Understanding The Pros And Cons Of Bankruptcy
In this article, let’s take a closer look at the pros and cons of bankruptcy and how it should affect your decision on whether to seek bankruptcy or not.

The Pros of Bankruptcy

When bankruptcy is filed for the right reasons, it can have advantages or benefits to an individual.  First of all, it releases you from the pressure and stress of having creditors constantly obliging you to pay.  Some creditors are known to harass their debtors and such harassment can rob you of your privacy and peace. Once you’ve filed for bankruptcy, all creditors are prohibited from keeping in contact with you or do any kind of debt collection practice.  This will certainly give you peace of mind and relief.  

If you do get approved with a Chapter 7 bankruptcy, you will be set free from all debts you have with all your creditors.  This means, you can have a fresh start again and start living a life free from debts.  In case you do not qualify for Chapter 7, a Chapter 13 bankruptcy would put under a bankruptcy repayment plan where you’ll be required to submit a certain percentage from your monthly wage as payment for your debts.  Even if a Chapter 13 doesn’t completely exempt you from your debts, going through a bankruptcy repayment plan can still be a great help in managing your debts.

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How to Dispute Credit Report Errors
Your credit report contains all your personal information including details about your debts and finances.  Needless to say, a single error or even the littlest bit of misinformation in your report can cause problems in your dealings with creditors, insurers, employers and landlords.

The Fair Credit Reporting Act was created by the government to protect consumers from unfair credit reporting and debt collection practices.  Therefore, if you’ve found errors in your credit report, you have the right to dispute them to the credit reporting agency who issued your report.  What are the correct steps to disputing credit report errors?  Here is credit report guide for you:

Obtain a copy of your credit report at least twice a year.  Doing so will enable you to do the appropriate action immediately in case unauthorized charges or incorrect charges were found to be in your report.  To avoid getting rejected, you should always check on your credit report first before applying for a loan, a credit card or insurance.

Claim your free credit report once each year.  All consumers are entitled to get a copy of their credit report for free from the three major credit reporting agencies - Equifax, Experian, and TransUnion.  Who else are qualified for a free report? 

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Ways to Protect Your Debit Card From Identity Theft
The problem of identity theft and credit card fraud is an undeniable fact in our society today.  In the United States alone, millions of consumers fall victim to ID theft and fraud each year, and the number of victims continue to increase with the passing of time.  With the introduction of credit cards that functions as debit cards, cases of ID theft have also grown more than ever.

Why are debit card users a favorite target of identity thieves?  Why are prepaid debit cards susceptible to credit fraud?  Why should you pay close to attention on how you use your debit card?  How can you safeguard your personal information especially when using debit cards and credit cards?  Here are some tips to help you protect yourself from the unnecessary heartache and trouble that ID theft can bring.

1. Always be on the alert.  Usually, people who become victims of ID theft are caught unaware or have been caught letting their guards down.  If you own a debit card or a credit card, you need to especially alert at all times.  Never give any of your card information to any person or company without making sure that they can be trusted.  Don’t be tempted to purchase from unknown sellers particularly over the web just because they offer lower prices on their products.  It’s better to buy only from a reputable merchant with a reliable track record in selling.

2. Don’t carry all your credit cards and debit cards in your wallet.  Obviously, such a practice puts you more at risk in case your wallet gets stolen or misplaced.  It is best to carry only one card in your wallet and keep the others in a safe storage.

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How to Smartly Manage Your Credit Card Charges

As a card holder, what can you do to stay out of credit card debt?  Here are 6 tips on how to handle your account the smart way:

  1. Be aware of your credit card’s exact terms.  How well do you understand your credit card’s Terms & Conditions?  Surprisingly, many cardholders are not even aware of their exact interest charges, transaction fee costs and penalties.  If you’ve had that credit card for a long time, has there been any change in your interest rate and fees?  Do you take the time to read your credit card mails?  Remember, your credit card company can increase your charges at anytime as long as you’re given the 15-day advance notice. 
  2. Ask for a lower rate.  If your credit card has increased your interest rates, you can call them up, speak with the manager and ask for a lower rate.  Don’t be afraid to point out the interest rates that other credit card companies offer. If you feel that you need to threaten your credit card issuer of leaving, go ahead and do so.  However, it’s best to raise your issues politely and with dignity.  If your credit card company refuses to give in, you can try calling them again after a month or two.

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The Benefits of Bad Credit Payday Loans

When burdened with bad credit and a low credit score, getting the financial help you need may prove to be a difficult challenge.  Understandably, many lenders prefer to lend money to people with excellent credit.  High-risk borrowers must face the dilemma of finding lenders who are willing to give them loans with easy approval and reasonable rates.

With the introduction of bad credit payday loans, those with bad credit now have the option to borrow the cash they need without hassle.  Even with poor credit, payday loan lenders are willing to extend financial help even for just a short term.

Payday Loans for People with Bad Credit

Yes, payday loans, also called “quick loans” are loans that are especially designed for short term financial needs.  Regardless of the status of your credit, you can apply for a payday loan and get approved easily.  Nevertheless, payday loans are limited only to small amounts ranging from $500 up $1,000.  There is no need to submit collateral in order to be approved.

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How To Get A Good Credit Card Deal With Bad Credit
Everyone who wants to own a credit card is looking for a good deal.  This is why we often hear the advise, “Shop around first before signing up for a credit card,” or “Compare different credit cards before making your final choice”.

But what does a good credit card deal really mean?  How can you be sure that you already found the best credit card deal in the market?  How can you find the perfect credit card that matches your needs and lifestyle?

Finding a Good Credit Card Deal

Not all credit cards will be suitable for all.  Every individual has his/her own personal needs.  Each one has his own unique lifestyle.  Thus, there is really no standard credit card that will serve everyone.  To find the credit card that works for you, you need to know the specific details about what you’re looking for in a credit card.

For instance, you’ll want to ask yourself, “what is the status of my credit rating?”  Will I be eligible to apply for a standard credit card?  If you currently have a bad credit rating, then bad credit credit cards would be your best choice.  There is a wide range of bad credit credit cards to choose from and if you do your research carefully, you should be able to find a credit card that will help you improve your damaged credit.

In this case, you’ll want to make sure that the credit card company reports to the three major credit bureaus (Experian, Equifax, TransUnion).  This way, all your payments will be reported to the bureaus as soon as you submit them.  Doing so will reassure you that your credit report is improved one step at a time.

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The Advantages Of Getting a Bad Credit Payday Loan
If you currently suffer from bad credit, perhaps you’ll be glad to know that bad credit payday loans are available for you in case you need cash in a hurry.  What are payday loans and what are the advantages of getting a bad credit payday loan?  Are payday loans for everyone?  Why should you be careful when getting a payday loan?

Payday loans for Poor Credit

Primarily, the advantage of a payday loan over regular loans is convenience.  In fact, payday loans are also called “quick approval loans” or “easy approval loans” because anyone can readily avail of them without hassle.  What are the requirements for a payday loan?

The requirements for getting a payday loan are simple.  The borrower must be of legal age or at least 18 years old and with a monthly income of at least $1,500.  There is no need to submit any form of security or collateral for the loan.  There is also no need to submit a lot documents to be approved.  The application can be submitted online and you can expect to get an approval within minutes.  After that, you can claim the cash you need from your payday lender immediately.

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10 Questions To Check Before Applying for a Secured Credit Card
Would you like to apply for a secured credit card?  If you have a less than perfect credit score, you’re not entirely helpless.  This year, you can start improving your credit score with the help of a secured credit card.  Here are ten questions you may want to check out before applying for one:

1. What is a secured credit card?

A secured credit card is opened with a security deposit on your account to make up for your low credit score.  The amount of your deposit also serves as your credit limit.  If you put in $300 as your security, you can also avail the same amount in your credit.  By keeping up with your payments on time, you can slowly build up your credit line and the status of your credit score.

2. Where can I get a secured credit card?

Most major banks do offer a secured credit card for their clients.  You can check out the web for a list of secured credit cards available in the market.  Do check out credit card review web sites where you can compare your options more easily.

3. What kind of charges should you expect?

Secured credit card issuers usually charge an annual fee for their members but rates vary between each company.  Be careful when choosing your credit card issuer.  Make sure that you won’t be paying an unreasonable yearly fee just to renew your membership.  

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How to Get Out of Debt Effectively

If you’re looking for ways on how to get out of debt effectively, then this article is made for you.  Consider the following pointers on how you can be set free from the pain and burden of debt.

Don’t borrow more than you need.  Some people got stuck in huge debts just because they borrowed more than they needed for their purpose.  For instance, getting a home equity loan can be a very risky move since it puts your home property on line.  Even worse, the money you got from the loan can easily be spent on unnecessary or unimportant things. 

When repayment time comes, it could be very difficult to keep up while all the money you loaned has already been spent.  The same thing can happen with debt consolidation.   Yes, a debt consolidation loan can be considered but never try to borrow more than what you need to pay your creditors.

Communicate with your lender.  The risk of debt problems can be minimized if borrowers openly communicate with their lenders.  If you know that you won’t be able to make it on your due date, call your creditor right away and explain your situation. 

Why won’t be able to pay on time this month?  When do you plan to submit your payment?  Ask your creditor to extend your due date and don’t afraid to ask if the penalties can be waived.  Also, request your lender not to report it as late payment if you can pay within 30 days.

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How to Get Out of Debt Effectively


Tips To Know If Credit Repair Is A Scam

When seeking credit help, everyone is warned against agencies or organizations offering “quick fix” or “instant credit repair” to unsuspecting consumers.  In fact, credit repair scam is so prevalent in the market today in response to the large number of people in need of credit help.  In this article, let’s talk about how you can avoid credit repair fraud and how you can distinguish a reliable credit counseling service.

Can You Repair Bad Credit?

The fact is there is really no way you can instantly “repair” or “fix” bad credit.  According to the Credit Repair Organizations Act, all agencies or companies offering credit counseling or debt help are mandated by rules and regulations set by the government.  Those who will be found in violation of these rules must be punished by the law.

No agency has the power to erase negative remarks or unpaid charges in your credit report, unless these charges are incorrect or inaccurate.  However, there is a way to rebuild bad credit and raise your credit score.  However, take note that doing so involves time, effort and hard work especially on the part of the borrower.

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