Parkey Thompson

Jul

Debt Makes You Give Up

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We have come a long way in the last few emails. If you have followed my steps, you are now either moving quickly on paying down your debt or wishing you had never come into contact with me. I hope it is the first one and you are making significant progress in your quest to get out of debt.

I know, first hand, that it is tough. You see, I was right where you are. I was a slave to the debt master until I finally decided that I was finished. Once I learned that I was losing at the game, I decided to make the change.

It would be nice to tell you it was a simple process and it will not take you any time to get to where you want to be. If I said that, I would be lying. Lying – just like the commercials you see on TV promising to eliminate your debt. They can not do anything like that without really putting you into a very bad position.

There is only one sure way to get out of debt and, hopefully, you started doing it four emails ago. That one sure way is to stick with it. Using all the previous steps and just sticking with it will make sure that you are successful. This final step is, simply, sticking with the plan and task.

Some people will ignore the four previous steps and will be exactly where they were, or worse, in five years, in ten years and beyond.
Those that will be successful are those who stick with it. It eats at them and they must attack and never get up.

If I told you it is going away in six months to a year, you would know I would be lying again. It takes time and time will turn into success.

There are only three ways that will get you out of the debt mess you are in. All are available, but only one will work for you.
First, increase your income. Second, reduce your expenses. Or third and preferred – a combination of one and two.

By finding ways to increase your income and decreasing your expenses you will find it will help you stay with the plan and watch it working for you.

I am not talking about working two jobs for the rest of your life, but what if you put a goal in place to earn a specific amount of money to jump start your attack or to pay off one, some or all your debts – could you do that? Maybe work some overtime or even start a small business. There are many avenues to generate income and even more to reduce expenses.

One of the tougher areas is finding where to cut expenses. Here is a clue to help you decide – put everything on the table. Nothing should be too sacred as to not cut when your goal is getting out of debt.

When my wife and I started our path, we did not take a vacation for almost five years. Yes, we took time off and got away, but it was typically to a family members for a “visit” not a “vacation”.
Guess what? It helped us get out of debt faster. Going to Disney World – not us, we were getting out of debt once and for good.

Our closets were full of clothes. We did not need new clothes.
The amounts we spent on clothes were only spent because we HAD TO.
No new clothes….

Cable TV, phone extras, etc. there are many ways to cut you just need to find them.

The difference in those who succeed and those who did not is – sticking with it. Those that continue to hammer away out their debt will eliminate it. Those who chip away will have it forever.

Finally, look at the calendar. What is the date today? What will your debt balance be in one year? In five years? In ten years?
If you are aggressive in getting rid of this stuff in ten years the question would change to be – what do your assets look like?

Debt makes you give up money and things in your future. What are you giving up?

Why not call me on 1(866)369-5086 and benefit from a free 15 minutes consultation with me, you can ask any questions you have, and I’ll do my best to help you. NO charge.

Parkey Thompson

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Categories : Debt Free, Saving Money

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Jul

How To Keep Focus on Beating Debt

By Parkey Thompson · Comments (0)

How is your plan coming along? Do you have everything listed and are you aggressively pursing the pay off plan?

Remember, you need to have that plan posted somewhere prominent so that you and, if you are married, your spouse can monitor your progress.

Now it is time for one of the biggest steps of all – Just Say No! This one is really hard especially if you have used debt significantly and allowed it to be a part of your life.

This may show my age, but back in the 1980′s in an effort to stop the drug problems plaguing the U.S. population, then first lady Nancy Reagan led an effort to combat illegal drug usage using her famous words – Just Say No. Just Say No has been heard for years and most people (depending on age) think of Nancy Reagan when they her those words.

Just Say No. Practice it. Lean heavy on the “No”. You see, “No” is a word that we have dropped from our vocabulary over the last few years. By dropping the word “No”, we have lost some discipline for ourselves and our families. Say it again, “NO”. You are getting it, keep it up.

I have three children. Two in their teens and one in her twenties. Hard to believe. I can remember back to the time the oldest one began to walk. She wanted to get into everything. That is perfectly natural to explore. What also came natural was to test mom and dad. While she wanted to do whatever she wanted, we showed her that there are some boundaries. My wife was not a big collector of “knick knacks”, but she did have things placed on coffee and end tables that were off limits. The easiest thing would be for us as parents to remove those and replace them when they were all grown – RIGHT!

So we had to teach her not to touch those things that she was not to touch. I can see in my mind, right now, her look when she would try and we would say “NO”. She would stand there and look at you as if to say “…let me try and see if they mean it”. What she found out was that we did. It was not long to where she learned what she could and could not touch. She had to learn what “no” really meant.

One time, at my in-laws house, she tried to test it. Since we lived away from them, we would get to visit every few months. On one occasion she decided to explore the items there on the tables. I first said “no” and she just looked at me. When she reached to touch it, I reinforced my “no” with a smack on the hand. She wimpered, got the message and proceeded to go on her way. My mother-in-law commented that it was not necessary and she would not hurt anything. I politley infomred my mother-in-law that she was going to learn what she should not touch or do regardless of the location she was in.

You need to learn that too – and quickly. You need to learn what “no” means and Just Say No! If you are offered “free” tickets to the baseball game, just say no. What? They are free. Really, who is paying for the extra gas, the parking, the program, the hot dog, drink and popcorn? You see, it is not always free.

It may not be free tickets to the ballgame, but a great deal on a TV. You know the 46″ plasma that you have to have to fill that spot on the wall. I know, been there, done that and had plenty of debt to show for it. You do not need it. What you need is to get out of debt.

How about the extravagant gifts for your spouse or children. Yes, I know they deserve it. They also deserve a strong financial future and lingering debt does not fix it. Small tokens of love and appreciation will help keep your money focused on the debt reuciton/elimination plan.

Finally, how about those areas that we all fall prey to – food. Whether it be buying groceries without a plan or living at the restaurants, it is time to Just Say No. Do not spend all you discretionary money on food and, especially, restaurants. Your focus is getting out of debt and funding the restaurants does not get it done.

Regularly, I am told by clients that “…you don’t understand, we had too….”. No they did not have to to and neither do you. What you have to to is get out of the debt you are in as quick as possible. Short of a legitimate emergency, you can say “no” to much more than you have in the past. Now is the time to start making it happen.

I know, as I have heard in all my years as a husband, a father and a financial coach – “you’re know fun”. The truth is, when I was in debt I was no fun. Sleepless nights, constant worrying, no plan whatsoever – that was when I was no fun. Enacting my plan and learning to say “no” did seem like no fun, but the fun started when the first one went away and began to grow with each passing debt being eliminated from my account! No you are wrong, I am fun and I am now debt free by teaching you the same things I (we) have done.

I have been where you are and the debt is no fun. Get out of debt and you can afford to have fun – debt free fun!

Stick with it – Just Say No! Help your family learn to say “no”. Saying “yes” just delays the better life.

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Categories : Debt Free, Saving Money

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Jul

Ignite Your Debt Reduction Plan

By Parkey Thompson · Comments (0)

Wow, time is flying by. Paying off debt has never been so hard has it? Would you agree that it is much easier to accumulate that get rid off? It is time to stay the course and make sure that we are committed to paying it off!

You are now well underway or should be. If you are not, lets go back to that first email and start moving forward. Getting out of debt, as we have mentioned, is not something that we can easily go about. We must attack it just like we would a serious illness.
Are you moving as fast as you could and should be?

Today I want to share something with you that can, if you try it, will ignite your debt reduction plan. Most people overlook this because of attachment, but when applied it will get your plan moving faster.

Have you ever been on a diet? I have and, in fact, as I write this I am one one. Most people go on a diet to lose some pounds and they fail to realize that changing their behavior will help keep off the additional pounds in the future.

Most doctors and physiologists will tell you this – to spark your weight loss you MUST add some exercise to your daily routine. This exercise will help use up what you have eaten and will increase your metabolism to help ongoing processing of the right foods we eat.

Really? You mean of I go on a diet and add exercise it will help me get rid of the pounds I have faster and help me keep it off in the future. Yes, that is what I mean. Have you ever really tried it. I mean really – on a plan? If so, you know it works.

Your debt is no different. Paying it off needs a boost and I have a trick for you.

When I ask clients what their debt has been spent on, almost always I hear “… we really do not know…”. That is a very correct statement. You have gone so far into debt you have no idea what it was spent on. Oh yea, you can name a few things that stand out when you think about it or go grab some paperwork, but overall you have no idea. Some will say, “… some of that is living expenses like food, etc…”. How unfortunate that our debt payments have required us to put some of our daily needs on credit.

In order to get this going, here is your first task. If you are married, grab your spouse. If you have teenage children, grab them. Lets all sit around a table, with some paper and pens, and collectively write down everything that your debt has been spent on. Lets include everything we can remember. Groceries, clothes, weddings, gas and parts for the boat, birthday and Christmas gifts, home remodeling items – everything thing you can think of that went into your debt. Regardless of whether you think you have paid it off or not – put it on the list.

Once you have compiled the list, lets put a “best guess” estimate of how much the item was. This “best guess” column will be hard to complete because 1) you do not really know what you charged and 2) you really do not want to admit what you charged. Go ahead, write them all down.

Now we have a list. This is not a perfect list and should not be treated so. It is a WIP – Work in Progress. If you learn things as you move forward – update the list.

Next step is to identify what on the list can be sold. No need to back up, you read it right – SOLD! If you want to ignite your plan, what can be sold.

Here is where most stop and never restart their plan. They are too emotionally attached to sell. If this is where you stop, your debt will still be here next year and for years after that. Are you committed to move forward?

Many have started their diet’s with each new year to have been defeated within the first two weeks. When it comes to defeating your debt – is that you or are you committed to paying it off?

If you are committed, lets take the list and start getting things together. Whether a garage sale, Craigslist, eBay or whatever you choice – lets get things sold. It is time to clean it up, take a picture and get it sold. Do not let anything get on your emotional side!

There may be somethings that can not sold. Maybe it is the paint on the wall, the food you have eaten or the deck you put on the house. Regardless, get everything else that is not tied down and sell it. You may not believe this, but it is Biblical. Selling things to pay off debt is in the Bible. You may not read the Bible, but read this passage and you will see that what I want you to do was done centuries ago and it still works!! Read II Kings chapter 4.

Every dollar that comes in should be directly paid to debt – no if ands or buts. To make your igniter work – it has to be exclusively for debt pay down.

Paying down debt is one thing, adding an igniter by selling some of our possessions will get it moving rapidly.

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Categories : Credit Cards, Credit Score, Debt Free

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Jul

Boosting Your Credit Score

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Helpful Tips To Boosting Your Credit Score

1. When you get your credit scores, make sure you also learn the highest and lowest scores possible, as well as the most important factors that influenced your scores. These factors can give you an idea of how you can improve your scores.

2. Review your credit reports for accuracy. Mistakes and omissions on your credit reports probably will affect your credit scores. If you spot an error, contact the credit reporting agency and the creditor whose information is wrong.

3. If you have questions or problems with your credit scores, contact the company that provided them to you.

4. Getting your own credit scores or credit reports won’t affect your scores, as long as you order them from one of the sources we list here.

Boosting Your Credit Scores

Your credit scores change when new information is reported by your creditors. So your scores will improve over time when you manage your credit responsibly.

Here are some general ways to improve your credit scores:

Keep balances low on credit cards. High debt levels can hurt your score.
Pay your bills on time. Delinquent payments and collections can really hurt your score.
Pay off debt rather than moving it between credit cards. The most effective way to improve your score in this area is to pay down your revolving credit.
Check your credit report regularly for accuracy and contact the creditor and credit reporting agency to correct any errors.
If you have missed payments, get current and stay current. The longer you pay your bills on time, the better your score.
Apply for and open new credit accounts only when you need them.

Boosting Your Credit Scores

Your credit scores change whenever new information is reported by your creditors. So your scores will improve or not over time as you manage your credit responsibly.

Here are some general ways to improve your credit scores:

Pay your bills on time. Delinquent payments and collections can really hurt your score.
Keep balances low on credit cards. High debt levels can hurt your score.
Pay off debt rather than moving it between credit cards. The most effective way to improve your score in this area is to pay down your revolving credit.
Apply for and open new credit accounts only when you need them.
Check your credit report regularly for accuracy and contact the creditor and credit reporting agency to correct any errors.
If you have missed payments, get current and stay current. The longer you pay your bills on time, the better your score.

Improving your credit scores can assist you to:

Lower your interest rates
Speed up credit approvals
Reduce deposits required by utilities
Get approved for apartments
Get better credit card, auto loan and mortgage offers.

This publication has been prepared by Consumer Federation of America and FICO, and was reviewed by the Federal Citizen Information Center. These materials may be reproduced for educational purposes only.

Technorati Tags: Boosting Your Credit Score, consumer counseling credit services, FICO credit score, Get approved for apartments, get better loan offers, get better mortgage rates, How to get out of debt fast, improve credit score, Lower your interest rates, Parkey Thompson, Reduce deposits required by utilities, Speed up credit approvals

Categories : Credit Score

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Jul

Components of Your FICO Credit Score

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Five Main Parts to Your FICO Credit Scores

Usually, credit scores analyze the available on your credit report. They use different formulas to work this out. Since FICO scores are frequently used, here is how these scores evaluate and score your credit report.

1. Your payment history – about 35% of a FICO score
This looks at how well you paid your credit accounts on time? Items such as late payments, bankruptcies, and other negative payment items can reduce your credit score. But a consistent record of prompt payments boosts your score.

2. How much you owe – about 30% of a FICO score
FICO scores look at the total amounts you owe on all your accounts, the total number of accounts with balances, and how much of your available credit you are using. The more you owe compared to your total credit limit, the lower your score will be.

3. Length of your credit history – about 15% of a FICO score
A longer credit history will alwaysincrease your score. However, you can get a higher score even with a short credit history if the rest of your credit report shows responsible credit management.

4. New credit – about 10% of a FICO score
If you have recently applied for or opened new credit accounts, your credit score will compare this fact against the rest of your credit history. FICO scores distinguish between a search for a single loan and a multiple search for many new credit lines, taking into the account the length of time over which inquiries occur. If you need a loan, do your rate shopping within a focused period of time, such as 30 days, to avoid lowering your FICO score unnecessarily.

5. Other factors – about 10% of a FICO score
Several minor factors also can influence your score. For example, having a mixed balance of credit types on your credit report – such as several credit cards, installment loans such as a mortgage or auto loan, and personal lines of credit – is normal for people with longer credit histories and can add slightly to their scores.

What’s NOT In Your Scores

By law, credit scores may take into consideration your race, color, national origin, religion, sex and marital status, or whether you receive government assistance or exercise any other consumer right under the federal Equal Credit Opportunity Act or the Fair Credit Reporting Act either.

Technorati Tags: credit payment history, credit related information, FICO credit mix, FICO credit score, FICO Credit Score Components, how much you owe, How to get out of debt fast, length of credit history, new credit applications, Parkey Thompson, Parts to Your FICO Credit Scores

Categories : Credit Score

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Jul

What is a Good Credit Score?

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What is a Good Credit Score?

When lenders talk about “your score,” they usually mean the FICO® score developed by Fair Isaac Corporation. It is today’s most commonly used scoring system. FICO scores range from 300-850, and most people score in the 600s and 700s (higher FICO scores are better). Lenders buy your FICO score from three national credit reporting agencies (also called credit bureaus): Equifax, Experian and TransUnion.

In the eyes of most lenders, FICO credit scores above 700 are very good and a sign of good financial health. FICO scores below 600 indicate high risk to lenders and could lead lenders to charge you much higher rates or turn down your credit application.

Not Just One Score

There are many types of credit scores. They are developed by independent companies, credit reporting agencies, and even some lenders. As a rule, the higher the score, the better.

Your credit score changes when your information changes at that credit reporting agency. This is good news! It means you can improve a poor score over time by improving how you handle credit.

Each credit reporting agency calculates your score and each score may be different because the credit history each agency has about you may be different. Lenders may make a credit card or auto loan decision based on a single agency’s score, although others such as mortgage lenders often will look at all three scores.

Some credit scores offered to consumers are just estimates and are different from the credit risk scores lenders actually use, although they may appear similar. Consumer reporting agencies and other companies sometimes use an estimated score to illustrate a consumer’s general level of credit risk. How might you tell whether a score is estimated? Ask the company if the score is used by most lenders. If it isn’t, it is likely to be an estimated score.

Many insurance companies use something similar when setting your insurance rates, called a “credit-based insurance score.” You may be able to improve your insurance score by improving how you handle credit, which in turn may lower your premium payments on auto or homeowners insurance.

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Categories : Credit Score

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Jul

Credit Score Critical For Your Financial Benefit

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Credit Scores Are Vital to Your Financial Health

A credit score is a number that helps lenders and others predict how likely you are to make your credit payments on time. Each score is based on the information then in your credit report.

Why Do Your Scores Matter?

Credit scores affect whether you can get credit and what you pay for credit cards, auto loans, mortgages and other kinds of credit. For most kinds of credit scores, higher scores mean you are more likely to be approved and pay a lower interest rate on new credit.

Want to rent an apartment? Without good scores, your apartment application may be turned down by the landlord. Your scores also may determine how big a deposit you will have to pay for telephone, electricity or natural gas service.

Lenders look at your scores all the time. They look at your scores when deciding, for example, whether to change your interest rate or credit limit on a credit card, or whether to send you an offer through the mail. Having good credit scores makes your financial dealings a lot easier and can save you money in lower interest rates. That’s why they are a vital part of your financial health.

Consider a couple who is looking to buy their first house.

Let’s say they want a thirty-year mortgage loan and their FICO credit scores are 720. They could qualify for a mortgage with a low 5.5 percent interest rate*. But if their scores are 580, they probably would pay 8.5 percent* or more — that’s at least 3 full percentage points more in interest. On a $100,000 mortgage loan, that 3 point difference will cost them $2,400 dollars a year, adding up to $72,000 dollars more over the loan’s 30-year lifetime. Your credit scores do matter.

*Interest rates are subject to change. These rates were offered by lenders in 2005.

What is a Good Credit Score?

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Categories : Credit Score

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Jul

Debt Collector Problems

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Complaints about debt collectors continue to be the NUMBER ONE complaint that the FTC receives with almost 80,000 complaints documented in 2008.

If you’ve ever had the unpleasant experience of being contacted by a debt collector for credit card debt collection or any other type of collections, you will most likely recognize these common complaints:

Harassment by continuous and repeated phone calls – over 27,000 complaints!

Harassment by collectors using obscene, profane, or abusive language – over 10,000 complaints!

Threatening the consumer with wage garnishment, property seizure, job loss, or going to jail for non-payment of debt – almost 12,000 complaints!

Collectors threatening to use violence if payment not received –over 1,000 complaints!

The Federal Trade Commission acknowledges that many of these actions by the debt collectors violate the Fair Debt Collection Practices Act and are therefore illegal! The FTC also acknowledges that it most likely received complaints from only a small number of the people actually victimized by these illegal debt collection practices.

What does the FTC do about these complaints? Basically very little!

The Federal Trade Commission is proud to state in its annual report that in the last reporting year, it brought TWO actions against debt collectors. With 80,000 complaints, the FTC sued TWO collectors!

Obviously complaining to the FTC does NO GOOD!

You must protect yourself against illegal credit card debt collection practices. You must become informed regarding unsecured debt law, laws governing debt collectors, and your rights! You must know how to recognize and document illegal debt collector activity before it happens! You must have a plan for using the documented illegal debt collector activity against the debt collectors in place! Otherwise you will get the abuse and there will be little or nothing you can do about it and the debt collectors know this!

WE SHOW YOU WHAT TO DO!

Listed below are the things a debt collector cannot do according to the FDCPA:

1. Call you at work AFTER you have told him/her or any representative of that company not to do so (which our letter to the debt collector does).

2. Contact you before 8 AM or after 9 PM, in your time zone – not theirs.

3. Fax or send your employer an “Employment Verification” form.

4. Speak to anyone other than you, your attorney or your spouse about the debt. This includes neighbors, relatives and co-workers. * Exception – a collector may contact a third party only if they do not have your current phone number, address or place of employment and they can call only to request that information. They cannot speak about the debt with them. FYI, if your neighbor or family member receives an improper call from a debt collector, not only do you have a cause of action against the debt collector for violating your rights, but SO DOES THE PERSON WHO RECEIVED THE CALL!

5. Threaten violence.

6. Continue to contact you after receiving written communication from you stating you refuse to pay the debt or wish them to cease communication.

7. Cause your phone to ring repeatedly, whether the collector speaks to you or not.

8. Use profanity, racial slurs or foul language.

9. Claim to be associated with the US or any state agency. (Such as being a “police officer”.)

10. Call without disclosing their identity.

11. State that not paying a debt will result in arrest/imprisonment.

12. Claim to be an attorney if he/she is not.

13. State you have committed a crime because of nonpayment of an alleged debt.

14. State that not paying a debt will result in seizure, garnishment or attachment of property.

15. Threaten to or actually communicate false information to the credit reporting agencies

16. Use any name other than the true name of the collection agency.

17. Send any communication which does not express, “This is an attempt to collect a debt… communication is from a debt collector.”

18. Accept or request a postdated check for the purpose of threatening criminal prosecution (should the check not clear).

19. Withdraw funds from a bank account without your permission.

20. Deposit or threaten to deposit a postdated check prior to the date.

21. Cause any charges to be incurred such as collect calls.

22. Take or threaten to take or disable property.

23. Use any marking on the outside of a collection letter, which indicates it is from a debt collector.

24. Communicate via postcard.

25. Bring a lawsuit in a location other than where you live or where the contract was signed.

26. F ail to send a 30-day validation notice within 5 days of the initial communication.

27. Act in any way, which would be considered disrespectful or abusive.

28. Continue collection actions before validating the debt.

29. Use any untrue, deceptive or misleading representations in order to get you to pay the alleged debt.

Disclaimer: The information contained in this web site is for informational and educational purposes only. It is believed to be accurate at the time of creation. We are not attorneys. Nothing contained in this web site is to be construed as the offering or giving of legal advice or legal opinion. Should you require legal advice or legal opinion, please seek the counsel of a qualified licensed attorney in your state.

Technorati Tags: complain to FTC, consumer credit counseling service, credit card collection practices, dealing with ugly debt collectors, how to eliminate credit card debt, How to get out of debt fast, how to handle debt collectors, how to pay off credit card debt, illegal debt collector activity, laws governing debt collectors, Parkey Thompson, unsecured debt law

Categories : Credit Cards, Debt Free

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Jul

Credit Card Securitization

By iadmin · Comments (0)

Who owns your credit card debt?

Is it the bank that sends you your statements or is it possibly another entity entirely?

Securitization refers to the practice of bundling credit card receivables (mortgages are also heavily securitized which was a big contributor to the mortgage meltdown experienced in this country) into investment vehicles known as Master Trusts which are marketed to investors as asset backed securities.

Securitization allows credit card companies to pass the risk of default along to investors while increasing profitability.

Which simply means this, because the credit card company doesn’t actually own the money you owe, it can squeeze you for a higher rate without worrying about whether the higher payments may cause you to default (stop paying).

If you pay the higher rate, the bank makes more money!

If you can’t pay the higher rate, the bank doesn’t lose money, the investors do!

On November 10, 2008, USA Today ran an excellent article entitled Why Banks are Squeezing Credit Card Holders. The article can be found in the USA Today archives. Here’s a brief excerpt which talks about the securitization of credit card receivables and the effect of such securitization on the ability of the bank to squeeze consumers:

In recent years, banks have sharply raised interest rates and penalty fees on credit cards. As the economy tanks and banks’ mortgage-related losses balloon, some banks are stepping up such increases to boost revenue. Bearing the brunt are consumers for whom a jump in rates and fees can make it tougher to pay their bills at a time when household budgets already are being stretched.

A key driver behind this trend: securitization. From 2003 to 2007, seven of the largest issuers of credit cards packaged an increasing amount of card debt into securities and sold them off to investors, just as banks did with mortgages, a USA TODAY review of banking records found.

Selling off credit card debt has given banks a powerful incentive to raise card fees and penalties, according to interviews with dozens of industry analysts, academics and investment specialists.

Here’s why: When banks package and sell card debt, they pass along to investors some of the risk the debt will go bad. Yet, banks often get to pocket much of the profit from rate and fee increases on those accounts. Imposing higher fees on more accounts — without a comparable rise in risk — lets banks raise revenue and keep profits up, at customers’ expense.

Credit Card Securitization has been a “major impetus” for banks to expand penalty fees and rates in recent years, says Adam Levitin, a Georgetown University law professor and card expert. Banks “have little to lose if they squeeze too hard (if consumers default), but a lot to gain if they can extract additional payments” from card users, he says.

For further information on how credit card companies can raise your interest rate any time they want with no limit on how high it can go and also charge you outrageous fees as well, click here for How Credit Cards Trap Consumers.

Technorati Tags: banks raise revenue, consumer credit counseling service, credit card companies pass the risk of default, credit card company, Credit Card Securitization, how to eliminate credit card debt, How to get out of debt fast, how to pay off credit card debt, Parkey Thompson, you pay the higher rate

Categories : Credit Cards, Debt Free

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Jul

Why Credit Cards Are Designed To Trap You

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The entire world economy rests on the consumer. If he ever stops spending money he doesn’t have on things that he doesn’t need, we’re done for. – Bill Bonner, author and columnist on economics and money

This is what our money system is, if there were no debts in our money system, there wouldn’t be any money. – Marriner S. Eccles, former Chairman of the Federal Reserve Board

For the love of money is the root of all kinds of evil. – I Timothy 6:10 (New Living Translation)

YOU HAVE BEEN LIED TO!!!

You have been victimized by a system designed to get you in debt and keep you there because it is very profitable (for the banks) to do so!

In America, the national credit card debt now totals almost ONE TRILLION DOLLARS with the American average credit card debt now more than $10,000 per household.

Credit cards cost American consumers more than $90 BILLION DOLLARS a year in interest and fee charges!

For years you have been led to believe that the banking and credit system functions a certain way. You have been led to believe that the banks have “lent” you money because you demonstrated your “credit worthiness” and that your failure to pay or inability to pay is because you’ve overspent or over borrowed and that you and you alone are at fault.

You have been led to believe that the debt collectors are just doing their rightful job in harassing you for payment and that it is your obligation to figure out how to beg, borrow, or steal the money to pay them.

You are about to find out just how WRONG that picture is.

While the information presented here is readily and publicly available, it is not information of which most people have much knowledge.

That’s because the banks and credit card companies and debt collectors want to keep it that way!

They prefer an ignorant customer of whom they can continue to take advantage!

With the average credit card debt costing the average American family almost $2000 a year in interest charges alone, you can begin to see just how profitable the current system is for the credit card companies and banks!

What you are about to read may seem unbelievable but again this is very public information; it is simply not common knowledge.

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Categories : Credit Cards, Debt Free

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