True Debt Advisor Warns: The Season Begins for Credit Card Abuse

Thanksgiving is over, the stores are open early, and retailers are enticing shoppers with lower prices. The season has begun to abuse the plastic in our wallets. When the credit card statements arrive, many Americans will learn to resolve the extra strain on their budgets by learning how to legally eliminate 100% of their credit card debt, without bankruptcy, consolidation, or refinancing.

Hoschton, GA (PRWEB) November 25, 2006 - The season has officially begun. This is the time of year Americans flock to the mall in droves to catch all the bargains that retailers have to offer. The reason of course is to find those perfect gifts, along with the satisfaction of finding a great deal. Yet when the credit card statements arrive over the next few months, many consumers will find that they once again over extended their budgets. Many still have not fully paid off their debts from last year.

It is too easy to do. Credit is easy to obtain, and we are constantly bombarded with incentives to use our credit cards instead of cash. Incentives range from airline miles, to free gasoline, to cash back rewards. Credit card commercials are designed to give us the mindset that we can live like royalty, if we just use our credit cards. They are very successful at this. When using plastic, we don’t feel as if we are actually spending money.

Credit card use can quickly turn into credit card abuse. This is especially true during the holiday shopping season. Reality quickly sets in when the statements arrive in December and January. When the credit card balances become out of control, the consumer begins to search for their best debt relief. Instead of a consolidation program or refinancing their house (again), consumers are now turning to debt elimination. A true elimination program will allow people to legally walk away from 100% of that debt, without bankruptcy, consolidation, or refinancing.

Given the fact that bankruptcy may no longer be an option, consumers and small business owners are now finding this type of debt relief more suitable to their needs. They are also finding their credit scores are higher after completing this process.

The process that is used to discharge debt is based off of U.S. Supreme Courts decisions, Title 15 United State Code (USC), the Fair Debt Collections Practices Act, the Fair Credit Billing Act, the Uniform Commercial Code (UCC), and numerous Banking and Lending laws.

Jim Vrana of The True Debt Advisor (http://www.TrueDebtAdvisor.com) states, “People do need to understand that they should be responsible with their cards. They should forget about the extra airline miles. If you can’t afford something now, don’t buy it now.” He adds, “When the burden becomes too overwhelming, this program is giving people a fresh start on their financial lives. A ‘do-over’ you might call it. Without the credit-sting or shame of bankruptcy.”

Billed as The True Debt Advisor (http://www.TrueDebtAdvisor.com), Jim Vrana’s mission is to educate and empower people to overcome their financial challenges. The time-tested legal procedures used to eliminate credit card debt have been used by thousands of people with tremendous success. It is truly the alternative to bankruptcy, credit counseling, and debt consolidation. The program is applicable to all major credit cards and unsecured signature loans.

Contact:

Jim Vrana
True Debt Advisor
(800) 637-1785
http://www.TrueDebtAdvisor.com

This entry was posted on Sunday, November 26th, 2006 and is filed under Credit Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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How Credit Scores Affect Mortgage Applications

With a good credit score an applicant will receive prompt response from many lenders, all of them offering low interest rates and low down payment options. The loan amount offered also may be high. On the contrary a low credit score would result in a lot of rejection from various mortgage financers. Because creditors wouldn’t come forward easily to give credit to individuals that have a history of difficulty in repaying existing loans. After all, creditors take risk when they finance mortgages against the credit history of a debtor. Naturally, they will wish to remain on the safe side and pick up less risky ones that have good credit histories. A good credit score means less chance of missing on payments and therefore less risky.

But there are some real risk takers that will come forward to finance mortgages for individuals with bad credit scores. They would charge high down payments and always high interest rates though. They may also fix additional charges for every little paper work and may charge high closing rates. The loan amount offered will also be considerably less. The individual with poor credit scores will not have much choice but to accept the terms and conditions as there are no other alternatives. This is a tight situation and to avoid this you must have a good credit score.

People with bad credit may fall in to the trap of ’secured loans’. Secured loans are the ones where the loan applicant offers an asset as collateral security. The lender becomes secure about the repayment of the loan and not the borrower. Securing a loan with bad credit score becomes easy only when the applicant is willing to offer some asset as collateral security. This again is a very dangerous situation where an individual runs the risk of losing his entire collateral asset in case of failing to pay the loan installments in time. An individual should always avoid such type of a loan.

Resort properties normally require large amounts of finance which a person with bad credit may find it difficult to obtain. So it is always advisable to keep your credit score high. Incase the credit score becomes low due to unavoidable financial reasons it can be improved upon. There is no need to lose hope simply because a person has a low credit score. If the property that he intends to buy has good equity he should go out and try to obtain finances for it. There are many sub prime lenders willing to offer their services.

For a review of your credit report as it relates to a mortgage loan and a consultation on the best loans available to you, give us a confidential, no obligation and no cost call.