| Consumer credit counseling services (credit counseling)
|
| ACS provides free articles on credit counseling, debt consolidation loans and refinance mortgage. |
Consumer credit counseling services
[ Bookmark this page! ] [ get HTML Version ]
There is a certain category of shoppers who shop until they drop. At the end, they are in deep trouble and need credit counseling agency to get their debt to manageable levels. It is important to get your spendings in order to become debt free. People spend for different reasons. Some are bored, some are stuck with depression. Whatever your reason be, you need to remember that debt free living can only be achieved if your spending is tightened. To clean up your credit card debt, choose a credit counselor who can understand your situation and recommend appropriate debt management plans for you to work with.
Bad Credit Home Loan To Get You Out Of Debt
A "bad credit home loan" can help you climb your way out of debt and get you started back on the road to upstanding, good credit. There are many lenders who are willing to make bad credit home loans to you - a loan based on your equity in your home even if your credit has slipped or isn't as perfect as it could be. By taking out a bad credit home mortgage or home equity loan, you can consolidate a... Read article
Consumer credit counseling services
Compulsive Spending
Do you, or someone you know, lack savings for emergencies when emergencies arise? Fall behind on such basics as utilities and rent? Find your charge cards over the limit? If so, you may exhibit some of the signs of a compulsive spender. While many of us occasionally over-spend, compulsive spenders over-spend.
Shopping becomes a way of life, actually much like an addiction that controls the individual. It often leads to self-destructive behavior with adverse emotional, financial and/or social consequences.
An individual is frequently over their credit limit yet still buys items, accumulating so much that purchases are often or rarely used. Or worse, hidden. Yet, that same shopper, realizing that his/her debt far outreaches current income, continues to shop because "it's so much fun."
But having the constant worry of juggling payments, or borrowing from one source to pay another, must be anything but fun. It has led to the loss of credit, loss of home, bankruptcy and embezzling. And though the root causes of compulsive spending are psychological, cultural influences can make it difficult for spenders to confront their problem.
Who is at Risk?
Spending sprees may be triggered by boredom, loneliness, and/or depression. Some individuals over-spend following breakups with spouses or lovers. Consider the following characteristics of compulsive spenders:
Shopping brings the pleasure, and then guilt removes the pleasure.
Shopping temporarily fulfills emotional needs, such as those from feeling unloved, insecure and isolated.
Compulsive shoppers have to shop.
Some purchases are never used.
Compulsive shopping leads to debt, bankruptcy and/or problems with family members.
The addiction to spend causes feelings of anxiety, guilt, and remorse.
Understanding the emotional trigger that creates the addiction is necessary. Budget counseling, debt management programs, and/or professional counseling may be appropriate measures.
Consider the following steps to curb your spending:
Prune your plastic portfolio.
Begin to clean up your current credit card debt.
Begin to find suitable rewards to replace the over-spending "high."
Seek the support of others working through their addictive behavior in group meetings.
Be good to yourself in ways that won't increase your debt or guilt.
Check out books from your local library on the subject of over-spending.
Debt Problem Danger Signs !!!
Charging inexpensive items.
Charging items you might not buy if you were paying cash.
Charging more each month to accounts with outstanding balances.
Charging items you don't need, and then feeling guilty.
Charging items on a delayed payment plan.
Assuming your credit cards entitle you to a particular standard of living, regardless of your actual income.
You dip into your savings account for items and never replenish the supply.
You have no savings account.
You only shop at stores where you can "charge it."
Medical insurance is too expensive to afford.
You are reluctant to open bills from creditors.
You let payments "slide" until the next paycheck.
You're still paying for last Christmas when this Christmas arrives.
Discussions of monthly bills become arguments.
You write checks today on funds that will be deposited tomorrow.
You have no budget.
Many items are purchased on a "lay-away" plan.
You're purchasing the most expensive brand to "keep up" with others your age or in your income bracket.
You postdate checks.
You've applied for more credit cards to enable you to pay off other credit card balances.
Bookmark this page | Search this site | E-mail to a Friend
Credit counseling service - Give yourself some credit
BLOOMINGTON -- Two of every three Americans don't know the credit score needed to secure the lowest interest rate on a mortgage, according to a recent survey by GMAC Mortgage.
The result illustrates an important fact: people who are ignorant of their credit score and what it means, can pay hundreds, even thousands, of dollars annually in extra costs.
"The better your credit score, the less you pay," said Jeff Telling of Family Credit Counseling Service in Normal.
Credit scores are grades given people based factors including how well they repay their bills and debts, and their total borrowing history. Lenders then use the scores to decide things like mortgage rates, credit limits and eligibility for other loans.
The score needed to determine the lowest interest rate on a mortgage? It's 620 -- but only 38 percent of the people surveyed by GMAC, a national lending company, knew that.
And the consequences of a low score can be costly. In the case of mortgage rates, a score of 600 instead of 620, for example, equals about a half-percent difference on an interest rate for a $150,000, 30-year, fixed-rate loan, said Telling.
In other words, the person with the 20-point lower credit score pays $54 more each month for the same home, he said.
"The rate you pay on an insurance policy can be affected by your credit score," Telling added. "That sounds ludicrous, but everybody's watching."
Many factors influential
Credit scores are calculated by private firms. On most scales, Telling said, 850 is perfect and 350 is low.
In determining a score, the firms consider a range of factors. Too many credit cards can pummel a personal credit score, but not having them can hurt, too. Abruptly closing a credit account also can damage scores, but so can keeping cards open without using them.
The first step a person who wants to improve their credit score should take is to obtain a free copy of their credit reports from Experian, Equifax and Transunion, the three major firms that calculate scores.
Telling advised people to double check information for accuracy -- including what lenders are reporting.
Also, make sure the lenders report your credit limits along with the amounts borrowed, so credit doesn't look overextended, Telling said.
A lender left that information off a woman's credit report in Maryland, Telling said, Her credit was great, but it looked as though she had extended her limit. Her credit score dropped 66 points, he said, costing her $150 each month in mortgage interest.
Telling also advised people not to borrow more than 50 percent of any credit card limit.
He and others also cautioned people against having too many credit cards.
"They say people should only need to have two credit cards," said Vicki Huddleston, manager of Budget Counselors Plus Inc. in Bloomington.
"People should not keep a balance on their cards," she added. "Pay it off every month."
Repairs can be difficult
Huddleston's agency helps people with trouble repaying unsecured debts -- such as credit card and medical bills -- by working with lenders to set up a repayment plan.
"A lot of time we can get lower interest rates and lower payments. There is a monthly fee. Of course, it does depend on their situation," Huddleston said.
Despite common thought, working with such agencies does not blemish credit histories, it helps them.
"Debt management with a certified credit counseling agency does not hurt your credit history at all. That's a myth," Telling said.
Finally, it's easier to maintain good credit than repair bad credit. The journey begins in college, possibly even high school, said S.J. Chang, a professor of finance at Illinois State University. He suggests young people get small loans on small purchases such as computers.
"That's usually a starting point to build good credit. Student loans, that's another route you can start building your credit, by paying it on time," he said.
And ultimately, a person's credit score can have a strong influence on their lifestyle.
"Better life means better credit. Your whole way of life is related to good credit and wise spending," said Chang. "People have to buy cars, houses, refrigerators. They have to think about their own, their children's education. No one will be able to pay for all of these things with cash on hand every time."
Top rated articles for credit counseling
1. Bad Credit Home Loan To Get You Out Of Debt
A "bad credit home loan" can help you climb your way out of debt and get you started back on the road to upstanding, good credit. There are many lenders who are willing to make bad credit home loans t... Read article
2. Consumer Credit Counseling Service - Interview with an expert
Educating consumers about debt is one of the missions of the Consumer Credit Counseling Service. Recently, EconSouth talked with Boas about her organization and about the state of consumer debt today.... Read credit counseling article
3. Credit Counseling or Bankruptcy - Soon You May Have No Choice
If you are looking for a quick debt consolidation than you should be alarmed with the ongoing legislation to severely limit the ability to file bankruptcy in cases where people have the ability to pay... Read credit counseling article
4. Bad Credit Will Cost You Dearly
Having a bad credit score will cost you a lot more than a higher interest rate for a few loans. It extends into many parts of your financial life.
So many people fail to understand how impo... Read credit counseling article
5. Is it the time for credit counseling
Knowing when to seek help with credit card bills and high levels of debt is not easy. No one likes to admit they need help, and it can often be difficult to know whether your problems are merely annoy... Read credit counseling article
6. Repairing Credit
Having a good credit rating is important in today's world. If you have recently applied for credit and you were denied, you may be surprised to find that you have a poor credit rating. A less than des... Read credit counseling article
7. How To Fix Your Credit Quickly
To damage your credit is just too easy, some people don't have any idea of the implications involved in credit and how it works. When you apply for any type of financial product on a large scale then ... Read credit counseling article
8. Credit Scoring System - Improve Your Credit Score
Understanding what a credit score is, how it's computed, and its purpose can be confusing and difficult to understand. Detailed below is information that will help you understand all of the basic conc... Read credit counseling article
9. Home Mortgage: Bad Credit Won't Rule Out a New Home
When you're looking for a way to afford your dream home, home mortgage bad credit options can offer a way to get you into the home that you want to buy. Not long ago, people with less than perfect cre... Read article
10. Credit Repair Service
We all are looking for the fastest way to get the things we want. People charge up their credit cards because it is quick and seems painless at first. Those with debt and credit problems want to fix i... Read credit counseling article
Credit Counseling and Debt consolidation services in Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi,
Consumer credit counseling services
Debt consolidation services in Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania,
Debt consolidation services in Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington DC, West Virginia, Wisconsin and Wyoming.
Add website or submit URL link of your site to 1000 free directory