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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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Easy Steps to Build Your Business Credit

business credit repair

Smart Credit Repair Tools for Building Credit for Your Business

Once you repair a bad credit history and you learn about credit repair techniques,

or perhaps you have undergone credit repair training to get your business back on track,

then it is time to think about permanent credit repair by building up your business credit rating again.

Once you have had a credit clean up, or you repair bad credit history,

the best way to stay out of another financial mess is to grow your business with increased sales and profits.

One of the important steps in growing your business and giving your business the edge it needs to be competitive and succeed in the hash world of business…

…is to establish your business credit.

Here is the Deal:

Some people reason that business credit does not really apply to their business and it’s only needed when they are trying to get funding.

Business credit is much more than that.

As a matter of fact, it is an influential tool that is capable of helping you save money, and form commercial relationships that will be valuable to your business in the future.

Eventually business credit will aid in your business growth and expansion.

Now:

Having said that, it may be difficult to understand business credit and how to establish it.

This guide serves to explain the subject matter as well as make available, clear, concise advice on ways to grow business credit that benefits your business over time.

Basics of Credit For Small Businesses

Let us begin with how you are  making your payments.

Do you combine personal credit with supplier financing?credit payment, business credit payment

Perhaps you also adding a business loan or lease equipment together?

Do you purchase supplies for the office with a personal credit card?

Is the telephone account attached to your personal name while having some supplies that lengthen the agreed terms of payment?

When you are not consistent with maintaining payment processes,

it could lead to you losing out on vital opportunities to build a firm business credit profile.

According to small business financial and legal expert Barbara Weltman, author of “The Rational Guide to Building Small Business Credit”…

…if you have a solid reputation of paying creditors steadily,

it enhances your borrowing power.

Other companies find it easier to extend credit to your business.

The importance of maintaining a personal credit profile that is clearly separate from your credit business profile cannot be overemphasized.

As stated by Weltman, separating the two helps in building business credibility before the banks, creditors and suppliers.

If your business profile includes several positive reports from vendors,

financial institutions, lessors, telephone accounts, utilities and other functional credit accounts being operated in your company name…

…it demonstrates your company’s timeliness in paying its creditors.

Furthermore, separating your business from your personal credit profile,

protects you personally in the event of any occurrance of financial disaster in the business.

On the other hand, it can also help protect your company from anything that could possibly affect your own credit negatively.

 

Knowing How Credit  Reporting Bureaus Work

In developing a business credit, your credit bureau report is at the very core of it all.

these agencies have an extensive variety of sources from which they collect credit data.

Next, they use the info collected to create a profile illustrating the history of your business in terms of meeting its financial responsibilities.

This aids potential creditors making a decision on whether or not to risk extending credit to your firm.

Although standards differ by bureaus, the majority of them have simplified the reporting of this data.

There are cases where businesses have the ability to report information regarding themselves.

However, for the sake of maintaining integrity of data,

some agencies only make use of information that a third party has verified, thereby ensuring that reports are unbiased.

This also provides a level playing field for all companies.

Mostly credit companies, banks, and other financial institutions regularly report payment patterns to credit agencies.

Nevertheless, the author of “The Complete Idiot’s Guide to Credit Scores”, Lita
Epstein,

advises that you ask business partners and suppliers to also report payment patterns,

so as to ensure you’re completely covered.

You Might be Wondering:

How important is a credit profile for business?

There are primarily two major functions of a good business credit profile:

  • It makes it easier for your company to have access to the credit it needs at better business conditions.
  • It also helps you better understand the companies you do business with.

Often time, partners, suppliers and lenders evaluate business credit profiles to help them ascertain their level of risk exposure if they extend credit to your firm.

It aids them to measure the likelihood of your company paying back in good time.

In a nutshell, it assists them in deciding if the credit profile of the other businesses should be examined,

so as to assess how financially stable a potential customer, manufacturing facility, business partner or supplier will be.

Weltman noted that assessing a potential client’s dedication and capability of making payments is a very critical but yet often overlooked step to take before providing credit.

She also said, several small business owners are usually so excited about making sales that they fail to do their homework.

Keep in mind that it doesn’t count as a sale untill you’re paid.

Ensure you have the needed profile information beforehand unless you don’t mind working for free.

But here is the kicker:

To do or not to do business with you.business credit report

Similarly, you act like a business.

Having a positive business credit profile benefits even the smallest businesses.

Once more, establish your company’s accounts ( loans, telephone,utilities, and leases) in your company’s name.

Guaranteeing payments personally may suffice in the beginning stages of your business.

However, having a more established businesiness credit history boosts your chances of negotiating and securing good credit terms.

Checklist of Tips for Your Credit Application

There wil be a need for you to fill credit applications for your vendors, suppliers and other creditors as your business grows.

These applications could be instrumental in obtaining higher lines of credit,

reduced interest rates and achieving the flexable financing needed to develope your business,

as well keep building a solid history of timely payment.

The under-listed guidlines should be followed prior to a coompleting a credit application:

Your Personal Business Credit Should be Evaluated

Reviewing your business credit profile well ahead of new credit line application is a good move.

As earlier discussed, there’s a wealth of information in your business credit profile.

Potential creditors will utilize this information in making decisions as regards to the sum and conditions of your line of credit.

This information consists of tax liens, payment history, collection activity, judgements and request for information from other potential creditors.

Endeavour to look at your profile via a creditor’s lens, studying things like:

  • Trade payment history: Determine if your company historically pays it’s bills in good time or do you pay late habitually. Having late payments in the past could just be because of a momentasry cash flow crisis, however if your company frequently delays bill payments, it will not be viewed as credit worthy by creditor. Paying bills late is a big No,No!
  • Red Flags: Your company’s credit report for judgements or liens should be reviewed. Having about one or two of such reports may not be a big deal although explanations as to what happened may be required. Be honest about anything that requires explanation. Maybe there was a tempory cash-flow problem, or an important menber of staff left which resulted in some black marks on the report. Addressing them up front is always better than trying to hide or ignore them. You are going to have some Splainin’ to do.
  • Credit Balances: How much of your company’s total available credit is being utilized? If it’s high, it could also be a sign of warning that the company’s credit is being overstretched. Conversely, if your company balances are somewhat low compared to credit limits then it could be an indication of good financial management.
  • Track record: This has to do with the length of time your company has been in operations. Companies that have established histories of paying bills promptly do not pose as much risk as start-ups.
  • Get good references: Credit references will regularly be requested from your company. Make sure you reach out to your references well ahead to request their consent before including them on credit applications. If you fail to do so, you might make the person less motivated to provide you with a positive reference. It’s also possible that there might be a problem you’re not aware of – for instance an unnoticed invoice or something – that may possibly reflect poorly on your company if reported. Have 3 to 4 references available. The possible questions that could be asked by potential creditors are:
  • The length of time they have been in business with your company
  • The highest line of credit they have extended to your business
  • The time it takes you company to pay an invoice typically
  • If there have been situations when your company couldn’t pay on time.

Complete the Form

Make sure you provide all the information being asked when filling out the application.

Do not skip any section as this could bring about delays or even cause your credit line to be denied.

business growthContact the creditor to get clarifications on anything that isn’t clear.

Now you have learnt that having a good business credit not only impacts loan applications,

but it could also be pivitol to your business growth and expansion.

It gives you access to the funding and terms of payment needed for expansion.

Most importantly helps you build trustworthy business relationships.

There’s nothing complex about implementing good business credit practices.

Just maintain a clearly separate business credit profile.

Pay creditors on time…

…make sure that the credit bureaus receive your good history of payment,

and monitor you business credit profile to discover fraud or problems.

Doing these things are sure to help in the growth of your business.

Furthermore, should you be in a position to provide a credit line to your clients.

You can leverage the same commercial tools of credit discussed above to reduce your risk of exposure.

 The 4 Cs of Business Credit – Hack the Banker’s Mindset!

Thinking like a loan officer helps in order to maximize business credit.

There are 4 major criteria banks use when they evaluate the credit worthiness of a business.

We call then the 4 C’s of Business Credit-

Character, Collateral, Capacity, and Condition.

The way different banks weight these factors differ in line with their own practices.

Putting your best foot forward when showcasing your company as a prospective borrower in each of these areas helps ease the stress level for the lender.

1. Character;

Before creditors and lenders extend credit lines,

they must ensure that they are entering a business relationship with companies that are trustworthy.

They do not to expose themselves to risk of fraudulent or other negative activities.

If there are any black marks on your personal or business credit payment history,

judgments, liens or other red flags…

…be prepared to provide an explanation or wait until you have accumulated steadier period of payments before requesting for new credit.

2. Collateral;

Financial institutions may require something valuable to your company in order to secure a loan.

This could be inventory, business equipment or other assets owned by the business.

Some lenders could also request for personal guarantees,

and might demand personal assets, like real estate, to secure the loan.

In genreal, the more the collateral owned by your business, the easier it is to obtain the funds or terms needed.

3. Capacity;

Lenders also need to determine that your business is capable of generating sufficient revenue to meet up with the payment responsibilities before they can extend credit to you.

For a business that is already established and has a history of sales,

this could be easy but not so for start-ups.

If your company qualifies as a start-up,

information about expected sales and expendures, together with details of how you got those figures should be provided.

Make sure that your projections are realistic as they could compare your figures with what’s obtainable in the industry.

Overestimating your projected sales or underestimating your expenses,

could suggest that you haven’t carried out your financial research properly.

4. Condition;

Having a strong business credit profile points to a business that is in good health.

To portray your company in the best possible light,

work with your suppliers, vendors and other creditors to make sure that they’re giving a report of your timely payments to business credit agencies.

This helps in telling the story of how robustly healthy your business is.

Sometimes, creditors and lenders may decide to look into the individual credit scores of the business owners or partners,

so be prepared for this as well.

Make room for adequate preparation before meeting with your prospective lender,

Prepare to respond to questions regarding each of the aforementioned 4 categories.

Critically take a look at your company to enable you to forestall possible hindrances,

and prepare to answer tough questions from your lender.

Preparation can determine whether your loan application is approved or rejected.

Resources For Business Credit

Increasingly, creditors have come to depend on business credit profiles to decide on businesses to extend credit lines to.

So it is extremely important for your company to develope a rock solid credit profile with a healthy history of timely payments.

A very important resource that can help your company build a good business credit,

is Experian’s Business Information Services.

They have succeeded in integrating advanced technology and superior data.

As far as providing data and projecting insights for business goes,

Experian has proved itself a leader,

aiding businesses in mitigating risk and improving profitability.

The company has a business database which offers comprehensive,

third party-verified information on 99.9% of all companies in the United States.

Experian has the most widespread data on the wide range of mid-sized and small businesses in the industry, as well as yours.

What’s the Bottom Line?

Do yourself and your business a favor and start building your business credit profile today.

Your business credit is an important element in the long term care of your business health.

Even if you do not feel an immediate need for a line of business credit right now it is one of those things that,

“It is better to have it and not need it, than to not have it when you do need it”.

Building your business credit should not ba a stressful endeavor.

Just consider it another cog in the wheel of your daily or weekly tasks of building a long term successful business model.

Remember what Tyler Gregory once said,

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

or as Charles Buxton an English philanthropist once stated –

“In life, as in chess, forethought wins”!

So mentally project ahead seeing your business as a prosperous, healthy entity with a strong balance sheet and a great credit score.

You will thank yourself later. for the actions you take today.

profit loss

 

 

 

 

 

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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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Best Tips to Settle an IRS Tax Lien

irs tax lien, debt consolidation,

A Quick Review on How to Remove an IRS Tax Lien

Your Checklist to Discharge an IRS Tax Lien

Have you recently received a letter notifying you that you have an IRS Tax Lien?

If so then you may be wondering:

How do I remove an IRS Tax Lien or how would I settle an IRS Tax Lien.

I you are in a situation where the IRS is demanding money from you then you need to know:

  1. Your rights ( yes you do have some rights )
  2. How to settle an IRS Tax Lien
  3. And how will you remove an IRS Tax Lien

There are probably many other questions that may be going through your mind.

Like:taxes, credit specialist, tax lien

Can I appeal an IRS Tax Lien?

When if ever does an IRS Tax Lien expire?

We will try to address these many varied questions in this article.

Whether you think that you owe any money to the IRS or not, there a several solutions you can use to approach this problem.

How Bad is an IRS Tax Lien?

When you owe money to the IRS or your state, it is quite a different matter than just owing money to a bank or credit card company.

This is the Federal Government. These are not people to take lightly.

In most instances, nine times out of ten, you are going to be better off having a professional tax resolution company deal with them and handle the situation.

And yes , like a lawyer or any other service you will need to pay them for their work they do on your behalf.

Many times these experts, (depending on the company you choose) have worked for the IRS for many years.

They know the other side of the equation, the laws, and the mindset of the bureaucrat behind the paperwork.

First off you need to know that the IRS can levy assets, like your bank accounts, or garnish your income from your wages, retirement and even social security…

…without needing to go through any legal process.

They can potentially even seize your property like real estate ( house, rental property), cars, boats etc, that they can sell off to pay off you tax debt.

7 Common Reasons for People to Receive a Federal IRS Tax Lien

#1. Failure to file your tax return.tax lien

It is against the law to not file your federal or state tax return. If you don’t file your return(s) the feds and the state will make one up for you.

In the feds case they will file a Substitute for Return or (SFR).

In the state’s case they will file an estimated state tax return (est).

In either case they only take into consideration your income and don’t include any deductible expenses.

In other words they completely slant it in their favor making it look like you owe a lot more than you normaly would if you included your deductions.

#2. Filing an Incorrect Tax Return

tax audit, tax lien audit, tax offer in compromiseMany people, even a Certified Public Accountants make mistakes when filing yours or other peoples tax returns.

Accountants are highly skilled, highly educated and very professional people.

But anyone can make a mistake especially when the US Tax Code is 70,000 pages long.

Even the people who wrote the tax code don’t understand it all.

In reality, doing taxes is more like throwing darts ( or genades)  than being 100% accurate.

The problem is, when these mistakes happen it can be very costly for the tax payer as the IRS accuracy penelities can go as high as 75% of the tax debt.

So be accurate. As carpenters say: measure twice, cut once.

#3. Early Withdrawal From Retirement Accounts

If you withdraw from your IRA or 401(k) accounts before the age of 59 1/2 the IRS will impose a 10% penalty against you. Many taxpayers may not realize this and end up having to pay this penalty.

#4. Not Making Your Estimated Tax Payments on Time.

irs tax paymentsIf you don’t make your estimated tax payments on time that tax debt will accumulate to the following year.

Then surprise, surprise. You may not have the money to pay it.

#5. The Deadly IRS or State Tax Audit

If you are unlucky enough to be the subject of a tax audit, depending on the outcome, you may have to pay additional taxes and/or penalities.

#6. Under-withholding

Make sure you allow for sufficient with holdings so that you don’t come up short at the end of the year when your taxes are due.

#7. Gambling Winnings

If you have income from gambling then you must declare that on your tax return.

(This could be extended to include any unreported incomes.)

How to Settle an IRS Tax Lien and Remove Your IRS Tax Lien

The IRS has very powerful tactics that they use to collect their debts and they are one of the most powerful collection agencies in the world.

That being the case, a taxpayer still has several ways to get their tax debt with the IRS resolved in a timely, professional way.

Let’s Start with the “Offer in Compromise”

credit repair tips, irs tax lien repairThe taxpayer can come to an agreement with the IRS in what is called an “Offer in Compromise”.

This is where the IRS will accept less than the full payment or total amount owed if they feel that you qualify for some special circumstances.

  • If the amount is disputed and you can prove (win) your case the IRS will take what they can get.
  • If the IRS believes that you don’t have the ability to pay, or that your assets are less than what you owe, again they will take what ever they feel they can get out of you.
  • For Form 656 Booklet “Offer in Compromise” pdf file click here.

Penalty Abatement

First time tax payers can sometimes get a penalty abatement which is usually tied to an installment agreement.

The IRS will only allow these abatements if your debt is paid in full or paid in full with the monthly installments.

The taxpayer must prove their case and be compliant in resolving their debts.

Installment Agreements

If a taxpayer owes a large amount of tax debt and they are not able to pay it all in one lump sum then the IRS will work out an “Installment Agreement” with the taxpayer.

With the “Installment Agreement the taxpayer can agree to make smaller payments over a longer period of time.

With the IRS’s “Fresh Start Program” you can pay up to $50,000 of tax debt over a six year or 72 month period.

There are several different installment agreements so it is best to have your professional debt counselor determine which one best fits your needs.

Of the several options, they include but not inclusive:

  • Staggered Installment Agreement (SIA)
  • Streamline Installment Agreement ( SIA)
  • Complex Installment Agreement (CIA)

As mentioned above. Get a professionals help to figure this all out.

You already made the mistake of getting the TAX LIEN with the IRS.

You don’t want to compound your mistakes.

Do you want to know the best part?

IRS Collection Statute Expiration Date (CSED)

Finally some good news…

There is a ten year expiration date in which the IRS has to collect on your debt.

( They can’t just keep hounding you for the rest of your lIfe)

This ten year statute expiration ends the IRS’s right to collect on the tax debt of the taxpayer.

So What’s the Bottom Line?

Don’t try to be the hero.

Yes you can do all of this by yourself. But why would you want to? Are you really a tax expert?

Don’t try to take on the IRS by yourself without the help of a professional debt relief service company.

The IRS wants their money. They have unlimited resources to harass and intimidate you.

The professionals at the IRS pride themselves in their job of collecting the governments debts.

Get a professional tax debt relief company on your side to help get you the best deal that you can from the IRS.

These professional people work with and speak to the IRS everyday.

In many instances they worked for many years for the IRS themselves,  so they may even know the person at the IRS that they are speaking to.

At a minimum they know all of the laws, your rights as a taxpayer, and how best to solve your problem because this is what they do.

Helping people solve tax problems and debt issues is their passion.

The Professionals First Step to Settle an IRS Tax Lienirs tax audit, irs offer in compromise, irs debt settlement

The first steps a professional may take is an immediate stay of execution with the IRS or the state.  (If needed)

The next is to just pull the master file to see where you are at.

They will check off your projected financials, transcripts, penalty abatements, statute of limitations, possible resolutions,  etc.

Then they will discuss with you the pros and cons of your situation and provide you with the best resolution possible.

If you have any missing tax returns or mistakes they will get you back into compliance with the IRS or the state.

And finally implement the resolution and get you back to “Square One” with the IRS or the state.

But here is the kicker:

Some final words on taxes and taxation from famous quotes:tax lien audit

 “The hardest thing in the world to understand is the income tax.” Albert Einstein

( If Albert Einstein couldn’t figure it out you shouldn’t feel so bad!)

“People who complain about taxes can be divided into two classes: men and women.” Anonymous

“Taxes are the lifeblood of government and no taxpayer should be permitted to escape the payment of his just share of the burden of contributing thereto.”  Arthur Vanderbuilt

(Arthur must have worked for the government. Ha!,Ha!)

“You must pay taxes. But there’s no law that says you gotta leave a tip.” Morgan Stanley

I hope this article helps someone looking for answers to their tax problem.

Please seek professional help.

There are many great professional tax relief companies to choose from including “Cura Debt”.

When you hire a professional to deal with your problems, whatever they may be, you are exchanging your burdens and troubles on to them.

This frees up an emotional weight off of your shoulders allowing you to just concentrate on doing what you do best.

Producing income and making a living.

Please note that I am not a lawyer or a tax advisor.

I am just a hard working American, trying to keep up with all of the federal and state taxes that we as a nation are forced to pay.

Remember that everyone even in ancient times has had to pay some form of tax to their governing body.

Even Jesus, when asked about taxes said “Give to Caesar what is Caesar’s” ( and to God what is God’s) Mark 12:17

America is still the greatest country on the planet and the land of opportunity.

The taxes that you pay,  to local,state and federal governments go to our services that make our lives better.

( first responder’s, fire department, police, roads etc)

Pay your taxes with a smile and be grateful that you live in America.

Good Luck and God Bless.

irs tax payment, irs tax lien, irs installment plan

 

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 Get Small Business Start Up Referrals Fast

Best Bootstrap  Marketing for Your Small Business

Simple tips to get your start up business marketed FAST!

With all of the current hoopla and marketing attention being given to social marketing, it is easy to over look the good old fashioned way of small business referral marketing.

Word of mouth marketing or to be more politically correct, referral marketing.

As a small business owner, with small marketing budget, word of mouth or referral marketing can be the most cost efficient way to bring in new business.

Referral marketing can sometimes produce the best customers because a recommendation from a satisfied customer provides credibility.

It can also reduce or eliminate any doubt in the future customers mind.

You should not consider word of mouth marketing as a passive endeavor.

Always look for ways to plant the seed of a referral in your customers mind, or in the mind of anyone that you come in contact with.

If you don’t ask, you don’t get!

It could be as simple as “If you are satisfied with my services would you please recommend me to your friends.”

Now how hard is that?

 

Here is the deal:

Ramp up your networking skills by attending the various meetups. Meet ups of all types and interests can be found on Meetup.com.

You may also want to join your local “Business Networking International” or BNI group.

BNI meets up regularly in small groups to speifically help each other give and recieve referrals. In fact BNI touts themselves as the worlds largest referral nerworking group.

An added benifit of going out to the meet up groups and meeting people is getting their business cards.

With every business card is usually an email address that can be put into your email campaign for future reference.

Always write on any business card that you recieve , where you met the person and any other notes about the person to remind your self about them later.

What about getting referrals from your own customers?referral marketing, network marketing

Your best word of mouth referrals will come from your own customers.

Customers who enjoy your products will naturally want to tell their friends and help promote your goods or services and spread the love to all of their friends.

In the customers mind, they see themselves as a helper and someone in the know.

But here is the kicker:

The best time to ask for a referral is anytime. DUH!

All kidding aside, the best time to ask for your referral is after you have delivered your product or service and have exceeded the value of what you customer was expecting.

Exceed their expectations – And Always Give MORE!

Make a follow up call to check on their level of satisfaction.

Ask the question…

“Do you know of anyone else who might benefit from our products or services?”

No need to stop with just your customers.

network marketing, refferal marketing, small business marketingUse the 3 foot rule

Ask anyone that comes within 3 feet of you!

This could include family, friends, suppliers, vendors or any other people that you come in contact with throughout the coarse of your normal day.

Personal contact is the fastest way to separate your self from the rest of the competition.

Make an effort to meet five new people everyday.

Maybe it is just your waitress at your breakfast diner. Don’t discount her or anyone else. You never know who your waitress will be speaking to on any given day.

The point is that we are all separated by ten degrees of separation.

We all know ten people who in turn know ten people.

You never know who might know somebody that needs your products or services.

If you are not willing to talk about yourself and your services then who will?

If you truly believe that what you do or sell is important to the local community or the world then you have moral and ethical obligation to tell everyone about it.

Tell the World about your Products of Services

Take the time to teach people about your products or services and sincerely try to solve peoples problems.

They will gladly reciprocate in kind with a referral to their friends.

Remember what Robert Louis Stevenson once said:

“Don’t judge each day by the harvest you reap, but by the seeds you plant.”

You also want to “Dig Your Well Before You are Thirsty”. 

Start learning how to go out and network today.

Learn the indispensable art of building contacts.

Who knows?

With a little practice you might even be able to turn them into “Raving Fans.”

small business marketing, start up networking

 

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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Best Debt Solutions and Credit Repair Help

 debt relief, credit repair startegies,

What is the best Debt Solution and Credit Repair help that fits your needs?

Debt Settlement Plan, Debt Consolidation , IRS and State TAX debts

For unsecured debts the best option is to pay back your credit in full by paying more each month than the minimum payment.

If your situation is such that the minimum payment is causing you challenges , or if you already gotten behind on payments then the best solutions to try a settlement with the credit card companies or your unsecured creditors through a debt relief program.

If you have tax debt, then to ensure compliance and come to the best resolution, your best option is to have a highly trained IRS Tax Relief expert identify the issues and get them resolved with the IRS.

Try to get you credit card interest rates lowered

Contact the credit card companies. If you have good credit, ask the credit card company to lower your interest rate. That will help save money every month.

If you can afford to:

  • accelerate your credit card payments
  • personal loans
  • and even your house mortgage by paying a little extra each month

This will help speed up paying off the loan and also save you a lot of interest over the term of the loan.

Just make sure that whatever loan that you have doesn’t have a pre-payment clause that will penalize you for paying it off in advance.

Know What You Owe…

  • Know what money you have coming in and how much you have going out.
  • Create a budget and track all of your monies.
  • Make one list for your income and another for all of your expenses.
  • Be sure to include everything, including groceries, utility bills, insurance, baby sitters, entertainment, etc.

Everything!

If you don’t know where you are at, you won’t know hjow to get where you want to go.

Subtract your expenses from your income. That is your leftover discretionary income to pay off debts or to put into savings. Which brings us to the next step…

Make a Plan and Plan Your Strategy

Break the total debt payments down for let’s say a three year goal to be debt free.

Divide your total debt amount ny 36 months and that is what you would need to pay monthly assuming  that you do not increase your debt with more purchases.

debt relief, credit repairIf you don’t have a plan – try the Debt Snowball Plan:  Here is how it works-

Make your standard monthly payments on all of your cards except for the smallest one.

Make as large of a payment as possible on your smallest debt, so that you pay off your smallest one first.

Once the smallest debt is paid off this then frees up extra monies to make additional payments on the next smallest credit card debt.

Rinse and repeat until you get your largest debt paid off. If you stay focused with your eye on the prize and start by paying off your smallest debt first it will create large results later.

Good Luck – remember, determination and perseverance wins the day!

debt consolidation loan, credit counseling, credit repair

 

Click Here for a FREE Debt Consultation

 

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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Best Ideas for Getting Out of Debt Fast

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professional credit repair,credit repair loan,credit repair tips

Best Debt Free Strategies and Credit Repair Tips

Your Step by Step Credit Repair Review

O.K. I will finally say it…

…Let’s face it… Being in debt sucks.

I don’t mean to be crude but there is just no way to sugar coat it.

You must find a way to pay your debts faster and start paying off debt.

Being in debt and just being able to pay the minimum monthly payments each month

puts you into a category of modern day slavery.credit repair tips,credit repair support, pay off debt

You are a slave to the banks and to your debt.

You can’t go anywhere, do anything, your stuck. You are stuck in the muck of debt.

The more you fall behind or if you miss a payment, the higher the bank(s) jack up the interest rate on your credit cards.

Welcome to the black hole spiral of debt.

As Thomas Jefferson once said  – “I believe that banking institutions are more dangerous to our liberties than standing armies.”

Thomas Jefferson was a very wise man. and they didn’t even have credit cards back then!

best credit repair,best debt strategies,credit counselingYou have to fight back. And you must find a way to WIN!

You have spent the money and now somehow you will have to pay it back.

First thing that you must do is get control of your spending and live within your means.

Every person’s situation is different.

Two things we all have in common is income and expenses.

Once you determine your income – how much money you bring in each month.

Then it is a simple process to add up all of your basic living expenses.

If your basic living expenses are more than your income, then Houston we have a problem.

When I say “basic”,

I mean rent (the roof over your head), food ( got to eat), transportation to get you to and from work (car,gas,insurance), utilities ( electric, heat?, cooking gas etc).

That is pretty much it for the most basic of your day to day living expenses.

If you currently can not cover those with your current income then you will need to find a way to get more income because there is not much to cut out or save within your basic needs.

You will need to get a secondary source of income – another full time or part time job.

If on the other hand you do have sufficient income to cover and pay for your basic needs and day to day cost of living expenses,

but overspend your monies on non essential items outside of your basic needs,

then that is another issue that can be easily delt with.

Curb your spending habits to fit your paycheck

If you find yourself needing to get an extra job to pay the bills, then put all of that extra income to go towards paying additional amounts against your debts.

If you just pay the minimum amount that the bank requires you will never get your debts paid off.

You must always pay more towards the debt payment.credit repair loan,credit counseling,best debt reduction strategy

This could even apply toward paying down your house mortgage.

Anything that you pay over and above the basic mortgage payment or credit cards,  goes directly toward your principle.

That extra payment knocks down the amount of interest you will have to pay over the years.

Now all of a sudden you are compounding in reverse!

Accelerating your mortgage payment and taking years off of the payback period.

When it is time to ask for help…

…You are going to need a get out of debt plan.

At a certain point you may want to speak to a free credit repair or debt consolidation counselor.

These are professional debt counselors who deal with people just like you, who are also going through a debt management crisis.

A credit repair counselor or debt counselor is a professional who knows all of the laws,

all of your consumer rights, and talks to and negeotiates with the banks on a daily basis.

Just about every debt consolidation company offers a free consultation call.

When you make your free consoltation call to a professional credit counselor, they will discuss in detail your various options.

They may also help you create a timeline to paydown your debts and get debt free again,

They will provide you with a proven plan to get out of debt fast.

What types of credit repair help or debt consolidation solutions might they come up with…

…tailored to your  lifestyle and needs?consumer debt counseling,best debt strategies,credit repair strategies

There are many ways to go about attacking your debt.

And yes you must think about your debt in terms of attacking it.

This is WAR!

This is a war or battle no different than our “Sons of Liberty” faced during the Revolutionary War.

When they had to get the British taxes off of their backs in order for them to prosper and thrive.

In your situation you need to get the boot of the banks…

…off of your throat in order to move on with your life and live a debt free lifestyle.

You are never going to prosper and thrive as long as you are enslaved by the bankers.

So where do you start? What can you do?

In my humble opinion… I would let the”Generals” or the professionals draw up the battle plan.

When I have a plumbing problem I call an expert plumber. Not knowing anything about plumbing, I don’t ry to fix it myself.

When I need a tune up or oil change on my car a I take it to a professional  auto mechanic.

Since I am not set up or have the tools to do my own auto repairs, I let a professional do it.

You should think the same way about your debt counseling or credit repair.

Just let a credit repair specialist deal with it.

First of all by letting a neutral third party credit repair professional handle your debt problems it takes the stress and emotional issues off of your mind.

This allows you can concentrate on just creating the income that it will require to pay off the bills.

A free consultation with your credit professional will help you set up your strategy and plan of attack to get you to pay your debts faster.

This plan of attack might include any of the following:

  • Getting your credit card interest reduced. By calling the credit card companies they can many times get some kind of reduction in the % of interest that you will be paying on your credit cards. Lower interest means more money to apply towards the debt.
  • A debt consolidation loan. A debt consolidation loan, combines all of your debts into one payable loan. Preferably the loan will have an over all lower interest rate than what you are paying on your individual credit cards or other loans.  This also makes it much easier to keep track of your payments since now multiple monthly payments have now been reduced down into one monthly payment. You may end up making lower payments for a longer period of time before coming to the end of your debt. But you will get to the end of your debt.

Tackling a Federal Tax Lien:

irs tax lien, irs debt relief, best credit repairTackling a federal tax lien placed there by the IRS on your personal bank account, business or property is a different strategy altogether.

The IRS will notify the taxpayer that they have filed a tax lien against you.

They will then send you a demand for payment in writing sometime, ten days after the lien has been filed.

And guess what?

The lien doesn’t come off of the property, business, or bank account until you fully pay the piper (IRS) their full amount due.

So what to do?

As they say: “You can’t fight city hall!”  Or Can You?

 

The IRS has created a program called “The Fresh Start Program”.

By going through the “Fresh Start Program” you may be able to work out a payment plan in which the taxpayer may be eligible to have the lien removed if you meet the IRS criteria.

Well what is the IRS criteria?

Usually their criteria is payment in full. WOW such a deal!

Enter the “Offer in Compromise”

An “Offer to Compromise” allows the taxpayer to settle with the IRS for less than the full amount.

But… and this is a big but, if the IRS can collect their money faster and feel that they are only going to get so much “BLOOD” out of you anyway, then maybe…

…They may be wiling to settle for whatever they feel that they can get in the shortest amount of time.

The IRS will not accept an offer if they think they can get the full amount from the taxpayer.

Or if they think that the taxpayer can pay the full amount in a lump sum, or with a payment agreement.

Use the “Offer in Compromise Pre-Qualifyer” tool to see if you are eligible.

How About the Installment Agreement?

With the IRS’s “Fresh Start Program” if your outstanding balance is less than $50,000 you may be eligible for an Installment Agreement”.

With the installment agreement you can pay monthly direct debit payments for up to 72 months. ( 6 years).

To apply for an “Installment Agreement” use use this  “Online Payment Agreement Tool”.

What is the bottom line?

The bottom line is this.  Being in DEBT SUCKS!

You have to assume responsibility for your life and your actions.

For what ever the reasons – and some, if not many of the reasons are “Outlier Events”

These are the unforeseen types of  event that happen to people in life like:

 

  1.  Medical bills
  2. Loss of a job
  3. Economy and business turn sour
  4. Divorce
  5. Basic failure to plan, save and live within your means.

The reality is that most people, no matter how much money people make,

spend it on their lifestyle up to the point of what they make each month.

Then when some unforeseen catastrophic event happens in their lives.  “BAM”

The bills start to pile up faster than the income coming in.

This is commonly called “Keeping Up With the JONES’s”

Be smart. Don’t fall into this societal trap.

Keep up with yourself, Live a frugal lifestyle saving as much of your money as comfortably possible.

Forget about what kind of car the neighbors are driving.

If you find yourself falling behind, the worst thing you can do – is to do nothing.

Don’t go the Ostrich route and stink your head in the sand hoping and praying that things will somehow work out.

Analyse the problem. Determine where you can make improvements and or cut back.

The sooner that you take some kind of action, the faster you will see your problem(s) turn around for you.

If you don’t  take action your debts and problems will just compound on you.

Start by just doing your research on how resolve your debts now.

If you think that you need professional help then by all means get a free credit consultation.

There is no shame in the game.

Reaching out to a professional credit or debt counselor is the smart and responsible thing to do.

They can at least guide you and give you some suggestions on which path to take depending on your unique situation.

You can’t  live your life to it’s fullest until you are able to get free and clear of all of your debts.

Not owing anything to anyone and being free to do whatever you choose to do with your life is a very powerful and wonderful feeling.

We are not living this life to just pay bills and make some banker rich.

Once you are debt free you can flip the picture around and start to save and compound your money.

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So when this Christmas comes around, don’t buy this years gifts with next years money.

If you do not have the cash to pay for the gifts then don’t buy them.

The kids will never know the difference.

You don’t want to be paying on Christmas gifts long after the kids have forgotten about their toys that you bought them on a credit card.

Keep in mind what our wise fore fathers had to say about debt:

Benjamin Franklin said the “He would rather go supperlass, than to rise in debt.”

Andrew Jackson once said that “When you get in debt you become a slave.”

And back to our good freind and third president of the United States,

Thomas Jefferson “Never spend money before you have earned it.”

To finish this article off, I would like to leave you with this quote from Earl Wilson,

“Today, there are three kinds of people:  the have’s, the have-not’s, and the have-not-paid-for-what-they-have’s.”

It is far better to be one of the “Haves”, than to be one of the “Have not paid for what they have’s.”

If you feel that you would like speak to a professional credit counselor to talk about your ,

“Getting Debt Free” options  then click here for a free credit or debt consultation.

Wishing everyone a prosperous life filled with abundance.

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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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IRS “Offers in Compromise” Agreement

 

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What is an IRS “Offer in Compromise” Agreement?

 

With the IRS “Offer in Compromise” Plan if you have an IRS tax debt that you need to settle you may be able to settle it for LESS than the full amount!

WOW – How is that so you ask.

 

If you have an outstanding IRS tax debt you might consider an IRS tool called the “Offer in Compromise”.

The IRS naturally wants to / has to collect something from you Mr., Mrs taxpayer.

If the IRS questions that they think you would not be able to pay your tax bill in full then they go to plan B…

that is to get what ever they can out of you determined by how much you owe.

Your true ability to pay and how much time they have to collect on the tax bill.

The OIC “Fresh Start Program” has been expanded and streamlined by the IRS. 

The taxpayer has now been allowed more flexibility when the IRS analyzers the taxpayers ability to pay.

This makes the “Offers in Compromise”, Fresh Start program available to a larger group of taxpayers.

If the taxpayer can convince the IRS that the amount they are able to pay represents the most they would be able to pay within a reasonable period of time then generally, the IRS would accept the offer.

If the IRS believes the taxpayer can pay the full amount owed either through a payment agreement or as a lump sum then the IRS will not accept an offer in compromise.

Several factors are considered in the decision making when the IRS reviews the taxpayers ability to pay including the taxpayers income and their assets.

If you would like to see if you qualify for an “Offer in Compromise” settlement go to the IRS.gov website and use their Pre-Qualifier tool to determine your eligibility.

Click Here for a FREE Debt Consultation

 

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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