Debt relief: managing your own “debt ceiling”
Here are some debt management tips helpful for controlling credit card debt.
Debt management 101: Don’t increase credit limits
When you’re short of cash or have unexpected expenses, opening another credit card may seem like a good option. Instead, be realistic about how digging deeper into debt helps with your goal of effectively managing debt. Don’t fall for offers of deep discounts for opening a new credit card. Unlike the federal government, consumers can damage their credit by opening new accounts and maxing out credit cards.
Reducing finance charges: Can balance transfers help?
Finance charges, or the cost of using credit, are calculated as an annual percentage (APR) of the amount of debt you owe. Your credit card statements show your current APR for each monthly billing period. Take a deep breath and check out the APR for each of your credit cards. Variable interest rates, penalty fees, and card usage cause the APR to change.
Credit card companies promote transferring balances to their card in exchange for a low or no interest rate introductory period. Read the fine print; there is usually a 3 to 5 percent transfer fee tacked on to each transfer. This may be worthwhile under the following conditions:
You can transfer balances with double-digit APRs and pay them off within the introductory period. Failure to pay them off during the introductory period means that balances remaining after the introductory period expires will accrue interest at a new and usually much higher rate.
Controlling spending/card usage: If you practice retail therapy, or buy big ticket items that cannot be paid off in one billing cycle, please think twice about balance transfers, especially if you’re opening a new credit card account.
Consult a financial advisor or credit counseling and debt consolidation program for help with reducing and managing credit card debt.
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Loading ...4 simple ways to save while in debt
It may feel like you’ll never get your credit card debt paid off and begin to build a savings. However, adjusting some of your spending habits and reviewing your bill payments could help you escape the debt trap for good.
- Adjust your attitude. Even if you have a lot of credit card debt it’s not the end of the world. Many people have found themselves harassed by creditors and confronting enormous mounds of debt but have managed to turn their situation around. By changing your behaviors and thoughts about money, you, too, can begin digging out of debt.
- Put together a debt reduction plan. It’s almost impossible to pay down a lot of credit card debt and other bills without a plan. The first step in a debt reduction plan should be to total up all the debt so you have a realistic idea of where you’re at. After that you’ll need to set up a budget that accounts for all household income and expenses. If you aren’t sure how to set up a budget, a debt counseling firm may be able to help. Cut out or reduce any expenses that are not necessities.
- Prioritize your bills. There are certain bills that must be paid each month, such as housing costs, utilities and food. Consider putting those bills on an automatic bill payment plan to make sure they arrive on time each month. On-time payments will keep you from accumulating a lot of late fees or having interest rates jump, which can potentially save you hundreds–or even thousands–of dollars each year.
- Build a nest egg. If you find that tweaking your budget is freeing up more of your income, use some of it to build an emergency savings. Putting away $25 out of every paycheck is better than not saving anything. Also continue to make the payments on your credit cards and other bills, and divert any extra cash toward paying off one of your debts. After you get to a zero balance, roll whatever you were paying each month toward another debt. Before you know it you’ll be debt free and have a nice balance in a savings account.
(No Ratings Yet) Loading ...Consumers in the U.S. are still in financial distress, but their overall financial situation seems to be improving. The CredAbility Consumer Distress Index tracks the financial condition of the average U.S. household each quarter. CredAbility, a nonprofit credit counseling firm, measured employment, housing, credit, how households manage budgets and net worth.
Index score rises
U.S. households had a score of 68.1 on a 100-point scale in the first quarter of 2011, which was up from 67.2 the previous quarter. It was the highest score since the financial crisis escalated in the third period of 2008. A score below 70 indicates that households are experiencing financial distress.
Debt management
However, many consumers are getting their acts together and improving their finances. For instance, many people are doing better at managing their household budgets. They also are showing some improvement in debt management, reflected in the fact that there were fewer bankruptcy filings, which fell 6 percent from the year-earlier quarter.
“The good news is that the full-time labor force grew by more than 540,000 people in the first quarter and consumers with stable incomes have a handle on their credit and household budgets,” said Mark Cole, chief operating officer for CredAbility and author of the report. “While the housing category continues to deteriorate, a gain of four points in the index during the past five quarters indicates that the majority of consumers are on the right track.”
Distressed southern states
Some areas of the country fared better than others. North Dakota (82.35) and South Dakota (81.23) were the states with the highest individual scores. Overall those two states have not been hit as hard by the economic crisis as some other parts of the country. Six states in the Southeast were among the 10 most distressed states in the country.
Help for your household
If you find yourself feeling overly stressed by credit card debt and other bills, it may be time to get help with debt. Consider finding a reputable debt counseling firm to work with you to better manage your household budget.
(No Ratings Yet) Loading ...5 ways the IRS can be your best friend when you’re in debt
If you are having trouble paying tax debt, the Internal Revenue Service (IRS) wants to hear from you. Rather than avoiding your money woes, it is important to seek out help with debt.
Consider the following tips when trying to resolve issues with tax debt:
- Paying part: The IRS would rather receive a partial payment than no payment at all. Paying part of your tax bill would reduce the amount of penalties and interest owed.
- Payment arrangements: You could qualify for a short-term payment agreement to get help with debt. This would allow you to pay off your tax debt in full within 60 to 120 days. Getting such an agreement depends upon your situation but could allow you to reduce the amount of penalties and interest paid.
- Installment agreements: An installment agreement stretches out the payments for a longer period of time. If less than $25,000 is owed, there is an online form that can be filled out to request a plan. If you owe over $25,000 there may be additional information that needs to be processed.
- Delaying payment: If you are experiencing extreme financial hardship, you may be eligible for a temporary delay in paying the tax bill until things improve. During that time interest and penalties would still accrue and the government could file a tax lien.
- Settling tax debt: An Offer in Compromise (OIC) would allow you to settle tax debt for less than what is owed. You won’t be allowed to set up a debt settlement if the IRS believes you have the ability to repay the full amount as a lump sum or through an installment plan. Usually an OIC is set up if there is doubt that a taxpayer could pay the full amount, doubt that the amount of tax assessed is correct or there is some extreme circumstance that needs to be considered even if the tax payer has the ability to repay their debt.
Most people are afraid the IRS will come after them if they don’t pay taxes. But if you come out of hiding and work to address any tax woes, the IRS may work with you to come up with a solution.
(No Ratings Yet) Loading ...Government cracks down on more student loan defaulters
The government is going after more student loan defaulters and suing to recover the money. The Education Department referred 5,393 loan defaults to the Justice Department last year, compared with 2,596 in 2009, according to USA Today. There were 918 referrals in 2006.
Too much debt
Many people who used student loans to pay for college have found themselves struggling to pay the bills along with credit card debt and other financial obligations. In many cases defaulters go for years with unpaid loans without the government coming after them. But now the government is filing lawsuits against more people with large amounts of unpaid debt.
“The most important thing to remember is we want the loans repaid,” Education Department Spokesman Jane Glickman told USA Today. “Borrowers can work on repayment plans ranging from deferments to extended grace periods. We try to do everything possible to come up with a repayment plan before taking the step of seeking a lawsuit.”
Ask for help with debt
If you find yourself juggling too many student loans, here are four things to try to get help with debt:
- Contact your student loan company and ask for debt help. Avoiding the problem will only make it worse.
- Ask for a loan deferment, which would allow you to postpone repaying it for a period of time. Depending upon the type of loan, you may still have to make interest payments.
- Ask for forbearance on a loan. This would allow you to suspend or reduce loan payments for a period of time. Interest would continue to accrue during the forbearance.
- Look for loan forgiveness programs if you work in select fields in certain types of communities, such as medicine, teaching or the military. Read through program guidelines carefully to determine eligibility.
Get help with student loan debt before it gets out of control and you end up defaulting. Also remember that having larger amounts of debt could also increase the odds of a lawsuit being filed against you.
(No Ratings Yet) Loading ...You and the government need to clean up credit
The U.S. government received a wake up call this week when Standard & Poor’s revised its credit rating outlook to negative from stable and affirmed its ‘AAA/A-1+’ sovereign credit ratings on the United States.
“Because the U.S. has, relative to its ‘AAA’ peers, what we consider to be very large budget deficits and rising government indebtedness and the path to addressing these is not clear to us, we have revised our outlook on the long-term rating to negative from stable,” S&P said in a statement.
More pressure to cut debt
The S&P report steps up the pressure on the government to get the federal deficit and debt under control before it loses its AAA rating. It also is a reminder that many Americans need to step up efforts to get their own debt under control.
Check your credit report to see what needs to be done and then consider the following things that can help get your credit in order.
- Debt counseling: Don’t think you have to go it alone when trying to wipe out credit card debt. Find a reputable debt counseling firm that can help put together a plan for tackling your bills. Look for an agency that helps you learn to budget and offers educational programs aimed at improving overall money management.
- Credit card debt settlement: Being behind on credit card payments by a few months may actually work in your favor for negotiating a debt settlement. Contact your creditors to see if you can negotiate a lower payoff. It may take several attempts to reach the right person who can set up a debt settlement, but it’s worth the effort. In some cases consumers have been able to settle credit card debt for less than half of what was actually owed.
- Credit consolidation: Consolidating your bills may allow you to get a lower monthly payment. While lower payments can help while you’re trying to repair credit, it’s a good idea to continue paying as much as possible toward debt if you can afford it. Finally, debt consolidation only works if you avoid running up more debt.
(No Ratings Yet) Loading ...Credit industry survey: 25 cities with highest credit card debt
Experian, a credit bureau specializing in consumer credit reporting, scoring and financial services, released a survey indicating that San Antonio, Texas is the city with the most per capita consumer credit card debt with an average of $ 5,177 in credit card debt as compared to the national average of $4,200 as of December 2010. The survey only considered balances on bank issued credit cards; cards issued by retail establishments weren’t included in the survey. Although survey results provide entertaining reading, they don’t help much if you’re drowning in credit card debt.
Finding debt solutions requires understanding the problem
Whether you live in San Antonio or Kalamazoo doesn’t matter if you can’t see past the pile of bills and late notices piling up. If you’re in trouble with credit card debt, it’s important to uncover the underlying reasons. Debtors Anonymous, a self help group, suggests signs of addictive spending:
- Not knowing where you stand financially: You don’t balance your checkbook or monitor your credit card balances. You continue spending with the hope that you have enough cash or credit to cover your purchases.
- Living for today and not worrying about tomorrow: Failing to budget for predictable expenses such as health care, taxes and other non-recurring but expected expenses.
- Difficulty meeting basic obligations: Do you put off paying your rent or mortgage until the last minute? Have you borrowed money to pay for groceries, or used credit card cash advances to pay utilities or rent? When you pay all of your basic expenses in a timely manner, do you feel as though you’ve accomplished something extraordinary?
- Debt brings drama: Are you always wondering how you’ll pay your bills, or robbing Peter to pay Paul? Are you frequently in crisis mode with money?
- Gaining a sense of status when using credit cards: Credit card ads succeed in convincing many consumers that carrying (and using) their cards is prestigious, and that carrying a piece of plastic named after a precious metal is somehow admirable. Wake up call: A credit card is a piece of plastic that functions as a financial tool when used responsibly or that can ruin your life if not used with care.
Don’t be afraid to admit that you need debt help. Depending on your situation, you may find help from sources including debt consolidation loans, consumer credit counseling and debt consolidation services, or through consulting a bankruptcy attorney. Facing debt problems and finding debt help today is your first step toward achieving financial security.
(No Ratings Yet) Loading ...U.S. credit card debt falling: 6 tips for doing your part
The Federal Reserve reports that although consumer debt levels are increasing, which indicates more consumer spending, credit card debt levels are falling. As of January 2011, consumer debt increased to $2.412 trillion, the fourth consecutive monthly increase. Credit card debt decreased by $4.2 billion or 6.4 percent during January. Although some of the decrease could reflect issuer charge offs or consumer bankruptcy filings, it’s also likely that consumers are learning the lesson that carrying high cost revolving debt is similar to being stuck on a high-speed hamster wheel. If you’re ready to free yourself from the cycle of incurring credit card debt and paying high interest and penalties, here are some tips for succesful debt management.
Managing credit card debt: no instant success
- Understand that debt doesn’t go away over night: Falling into a financial hole is easier than digging your way out. Your commitment to eliminating credit card debt is required for success.
- Establishing and writing down your goal: Review your credit card balances, make a list of them and set a goal for becoming debt free. It’s important to be realistic and plan your debt repayment schedule based on existing income. Don’t count on the lottery, your relatives or a windfall to bail you out of credit card debt.
- Apply all “found money” toward your debt: Tax refunds, raises, bonuses, funds from garage sales and online auctions can help you reduce your debt faster. That jar of change you’ve been saving for years? Take it to the bank and pay down your debt.
- Change your spending habits: Don’t carry credit cards in your wallet. If you have to consciously seek out a credit card before shopping, you may think twice about using it. You can use debit cards with major credit card logos anywhere that credit cards are accepted. Knowing your expenditures are coming out of your checking account can help you put the brakes on impulsive spending.
- Cooling off before buying: It’s not realistic to expect that you won’t engage in any discretionary spending, but try to enforce a “cooling off period” before purchasing items you want rather than need. Think about it overnight, review your debt management plan and ask yourself if $150 for a new pair of shoes would be better applied toward reducing credit card debt.
- Engaging the support of friends and family members can help you stay on track. Suggest alternative activities to recreational shopping and “girls day at the mall.”
Seeking help from credit card debt consolidation and consumer credit counseling programs can provide debt solutions if you’re having trouble achieving your debt management goals.
(No Ratings Yet) Loading ...Credit card debt consolidation: Is debt consolidation good?
Although “good” is a subjective term, we can clarify positives and negatives related to using debt consolidation as a method for debt management. Debt consolidation functions in a manner similar to refinancing a home mortgage; you’re trading one or more debts for a single new debt, typically one offering lower finance charges. Potential benefits associated with debt consolidation include:
- Streamlining debt management: Dealing with a stack of credit card bills and loan payments each month increases your chances of missing a payment. Credit card debt consolidation can help by rolling several balances into one.
- Cleaning house, and your head: If you’re stressing due to debt, using debt consolidation can help you regain some feeling of control. Paying off multiple debts with a debt consolidation loan or consumer credit counseling can eliminate problems with debt collectors calling you at home and work, along with helping you focus on paying off your debt consolidation balance in place of several credit card debts with changing balances and finance charges.
- Lower finance charges: When shopping debt consolidation loans, it’s important to compare the annual percentage rate (APR) for the debts you’re consolidating along with the APR for debt consolidation options you’re considering. Your goal is to consolidate debt to one account with a lower APR than the debts you’re consolidating. APR provides a more accurate estimate of actual debt costs because it includes interest rates, penalty fees and lender fees.
Debt management: Debt consolidation can help, or not
- Using your home for collateral: Unsecured debt consolidation loans can be difficult to find if you have bad credit. In today’s economic climate, with housing values declining, it may also be difficult to qualify for a home equity loan or line of credit with less than admirable credit. If your home has lost value, you may not have enough home equity to qualify for debt consolidation through home equity financing or refinancing your mortgage.
- Credit card balance transfers: Although these can be useful to consolidate a few low credit card balances, it’s easy to lose potential benefits if you fail to pay off your balance transfers prior to the expiration of the introductory period.
- More debt than before: This is a frightening scenario that can happen. Clearing up debts with a debt consolidation can provide a false sense of security which can lead to more debt. Credit card debt consolidation can lead to a vicious cycle of paying off, consolidating and incurring more debt.
Those struggling with debt can benefit from programs offered through non-profit debt consolidation programs. These programs can help you determine why you’re in debt, and establish debt management options through budgeting and affordable repayment plans.
(No Ratings Yet) Loading ...Credit card debt: Don’t follow in the government’s footsteps
The New York Times reports that Congress is gearing up to debate whether or not to increase the federal government’s debt ceiling. Hello? Isn’t it about time for our elected officials and so called leadership to start setting an example for we, the consumers? We are constantly reminded of the importance of financial prudence; meanwhile our government is spending like a fleet of drunken sailors. At some point, the government and debt-ridden consumers have to know when to say “when.” The government’s balance sheet is too big to tackle here, so let’s concentrate on reducing personal credit card debt.
Drowning in debt: Has this become America’s new favorite past time?
Recent reports of increased credit card usage among consumers seem to suggest a revival of consumer confidence, if not carelessness. Carrying credit card debt doesn’t make sense, particularly in uncertain economic times. Here are some reasons to think twice before running up credit card debt:
- Variable interest rates: Many credit cards carry variable interest rates, which can go up if the financial index the card is tied to increases.
- Minimum payments and unpaid interest: Minimum credit card payments typically do not cover all of the accrued interest, and unpaid amounts are added to your unpaid credit card debt.
- Finance charges: Although legislation has limited how and when credit card companies can impose penalty fees, these fees can add to your debt if you forget to make a payment or exceed your credit limit. If you incur a penalty fee for the first time, it’s worthwhile to call your credit card company and request a waiver of the fee.
- Job insecurity: Financial analysts and economists report that the economy is rebounding, but unemployment remains high. Carrying credit card debt takes a bite out of your budget that can be disastrous if you lose your job or your income is reduced.
- Temptation: Somehow paying with credit cards can lead to more spending. Avoid the temptation to spend lavishly or unnecessarily by carrying cash or a debit card instead of credit cards.
- Emergency savings: Relying on credit cards for emergencies can create costly debt. It’s important to establish and fund an emergency savings account. The amounts you’re paying toward credit card debt could have gone to savings instead of debt.
- Credit scores: Like it or not, credit scores can impact more than your ability to qualify for loans and credit. Employers and insurance carriers may check your credit scores as part of their approval processes. Although the bad economy has thrown a monkey wrench into the allegedly reliable models used by credit scoring companies to predict consumers’ creditworthiness and overall reliability, the system remains unchanged, and poor credit scores can create more than financial problems.
Seeking debt help is essential if you’re struggling with credit card debt. Contacting consumer credit counseling and debt consolidation programs is the first step toward finding affordable debt management solutions. Insurmountable debt causes physical and emotional stress, can strain interpersonal relationships and cause problems at work. Don’t wait. Please get the debt help you need today.
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Chris Rocks is the Regional Director of the National Credit Federation (NCF). NCF is a nationwide membership-based organization that assists consumers recovering from a financial difficulty and those who need a significant increase in their credit score.
Chris began his financial services career as a Financial Advisor helping young families with risk management and asset accumulation strategies. It was during that time that Chris realized that many of these young families also needed someone to guide their choices with regards to debt management.
He made the transition into the mortgage industry where he first worked as a loan originator and later the Vice President of a small mortgage company. As Chris came across clients who had suffered through financial challenges and saw the difficulty they had in re-entering our credit driven economy, he discovered there was a real opportunity to leverage his unique background and help others.
He can be contacted by visiting his personal site, GoodCreditLiving.com.
Francine L. Huff is the Publisher and Editorial Director of Super Savvy Publishing, LLC, which provides editorial and publishing services. She is a gifted author, freelance journalist, and motivational speaker who has entertained and motivated a variety of audiences through workshops, panels and keynote addresses. Francine is the author of The 25-Day Money Makeover for Women, which has inspired and motivated many readers to rein in poor financial habits, become good stewards over their money and work toward a debt-free life. She has appeared on a variety of TV and radio shows. Francine previously worked for the Wall Street Journal, where she was the spot news bureau chief, a news editor and a copy editor. She has interviewed a variety of financial professionals about financial issues and strives to present information about managing money in an easy-to-understand format that is accessible to people of all backgrounds and income levels.
Karen Lawson is a freelance writer with more than 15 years of experience working in mortgage banking and loan servicing. She holds BA and MA degrees in English from the University of Nevada, Reno. She enjoys writing informative articles about debt management and personal finance.
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