Credit Consolidation Using Your Home As The Equity

Credit consolidation is the ultimate financial concept that can help people who are deep in debt to get rid of the same in a special way. Unlike other debt reduction services, this financial process does not have adverse effect on your credit score. Instead of ruining your credit to a further level, it will in fact help you reconstruct the same. If you work out a proper strategy, you can use this ultimate financial tool to achieve a good credit score again. There are several ways to do that, but credit consolidation using the equity of your home is perhaps the best and most reliable way. Following are some of the reasons why you should go for this process.

Pay Off Your Debts On Easier Terms

It can help you pay off all your debts on much easier terms. You can easily repay the bills on your credit cards that were difficult to be repaid because of the high rate of interest that they charge.

One Single Debt

Credit consolidation will merge all your debts into a single consolidated debt that you are supposed to pay off in easy monthly installments. Here, you will be happy to know that the repayment period also becomes lengthier in this case. This way, you end up paying a much lower amount of monthly installment, saving you thousands every year.

Enjoy The Lowest Rate

The great thing about credit consolidation with your home as the equity is that a refinance loan usually comes with the lowest interest rate possible. This is because it is a secured debt option. Since the loan is backed by your home, the lenders are assured of repayment. Because of less risks involved in the process, the lenders do not mind charging a lower rate of interest.

A Word Of Caution

If you are planning to go in for credit consolidation using your home as equity, it is very important for you to understand that in case you default on repayment, you will be risking your home. If because of any reason, you could not repay the borrowed amount, you will lose your home to the loan provider. In order to avail a home equity loan, you have to put your home as collateral against the loan amount. In order to do that, you have to hand the ownership papers of your home over to the lender. The lender will give these papers back to you only after successful completion of the repayment period.

Overall, among the various ways of credit consolidation, using the equity of your home sounds to be the best. That is the reason why this option has been the favorite choice for most of the debtors who are looking out for an easy way out to get rid of the huge pile of debt.



Credit Consolidation Using Your Home As The Equity

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Credit Card Debt

‘Credit card debt’ is a very discussed issue in all circles such as the commercial and social ones. A big part of the population has been bit by this bug which is ‘credit card debt’. Nobody can’t blame them much; to tell you the truth, it’s pretty easy to fall prey to this bug.

The big problem that causes so many credit card casualties, rather credit card debt related casualties, is that many people don’t understand the concept of credit cards the right way. They treat credit card as free money, as if they never had to pay it. Thus all the discipline, which would otherwise have been exercised with spending hard-earned money, goes for a toss. That's why people overspend and get into credit card debt. They keep spending till they reach the credit limit on their credit card. Some people even feel bad if they don’t hit the credit limit quick enough. As if it were an obbligation: you have a credit card, you have to spend it all. These unnecessary spends result in a situation where they have to keep paying high interests to bankruptcy. This keeps building up their credit card debt and they soon find that the interest component has become a regular feature in their monthly expenses and it is there even if they spend nothing on their credit card. That is worst stage of the credit card debt. Soon credit card holders find that their current credit card is not enough to handle their needs and start looking to get another credit card. With the new power of credit, they let themselves loose again and follow a ‘shop till you drop’ routine. Soon the credit limit of the new credit card is reached too and they again default on payments. This is how credit card debt builds. Soon they learn about credit card debt consolidation and other credit card debt elimination techniques. They are quick to grab such credit card debt reduction techniques, but that’s not because they are serious about reducing their credit card debt but because of the attractive low APR offers. As if it were booty, they again get back to building up their credit card debt. All the while they are spoiling their credit card rating and no one is ready to lend them money because of their credit history. They can only get a secured credit card now (where you first deposit money into your credit account and then only you get the privilege of spending it (50-100% of it) using their credit card. Credit card debt collection agencies, auction of their goods and bankruptcy is the next thing that hits them and their dream run is blown away in a moment.

please keep this in mind – “Understand the concept of credit cards and treat credit card debt with all seriousness”.


Credit card debt

Low Interest Credit Cards

People commonly just look at low interest credit cards when the go to the bank to ask for a credit card. Also, the credit card suppliers advertise low interest credit cards more that any other kind of credit cards. However, should low interest credit cards be the only choice on your list when you are looking for a credit card? Not for sure. Some people think interest rate or the APR is always the most important thing to look for when selecting a credit card. Nevertheless, that rule doesn’t work for everyone. Low interest credit cards are good and you should have them on your list, but APR is not the only thing to look for when selecting a credit card.

The first thing you need to know is what an APR (annual percentage rate) is and why it is that important. APR is simply the interest rate that is used to calculate interest on the balance in your credit account with the credit card supplier. If you make the full payment of your credit card bill by the due date there is no interest charge . Nevertheless, if you make a partial payment, you will need to pay an interest on whatever you owe the credit card supplier. The APR is backward calculated to get a monthly rate and the same is applied on your balance to calculate the interest for the applicable period.

This being so, people who are not sure about being able to pay the full amount at once should surely look for low interest credit cards. A low interest credit card helps in reducing your total debt by shortening the interest you pay on your balance. So, low interest credit cards help in slowing down the rate at which your credit card debt builds up. That's why low interest credit cards are very relevant for a particular group of people, as stated above.

On the other hand, there are people who don’t really need low interest credit cards. These people are can (and intend to) pay off their credit card bill in full every month. Their purpose in using a credit card is convenience and other benefits associated with the credit cards. So, be it low interest credit cards or high interest ones; it really doesn’t matter for them.

So only a particular group of people feel the need for low interest credit cards. However, even if you go for a low interest credit card, you need to compare the various low interest credit cards against each other and establish the other benefits they offer and then select the low interest credit card that is best suited to your needs.

So, first you need to evaluate if you need to go only for low interest credit cards or if you need any other feature, and then select the low interest credit card that fulfils your needs. After all, you don’t go hunting for a credit card everyday.


Low interest credit cards

Zero Percent Interest Credit Cards – How To Get Approved

Zero percent interest is a very attractive credit card feature that gains a lot of attention. Although credit cards have the potential of becoming a dangerous tool, they do have practical uses. For example, credit cards allow easy transactions when purchasing items online. Furthermore, credit cards are great to have when having cash flow problems.

However, because of high interest rates, many consumers avoid using credit cards. Fortunately, there is a way to take advantage of credit cards without getting hit with a high interest rate.

What are Zero Percent Interest Credit Cards?

Perhaps you have seen a credit card offer featuring 0% percent interest. These types of credit cards are offered by several big name credit card lenders including Citi, Discover, and American Express. If you have good credit, a 0% interest credit card has many perks.

Of course, the rate does not always remain at 0%. This is called an introductory rate. In other words, you can expect to pay 0% on all purchases for the first six or twelve months. At the conclusion of the interest-free period, applicants will pay a higher rate.

How to Get Approved for a Zero Percent Interest Credit Card

To get approved for a zero percent interest credit card, you must have good credit. Each lender has a different definition of good credit. Before applying for a zero percent interest credit card, contact the creditor and inquire about their credit approval guidelines. This way, you avoid unnecessary credit inquiries.

Also, before submitting application, carefully read the terms of agreement. This section includes pertinent information such as late fees, over-the-limit-fees, penalties for late payments, etc. If acquiring a 0% interest credit card, do not submit late payments. By doing so, the creditor may immediately end the interest-free period. Moreover, being late on another credit account provides creditors just cause to end a 0% interest agreement.

Advantages of Zero Percent Interest Cards

Zero percent interest credit cards are ideal for financing large purchases in which you plan to payoff in a few short months. These cards are more practical than using high interest credit cards or obtaining a personal bank loan.

Uk Credit Cards And Balance Transfers

Credit cards are pretty popular and in widespread use in UK. Credit cards are accepted at most shops and other merchant stores/outlets. As in the US, UK credit cards too are on offer from various banks and financial institutions. Again, UK credit cards too offer a number of benefits which vary from one UK credit card to another (though there are a lot of common benefits too which are same across various UK credit cards).

Due to the fierce competition in the UK credit card market, various UK credit card suppliers offer attractive balance transfer schemes too. There are some UK credit cards that offer 0% balance transfer for 9 months and there are others that offer 0% for 6 months. However, the catch here is that these UK card credit suppliers differ on their standard APR rate i.e. the APR rate which comes into effect after the expiry of the introductory 0% balance transfer offer. Further there are some UK credit cards that do not offer a 0% balance transfer but instead offer a better standard rate (APR) throughout. Some UK credit card suppliers combine 0% offers with accrual of points on a rewards programme. Another popular thing among UK credit cards is to combine cash back offers with balance transfers. Then there are some very attractive offers which give 0% not only on balance transfers but also on Purchases (for a short period like 5 month or so). You also have a few UK credit cards that can be procured by people with bad credit history too (of course, the decision on approval of such a credit card application will lie with the credit card supplier).

So what does one do if one wants to transfer balance to another UK credit card. Well, it’s quite simple. You need to take stock of your current financial situation and determine if a period of 6 months or 9 months (or maybe even 12 months) would be sufficient for you to fully payback the dues on your UK credit card. If the answer is in the affirmative, just go ahead for the UK credit card that offers 0% balance transfer for this period (even if the standard APR rate is a bit higher). However, the assumption here is that once you payback the debt on your UK credit card, you will stick to controlled spending and will pay your credit card bills in full amount by the due date for payment; otherwise, the choice of a higher standard APR will hit you very hard and you will be in deeper trouble. However, if you think that 9 months is not sufficient to pay back the debt on your UK credit card, then you should look to strike a balance between the zero APR period and the standard APR rate, and choose a UK credit card which leads to the least total outgo (you will need to sit with a calculator and calculate the total outgo on various UK credit card offers).

This is the most basic aspect that you need to consider before you decide on which UK credit card is the best for transferring balance. Other things like 0% on purchases, reward programmer points etc are secondary things.


UK credit cards and balance transfers

Chase.com Credit Card

Chase.com credit card offers

Online credit card applications seem to be the in thing and Chase too offers online credit card application facility. Here, ‘Chase.com credit cards’ refers to the chase credit cards that can be applied for online. Just for those who don’t know, ‘Chase’ is a brand that is owned by JPMorgan Chase & Co. (a leading global financial services firm).

By ‘Chase.com credit card offers’, I mean the credit card offers that are available at chase.com. Obviously, ‘Chase.com credit cards’ would be regulated by chase. Again, as with any other credit card supplier, ‘Chase.com credit cards’ on offer would be changing too.

Anyways; one night, before going to bed, I thought of just checking the chase.com credit cards section. Here is what I found:

There is a separate Chase.com credit cards section. As I browsed through the Chase.com credit cards section (the online application ones), the first one I encountered was called ‘Chase Cash Plus’ or the ‘Chase Cash Plus Rewards’. These promise faster rewards and offer 5% earnings on gas and on purchases made at grocery-stores/drug-stores. For other shopping venues, it offers 1% earnings. These earnings can be in the form of gift certificates or cash.

The next on the Chase.com credit cards section was the ‘Flexible rewards Visa signature card’. Here you earn a point for every purchase of $1. You can keep collecting these points and then finally redeem them for your choice of things (like cash, travel, gift certificates or some kind of merchandise). The redemption can start at 2500 points (and you get a bonus of 1000 points once you make the first purchase). Moreover, this one doesn’t have any annual fee either. So that was the second one in the Chase.com credit cards section.

Moving on in the Chase.com credit cards section, I found ‘Free Cash Rewards Platinum Visa card’. This one, as the name goes, offers cash rewards. You can get a $25 check or a gift certificate on redemption of 2500 points. Since there is one point earned for every $1 spend, this mean that you effectively get 1% cash back on these cards.

I had started loving browsing through the Chase.com credit cards section. So I moved on to the next one in the Chase.com credit cards section. The next one on the Chase.com credit cards section was ‘Chase Perfect Platinum MasterCard’ which doesn’t limit you to getting rebates only on a particular brand of gasoline; instead, you get rebates everywhere. ‘

Chase Platinum MasterCard’ was the next one in the Chase.com credit cards section. This one offers online account management i.e. monthly statements, bill payments etc can all be done online (also you don’t have any annual fee on this one).

There were few more cards on Chase.com credit cards section and one especially caught my attention. This one was at the bottom of Chase.com credit cards section and was called ‘Check Gallery Platinum Visa Card’. Here you could choose the design of your card from those available e.g. cowboys, smileys etc.

By now, I was so sleepy that I really had to shut down my computer and go off to sleep.


Note: The information given in this article was correct at the time it was written. However, the author does not guarantee the correctness and completeness of this information at any time.


Chase.com credit card

College Credit Card

All about college credit cards.

College credit cards are the credit cards that have been specially designed for college students. College credit cards are more popularly known as student credit cards. College credit cards allow the students to experience the benefits of credit cards much earlier in their life. Through college credit cards, the college students are able to learn more about credit cards and their use. In fact, for most of the students, their college credit card is their first credit card that acts as a gateway to the world of credit cards. Some other students might have previously used supplementary credit cards linked to their father’s credit card account; however, for such students too, their college credit card is the first one that is truly theirs.

College credit cards are not very different from other types of credit cards in the basic sense; they function in the same way as any credit card would. However, there are some differences, which basically arise from the fact that college credit cards are used by people who have no prior experience with credit cards and who perhaps don’t understand the concept of credit cards completely. Hence, the credit card supplier is at risk with issuing credit cards (college credit cards) to such people whom he is not sure about. Most of the students don’t have a credit history either. In such a case, the supplier of college credit card cannot be sure of receiving the credit card bill payments in time (and even receiving them at all). To counter such risks, the supplier of college credit card requires the parent of the student to co-sign the college credit card application form as a guarantee. Moreover, the credit limit on college credit cards is generally around $500-$1000 per month, which is lower than what it is for other credit cards (this credit limit is generally sufficient to fulfil the typical needs of a student). Another risk mitigation instrument used by the college credit card suppliers is the interest rate or APR. The APR on college credit cards is generally higher than that for other credit cards. Again, this is done to dissuade the students from overspending on their college credit card (and finally not being able to pay their credit card bills).

However, if we were to look at these impositions in a positive sense, we would find that these are actually in favour of the student (who is still getting trained to take on the real world of credit cards). Moreover, college credit cards also help the students in establishing a (good) credit history which is another important benefit that becomes handy when the student needs any type of loan at a later stage in his/her life.

So, college credit cards are really something that every student should consider going for.



College credit card

Credit Card Debt Settlement: Your Options

Credit card debt settlement is an option that you may be able to take if you have long outstanding credit card debts where you are not making the monthly payments.

What Is Discounted Debt Settlement?

Sometimes, if a company can from its records that you have not paid anything for a while and they figure it is not likely that they will get the full amount of the debt plus interest from you, they will sent you a discounted debt settlement offer.

This means that they will write with an offer where you can pay perhaps 50% of the debt and they will write off the rest. Usually they will want this all in one payment, but if it is a large amount they may accept it in two or three instalments.

Often the letter will come from a debt collection agency. This can mean that your original lender has signed over the debt to the debt collectors, or it may simply mean that the agency is working for a percentage of whatever they can recover.

Why Do They Offer Debt Settlement?

The finance companies offer this when they can see that you are having so much trouble making payments, they might have to take you to court to get the whole amount, and maybe they wouldn't even get it then, because you might declare bankruptcy.

So they have a choice between incurring the cost of court proceedings and perhaps still getting nothing from you, or offering you this deal where you pay 50% or whatever. They figure they will be better off accepting half of what you owe, than trying to get the full amount through the courts.

What Should You Do?

Whether you should accept the offer depends on many factors.

First, you should be aware that accepting this will affect your credit score in a negative way, because you will not have paid off your whole debt. If you can pay the full amount then it is better for your credit record if you do so. However, you probably would not have gotten to the point of receiving a settlement offer if you could pay in full. Accepting the settlement offer is usually better than having court actions against you.

Second, you will need to consider how you can make the payment that they want. Does it mean that other debts will go unpaid for a couple of months? What will be the consequences of that? Would you have to miss rent payments and perhaps lose your home? Think carefully about how you can raise the money.

Third, even if you decide to accept it may be worth trying to negotiate a lower settlement. This means calling them and saying that you cannot pay what they have asked for but you could pay 40% or whatever. This is often worth trying because it can save you some money without extra penalties.

When you call, write down the person's name that you speak to. If they accept your offer, ask them to put it in writing and wait for the letter to come before you pay. Then write a letter to send with your check stating that this is full and final settlement of your debt, and ask them to write back acknowledging that the debt has been paid.

Be aware that if you decide not to accept the offer, then after a while they may take the matter to court. A court may judge that you must pay the whole amount plus the costs, so you would have a lot more to pay.

If you decide to accept, always read the small print on any offer. You need to be sure this is full settlement and they will write off any additional debt, so they have no right to come back to you in future demanding more.



Credit card debt settlement: your options