Credit Card Debt: How To Control It

A lot of people spend more money than they can afford to repay toward their credit card debts. To regain control over your finances and to manage your debt, here are some solutions you can try.

CREATE A SPENDING PLAN

In many cases, people design and then stick to a spending plan to get their debt under control. A spending plan is a guide for how much money you have and how much money you spend. Sticking to a realistic spending plan allows you to pay off your debts and save for the proverbial rainy day.

CREDIT COUNSELING

Many universities, military bases, credit unions and housing authorities operate nonprofit financial counseling programs. Even though some may be called non-profit, a fee may be charged for their services.

Creditors may be willing to accept reduced payments if you're working with a reputable program to create a debt repayment plan. When you choose a credit counselor, be sure to ask about fees you will have to pay and what kind of counseling you'll receive.

A credit counseling organization isn't necessarily legitimate just because it says it's nonprofit. You may want to check with the Better Business Bureau for any complaints against a counselor or counseling organization. DECLARING

BANKRUPTCY

Bankruptcy is considered as an extreme last resort credit solution. Unlike negative credit information that stays on a credit report for seven years, bankruptcies stay on a credit report for 10 years.

Bankruptcy can make it difficult to rent an apartment, buy a house or a condo, get some types of insurance, get additional credit, and, sometimes, get a job. In some cases, bankruptcy may not be an easily available option.

WHEN TO CONTACT CREDITORS

If you're having trouble paying your bills, contact your creditors immediately. Tell them why it's difficult for you, and try to work out a realistic modified plan that reduces your payments to a more manageable level.

Don't wait until your accounts have been turned over to a debt collector. At this point, it may be too late. Take action immediately and keep a detailed record of your conversations and correspondence.

USE CAUTION WITH DEBT COUNSELING

Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable.

Be cautious. Before you do business with any company, check it out with your local consumer protection agency or the Better Business Bureau in the company's location. One rule to remember is that if a credit repair offer seems too easy or just too good to be true, it probably is too good to be true. And knowing your rights can help you steer clear of rip-offs.

As you try to take control of your credit card debt, be on the lookout for advertisements that offer quick fixes. While ads pitch the promise of debt relief, they rarely mention that this relief comes in the form of bankruptcy.

Because bankruptcy stays on your credit report for 10 years and hinders your ability to get credit, it's important to ask for details before agreeing to any debt-relief services.It's a good idea to check the information found in your credit report at least once a year.

Since credit reporting agencies don't share files, you'll need to contact each reporting agency to make sure the information about you is correct. The three major credit reporting agencies are: Equifax (1-800-685-1111); Experian (1-888-397-3742); TransUnion (1-800)-888-4213.

Jamie Madison is the webmaster at http://www.ReviewMyCreditReport.com where you can request a FREE copy of your credit report. Visit today for a copy and keep track of what your credit report says about you.

---

Bankruptcy Myths Busted

The average American knows very little about bankruptcy. Most people... Read More

What Is a FICO Score and How Do I Make It Work for Me?

Whether or not you receive a loan and what interest... Read More

Good Credit -- Essential for the Prospective Home Buyer

Credit is a funny thing. It can be a useful... Read More

How To Prevent Fraudulent Credit Card Transactions

What Are Possible Signs of Fraudulent Transactions see at Web... Read More

What is a Bad Credit History?

A bad credit history can sometimes seem like a curse...... Read More

How To Use Your Credit Cards Wisely

Are you one of the thousands pulling your hair out... Read More

Credit and Banking Money Saving Services

The first rule when applying for banking and credit services... Read More

SuperCharged Secret 1 of 5 - Credit Card Utopia

I AM THE CONSUMER. AND I HAVE LOW-RATE SUPER-POWERS!Note: The... Read More

Consumer Credit Reports

A consumer credit report is a factual record of an... Read More

Free Credit Reports Now Available From the FTC

The Federal Trade Commission (FTC) has set up a new... Read More

10 Ways of Reducing the Risk of Identity Theft

1- Check your credit report regularly2- Secure personal information in... Read More

Do You Know Whats On Your Credit Report ?

It is important to know your credit rating for a... Read More

Online, Phone, U.S. Mail or In-Person: Where is Your Credit Card and Personal Identify Safest?

Identity theft is the fastest growing crime according to the... Read More

Tips for Choosing a Credit Card Company

Credit Cards are essential for any consumer today. However, when... Read More

Identity Theft - How to Protect Yourself

"Like the tan? I got tons of sun on that... Read More

Credit Repair: How To Deal With Your Creditors

If you are in danger of credit problems because you... Read More

Debit Card vs. Credit Card, What Are The Differences ?

Ah, the "good old days". If you are a baby... Read More

What Can Happen to You as a Victim of Identity Theft, Facts & Figure

Is identity theft really that serious? Thousands of people every... Read More

Its Your Credit - Take Care of It!

Thanks to the Fair and Accurate Credit Act, American consumers... Read More

Watch Out For Credit Repairs

It is very easy to find a site that is... Read More

FREE Credit Report Offer - Careful, It Might Carry Hidden Charges

FREE credit checks or free credit reports. What are they... Read More

I?ve Heard About FACTA; What Does It mean?

What FACTA means is that if you, as an individual,... Read More

10 Signs You May Need Credit Counseling

Debt management programs can be of real help for people... Read More

ChexSystems: Who They Are and How it Affects You

ChexSystems is a company that maintains a subscriber membership service... Read More

How to Order the Right Credit Reports to Repair Your Own Credit

In this week's article, I am going to offer some... Read More

How to Repair a Bad Credit Rating

If you have a bad credit rating, then you might... Read More

Credit Card Dirty Tricks

There are many of us that have been badly stung... Read More

Useful Tips When Choosing Credit Cards

Chances are you have received your share of "pre-approved" credit... Read More

Understanding the Function of Credit

What is Credit?Credit is the backbone and the engine behind... Read More

Learn How to Improve Your Credit Score

Having a damaging credit record can hurt you in many... Read More

Credit and Its Cost

What is Credit? Credit is money granted by a lender... Read More

3 Ways to Improve Your Credit Score by 50 Points In Less Than 30 Days

In Less Than 30 Days. "What can you do to... Read More

The Art of Stoozing to Make Money from Credit Cards

Make Money from StoozingStoozing, this is a sophisticated method of... Read More