credit Reports?

The tax reports will always display your debts and taxes.pay taxes

Having unpaid IRS or state tax debts will always negatively affect your credit score,

…thus making it hard if you to get any additional loans if you do not find ways to deal with paying off the debt.

Following are some methods by which you can ensure your credit report does not have many negatives on it.

Request a copy of credit report to check for accuracy from www.annualcreditreport.com.

Everyone is entitled to one free credit report per year that does not get reported as an inquiry on your credit report.

You can always check your credit with www.creditkarma.com as well. It is 100% free.

All the tax liens can be found within the report.

Contact the federal or state tax office for confirming the due that is left for you to pay off.

It can also be a good opportunity to understand various agreements and choose one to settle the debt.

Paying off the amount in full or using repayment plan is the best way to come out of the burden of taxes.

Also, take the paid-in-full letter for sure from the tax office.

Taxpayer can dispute the items on the credit report either online, or through a dispute letter or by making a call to the credit bureau in case he or she is not sure about the entry on the report.

What’s the bottom line?

If you find yourself in this situation of owing back taxes to either the Federal IRS or the State Depatment of Taxation then you owe it to yourself to seek solid professional help or counseling.

Unless you are a tax lawyer who is fully up to date on all of the intricacies of tax law then by all means seek professional help.

This is not an area of your life where you want to wing it and just let the chips fall where they may.

These government agencies want their money, and they have all of the resources of the U.S. government and States to back them up to make sure that they get paid in full.

If you need help you can always get a free credit and tax consultant at CuraDebt.

CuraDebt is one of the nations top credit and debt resolution companies.

They have highly trained IRS experts on staff, standing by and ready to help.

So ckick this link – get IRS tax help now for your free consultation.

Let a trained professional deal with you burdens so you can get on with your life.

You will be glad you did!

taxes, back taxes, federal tax lien

 

www.us-debt-free.com

 

Disclosure: We are a professional review site that receives compensation from the companies whose products we review. We review each product or service thoroughly and give high marks to only the very best companies. We are independently owned and the opinions expressed here are our own.

 

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Why CuraDebt – Is Your Perfect Solution For Credit Repair and Debt Consolidation

credit repair, debt consolidation

Why CuraDebt is the Best Company for Credit Repair and Debt Consolidation?

How CuraDebt can help you repair your credit and pay down your debts

Do you find yourself falling further and further behind with your credit card payments or state and Federal IRS taxes?

Many people find themselves in the same situation of too much credit card debt or having a state or Federal IRS tax lien filed against them.

In this tough business environment it is easy for an individual to fall prey to credit card debts, or debts in business, and fall further behind in their payments…

…or in the most unfortunate case, an IRS tax lien against their business.

Without professional aid,

one is sure to end up in a perpetual struggle to eliminate them.

There are many companies offering to help you with your credit card and business debt.

but it is critical for you to identify the right company that will work for you.

You require help from professionals with proven experience in dealing with these cases,

especially when you deal with a Federal tax lien.

Not to worry, as getting some really good professional help is not a very expensive affair today,

provided you do not get enticed by a lower rate company, only to end up paying more.

You need to be cautious while you are choosing a debt consolidation and credit repair company to resolve your debt and credit challenges.

Consider starting out with a free counselling session with a credit repair and debt consolidation service provider…

…for you to understand the strategies and ways in which you can resolve your issues,

you are strongly recommended to reach out to a CuraDebt professional.

Why CuraDebt is your best debt and credit repair solution

CuraDebt is unmistakably the best in the industry and is known to have been solving credit,

debt and tax problems for individuals and small businesses for more than two decades now (since 1996 to be precise) –

…indeed they have quite a bit of experience in this field.

The company’s tax team is composed of professionals with over a hundred years of experience.

Many of Cura Debt’s professionals have worked for Internal Revenue Service or the IRS. so they know the mind set of the IRS and in many cases may even know the IRS agent they will be dealing with.

They possess more than 83 years of experience either working for IRS or other authorities.

  • CuraDebt is for sure a highly experienced company that can help you save more than what you are currently doing now.

Thus, you can rest assured that the services offered by CuraDebt will not disappoint you.

CuraDebt’s Deal Breaker

A free consultation is always on the cards when you approach any professional in the company to share your story of mounting debts and seek a way out of them.

The CuraDebt team has the ability to come up with brisk solutions to the stated problems that are actually tailor-made for your debt issues and financial goals.

The team is happy to consult with its clients completely free of charge and confidential.

Following are the services that you can expect from CuraDebt:

debt relief, irs tax lien#1. Debt Relief

#2. Debt Settlement Program

#3. Debt Negotiation and Consolidation Program

#4. Tax Debt Relief For IRS as well as State Tax Debts

Here is the Deal:

What Sets Cura Debt Apart from all of the Others

The company has achieved a great deal and carved a niche for itself.

Following are some of its achievements that sets it apart from the competitors.

CuraDebt manages all performance clients in-house.

It is the member of the US Chamber of Commerce, NetCheck and HonestE Online.

It stands as number one in tax debt relief counselling services as rated by consumer reviews.

Has earned more than 700 five-star reviews on CustomerLobby.com and a 4.9 on ShopperApproved.com.

Rated #1 by Top Consumer Reviews constantly from 2009-2017.

The company need not boast of any more awards or accolades,

although it has been proven time and again that it is the top-notch company in its field of work.

Cura Debt has maintained a track record of consistently settling up in the top two slots for eight consecutive years.

You can expect the following from the CuraDebt team while you plan for your counselling session with them:

  • Professional help from a person with sound knowledge and extensive experience.
  • Deeper, better and accurate recommendations for the financial issues you face.
  • Appropriate solutions for dealing with unpaid taxes, business taxes, personal taxes, tax penalties, liens, audits, and complex tax issues.
  • You can also seek assistance for credit cards, personal loans, business cards, IRS debt and back taxes.

Dealing with Unsecured Consumer Credit Card Debts, IRS Back Taxes or Liens

Some of the crucial debts such as your credit card debt,pay debts, credit report, credit counseling

or personal loans  that have been extended unnecessarily,

present a high risk for creditors and a perpetual problem for a borrower.

These are categorized as unsecured debts.

CuraDebt has dealt with several such cases for anyone who had accumulated these debts for numerous reasons…

…and can provide a well-thought out solution(s) to just about any credit, debt or tax issue.

There are quite a number of ways to clear the unsecured debts like debt negotiation,

debt settlement, debt consolidation and debt relief programs.

CuraDebt promises you the best methods to deal with such debts.

The IRS tax lien refers to the government legally claiming your property due to negligence or failure of payment of tax debt.

In such cases, the authorities have every right to put a lien on the property and even freeze a person’s wages until the amount is paid back.

These are the crucial times when a professional assistance can save you from much complications and difficulties.

This is when you need to undoubtedly seek help from CuraDebt for their in house customer service department…

…that can thoroughly explain the details of your issues and find clear cut solutions to your problem

Here are some of the reasons why people fall prey to tax debts:

• Tax return(s) not filed on time
• Mistakes in income tax filing
• Failure to pay Estimated Tax Payments
• Unqualified withdrawals from retirement funds
• Failure of payment of payroll taxes (forms 940 and 941)

Here is the Kicker:

Why Should You Turn to CuraDebt Tax to Solve Your Debt Problems

There are close to 23 qualifications that make CuraDebt the one stop solution to all your tax worries.

Suffice to say that they employ the most qualified and experienced professionals for resolving their client issues.

These are some specific qualifications that sets them apart from other competitors:

#1. Professionals legally comply with IRS and state in order to provide a feasible solution for tax debts.

#2. They have no hidden prices; only a flat fee that they quote.

#3. They are experts in handling any size of tax debts

#4. Focus on 100% free consultation

#5. Most of them are tax attorneys and certified accountants.

#6. They are members of several organizations and have a rock-solid reputation in their field of work.

#7. Get personalized budget plan prepared by the professionals to track your expenditure.

#8. The team helps you waive most of your late charges and fees and reduce your per month payment.

#9.They can help you have a significant portion of the debt forgiven

With all of this going for you, Cura Debt is the one company that is sure to pull you out of your tight and challenging situation and make life less stressful for you.

It Get’s Better:

  Cura Debt offers some really practical solutions to your mounting IRS tax debts and liens.

irs tax lien, debt consolidationWhen there is a doubt regarding what the tax liability is or whether the individual can pay the taxes…

…CuraDebt knows it is best to go for offer in compromise.

They may suggest to you an instalment agreement which helps you pay taxes in small chunks when you have a large debt to settle under your belt.

If you are a first time taxpayer, penalty abatement can be a solution if you can pay the debt in full either one time or as monthly installments.

In case of extreme personal or economic adversity, the company might help you with halting the collection by the IRS.

They suggest you to retrieve money from an asset for paying the current tax debt as part of the tax lien subordination solution

CuraDebt resolves complicated tax debt issues through a three-phase process that they extensively follow…

…while catering to any individual who approaches them with their tax debt issues.

First, the company takes up a thorough investigation of the problem in hand through a financial analysis for identifying current and projected financials that are categorized under IRS.

A complete check of master tax file and tax transcripts are performed in order to provide a detailed solution to the client.

Secondly, all the mistakes in the tax form filed are corrected so as to make it compliant with IRS rules.

At times, after the rectification of the errors, the taxpayer gets a refund in case he overpaid taxes!

These are some areas only trained eyes and experienced minds will venture into.

Third, whatever solution the team comes up with after investigation, it is implemented to resolve the IRS issues and state tax issues.

Potential tax solutions that CuraDebt can come up with to solve your issues include prevention of seizure and levy, tax levy and lien release, income tax preparation and custom tax solutions.

Although CuraDebt promises to provide the best possible solutions to relieve you out of mounting taxes and debts…

…there are certain issues that the company cannot help you with.

If you are a victim of debts from lawsuits, student or government loans, and utility bills, you may not be able to find professional help from this company.

All your mortgage or home loans cannot be dealt with this firm.

The states ND, NH, SC, VT, WA, WI, WV, CO, CT, GA, ID, IL, KS do not have debt settlement services provided by this firm.

So apart from these two major drawbacks of the firm – non availability of services in all 50 states, and no solutions for tax issues concerning lawsuits, utility bills, home loans and mortgages –

it is the best company to deal with all your tax head aches and keep you completely at ease.

Want to know the best part?

CuraDebt’s Debt Management Plan

You need to be very much aware of the debt management plan that the company you seek solutions from…

…provides you in order to aid in clearing off your debts.tax, debt consolidation

This program focuses on merging all the debts into a single account so that the taxpayer makes a single payment, rather than multiple payments in a given month.

At CuraDebt the taxpayer is given a proper counseling and is made to understand the entire program and its benefits before they take up and start paying the fat checks to clear out debts.

It is important that the taxpayer understands why and what amount is he paying each month.

This can be clarified only by experts like CuraDebt who have dealt with many such issues and have helped numerous people out of it.

Thus, you can be easily duped by many firms that advertise themselves to be offering the best creditor-sponsored programs to manage debts and clearing them off…

…but you need to be extremely careful about their trap.

Instead of paying off your debts alone, you might be paying more than that including the fee for the firm.

CuraDebt’s Debt Relief Program

If you are planning to go for a strategic debt relief program to become free from all the debts that you have accumulated in the minimum possible time…

…you surely are going to need professional help.

This requires in depth knowledge about the various techniques through which you can save yourself from falling victim to the minimum payment trap,

and take control of your finances to stay afloat.

This firm offers you a few recommendations for debt relief options in order for you to understand what would be the right one in your case.

With CuraDebt, they help you:

sea of debt, buried in debt• Evaluate whether continuous payment of minimum taxes will help you eliminate your debts

• Evaluate various options to pay off the debts with lump sum amounts, thus relieving you of them.

• Evaluate the odds of filing bankruptcy.

• Evaluate your credit scores and unsecured debts and figure out options to tackle them.

• Evaluate options for secured loan consolidation.

A taxpayer can be found strangled by many debts such as credit card debts, personal loans, home loans and other loans at the same time…

…with the skyrocketing rates of interests attached to them, while attempting to pay them back.

This can lead to complete bankruptcy of the taxpayer,

making him stressed and depressed as he might not know the correct procedures to tackle such issues.

Many taxpayers are unaware of debt management policies and strategies,

they end up paying more interest until most of their hard-earned money and savings have been exhausted.

Credit card debts are the most pervasive of the lot as the rates of interest they charge are humongous.

A gullible individual is an easy prey to the credit card debts and it takes an eternity to swim out of such debts that can ultimately wash away your money.

Personal loans are another such loan that are inescapable if you are not in a state to finance your business or paying for other expenses…

…such as travel and vacations.

You need to maintain an excellent credit score to bring down the interest rates that you need to pay for.

But the question is how aware are you of all the threats that you incur when you opt for such loans?

Most of the taxpayers realize far too late when they are already half trapped in the debts incurred through non payment of bills on time.

It may not be everyone’s cup of tea to tackle all their debt and loan issues on their own.

And it is totally fine to seek professional help in such situations where in you are perturbed and distressed and not in the right state of mind to take care of your debt issues yourself.

That is where CuraDebt comes into play and their services help you sail through your debts and turn debt-free in the minimum possible time period.

What’s the Bottom Line?

CuraDebt covers a large range of debt relief programs more than most of its competitors.

It holds an A+ grade with AFCC and IAPDA.

The company’s website provides you with in depth details before you make a final call on approaching them.

The company does not charge the taxpayer a monthly fee.

In fact, the total fee charged by the company is approximately 20% lower than the original debt.

They have competitive prices and they quote as low as $7500 in debt.

CuraDebt is for sure the top-notch firm for all your debt and loan related issues as they are  passionate about helping their clients in the maximum possible way…

…they are also aware of your financial difficulties and the stressful buden of too much debt.

The have clear cut solutions for any type of problems as their team has a sound knowledge and definitive experience in the services they choose to offer.

Their services are great and their client dealing processes are very transparent.

The taxpayer is not charged an extra penny up front.

Therefore, undoubtedly CuraDebt can be your one stop solution for any type of credit debts,

loans and other financial issues that you may be facing.

Give them a chance to serve you and you are sure to get the best aid possible.

The raving reviews from all the satisfied customers talk volumes about their business and services and also how they deal with the problems of taxpayers.

You are sure to return satisfied and with a wide smile as you let them take care of your financial issues.

So when you are thinking about retiring your debts and becoming debt free remember these words from Ogden Nash,:

“Some debts are fun when you are acquiring them, but none are fun when you set about retiring them”.

debt free, irs tax debt, credit card debt

 

www.us-debt-free.com

 

Disclosure: We are a professional review site that receives compensation from the companies whose products we review. We review each product or service thoroughly and give high marks to only the very best companies. We are independently owned and the opinions expressed here are our own.

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Which States Have The Worst Consumer Credit Debt?

spending money, credit card spending

Worst States for Credit Card Debt and Personal Consumer Debt

Guide to high consumer credit card debt states

 

While the new Trump economy is starting to expand and provide wage increases for many Americans for the first time in sixteen years…

…many people who got mired in credit card debts or maybe even IRS or state tax liens,

while struggling to stay afloat during the terrible Obama economy are not able to partake in the new economic expansion due to their heavy debt burden.

Even though the economy is growing, oddly enough, consumer credit card debt is growing right along with it.

The financial scene in the US has now changed.

America is facing an increase in the credit card debts at new record levels.

In fact, it can be seen that consumer debt at the end of the first quarter of this year has increased considerably, reaching an all-time high.

It has now beat the previous record during the 2008 financial crisis.

The credit margin available for the consumers today is way more than what it was a decade ago, thanks to the improving Trump economy,  after quite a few years of economic stagnation.

This is major,  because the lenders have relaxed their lending standards so as to attract more customers for opting into credit cards.

Thus, many American’s splurge to the maximum and spend inadvertently, completely unaware of the many debts they will fall prey to.

Even if leniency in the lending policies are implemented, it will only pave the way for more consumer debt and credit card debt.

Although the cost of living in each state differs greatly as it is dependent on local economic factors which actually determine how the customers go about their expenses…

…the credit card debt, too, varies in each state.

You Might be Wondering:

What Is An Average American’s Credit Card Debt?

credit card debt, business debtAn average American’s credit card debt used to be close to $3,600, which has now risen to $5,700 in 2017 as per data collected from the statistical survey conducted in various states.

It is also proven that every household has some amount of debt with the credit cards they own.

Another interesting point to note is the average age of the people in America who are dealing with the mounting credit card debts each month.

It is surprising to find out that the citizens in the age group of 45-54 are the ones who have huge debts on their credit cards to take care off.

Millennials and old people hold the least credit debt to in their accounts.

An important factor to be considered here upon looking at the amount of credit card debts one is handling…

…is that we can easily spot that people who are not earning a lot, falling prey to these credit debts in comparison to ones whose income is way more than his credit debts.

For example:

If a person earns $200,000 a year, and has a debt of $30,000, it may not seem an impossible feat for him to clear that amount.

He has an option of reducing his expenditure in other areas and focus on the debt against his account.

But for an average American who is hardly earning around $30,000 a year, even an amount equalling $5,000 will seem huge and stressful.

He will be drowning in debt for quite a while before he can clear it up.

Only then can he focus on shelling the money out in other areas of expenditure.

The amount of debt is not the only factor of concern for the person trying to clear it off.

The rates of interests that are kept so high in today’s scenario make it nearly impossible  to come out of their debts any time soon.

If the principal amount could be cleared off in one year, the rate of interest added to the sum will never let you complete the same in a year…

…it could easily take two or even three years.

To add salt to the wound, the rates of interest are soaring higher and higher each passing year.

Major Factors For High Credit Debt in the US

Avoiding unfavorable details in the credit score is very important because if any such details are reflected in the credit report, it takes a good seven years to repair.

As consumers, you can damage your credit score very easily and getting a high credit score will become an  unfathomably tough job.

Many times, a poor credit score results are due to poor using of credit card…

…the problem is with user, not card.

The most important thing to remember with using credit is to always, always, always make your payments on time.

These are the major reasons due to which users fall prey to credit card debts and suffer most of their life, paying the heavy debts with nothing much to save.

This is Crazy:

Using Credit Cards Even When Financially Unprepared

Credit cards are a perfect trap for those customers who get carried away by the various offers and gifts attached to it, whether they win them or not.

The customers are not ready…credit card debt, business debt

…not financially prepared to pay the debts that get accumulated easily with these cards.

Credit cards are seen as unlimited flow of cash,

instead it is a ruthless trap to attract people to fall into.

Once the customer starts paying for his purchases through credit card, it becomes an irreversible habit and debts only keep rising day by day.

It is not just the youngsters, even adults are lured into the credit card trap pretty easily.

Anyone purchasing with a credit card must realize that such shiny, plastic cards can come handy only when there is a steady income coming into one’s bank account.

Also, if the salary is meager, it is again a problem for the credit card owner.

2. Spending More Than What Can Be Handled

shoppingGenerally, customers start with one credit card and before they realize, they may have added more than two or three.

People sometimes forget to track their spendings and go beyond what they can handle.

It might seem like a wise idea to assign different functions to different credit cards but you should be financially sound and aware of handling different cards.

If you are not smart enough to handle it, be sure not to use more than one card.

For example, you may assign payment for groceries, bills and other essentialities to each card you’ve bought.

Although this helps in budgeting with your expenses, you see how much you are able to buy with your credit card.

It requires a lot of discipline to avoid overspending and incurring debts in return.

If you are unable to use credit cards appropriately, it is best to not use them at all.

3. Debt Is More Than Income

Since the time credit cards have made a boom in the human lives, and changed the course of how people pay for their purchases, the credit card debts are on the rise.

Cashless shopping is one of the major reasons for overspending than the actual income earned.

People tend to forget that the money used for buying things on credit is borrowed money and the actual one.

If consumers do not keep track of what they are spending, pretty soon they will have a knock on their door from companies who are good at credit card debt collections.

If any of this sounds like you and you need a free credit or debt consultation check out…

Cura Debt.

Consumers should be aware whether their expenses are exceeding their earnings or not.

Sometimes, the time between spending for the purchases using your card and awaiting for its monthly statement is the only means to understand how much you have spent going cashless.

4. Payment Disputes To Tackle

credit repair loan, best credit repairAny late payment or non-payment of credit card debt is reported by the lenders to the credit bureaus.

In case of any dispute on purchase using credit cards, the lender should be contacted as soon as possible in order to resolve the such issues.

5. Major Life Changes That Affect Credit Debts

Major life changing instances such wedding, having a baby, shifting houses and other expensive purchases add on to the credit debts and affects personal finances in a huge way.

It is advisable to plan the budget in such a way that you don’t fall into the credit card debt too soon.

It is wise to use credit cards to one’s advantage and absolute necessity rather than having it as a first go to source for available fuinding.

6. Taking Note of the Fine Print

Every customer should have a an idea of the basic details of the credit card he or she is using.

Important factors such as maximum credit limit, due date of the payment, and the rate of interest charged by the creditor should be given due consideration.

It is also essential how the finance charges and late fees work on the loan or debt against your credit card.

Having a proper knowledge about all these things will surely alert you when you try to go for some off-budget purchases.

Your Focus should always be on having a good credit score.

7. Bad Money Management

Never consider thinking about  spending money on anything that is out of your budget or purchase league.

It is very essential to have a proper monthly expenditure plan, without which you will not be able to track your spendings and flow of money.

Writing down the monthly expenditure plan gives you a clear ideas as to what are things that are absolutely necessary for now and what are things that can be purchased later on.

You would be taken by surprise when you start taking thoughtful decisions and planning your expenses on your own.

Overspending or having no track of the amount you spend will surely pull you into the credit card addiction and increase your debts.

If you find your self falling further and further behind, with debts piling up,

then it might be time to consider a credit consolidation loan to pay off your credit card debts.

Although it is the most practical solution for eliminating credit card debts,

you want to avoid putting yourself in that position at all costs.

8. Underemployment and Minimal Saving

When you experience underemployment or no employment for quite a while, it is obvious that you would be depleted of your savings pretty soon.

Swiping a credit card everywhere for your purchases would seem like the best solution.

But aware, you will incur more debts than temporary relief.debt relief

Credit is not something wherein you get money for free.

It is the borrowed money that will have to be returned back.

You must particularly avoid using credit cards if you care about your savings.

We American’s have this habit of spending more than they earn, taking credit cards as a free supply of money.

If you are unemployed, focus on finding a job, work two jobs even to rebuild your dwindled savings, but do not get into the addictive habit of spending for everything.

There may be medical emergencies or other outlyer events in your life which you cannot avoid.

The medical industry requires immediate payment of bills, and you will have to use your cards when the bill is huge.

This only leads to debts in your case.

You might be in a terrible position, hunting for a credit repair counselor

…whom as per your expectations, who will have to wave his magic wand and clear off all your debts.

9. Financial Illiteracy and No Clarity of Credit Card Usage

It is unfortunate that traditional schooling doesn’t teach you the actual things in life that can make you successful.

No school will ever sit you down and teach you how to deal with your finances.

Sometimes it is highly important to educate yourself about the market trends and various ways to handle your expenses.

Everyone in the family should have clear idea about monthly budgets and expenditures.

There are many financially illiterate people who have no clarity about how money grows, what are the best saving schemes, and how market works.

Even if you are not a pro in this field, having a sound idea of the same will help you in many ways.

You will not be in a bad shape if you get the backs of spending and saving.

You would never have to contact any credit repair firms who say credit repair made simple by them.

Also it is very important to communicate to the family members about the financial plans and spending procedure you have created for each month.

Ensure that everyone in the family is a aware of the income and also the total allowed expenditure through cash and card.

What is the Bottom Line?

American States With High Credit Debts

high debt statesBelow mentioned are American states that have recorded the highest credit debts for the year 2016-2017.

Although the economies of all these states are sound, the spending habit of the people residing here have gotten themselves into this type of debt.

 

Maryland:

Maryland is on the top of the list for a very high debt to income ratio calculation.

The residents of this state are known to be very well off and financially sound.

But when it comes to debt, the residents of this state have close to $67,020 as per capita debt. That is, the debt to income ratio is calculated to be 1.84.

 Massachusetts:

The average income of the people in Massachusetts is about $32,352 per annum.

But the total debt they owe is about $59,820 per capita.

Once again the debt to income ratio is recorded to be 1.84.

Here mortgage debt is the major type of debt, which is about 72% of the per capita.

Also, 5.45% of per capita falls under the credit card debt category.

Arkansas:

This state records about 75.35% of per capita debts in mortgages and about 6.29% of debts is related to student loan.

Although the state has debts in such forms, it is proved that people here have very low delinquency rates whether they be auto loan or credit card ones.

Oregon:

Oregon has quite a high debt to income ratio equalling to 1.89.

People in this state have $49,550  per capita debt per resident.

The state records approximately 72% of debts in mortgages and around 7% of credit card debt.

District of Columbia:

Major debts in the state are because of educational loans taken out by students.

Total debts come to almost 15%.

This is because more than half of the population are in the age of 25 years and most of them apply for student loans to fund their education.

Utah:

Utah too has huge number of debts from mortgages.

The residents have close to $52,150 per capita debt out which $38,240 is due to mortgage.

But the state has a low delinquency rate for mortgage debt.

Thus, lenders are always on the lookout for Utah residents to go to for mortgages.

Florida:

Almost 6.85% of Florida’s debt is due to auto loans and debts.

This state has a total debt to income ratio equal to 1.96.

Also, the median income in this state is $31,664, while the debt per capita is $62,200.

Virginia:

The average income of people in this state is $31,557, while the debt per person on an average is $62,520.

Virginia has low delinquency rates due to which lenders feel safe lending here.

This state also has 7.76% debts in student loans.

Hawaii:

This state has debt to income ratio of 2.1. A total of $51,770 is owed in mortgages which is approximately 77%.

And the Winner is?

California:

The debt to income ratio of California is 2.34, which is the highest  among all states.

Californians also owe per-resident debt equalling $65,740.

Also, people in this state owe about $51,190 on mortgages.

But Here is the Kicker:

debt free, credit counselingBeing in debt or carrying a large amount of debt is no fun regardless of which state that you reside in.

If you find yourself in this situation, where you are just barely making your credit card debt payments each month…

… or maybe you have acquired a tax lien on your business during the slow economy of the Obama years, just know that there is honest, professional help available.

If you would like to get a FREE credit or debt consultation with no obligation the you should follow this link to Cura Debt.

Cura Debt is one of the nations top credit repair and debt consolidation specialists,..

..with many satisfied customers being able to reduce their total debt amount and get on with their lives.

As of this writing we are just getting started into the new year of 2018.

The economy is booming and businesses are rapidly expanding.

Don’t let the debt that you are carrying drag you down and leave you behind the rest of the nation.

Make a promise to yourself that this year will be the year you tackle your credit card debt once and for all!

With that I will leave you with a couple of qoutes that withstand the sands of time.

Ben Franklin once said,  “Rather go to bed with out dinner than to rise in debt”.

The great P.T. Barnum once said,  “There is scarcely anything that drags a person down like debt.”

credit card debt, IRS tax lien, consumer debt

www.us-debt-free.com

 

Disclosure: We are a professional review site that receives compensation from the companies whose products we review. We review each product or service thoroughly and give high marks to only the very best companies. We are independently owned and the opinions expressed here are our own

 

 

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Guide to Starting Out with Your Very First Credit Card

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credit card counceling, credit repair

What You Need to Know When Getting Your First Credit Card

Easy Tips to Avoid Getting Into Credit Card Debt

Are you a young adult who is considering getting your first credit card?

Or maybe you are getting ready to go off to college

and will need to purchase some things on credit when you get into a cash pinch.

Getting your first credit card should not be a stressful situation ,

but it should not be taken lightly either.

There is some research and strategy involved before you just jump into the credit abyss without thinking.

I hate to bring this up, but the first thing you should be asking yourself,

or your parents should be asking themselves is:

Do you have the maturity to be a responsible user of purchasing things on credit?

That is buying things today that you can’t pay for, and expect to pay for them at a later date.

Do you understand what interest is?credit interest, best debt strategies

For that matter compounding interest?

Albert Einstein once said:

“Compound interest is the eighth wonder on the world. He who understands it, earns it… he who doesn’t… pays it.”

 

So you need to understand that once you buy things on credit,

and don’t pay off the balances in full at the end of each billing cycle…

,,, that the compound interest is working against you…

…or compounding in the banks favor, not yours.

And oh do the banks love it, when you only make your minimum payment each month!

O.K. So now I have your attention with credit card debt.

For many young adults,

getting your very first credit card is a right of passage,

from irresponsible teen to a responsible member of a civilized society.

Here is the Deal:

credit repair specialistGetting your first credit card  will be the cornerstone or foundation,

of building a lifetime credit profile.

This card and future credit cards will be judged and scored over time (your lifetime)

so it is important to create good payment habits right from the get-go.

Even though you may be eager to just get a credit card and get started,

you should still shop around for best rates and your best options.

The easiest cards to get started with are usually a local department store or even a “Macy’s card.

Another option for a good “starter” card would be a gas station card.

You might want to start off with a “BP” gas credit card.

These two types of credit cards seem to be easier to get started with.

Once you have made a couple of purchases and promptly paid them off,

you can expect to be bombarded with offers from every other credit card company.

Be careful what you wish for –

When you are just starting out you do not need multiple cards.

One or two cards should be just fine to meet your “emergency” spending needs.

You also need to be careful that some of these cards may have hidden fees attached to them.

A Mileage Plus card for example or even a cash back reward card,

where a certain percentage of your dollars spent go toward air miles or other purchases may have a fee attached to it.

With a Milage Plus card, it is great to get air miles for purchases…

…that you would be making anyway…

…but know that you are charged a fee for the privilege of paying the card company interest on your purchases.

Now:

Once you have received your first credit card and you are anxious go out and spend, spend, spend,

like everyday is Black Friday

… there are a few rules of responsible credit card useage that you will need to observe,

if you want to build up and have a great credit score…credit repair loan, best credit repair

…that will help you many years down the road.

Especially when you settle down, get married,

and are ready for thosse big ticket items like a new car or even a house.

Without a good or better yet great credit score (700-800 fico score) you will be paying much higher interest on either of these types of purchases.

So Here are the Credit Card Rules to Live By:

#1.  Always, always, always pay your bills on time. As in NEVER be LATE!

Got that?

This is so important for several reasons.

First off, you don’t want to be paying any additional “late” fees to the banks.

Secondly, having “lates” reported to your credit card reporting bureaus ( Equifax, TransUnion, Experion) will start having a negative effect on your credit score.

Having late payments on your,

payment history will definitely knock your credit score down.

Aside from your overall “credit score”, lenders look for any negative information like,

do they make their payments on time or are they late with their payments? Duh!

Being late on your credit payments (just like being late for appointments or meetings) shows a lack of responsibility on your part as the borrower.

To keep your credit score in the higest possible rating, always make your payments on time.

#2. Pay off your credit debt in full each month. This one simple task will keep you from paying a

credit specialist, credit counselingtremendous amount of interest fees over the course of your credit card usage.

Only making the minimum credit card payment each month puts you into the credit card debt spiral.

Sometimes the interest on your card will compound faster than your ability to pay it off.

(Depending on the amount of interest you are paying.)

And guess what? Once you start missing payments, the banks will increase your interest and fees.

#3. Keep your amount of purchases or credit used at around 30% or less,

in relation to the total amount of credit alloted on your card.

O.K so let’s say that your total amount of credit available on your card is $1000.00.

By trying to keep your credit usage to 30% or less,

that means that you would not use more than around $300 on that card.

The bottom line is that if you max out all of your available credit on your card(s) it will negatively effect your credit score.

If all of your cards are maxed out and you are only making the minimum monthly payments,

then it just looks to the very conservative lender,

that you at best, cannot handle your credit responsibly,

or at worst you are having some kind of financial problems.

credit repair info, credit repair guide,credit repair services#4. Try to manage your money in such a way that you don’t need to be hitting the ATM everyday getting cash advances.

This won’t effect your credit score,

but the banks or lenders do hit you with a fee and a higher interest rate than the regular charges for this convience.

Rest assured that the bank will not give you any added convience or service without finding a way to charge you extra for it.

Avoid the ATM at all costs.

#5. Always review and read over your credit statement or bill carefully for any mistakes or fraudulent charges.

Many times you might sign up for a monthly recurring service that has an auto rebilling feature that you may not know about.

Before you can catch it, the company has milked your credit card for months of extra services that you did not want. (or sign up for).

If you find any fraudulent charges or overbilling practices on your account,

don’t hesitate to call your credit card company immediately and dispute the charges.

Many times they will cancel the charges and then go after the greedy company that has been picking your pocket.credit repair program,repairing credit

Sometimes you win, sometimes you learn a life lesson.

#6 Last but not the least of things to consider:

As mentioned above, don’t load up on plastic.

Once you get your first card, like piranas in a feeding frenzy,

you will be inundated with offers from other credit card companies that want a piece of the action (or your flesh).

Resist this temptation to keep piling up more cards and available credit.

You should think of credit cards as just an emergency back up plan,

in case you get stuck in a life situation where you just don’t have the readily available cash.

The way that human nature works is that if you load up on “available” credit,

you will soon turn that “available” credit into used credit and a huge credit card bill.

Don’t think that the banks and the lenders don’t know this.

Some people just cannot resist.

Like a drug dealer feeding his customers more and more drugs,

the banks and lenders are all too happy to keep extending you more and more high interest credit,

so that they can get you “hooked” and bleed you dry.

Don’t put yourself in that position.

Remember this quote (not sure from who), “You were not born to just go to work, pay bills and die”.

But Here is the Kicker:

credit repair, debt counseling,get out of debtIn today’s modern world,

everyone must have a credit card or some source of credit just to make some basic transactions,

like buying an airline ticket, renting a car or a variety of other transactions.

Aside from making daily purchases, you then need some kind of credit history to get loans

to make other bigger purchases like a mortgage for a house.

So getting your credit card and creating  a history of responsible credit purchases

and payments over time is how the financial world or lenders judge you for financial risk.

If you follow these tips, they will help guide you to building a strong credit history,

and help create a solid foundation for your financial future.

Make your payments on time.

Pay off all of your credit card purchaes in total for each billing cycle.

Try not to charge more than 30% of your total allowable credit limit.

Don’t load up with too much credit with additional credit cards, even if you do not use the credit.

If you follow these basic steps,

then over time you should be able to build up a first rate credit score,

that will pay additional dividends in the future,

when you do decide to go for that big ticket purchase,

in the form of having your credit approved with a great rate.

I will leave you with a couple of quotes that I hope will become food for thought on your journey to use your credit cards and create your credit history..

“Interest on debts grow without rain.”
-Yiddish Proverb

“Some debts are fun when you are acquiring them,

but none are fun when you set about retiring them.”
-Ogden Nash

“Rather go to bed supperless, than rise in debt.”
-Benjamin Franklin

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Disclosure: We are a professional review site that receives compensation from the companies whose products we review. We review each product or service thoroughly and give high marks to only the very best companies. We are independently owned and the opinions expressed here are our own

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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How is Your X Factor?

debt relief, credit card repair,debt consolidation loansDo You Know Your X Factor?

Put your X Factor to Work on your Credit Repair, Debt Consolidation or Small Business Lines of Credit

 

I recently read Grant Cardone’s New York Times best seller “The 10X Rule”.

Once you read this must read book for everyone in general (because it applies to all aspects of life) but also to any:debt consolidation, credit counselor, line of credit

  • business person
  • start up entrepreneur
  • real estate investor
  • anyone in a sales related field

Then you can’t help to start thinking of your X factor but also the X factor of other business people that you in-counter through out the course of your business day.

The main concept of “The 10X Rule” is that to be extraordinarily successful in life or in business you need to hustle above and beyond that effort of the “average” or ordinary output of most people or businesses.

If you only put in an “average” effort your results are going to be, well average. Duh!

This has been proven over and over again by top athletes and top business leaders. If you want to get to the top you need to work not just a little harder then the “average”, but a lot harder than the average person or business.

So the premise is that if the average is working at “1X” then you need to be working at “10X”

But is the “average” really even working at 1X?

Well, let’s define 1X.

I would say that 1X is someone (in business, their job, or in life) that does everything that is required of them in a professional manner at the most basic minimum.

This would include:

  • the ability to speak and communicate in a clear, positive effective way. (A little rapport would be nice)
  • to dress and be groomed in a professional presentable manner.
  • to have just the most basic minimum level of sales mindset like a smile and “How Can I help you Today?” attitude.

In meeting with various “professional” business people in the course of my daily meetings I find it shocking that many so called “professionals” barely make it to 1x and more often are only operating at around .6x.

In terms of my business, I am only concerned with myself and my actions as those are the only things that I can control.

Plus I recognize that our goals my be different.

I am a self motivated, self employed entrepreneur that wants to excel and perform at my highest of God given ability.

While most employed people with a job (just over broke) just want to show up, put in their time and do as little as possible to get through the day.

(Nothing wrong with that if that is your thing.)

So let me provide some examples of my unofficial 10x survey of my little business community.

 

business loan, business credit,Case Study #1. The Banker

I went into a small regional bank (not one of the majors) to see if I could get a home equity line of credit on a 5 family apartment building that I own and have substantial equity in.

First off let me say that the retail banking business model is dying.

This big beautiful bank lobby had about ten empty desks with one person sitting at one of the desks. (That’s a story for another day.)

Her title was “Customer Relations”.

I had to approach her. She did not utter those golden words “Can I help You?” Mind you that I was the only customer in the bank.

Even better yet would be “How Can We Find a Way to Re-finance Your House Today?”

So I sat down and told her that I was looking for a home equity line of credit on my five family apartment building.

There was no smile, no rapport, only a sense of dread on her part that she might have to do some work.

I wanted to reach out and touch her just to see if she had a pulse.

Since she refused to talk I started to ask some probing questions:

  • How long have your worked here at the bank? Four years she replied.
  • How long have you been in the banking business? Twenty years she said.

She went on to attempt to fill out the one page information sheet that she would send in to the home office. She did not know how to fill it out so she called over her supervisor.

Her supervisor was the bank’s “mortgage lady”.

She was slightly a little warmer but improperly dressed in casual clothes with wet, stringy unattractive hair.

(Sorry ladies if I am projecting my male chauvinism, but if you look like a slob, then you probably are a slob, regardless of your gender.)

The “Supervisor” helped the “Customer Relations” person fill out the paperwork and claimed to have sent it in the the underwriting department at the home office.

A week later I have yet to here from anyone from the bank.

Summary – the home equity line of credit clearly states right on the application that it only applies to 1-4 units (residential), not 5 units or commercial properties.

This is something that both “professional” mortgage specialists should have known.

  1. It states that right on the form.
  2.  Is this the first time in a 40 year career that she had filled out a home equity line of credit application? Gosh… do you think she needs more training?

10X Rating – these people are not even working at a 1x level but instead are just taking up space, doing as little as possible and collecting their check each week.

(Again, nothing wrong with that, if that is your thing.)

It is one thing to be poorly trained or miss-informed, but another thing to be in walking coma without any intellectual curiosity for self improvement.

Sadly these banking “professionals” are only operating at a  “.6X”

X factor, business winning, business loansCase Study #2 – Let’s Try the Realtor “A Sales Professional”

I was speaking to a top area realtor the other day and she was complaining about the lack of inventory on the market.

No inventory meant that she had nothing to sell.

I casually mentioned that I was thinking about selling one of my large multi-family apartment buildings.

She immediately said “Oh please send me the info”.

So the next day I sent her the spread sheet, photos, info etc.

She responded by e mailing me “when can I see it?”

Sorry – when I am looking for a salesperson to sell one of my properties, in which they would receive a very large commission they need to be a lot more aggressive about selling than just sending out an e mail.

Pick up the DAMN phone and call!!!

  • most sales are made on the 6th or 7th phone call.
  • most sales people (around 80%) never make the 2nd sales call.

This “professional sales person” could not even bring herself to reach out and make the first sales call even when presented with a “HOT” lead.

Why would I ever want this sales person working for me?

If the sales person is too lazy to pick up the phone to call me and nail down an opportunity to collect a large commission…

why would I think that they would pick up the phone to call buyers to buy my property?

I never e mailed or called her back and the realtor lost a very large potential commission because she was too lazy to reach out, communicate, determine MY NEEDS.

A week later and I have still not heard from the realtor.

This realtor is operating at “.6X” and sadly most other realtors are too.

debt consolidation,credit repair specialistCase Study #3 – The Accounting Firm (typical small business)

I often work with accounting firms to provide a value add service to their clients.

I can either offer a debt, credit card consolidation or small business loans and lines of credit to their clients.

So I called up a local accounting service in our small town and mentioned that I would like to come by to pick up a business card.

( A back door way to maybe get in to speak to someone.)

When I stopped by around 3:00 p.m in the afternoon, no one was working but instead I interrupted their mid day gaggle fest.

Two secretaries sitting around “yacking” it up with who I presumed to be one of the accountants.

As I walked in I asked “May I have one of your business cards?”

They kindly handed me a card and I walked out.

None of the three people asked, since I was getting a business card, “Can we help you with any of your bookkeeping or accounting needs?”

A lost opportunity for a new client.

Once again I would grade this accounting business a “.6x”.

In fairness, the secretaries are not really trained sales people, But they should be!

Every employee from the office workers to the Home Depot “Greeting Lady” should have customer service and sales as their top priority.

Anyone who walks through your door is a potential customer and also a potential word of mouth marketing director.  “Oh, Please tell your friends about our services.”

Only 2% of the population know how to sell.

Oddly enough, many people have a fear of selling. (They fear or can’t take rejection.)

Just about everything we do, from taking a shower in the morning and making our selves presentable to the world is a form of selling.

Learn to embrace it!

Determine your X Factor. Are you even operating at a 1X or are you somewhere below even the “average” threshold?

Ratchet up your game.

With so many of the “average” population going through life in a walking coma, it is not that hard to excel, dominate your niche, and crush your competition. (Think Jeff Bezos at Amazon.)

Play the game of life to WIN at whatever level of your God given abilities.

debt consulting, real estate loan, small business line of credit

Disclosure: We are a professional review site that receives compensation from the companies whose products we review. We review each product or service thoroughly and give high marks to only the very best companies. We are independently owned and the opinions expressed here are our own.

 

 

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