In today’s economy there are many folks now faced with too much debt, or bad credit as a result of too much debt. As a result, there are many companies springing up as so-called “credit counseling services” that suggest they can help improve your credit fast. Before you sign up with one of these companies, think twice. Many of them are a scam, and others really won’t do anything you can’t do on your own.

The bottom line for every debtor is that credit repair takes time, but even in the worst case, you can fix your credit. You have to be willing to start slow, by bringing your debts up to current status, and then paying every single debt you have on time. After you pay on time for a several months – along with a couple other things you can do – you’ll eventually start to see your credit score move higher.

You can get started right away with these easy steps:

1. Check your credit report for any errors. Get a copy of your credit report and tell the credit bureaus if you find any errors right away. Fixing mistakes on your credit report will help your score by removing items that don’t belong there.

2. If you can, in this economy, check around to find better credit card terms, or for some loans like student loans you may be able to consolidate your loans. This makes it easier to stay current if you lower your payments.

3. Close some credit cards if you have many open accounts. Having multiple Visa, MasterCard and store cards open can hurt your score if you keep them all maxed out. Start by paying some off, then pay others down, to try to keep your balances under 50% of your credit line.

Maybe it’s time to start thinking about how to live without – or with less – credit. Every dollar you owe someone else is a dollar not going into your savings for yoru personal wealth. Avoid reaching for credit cards every time you want something, and don’t automatically think of getting more credit as the way to get what you want. Living within your means can lead to greater personal wealth, so give it a try today.

I need help, I can Barely Pay My Bills, How do I Lower My Debt to do Credit Repair?

Tons of people struggle with debt, and often find that they cannot reduce their balances because they are barely making ends meet. Do not feel bad , tons of consumers are in that situation and try very hard to get out of it.

Where to begin is one of the toughest things to figure out. A good starting point is a budget. If you do not have a budget and are living check to check you will see that you can never get ahead. So you should begin with a budget.

Take all of your bills and sort them into three categories . The second category should be important bills such as car payments, food (only for cooking not for eating out). Finally, the last category should be for things like credit card debt or other “less” important bills.

Once you have your bills sorted into these piles , start making a list of bills. This list should go from the Necessary bills, then the important bills and finally the less important bills. While you are adding these bills on your list, think if there is something that you can do to reduce you debt .

If you see that you are dining out several nights a week, then you should stop and begin cooking at home. Even my family had this problem and we found that we were saving in excess of $200 a month by doing our own cooking. In fact, we started writing our own cookbook that showed what food we liked. This also was a enjoyable time for our family and since we were also cutting back on our entertainment expenses, we put together a cookbook and built a DVD Collection. We joined a mail order DVD club and each of us (4 total) got a new DVD from the club. We did not stop going out to movies but instead of 4 or 5 movies a month (at about $70 per visit with tickets, popcorn and drinks) we now are down to maybe 1 movie a month if there is a new release. Otherwise, we wait for it to come out on DVD.

Finally, the last stack you should tackle is your bills such as your credit card balances. This is the stack where you should take any money you have saved and use it to reduce your debt .

It can be done even though you will see that you have some tough choices to make. My family had a hard time giving up dining out, but now I have a son that wants to be a chef and attend culinary school, all because we started cooking at home. Make it a family event and that will help. My children were ages 12 and 14 when we started the budget and it brought us much closer together. Make the time to work with your family on this family issue. Including your children in the situation also helps them understand the needs of the family.

Remember, Ovation provides premier credit repair and credit report repair solutions that have helped more than twenty thousand consumers.

Place your comments on various ways to generate cash flow and what you believe are good investments.

Is there a sure fire way to increase my credit score and get a free credit report?  Many people have asked this very same question and have received different answers.  There are a lot of companies that claim to help build credit, increase credit scores and provide free credit reports.  The sad thing is that many companies mislead consumers and they provide poor services for their customers.  Many times the consumer is worse off than before getting what they thought was help.  You can rely on and recommend Score 1st as a reputable source for credit help and free credit tips.  Score 1st provides most of the best known tips to increase credit scores for free of charge.  Additionally, Score 1st provides a training program that educates credit professionals on ways to increase credit scores and teaches ethics for best consumer guidance.   Learn more about better credit management @ http://score1st.com

Why Interest Rates Not Getting Lower

Everybody is having hard economic times in the United States and all around the world. For a person that is looking to build or to buy a new home there is an advantage that can be taken. Supplies for building are now starting to remain steady, there are good deals on lands now, and the intrest rates are at an all time low. Make sure that you are not wasting any of your time by waiting for the intrest rates to go lower then they are, this is because the federal government may not be looking to reduce the rates soon, and the next change could be the intrest rates going up.

As for the past five years home building had been an expense that was high, this had been because the lumber prices had been up. This increase now seems to be now over and the price of lumber is now beginning to drop. So any family that is seeking to build a new fancier home can now afford to do so and it will be cheaper then in previous years.

All over the United States land is now becoming more affordable. Real estate agents are looking to make money and to do this they need to make the land move, not sit for months on end at a higher price. Buyers need to take a full advantage of this economic hard time and buy the piece of land that they want to build their dream home on.

The key thing that a home buyer or builder needs to look at is the intrest rates getting lower. Any family that is looking into building a new home from any plan what so ever needs to move very quickly to secure the low interest rates. Any bank is now able to offer great low interest rates to make the home buyer or the home builders dreams come into a reality.

Before you shop for a home, make sure you fix your credit. This way you will have the best chance possible to actually get the loan you need to purchase the house.Purchasing a house is a great first step to building up your financial future.Remember to check your credit score prior to actually applying for a loan. This is a good way to ensure there will be no suprises that could throw your plans for a bad turn.

A Summary of Your Rights Under the Fair Credit Reporting Act

The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). Here is a summary of your major rights under the FCRA. For more information, including information about additional rights, go to www.ftc.gov/credit or write to: Consumer Response Center, Room 130-A, Federal Trade Commission, 600 Pennsylvania Ave. N.W., Washington, D.C. 20580.

• You must be told if information in your file has been used against you. Anyone who uses a credit report or another type of consumer report to deny your application for credit, insurance, or employment – or to take another adverse action against you – must tell you, and must give you the name, address, and phone number of the agency that provided the information.
• You have the right to know what is in your file. You may request and obtain all the information about you in the files of a consumer reporting agency (your “file disclosure”). You will be required to provide proper identification, which may include your Social Security number. In many cases, the disclosure will be free. You are entitled to a free file disclosure if:
  • a person has taken adverse action against you because of information in your credit report;
  • you are the victim of identify theft and place a fraud alert in your file;
  • your file contains inaccurate information as a result of fraud;
  • you are on public assistance;
  • you are unemployed but expect to apply for employment within 60 days. In addition, by September 2005 all consumers will be entitled to one free disclosure every 12 months upon request from each nationwide credit bureau and from nationwide specialty consumer reporting agencies. See www.ftc.gov/credit for additional information.
• You have the right to ask for a credit score. Credit scores are numerical summaries of your credit-worthiness based on information from credit bureaus. You may request a credit score from consumer reporting agencies that create scores or distribute scores used in residential real property loans, but you will have to pay for it. In some mortgage transactions, you will receive credit score information for free from the mortgage lender.
• You have the right to dispute incomplete or inaccurate information. If you identify information in your file that is incomplete or inaccurate, and report it to the consumer reporting agency, the agency must investigate unless your dispute is frivolous. See www.ftc.gov/credit for an explanation of dispute procedures.
• Consumer reporting agencies must correct or delete inaccurate, incomplete, or unverifiable information. Inaccurate, incomplete or unverifiable information must be removed or corrected, usually within 30 days. However, a consumer reporting agency may continue to report information it has verified as accurate.
• Consumer reporting agencies may not report outdated negative information. In most cases, a consumer reporting agency may not report negative information that is more than seven years old, or bankruptcies that are more than 10 years old.
• Access to your file is limited. A consumer reporting agency may provide information about you only to people with a valid need — usually to consider an application with a creditor, insurer, employer, landlord, or other business. The FCRA specifies those with a valid need for access.
• You must give your consent for reports to be provided to employers. A consumer reporting agency may not give out information about you to your employer, or a potential employer, without your written consent given to the employer. Written consent generally is not required in the trucking industry. For more information, go to www.ftc.gov/credit.
• You may limit “prescreened” offers of credit and insurance you get based on information in your credit report. Unsolicited “prescreened” offers for credit and insurance must include a toll-free phone number you can call if you choose to remove your name and address from the lists these offers are based on. You may opt-out with the nationwide credit bureaus at 1-888-5-OPTOUT (1-888-567-8688) .
• You may seek damages from violators. If a consumer reporting agency, or, in some cases, a user of consumer reports or a furnisher of information to a consumer reporting agency violates the FCRA, you may be able to sue in state or federal court.
• Identity theft victims and active duty military personnel have additional rights. For more information, visit www.ftc.gov/credit.

States may enforce the FCRA, and many states have their own consumer reporting laws. In some cases, you may have more rights under state law. For more information, contact your state or local consumer protection agency or your state Attorney General. Federal enforcers are:

One of the best places to obtain credit repair help is to begin with yourself. If you have recently been turned down for credit or even plan to make a major purchase in the near future, the first thing to do is to order a credit report. Because not all banks or other lenders report to the same credit bureaus, it is best to order a credit report from each one of the three major credit repositories – Experian (formally TRW), TransUnion, and Equifax. Should you find inaccurate or false information in one or all three of these reports, each one of these credit repositories have websites to guide you through repairing your credit and help you to file a dispute.
If you spot a problem account, such as a credit card on your report, it’s best to stop using it until you have cleared up the problem with the lender. In most cases, it is advisable to keep making payments, unless the lender has instructed you with some other kind of credit repair help or instruction. Try to keep on top of the problem with your lender.
Most lenders do not have the time to call back customers who need help with credit repair. Because bank customer centers are located all over the world, never take it for granted that you will receive the same service representative each time you call. It is always a good idea to keep a conversation log, and include details such as the name of the person to whom you spoke, their phone number – if possible, the date, and details of your conversation. Ask them how long they think their investigation may take, and write that down too. With all this information, you will be on top of repairing your own credit. Again, not making payments, or making late payments will not help repair your credit any sooner or better. Good luck, and be confident that credit repair help often begins with you!

Free E Book – Understanding Your Credit Scores  

It seems that we have all become a number, and that number usually is between 300-850.  Our credit socre determine how we live or at least what rates we can get on most loans.  The only way to improve your score is by eucating yourself on how the score is built and laws governign your credit.

Please Check out the Free Ebook posted above.  It is full of information that is viable to your credit knowledge, and it will surely help you improve your credit in the long term.

There have been many consumers hurt by companies promising to repair or erase their credit file.  Most of these companies just try to overload the Credit Bureau with frivilous Disputes, which sometimes works, but even if the file is removed it will be a short fix.

The Best way to clean your credit report is for you to go through it first and se if there are any mistakes with any of the accounts.  This could include accounts that are older than 7 years, worng acccount number, wrong balances or limits, and accounts that are no longer opened.  You do have the right to dispute any account you believe shouldnt be on there, but dont waste your time disputing accurate accounts.

1.  Never assume you cannot cooperatively work out a problem with your lender.  There are many ways a lender and borrower can restructure a loan to their mutual advantage.

2.  Make certain other assets are not exposed if you run into problems with a loan.

3.  Its usually wiser to sell the property for  a low, low price or on lenient terms rather than lose it through foreclosure.

4.  Watch out for the lender liability.  It can give you considerable leverage when negotiating with lenders.

5.  It may be wise to voluntarily surrender property to the lender rather than have it foreclosed upon and produce a large defiency.

6.  Carefully check your loan documents.  You may have ironclad defenses to a forelcosure.

7.  Bankruptcy can stop a foreclosure, but its not always best solution.

Have a good attorney review your Mortgage as a self defense against foreclosure.

1.)  Incorrect name of the borrower

2.)  Missing mortgagor signature

3.)  Incorrect property description

4.)  Incorrect filling in the public records

5.)  Lapsed security interest from not timely re-filing

6.)  Collateral incorrectly described or deleted

7.)  Incorrect debtors name

8.)  Financing statement incorrectly filed

More Lenders are offering Loan Mod’s

As the number of foreclosure skyrockets, lenders are increasingly willing to help homeowners keep their homes.

These processes, called foreclosure work outs, might include:

• Renegotiate the terms of the mortgage so that the arrearage is paid at the end of the mortgage term, either over traditional time or as a balloon payment.
• Renegotiating interest to lower the payments or keeping them fixed if rate was adjustable
• Using a deed in lieu of foreclosure, where the debtor gives back the house in return for the lender not to foreclose and not to fo after additional money the debtor owes on the mortgage

Getting Chater 7 Protection – Pass the mean test

There are 2 income test that determine whether you are eligible for a Ch. 7 Bankruptcy.

• The means test, which compares your average monthly income for the sic months before you file for bankruptcy to the media income in your state
• The “abuse under all the circumstances” test, which looks at your actual income and your actual expenses to determine wheter you have enough money coming in to repay some of the debts

If you fail the means test you will be put into an Chapter 13

Sample Letter telling Collection Agency to stop contacting you

Collection Services

Address:

Date:

Attn: Director

Re; Your name

Account #

Dear Mr. Director,

For the past three months, I have received several phone calls and letters from you concerning an overdue Rich’s Department Store Account. 

This is my formal notice to you under 15 U.S.C 1692c© to cease all further communications with me except for the reasons specifically set forth in the federal law.

This letter is not meant in any way to be an acknowledgment that I owe this money to you. 

Very Truly Yours

1. Assuming you havent already been late, debt settlement can have a negative impact on your credit scores.   Your credit will be penalized simply bc of the fact that instead of paying your creditors you are now paying the settlement company or building that money in your account.
2. Debt Settlement companies will usually charge 15% of the whole debt amount. 
3. Your savings form the settlement can be counted as income, so you might be responsible for it, in the form of taxes.
4. You can get sued, and your creditors can receive a judgment against the debt.  You might incur court costs and attorney fees.
5. Your wages can be garnished.  Your creditors and the IRS can have your wages garnished, which means they can take up to 25% of your money before you get it. ouch

There’s plenty to like about the credit card reforms President Obama signed into law this May.

Q: What specific practices does the bill ban?

This new bill will put an end to cardholders increasing APR’s on existing balances.

Consumers will have to get 45 days’ notice and an explanation before their interest rate could be increased.

Consumers will have to choose to have the ability to go over their credit limit, which can trigger a fee up to $40

Credit card companies will not be able to solicit consumers under 21

Banks have been raising minimum-payment amounts, and sticking customers with fees when they underpay

Banks have started closing accounts and also have been lowering credit card balances

If you miss a deadline for one card, the issuer of another can’t hold it against you

Which is the best Option?

Well each case is unique and different people have different goals, so it has to be done on an individual basis.

Bankruptcy-

Credit Counseling-

Debt Settlement-

Debt Settlement is a relatively new product that has been getting much atention by  media and consumers around the country.  Like any other financial program it is important to understand the fine print of the program and the pitfalls.  There are many different debt settlement companies out there and all the good one’s will take the time to explain and dissect your financial case, while also being realistic in the settlement lenght, and being straight foward with results.

Debt Settlement is a viable option for those who were considering Bankruptcy or Credit Couseling.  If you have become a victim of the current economic crisis, and have fallen behind on your bills, then Debt Settlement will be a great choice.  After you stopped making payments to your creditor, your credit rating has dropped, and chances are the creditors are starting to call to collect the debt.  Since you have fallen behind, the creditors are arreging for your debt to be sold to a collection company.  Chances are you lost your job or had a smaller paycheck, so you fell behind, but your plans are to catch up with your bills, not file Bankruptcy and have a bad credit history for the next 10 years.

All debt settlement candiates have either made the decision or will make the decision to stop paying their creditors, and start building settlement funds with the settlement company.  The funds will build up, and when they reach a certain percantage, the debt settlement company will start the settlement process.  Most debt settlement companies are saving their clients anywhere between 40-70%.

Please be advise that this is not a short term fix to your credit problems, and in order to settle the debts, you have to be commited to the program.  Most programs last anywhere between 12-48 months, and the first accounts are usually settled within the first 12 months.  Expect to receive many from calls form creditors or collectors.  Your wages can be garnished and also you can be suide for a judgment.  Settlement companies are able to settle on the judgement after 6 months.  There may also be tax implications for the debt being settled.

Debt Settlement is a great solution for those who have fell behind, their credit scores are low, and they want to get out of debt relatively fast.  Do your own research of the company, and keep in mind the pitfalls also.

Michael Jackson, the king of Pop, has made a fortune from his songs and from buying the rights to The Beatles songs, and still couldn’t manage his finances.  He has made an astonishing amounts of money in his prime, for example in 1995 he had signed a deal with Sony for 95 million dollars, so how could he rack up so much debt.

This is the same boat that many affluent Americans are in, they earned big bucks and spend 2 to 3 times what they earned, in the forms of loans and credit.  Our standard of living and spending habits have to change if we plan on living a stress free enjoyable life.  Everyone can learn form Michael’s mistake and start to cut spending where it is not necessary.  Michael should have enrolled in a Debt Settlement Program a couple of years back, and maybe even consult with an credit counselor.

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Many Americans are being tested now. Some are being tested for the first real time in their adult lives because of the financial crisis that continues to grip everyone’s attention. However, many Americans may not yet recognize that this test could turn out better for them than they ever imagined.

Question number one: What is really important to you in your life? We often think about how we are going to increase lifestyle. Perhaps that is the wrong question. Maybe our focus all along should have been “What’s important now?”

Question number two: Do you believe in yourself? This is more than a passing question. The worldwide financial meltdown makes this question more serious than ever, but the question is much more personal than about believing in yourself at work. This question is only in this “test” so that you really think about who you are and what you want.

Question number three: Do you believe only the rich get richer, or can you have a vision of yourself building savings and wealth?

Question number four: Can you commit to a strategy to build emergency savings, life-long savings and retirement investment? If you can, all you need is a plan.

Review your spending over the last three months. Look at your personal spending like a business would look at expenses. Make a commitment to reducing your spending by 10 – 15%. Call everyone you get a bill from and let them know that you have to reduce expenses by 15%. See what options present themselves. You might be surprised.

At the same time, make sure you take the time to look at your checking account for what it is: A MONEY LAUNDERING ACCOUNT for OTHER people’s money. Use every excuse you can to remove money – even small amounts – from that account and put it in money market savings.

While you focus more time on the most important thing in your life (question number one), make an effort to increase spending….on savings. If you have to start with a small amount, take only 1% from your next after-tax paycheck. Push it to savings. Then, each paycheck or at least once a month after, add 1% to it until you reach 15% savings every month.

Commit to this strategy (question number two) of using automatic savings to drive emergency savings. You should work to build 15 to 18 months of expenses in savings (money market savings account or certificates of deposit). Remember: savings will build faster than you think. Just focus on the automatic savings paycheck to paycheck and month to month. You are building to actually generate longer range goals. While that does not happen immediately, you should focus on the going the distance. How would your life be impacted by having 15 to 18 months of expenses in emergency savings? I thought so.

You must seek out examples of people who began with nothing and built wealth. If you look, you will find example after example. The best news: There are thousands of examples of wealth building that does not involve the lottery or a windfall. In other words, saving and investing for the long-term WORKS.

Work to learn all you can about saving and investing. Start with building your emergency savings fun, but don’t stop there. Keep going.

If you answer these four questions above and are ready for the journey, you are ready to shake things up and truly build wealth for yourself. Get started today.

Good luck!

Loyd Ford
www.stickyasset.com/blog

There are many options available for people who are establishing credit. Getting your first credit card will show you the options.

There are a few things you should understand about credit and we will talk about those briefly in this article.

1. You will get a lot of offers, but DO NOT accept more than one to begin with. Managing your debt is easier with just one card.

2. Most people use debit cards for purchasing things today.Your bank should issue you a Visa or MasterCard debit card.

3. Pay attention to the interest rate and the fees associated with any credit card if you are going to take one out. Finding the best deal for you is not that difficult since credit card companies are very competitive.

4. Try to stay within your budget. People get into all kinds of trouble when they can’t pay their bills.

Luxury items should not be the first thing you buy on credit.To help build your credit rating, start small and pay off your balances each month to raise that credit score even higher.

If you need credit or debt advice, visit Credit Help Pro. They have all the information you need about credit or debt and some great deals on credit cards, debt consolidation, and Loans for people with Bad Credit

I have to give some credit to HSBCDirect.com for the following:

• Active Savers, a group of people characterized by their dedication to saving, entered the recession better prepared than others because of their savings lifestyle. They have not had to take drastic measures to adapt to uncertain financial times and are less likely to have had to cut back on spending, eating out, and making large purchases.

• For more than half (57 percent) of Active Savers, learning to save started at a young age. Putting money away is a value their parents instilled in them (73 percent).

• Savings comes first for nearly half (46 percent) of Active Savers. They’re willing to make sacrifices in order to be able to put money away.

Overall, a majority of the population has not allowed the economy to hamper their savings plans—81 percent have been able to put the same amount away, if not more.

Here’s the idea: Steady savers are better prepared for the downturns that always come in economy and personal situations. Steady savers that are most successful are those who save AUTOMATICALLY. This can include:

401k
Roth IRA
Traditional IRA
Emergency Savings

And you should have each one of these with automatic savings everytime you get paid.

Savings should be put away in FDIC-insured banks that offer the best interest rates.

Want more? Check out or main blog at www.stickyasset.com/blog.

Good luck. You’re on the right path thinking about putting money away for the future. Now…take more steps to protect your future by putting the automatic savings into action in each of the categories above.

Thank you.

Loyd Ford
www.stickyasset.com/blog

Debt Consolidation can be your life raft from bankruptcy. It is designed to slash your interest rates in half which will lower your monthly payments and to get you out of debt faster. New Ground Financial is averging 60%-70% on interest rates being slashed. There are options for you and your family. You do have choices so make it a smart one.