June 10th, 2008

Finding the Best Bankruptcy Credit Card

Posted in Bankruptcy, Credit, Debt, General, Helpful Info by quad0028

If you were looking through all the clutter online, you might have a hard time finding the best bankruptcy credit card. Credit cards with low interest rates are hard to find, especially if you have bad credit. It is actually really hard to get approved for a bankruptcy credit card if you’ve filed for chapter 7, chapter 11 or chapter 13 bankruptcy. There is however one credit card company that guarantees approval, if you have bad credit or even if you’ve filed for bankruptcy!

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March 18th, 2008

Pros and Cons of Chapter 13

Posted in Bankruptcy, Credit, Debt, Finance by debtmansteve

We here in U.S are on the verge of experiencing a credit epidemic. The quantity of credit card debt has hit an all time high and we are close what may be a recession. Thus leaving many people with fewer dollars in there pockets and more debts that they have to pay on. In this article I will go over the pros and cons of the diverse available methods of credit card debt relief.

Credit Counseling

Pros- One monthly payment, lower APR, fixed payment structure.

Cons- Long term repayment, stringent program rules, most do not complete program, obtaining a mortgage on the program is almost impossible, usually payments are close to what minimums were before joining, one missed payment can result in being kicked off program.

Bankruptcy:

Pros- Upon qualifying for Chapter 7 full amount of debt is discharged, the collectors cannot call and harass.

Cons- Long term negative effect on future credit, lifelong public record, change in bankruptcy law made Chapter 7 very hard to qualify for, court ordered repayment process.

Debt Settlement :

Pros- Great savings on debt amount owed, fastest way to get out of debt, not made a public record.

Cons- Short term negative effect on credit score, dealing with collectors, possibility of lawsuit.

Of all the debt relief routes above the the most popular nowadays has become debt settlement. However what really determines which option is right for you really depend on the current financial predicament that you are in. For Americans trapped deep in debt but have money to pay a portion of it off then debt settlement would be the correct choice, to help escape bankruptcy. Those who have smaller debt amounts and have no issue making the payments they currently have plus more, than credit counseling is better. Then of course for some the only course of action is bankruptcy.

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February 1st, 2008

Why you should’nt consolidate debt loans!

Posted in Bankruptcy, Credit, Debt by debtmansteve

As the economy has taken a dip it has left very many American citizens stuck deep in credit card and personal loan debts. The first thing many think about is how to consolidate debt loans in an attempt to have the interest lowered making it easy to pay back. This can work however usually you will need to put up some collateral for the loan, in most cases the equity in your home would be used. The potential consequence of this loan is that if you end up defaulting on it you can lose your home. And statistics show that many people who do obtain loans to consolidate debt end up right back in debt all over again. Except this time around you will now have a secured loan to pay plus anymore accured debt.

This situation puts many people in a place they cannot get outo of. Sending many people into bankruptcy and foreclosure.

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October 26th, 2007

Non Chex Systems Banks and Second Chance Checking

Posted in Banking, Bankruptcy, Credit, Debt, Uncategorized by quad0028

If you can’t qualify for a Chex Systems bank account, your best options is a second chance checking account. It’s easy to sign up for a personal or business account because our 2nd chance checking account doesn’t use Chex Systems. With 100% approval rate, we can help anyone. The best part about our bank is that you’ll be clutter free and able to rebuild your credit safely and securely. Your money is insured with our second chance checking account because it’s FDIC insured and doesn’t have any account minimums.

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July 5th, 2007

You Can Find Financing For Your Customized T Shirts Business, But Not THIS Way!

Posted in Bankruptcy, Debt, Finance by zoogie

Finding financing for your business enterprise is always a challenging task. But don’t do like my friend Dave, who has a startup customized T shirts business. He decided that when he needed finances for his business, he would simply run up a tab on his credit card. When you charge business expenses to your credit card, you are in effect borrowing (in at least some cases) over 20% interest! Just about ANY type of commercial loan rate would be better than that! So, don’t put your expenses on your credit card - it’s a sure ticket to disaster!

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