Bankruptcy > Consolidating Your Credit Card Debt

Consolidating Your Credit Card Debt

Copyright 2005 MHG Consulting

Credit cards have revolutionized the purchasing experience since Diners Club released the first credit card in the year 1950.

The Dinners Club credit card gave consumers limited credit that, at times, even surpassed the personal savings of some participants. It allowed them to buy items they usually could not afford if they were to make a straight cash purchase. It also provided the convenience and safety of not having to carry large amounts of cash.

On average, American households possess 4 credit cards or a total of 13 payment cards if debit cards and store cards are included. There are, actually, 1.3 billion payment cards of assorted types in circulation in the United States.

But, if you think that credit cards have made the lives of modern American consumers easier, you may be wrong...

Statistics show that the average credit card debt for each household in the U.S. is $4,800 per month.

Also, there were 1.3 million credit card holders declaring bankruptcy in the year 2003. This figure is almost guaranteed to decrease since the change in bankruptcy law. A filer is required to pay back a portion of their debt if they are financially able. There are many other changes, mostly for the benefit of the credit card industry and you can find more information at:
http://credit.about.com/cs/legal/a/040601.htm

And if you still consider yourself unaffected by credit card debt, then consider this: upon retirement, most Americans can only expect to receive about 37% percent of their annual retirement income because of prior debt payment. This will leave many individuals depending on the government, family and charity for economic survival.

These are some scary facts.

So before you find yourself in a position of economic uncertainty, it might be wise to evaluate your spending and current credit card debt.

If your credit card debt exceeds what seems to be a reasonable level, you may want to consider credit card debt consolidation.

So what is credit card debt consolidation?

In a nutshell, credit card debt consolidation is taking all your credit card payments and consolidating them into one monthly payment. This way, you don't have to worry about managing the payments individually. Aside from this advantage, it may also provide you with the following additional benefits:

- Reduce interest payments
- Waive late and overtime fees
- Reduced monthly payments
- Debt relief in a shorter time
- Credit improvement
- Save more money in the long run

There are actually two major types of credit card debt consolidation...

You may want to consider a Credit Card Counseling firm. They assist consumers by consolidating all their monthly payments into one single payment and then dispersing this to the creditors on behalf of the consumers.

The other type is through a home equity loan or other secured loan. This is done by exchanging an unsecured debt (such as
credit card debt) for a secured debt (a debt backed by specific assets such as real estate).

Now, credit card debt consolidation isn't a magic balm that will drive all your credit card debt malaise away.

But, it will make paying all your debt easier and might save you money in the long run. Definitely an alternative worth considering...
.

Meares Appointed to Second Committee Position in the National Auctioneer Association

PELZER, SC (ContentDesk) August 19, 2005 -- Auctioneer Darron Meares of the Meares Auction Group was recently appointed to the Membership Committee of the National Auctioneer Association by newly elected president Dennis Kruse.
This position will place Meares on two committees within the organization; he is currently on the Public Relations Committee.Meares is currently the marketing director for the Meares Auction Group which comprises Meares Auctions, Inc, Meares Land and Auction Company and the Southeastern School of Auctioneering.
The group has averaged over 125 auctions per year for the last ten years and specializes in Real and Personal property liquidations, bankruptcy and business liquidations and education of auctioneers through Continuing Education seminars.Founded in 1949, the National Auctioneer Association is the world's largest professional auctioneer organization with more than 7,000 members nationwide. Members abide by a code of ethics that protects...

Meares Appointed to Second Committee Position in the National Auctioneer Association

Bankruptcy > Meares Appointed to Second Committee Position in the National Auctioneer Association

Consolidating Your Credit Card Debt

Consolidating Your Credit Card Debt

Bankruptcy > Consolidating Your Credit Card Debt

Are You a Candidate for Bankruptcy?

Bankruptcy laws give debtors a way to resolve debt by dividing their assets among their various creditors and in some cases will allow debtors to be freed of outstanding debts that cannot be paid, even after the division of assets. For individuals who find themselves unable to pay their debts, bankruptcy can be a viable option. As a debtor, you are entitled to file for bankruptcy. There have been recent changes to bankruptcy laws that may affect your ability to discharge your debts without credit counseling, but individuals who have found themselves unable to pay their debts can still file bankruptcy and be freed of outstanding debts. Chapter 7 bankruptcy is normally used by individuals wanting to rid themselves of all accumulated debt, and is the most frequently used method of filing bankruptcy.

Businesses who wish to completely liquidate assets and close permanently can also file Chapter 7 bankruptcy. Under Chapter 7, individuals are allowed to keep certain property such as...

Are You a Candidate for Bankruptcy?

Bankruptcy > Are You a Candidate for Bankruptcy?

Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

If you have a recent bankruptcy on your credit and are looking to get financing for a home, there is hope. Buying a home with bad credit will just put more emphasis on the other two factors needed to get a mortgage loan, which are; income verification and a down payment.After bankruptcy most lenders want you to wait at least 2 years from the time of the bankruptcy discharge before they will consider you for a mortgage loan. After the two year waiting period is over, you should be able to get financing easily. You should also be able to get 100% financing as well. You can usually achieve this as long as at least most of your payments have been reported to the credit bureau as having been paid on time since the discharge of your bankruptcy.If you are looking to get a mortgage loan after bankruptcy sooner than the 2 years from the time of discharge, you will need to have almost flawless payment history since your bankruptcy discharge.

Also, you may need to have a down payment. If...

Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy

Bankruptcy > Buying A Home After Bankruptcy - Get A Mortgage Loan After Bankruptcy