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Do banks no longer care about their customers?

Whether you have been with your bank for months or years the truth is they no longer have our best interest at heart. Banks are coming up with extreme, ridiculous charges that most have not even noticed. The old charges were bad enough, but the new ones have people reeling. Each consumer should know what they are being charged and why. Some of these new charges that the banks have simply make no sense and are unnecessary, but very legal for them to do. If you paid attention to the small print you would have noticed this, it states “We have the right to change the terms of this agreement at any time”.

Let’s start with the new charges that we now receive for receiving our statements in the mail. Yes, that is correct they now charge us for sending us a bill informing how much money we owe them. If that does not make you scratch your head here is another one; they are now charging fees to use a debit card period. It used to be that you would be charged if you did not use an establishment that was affiliated with them, but now the charges apply each time you swipe. Most banks are charging $5.00 for using your debt card. Banks are coming up with any type of fee charges that they can, this applies to their checking accounts as well. These checking accounts state that you may no longer deposit your check into the ATM or you will be charged. Another astonishing twist is that you can no longer pay bills through these accounts or deposit money directly through the teller only through the ATM. These banks have their customer’s heads spinning while trying to understand all of this. Over the past few months the consumer credit counseling services have hit a record breaking over flow of customer merging into these services for help.

The bottom line here is that nobody is exempt and these new charges apply to everyone. We tend to overlook the small stuff, but now the advice is to study your statements and know exactly what it is that you are being charged and why. This does not just apply to your checking account but your savings account, IRA’s CD’s you name it. It is time to be more aware of your finances, especially when your trying to pay off debt. It would appear that the banks don’t have much interest in helping their customers when trying to live a debt free life.

Posted in Debt Management.

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By admin – February 10, 2012

Bringing yourself to financial awareness

Financial Awareness is Key

The key to success is being aware of your finances and know where to draw the line. The important part of any financial success is to not jump on the, I must have roller coaster that most Americans are on. We all tend to fall in with everyone else either by wanting to have what everyone else has or wanting to have better than what everyone else has. This is the perfect time to understand your financial situation and do something about it because you are not alone. Whether you are wealthy or poor we are all feeling the pressures of the economy and learning a few basic steps will help you to save for those rainy days. The first steps is drawing a line in the sand and not crossing it for any reason. What this means is to know your budget and do not go over it for any reason what so ever. Society is inclined to have the best by any means, but do you really have to have the best IPod or cell phone? No, if the one you already have works you do not have to go out and buy the one that your friend or co-worker just got.

Acknowledgment is very important when it comes to our spending once you acknowledge the problems it will be a lot easier to budget. Not all debt s are bad there is good debt and bad debts, it is almost impossible to buy a house with cash or a car this is understandable. These are debts that will secure your future, but using a credit card to buy electronics, the best clothing or to go to your favorite restaurant may not be a good idea right now. When purchasing these items via credit you will be paying three maybe four times as much for it. This is not worth the stress or the years that it will take for you to pay it off. When learning how to save you will be able to cut cost and have extra cash to purchase those items. Looking for credit card help for your finances is not as extreme as it sounds and you will feel a sense of accomplishment. It is important to trust yourself and have the faith that you can do it. There is light at the end of the tunnel and the relief that you will feel will help you to continue saving and having a healthy financial future.

Posted in Financial Awareness.

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By admin – January 28, 2012

Best ways to get out of credit card debt

There are many ways to rid yourself of credit card debt, but it is important to analysis your unique situation to find the correct program for your individual needs. Of course the simple way is to cut the credit cards up and not use them; however this is virtually impossible due to the extreme downfalls in the economy. Most people are living on their credit cards due to layoffs, a cut in income or price inflations some people simply have no chose. It is wise to use cash whenever possible because the credit cards have extreme interest rates that will keep you in debt for many years. When coming to the realization that it is time to find some help with your credit card there are many program that can assist you. Each consumer is different with different debt needs that need to be considered. Some of the best options are debt programs that are available to assist consumers in a professional, effective manner.

Debt consolidation is the best program in the debt industry. It should not be confused with the debt consolidation loan. Debt consolidation is for consumers who are current or noticing that they are starting to fall behind. Debt consolidation is a great way to attack the high interest rates without harming your credit score. The debt management offers will lower the consumer’s minimum payments, their debt lengths, interest rates and give them the convenience of one monthly payment. The biggest problem for consumers is that their payments are not going toward their balances. The minimum payments go towards the interest rates first which gives them a never ending circle of debt with no way out. Debt consolidation will get the consumer out of debt in a fraction of the time. These programs should be considered before any other debt program.

Debt settlement can be very effective for those consumers who are unable to pay their minimum payments, are falling behind or in collections. Debt settlement is a negotiation of the debt balances in order to get the debts paid and restore their credit score. After receiving a lower balance the consumer is given a low payment on the debt that was settled. This is more convenient than to pay the debts off in one lump sum. Debt settlement is a great way to clean debts off of your credit score in order to restore your credit. Debt settlement should always be considered before a bankruptcy. Bankruptcy can be very detrimental to one credit score and have an extreme impact on one’s financial health.

Posted in Getting Out of Debt.

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By admin – January 28, 2012

Credit Card Debt Help: The Holiday Season

With Christmas fast approaching, many consumers are often spending a great deal of money. In the debt management and debt settlement industry, “debt season” tends to be between January and March of the following year (in this case, 2012).  Most consumers buy with their virtual money (plastic credit cards), only to see high minimum payments due in the months of the new year.  It’s always advised for consumers to buy with love, and not with money you simply do not have. Consumers need to be more aware financially and spend less than 5% of their savings, only with liquid cash.  It’s never a good idea for consumers to use credit cards, especially during the holiday season. At Credit Card Debt Help, we always advise our consumers to try shred the credit cards. It’s always a good idea to keep one for emergency purposes need be, but for most consumers, the temptation of using that plastic card to obtain physical products is often to hard to resist. Consumers should always buy with cash and avoid credit cards.

For the consumers whom are a bit more responsible and feel as if they have control over their financial situation, it’s always a good idea to try and have the balance paid off in full, each month.  Given this cannot be the case, it’s always wise to pay two or even three times the minimum required payment. We always tell consumers, that paying just the minimum required payment won’t cut it.  It’s absolutley imperative for consumers to double up on the minimum required payments and if this cannot be done, it’s important to consider a debt relief program. The debt programs we recommend would be (A) debt management, or (B) debt settlement.  Other solutions which may exist that are never recommended are those such as Bankruptcy, Payday Loans or Consolidation Loans through local banks. When trying to live a debt free life always remember to; (A) Shred the cards if possible and if not, (B) Double up on the minimum payments and if that’s not feasible, (C) Enroll into a debt management plan.

Posted in Saving Money.

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By admin – December 22, 2011