Reverse Mortgage Proceeds Used for Investment

By Diogie Vanrock

It comes as no revelation that the market is down some 33 percent since this time last year. Of course lots over 62ers have their money here and many are beginning to call me on the phone.

They are looking to get a reverse mortgage. Of course the planets have to match up to their particular situation for me to entertain this with them.

What I like to see, first and foremost, in my potential customers is the attitude that they will be in that house until death do the two part. The reason is the closing costs make getting a reverse mortgage pretty expensive in the short run.

Generally, we determine the cost of the loan on an annualized basis. The longer a borrower lives in the home the cheaper the loan actually becomes over time.

It's pretty clear to see a certain level of panic as some of these folks have lost much of their all important nest egg. Now they want money to reinvest.

One of the teasers the reverse mortgage has for these folks right now is very low interest rates on the adjustable rate option.

Currently it's below 4% which makes this a fairly attractive option. Of course this rate is subject to change but its fifteen year average is right around 6%.

I'm in the business of getting people reverse mortgages and feel it is my duty to help my customers make good choices. One thing they should be doing is to make sure their next investment returns more than it costs.

They cannot expect the low rates to hold up forever and must consider these rates driving up to their average level.

Many in the marketplace are taking the position that rates will be low for some time with so much pressure to keep them low.

The powers that really want to keep rates low are the major companies. The want to be able to borrow at low interest rates. Do they shape policy? Of course.

We'll have to see. My concern for some of these people is that some of these folks are not taking into consideration to true cost of getting this money to make their investments.

Whichever investment the borrowers choose should have very good returns to not only beat the interest rate on the money, but the cost of getting the reverse mortgage in the first place.

About the Author:

Find 20 California reverse mortgage questions and answers most people want to know at this site. And this.... Get a guide sent to your email about the California reverse mortgage guide with five monster pitfalls uncovered as well as 7 myths.

What is the Perfect Reverse Mortgage Borrower

By Kablamn Vanrock

As a loan officer working exclusively with reverse mortgages, I speak to many prospective borrowers on a weekly basis. I'm always in the process of evaluating them as real customers.

I certainly don't tell all of them how great the reverse mortgage is for them. It's simply not a great option for all of them.

If I were going to place a ranking on how good the reverse mortgage is for customers I'd say it would be bad, okay, good, and great. People fit into all ranking. Let's talk about great.

The thing I like to know is how long the borrower plans on being in the home. This is important because reverse mortgage closing costs are quite expensive.

What I'm trying to get at with my customer is if the cost to get the mortgage will be worth it to them. They have to understand that solving their financial issue will have a cost to it. Will the results be worth the costs?

The answer I like best from them is "until i die". This is best as the true cost of the mortgage, on an annualized basis, goes down the longer a customer stays in the home.

If you ever apply for a reverse mortgage the lender will furnish you with a disclosure detailing how much the loan costs you over time.

The disclosure gives snapshots of the annual cost of the mortgage over various years. You'll see how cost reduces over time.

Another perfect candidate is someone who simply can't make due on the income they have. Due to economic or health reasons they simply cannot do it on their income.

The fixed income customer actually makes up most reverse mortgages.

And the last is the attitude that the kids are fine and don't need mom and dad leaving as much as possible to them after passing. On top of that, "we have our own lives and we're going to live before we die".

The very nature of a revese mortgage doesn't work very well with those who must leave inheritance to the kids. The mear thought of interest accumulating and eating away at the kids inheritance makes them very standoffish.

To sum up a great reverse mortgage cadidate, we are looking for an attidute of us first, kids second; static income which isn't enough; and an extending mortgage period hopefully as long as the borrower lives.

About the Author:

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Credit Counseling for Credit Repair

By Rob Kosberg

If you considered repairing your credit yourself, but decided that this was not for you, a credit counseling agency may be your choice. Sometimes you may be feeling so guilty and emotional about your debt and poor money management that you have to get help from someone else.

When you open a newspaper or go online you will find an abundance of agencies with magical sounding claims about fixing your credit immediately if not sooner. You should be able to tell right away that such claims are nonsense. So, while you're surfing the net you notice that there are some claims to offer you a choice of agencies that, after you give them some of your information, will call you with help. They will call, but not right away. Then they will call again and again. Some may even b e nasty with you.

This third party choice will require some sleuthing on your part before you can comfortably make a selection. Comparison shopping skills are in order for this venture. Before you make your choice you need to ask some questions.

There will still be more research needed before you will be ready to choose your agency. You will need to know what is "must have" information. You should get information from more than one agency. Comparison shopping is definitely in order.

Any agency that you contact should be more than willing to explain how they operate, the services they provide, cost structure, any other available help without knowing any of your personal information.

Once you locate agencies that provide you the initial information, you are going to want more questions answered. You will need to hear the effect this process will have on your credit report, the debt management services offered, possible money management workshops or seminars. You must know how the agencies will keep you apprised of their activities.

One of the most important pieces of information you will need to know is about any FEES CHARGED by the agency. Some may require large sums of money upfront along with large monthly fees. How could this work for you if you already can't pay your debts. Make sure you can handle any fees charged even if the agency says it is not for profit.

Using credit agencies requires effort on your part, but you should be able to find a reputable agency to partner with you, and have your interest at the forefront.

About the Author:

With unprecedented problems in the credit markets it?s more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Guide on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.

Why Is It Essential To Have A Good Credit Score?

By Luke Joiner

A healthy credit score is principal in our financially driven order. This count tells creditors, employers and business organizations that a individual is dependable and pays their accounts on time. This type of data is in use in all walks of life. Most individuals don't recognize that Receiving a good credit history can aid them with employment opportunities, applications for credit cards, buying a new house or even a new automobile.

If you wish to buy a new home or automobile, then your credit history must be in healthy standing. To be able to buy luxury items like holidays on your charge card, you must first fix any credit problems you may have if you desire, long-term fiscal freedom. You can pick up this data without too much trouble and the good news is, it's free.

You can find out your credit score on the world wide web as they are many business concerns that provide this info for free. People can check their credit mark each year from these types of businesses. After a few simple questions that the individual would surly know off the top of their head, they can view their credit grading and any outstanding bills] they may have. There are various things you can do if you have a bad credit mark.

One of the first things an person can do to increase their credit score is to clear any old bills. Even if this was for 10 years ago, it will assist in credit individual's credit scoring immensely. Once the bills are entirely wiped clean, an individual can begin obtaining a no credit or bad credit Master Card or Visa. This will be helpful for a individual to begin acquiring a fabulous credit grade and be able to purchase their dream home or vehicle. This can help a individual to increase their credit mark, which will enable them to purchase a new car or their dream house. Paying off any old debts will aid a individual increase their credit grade and assist them to buy luxury items on the credit.

It doesn't take too long to hurt your credit rating, but it can take a few years to get your credit rating back. Begin by buying one or two items on the new credit card and then paying it off instantly. Once you have shown your credit card business that you can pay off the balance rapidly, they will increase the amounts you can spend and at the same time increase your credit rating.

Everyone has problems like this in their lifetime. Paying your accounts for a couple of months may be a trouble. All Of A Sudden your credit history starts to fall, this is when many people have problems with debt. There are methods to ensure that each individual can gain a fabulous credit marking once again. One or two bad months out of life does not need to detour a individual from finally acquiring excellent credit for the things they desire in life.

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personal credit checks is important and for more information on credit scoring.

Finding right Houston Home Builders

By J. Kim

When we are looking to find a good contractor to complete some work on our homes we need to take certain things into consideration. It doesn't matter if you live in Houston or another US city there are always going to be plenty of contractors to choose from to hire. However, choosing the one that is right can be difficult and below we offer a few tips that will make finding good Houston Home Builders much easier for you.

1. You should never select the Houston home builder who comes in with the cheapest price. If you do then the standard of work that they produce may not be as high as you would expect. In fact it is far better to go through there quotations with the others and make a decision on which one offers the highest level of work for the most reasonable cost.

2. If you intend to get any major work done on your home then arrange to get 3 or 4 quotes from several different contractors. This way you have a better idea of just what standard of work they offer and if they fully understand your requirements. You should only use Houston home builders who also make the effort to arrange to inspect the work before quoting.

3. Even before you select a contractor to do the work for you spend some time looking into their background. The easiest way of doing this is by contacting the Better Business Bureau where you live and the state licensing board for contractors. Both of these will be able to provide you with information relating to any complaints that may have been made and filed against the contractor you are enquiring about.

4. It is crucial that when you arrange to have contractors visit your home to inspect potential work that you interview them thoroughly. Find out what type of insurance they have to protect their employees and you. Ask them to provide you with not just their policy number but the contact details of the insurance company who provides their insurance cover. By doing this you can verify everything beforehand and so make sure that you will not be liable to for any injuries that occur whilst the project is running. Also you need to make sure that they have a general liability policy as well.

About the Author:

Finding the right Houston Home Builders, please review Houston Home, and Houston Home Builders

IRA 401K?

By Crystal Castillo

It is vital that we plan for our future retirement. No one wants to work until they die or be forced to rely on their loved ones to support them financially.

There are lots of different retirement plans that people use to avoid that. The two we will descuss now are IRA and 401K.

IRA 401K Most all employers offer a 401K fund as part of their package of benefits. They will also often offer incentives for you to contribute to that fund. One popular way of doing that is to match every dollar you contribute for so many years or to a certain total per year. They do this for a couple reasons.

They are required by law, to keep x amount of liquid dollars to back up the benefits they are offering to their employees. By encouraging you to contribute to the 401K they get more money on hand to claim.

Too, they will usually take the funds and invest in either in-house business or market funds. This generates earnings from the money you the worker has contributed. So when you retire they get to pay you back with mostly your money or the earnings from your own money.

IRA stands for Individual Retirement Account. The purpose of these accounts is to make people want to invest in their retirement to kind of take it easy on the social security system. Too many people rely on their 401K and then their company goes under. Then they are left eith no retirement.

There are many types of IRA and each person would do well to research them thoroughly to find out which is the best for their circumstances.

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See if you can benefit from an IRA 401K

Tucson Home

By Won Kim

With the state of the financial markets at the moment this is greatly impacting also on the real estate market. Currently we are seeing an increase in the number of people who are having to foreclose on their homes simply because they cannot keep up their mortgage repayments. In this article we look at ways of selling your Tucson home or Pittsburgh home without losing out too much on its value.

Tip 1 - The first thing you should do before you place your property on the market is establish a time frame in which you wish it to be sold by. By knowing how long you are willing your property to be on the market for the much better you can price it correctly.

Tip 2 - It is important that you work out exactly the price at which you want to sell your home for. Putting a price on your home that is too high will simply price you out of the market. Spend time looking at what other similar properties in your area are currently on the market for, how long they have been on for and also what ones have recently sold for. Use these as a base line for the price that you want to place yours on the market for.

Tip 3 - You should work very closely with the agent who is trying to sell your house especially in the volatile markets of today. Be prepared to listen to their advice and allow them to promote it in the way that they feel is most appropriate. Make sure that they select the advertising that is going to be most effective. Along with advertising it in local newspapers make sure that if they have a website they also place it details on theirs.

Tip 4 - If you can afford to try and make sure that your house is value for money, which doesn't mean you have to sell for less than other similar properties available. Instead offer some little extras over what your competitors are offering and sell to the potential buyer for the same price as them.

Above we have looked at some of the things that can help you to increase the chances of selling your Tucson home when the market is volatile. The more willing you are to make concessions at time such as these the more potential buyers you will have coming to look at it.

About the Author:

Tips on selling Tucson Home, please check out Tucson Home, and Tucson Home

A Successful Credit Repair Business - How to Make it Happen

By William Blake

To succeed at a credit repair business requires having special knowledge about the legal ramifications of such form of business. In addition, you need to be good at accountancy as well as finance and you must be able to take good care of customers that are very prone to becoming emotional about their financial situation. However, the most important attribute you need in this line of business is honesty as well as reliability.

Credit Repair Big Business

You can, if you possess the above-mentioned attributes, hope to succeed with credit repair business and so take your share from a multi-billion dollar credit repair industry. To get started with a credit repair business requires that you are motivated and extremely knowledgeable about the credit industry. You should also be prepared to go through a learning period in which to learn about the rules and regulations, and in fact, having university level education too is very helpful.

The right equipment is also important. You will have a lot of facts and figures to compile, organize and keep track of. That will require a good computer and good software that can gather and sort information for you. You will be dealing with very important financial information for your customers so you need to have a good back up program to be sure that you never risk loosing any of the information you have gathered and are working with.

A business is only successful if people know about it. That makes your business advertising very important. You have to get your name out there in front of people who can use your services. Don't limit yourself to small ads in the local paper. Be creative and market your business in a variety of ways.

Credit repair means handling very delicate matters. You will have to correspond both by telephone and in writing with creditors and major credit bureaus and you must be careful that your statements are correct. There are regulations to be followed and you have to be knowledgeable about them.

To start a credit repair business requires understanding the various procedures involved and it also means having the required skills to perform the different tasks needed to keep the business going.

The Federal Trade Commission has set forth guidelines for credit repair. Knowledge of these guidelines is imperative to running an honest business.

About the Author:

Thinking of trying to lower your payments or the balance owing by negotiating credit card debt? Be sure to visit the Debtopedia website at http://www.debtopedia.com to get some helpful information & advice first.

Personal Loans For People With Bad Credit

By Trinity Hall

If you have bad credit, it might have gotten that way over the course of several years. Or maybe it seemed to happen quite quickly due to a job loss or an unexpected illness that accrued huge hospital bills you couldnt pay. It doesnt really matter how you end up with bad credit, the outcome is the same. It can feel next to impossible to find a way out.

For many, the worse their credit gets, the harder it is to get a loan to help consolidate their debt to make repayment possible. In truth, for people with bad credit, there are a lot less options for borrowing money. But, if you need to borrow money for unexpected expenses, or to help consolidate debt, it is not hopeless. Personal loans are still an option for people with bad credit.

There are many different types of personal loans and one of those types is payday loans. With a payday loan, you can secure up to a few thousand dollars that can help you to float by for a few extra weeks.

With payday personal loans, the lenders doesn't expect collateral and also will not perform a credit check for eligibility. Since they will be taking on quite a bit of risk, they will charge interest rates that are quite high.

Before you take out a persona loan of this type, you may want to ask your employer if they have any loan options. They will often have a program that can be used to advance you some extra funds and these loans generally have favorable interest rates.

Some kinds of personal loans can help you to build credit. For example, taking out a signature loan and making payments will help your score which may lead to more favorable interest rates in the future.

By bettering your credit score, you will increase your chances in the future of being able to borrow needed money for longer periods of time and at a lower interest rate.

About the Author:

Trinity shows people interesting options for personal loans including personal loans for bad credit .

Building A CCredit History

By Eric Jilson

There are several ways to start building a credit history. If you are sick of creditors hounding you, or if you find that nobody will extend you a loan because you have never had credit, now is the time to learn credit building tips. First and most importantly, never purchase things you do not need. If you want something, but never put your wants before your needs, this is a recipe for disaster and will get you in debt. If you are seeking ways to build credit and have no previous history, make sure you know how to go about it properly.

Building or Rebuilding Your Credit

If you have or have had, bad credit, you need to get a Do-It-Yourself kit and get to work. Take a trip to your local library and check out books that guide you through the process of credit repair. Most libraries have a copy machine you can use to print out forms that you need to fill out and mail to creditors. There are guides at your library that have the necessary tools for debtors to learn how to write effective letters to creditors.

Letters are a much better way to contact a creditor than by mail. Since most creditors care less about your situation and may even make threats to you. A good reason for writing letters is that having "proof", is more valuable if you ever find yourself going to court over credit problems. If something is spoken or an agreement has been reached, this will prevent the creditor from reneging or denying this claim.

Any documentation you have pertaining to your credit history should be stored in a secure area. If you send a letter to your creditor, keep copies of the letters sent and store it along with other important information. If you notice there are errors in your bills or credit, reports ensure you have contacted the appropriate agencies and filed a dispute against the charges in a timely manner. If you have credit cards and made a purchase on an item or used a service and this item is defective or the service is sub par, you DO NOT have to pay the charges.

You have to also dispute this information with the store or the person who provided the service. If the store or person refuses to give you an item to replace the defective one, or reimburse you, then you have a right to deny payment. Once you have disputed this charge, you then need to contact your credit card provider and let them know what happened. If you are fortunate enough to have been issued a credit card even with bad credit, use this card to repay your debts and meet the monthly charges each month on time. This can be a solution when everything else fails. If you have to use a credit card to pay your debts, then payoff your cards the following month and use the card to pay the next months bills....

Now you can see what the plan is. Credit cards have interest rates so that even if you pay the monthly minimum payment, the bills on the card will increase.

Not Having Credit, Can Be No Problem

You may think you do not need a credit line or a credit card. You may pay all your bills on time each month, in cash. Does this sound like you? Well, you know the obvious answer, but then there is an occasional situation that calls for a what if scenario....In the world of today, we are fast approaching a time period that will require us to have at least one major credit card. If you telephone a business to whom you owe debt, they may first ask you if you would like to pay your account with a credit card. If you apply for a job, apartment, student, home or automobile loan, or any type of credit line, you will most likely face getting a rejection letter in the mail. Many lenders will refuse to extend credit to people who do not have a credit history. For this reason we are expected to establish a credit line while we are in our teenage years, and if we do not lenders grow concerned. A lender can refuse to give you credit based upon many reasons. The best solution for you is building a good credit history by starting up a line of credit now, making timely payments, and pay your debts off in a timely manner. Set yourself up on a budget and stay out of steep debt.

About the Author:

We've created an excellent resource for you on the topic of building good credit. Click on the link to visit http://www.everlife.com/news/94/build-credit-history/.

What Varieties of Options are Out There in Student Loans?

By William Blake

The costs of education today are ten times what they were less than 40 years ago. But those differences become even more stark when considering undergraduate versus graduate programs. Fortunately, there are resources available to both types of student to help them pay for college.

Undergraduates typically rely on a complex mix of scholarships, grants and loans. Those loans are sometimes taken out by undergraduates alone, others by their parents alone, sometimes a mixture of the two as when the parent becomes a co-borrower or co-signer.

The most common programs for students remain the unsubsidized and subsidized Stafford Loans. Subsidized loans are the most desirable, since the government pays the interest while the student is in school. But they are need-based. Unsubsidized loans are not need-based, making them available to a much wider group of students.

Here are some websites you can visit to see what you might qualify for: http://www.salliemae.com/get_student_loan/find_student_loan/undergrad_student_loan/federal_student_loans/stafford_loans/ and http://studentaid.ed.gov/PORTALSWebApp/students/english/studentloans.jsp

Graduate students have to work a bit harder for financial aid. Graduate school is more expensive and less scholarship opportunities are available. Typically a graduate student has to work as a research assistant or other employment related to their major to pay their tuition.

In recent times the PLUS loan program has been extended to graduate students. In the past this program was restricted to parents of undergraduate students. Now it has been expanded to include graduate students and rather than making the loan to parents the money is loaned directly to the student.

The Pluses of a PLUS loan

First, they're available. Since they're based on credit quality, not need-based, most borrowers can qualify. Relatively few grad students have had time to get into the credit binds that working adults often fall into. As a result, though their history may be sparse, they usually have few bad marks on their credit report. That makes the decision easier for college financial aid officials, who determine eligibility.

About the Author:

Before considering consolidation as a way to get your debt paid off, you need to consider the debt consolidation loan consequences. It isn't always a good idea to consolidate your debt. Find out why on the Inside Debt Consolidation website at http://www.insidedebtconsolidation.com

Need a Business Credit Card? Use CitiBusiness Credit Cards

By Caressa Waechter

A business credit card is something that most business owners are going to need at one time or another. Because you are not suppose to mix business and personal funds, it is not a good idea at all to be using a personal credit card for business expenses.

As a business owner, you will find many uses for a business credit card. You will use it for travel expenses, paying bills, or just making general office purchases - the possibilities are endless.

CitiBank, with their CitiBusiness card, is one of the leading issuers of business credit cards. The CitiBusiness small business credit card is especially tailored to the person who owns their own business.

With the ability to get additional cards for employees, and set the credit limit for each card, CitiBusiness puts you in complete control of your business finances. CitiBusiness credit cards come with online account management that allows you to view card charges, view your statements, add employees, and otherwise manage your CitiBusiness account.

If you have a need for low interest business credit card, CitiBank may just have exactly what you are looking for. Often times they have deals that give you low beginning interest rates on purchases or balance transfers for a given length of time. This really lets you get in control of your finances without any interest to worry about.

CitiBusiness rewards programs with some of their business credit cards. With one of these credit cards you earn a set number of points for every dollar you put on the card. You will have several different choices on how to redeem your points, so you won't be stuck with just one redemption method.

A business credit card that is in the name of your business is something that you really need as a small business owner. Not only will this separate your business and personal expenses, but it lets you see what you are spending money on for your business.

If you are going to use a credit card for your business, then you really should use a card that is specifically designed for small business use. One such card is the CitiBusiness credit card, which offers some incredible benefits for the entrepreneur. See how you business can benefit from a CitiBusiness card today!

About the Author:

Author Caressa Waechter is an entrepreneur that feels most business need their own CitiBusiness credit card. Learn more about business credit cards by visiting her website: Citi Business card

Retirement Calculators - What Can They Tell You?

By William Blake

A basic retirement calculator is a program you can find for free on the internet that will take your current retirement savings information, let you factor in things that will affect the final number, and then tells you how much more you need to save to be able to retire at the level you want to retire at.

The results from the retirement calculator are always ballpark figures since the calculator is taking current situations and trying to predict where the financial world will be in the future and how that will affect your retirement savings. Since there is no way to perfectly make such predictions the calculator can only guesstimate how your retirement plan will work out.

A basic retirement calculator works in current day dollars. So if you tell it that you want to know how much you will have to save to retire in 20 years and have the equivalent in 20 years of your current $4,000 a month lifestyle then that is what it will tell you.

Most financial consultants use a retirement calculator to stress the need to save as much as possible for your retirement. The calculator compares cost of living expenses now with what they will be in the future, maybe 15 to 20 years down the road, or whenever it is that you will be ready to retire. Those numbers can be a bit overwhelming. But remember it is just a shot in the dark estimate.

Some people are discouraged by the economy and its instability over the years. They feel that it may be better to enjoy what you have today and not even bother worrying about what tomorrow will bring.

No One Knows How Money will Change

The economy has been extremely unstable and unpredictable over the years. That is evident by the millions of dollars that have been lost on investments when the market crashes as it has every 10 to 20 years over the last century. One thing is for sure, the prices have consistently risen throughout the years. Consider how much it used to cost to buy a car.

In the 40's you could buy a new car for well under $1,000. Now it cost at least 15 times that amount to buy a new car. Things have really changed. The cost of living continues to rise dramatically. Unfortunately, salaries have not followed suit. These are things a retirement calculator may not factor in.

About the Author:

Are you looking for credit card debt assistance? Visit the Debt Reduction Academy, where you can sign up to receive your free 5 day e-course "Operation Money-Find: How To Find Money To Start Paying Off Your Debt This Month". Grab your copy now at http://www.debtreductionacademy.com/minicourse.php

Advanta Credit Card Scam

By John Monderine

I sit at my desk completely frustrated with Advanta. I opened up a business credit card with them 3 years ago and made a purchase of $6500 to help build my business credit for Rapid Recovery Solution, my Collection Agency. I have paid more then the minimum every month, on time. Three months ago I noticed that my interest rate seemed a little high. No where on my statement did it say the actual interest rate so I called the company. After 10 min or so I get a live rep on the line and they tell me it is 36.1%. Are they kidding, this must be a mistake. I have over a 750 score and never missed a payment. They said they sent me a notice in Aug that they are doing this due to a change in there lending methods. It turns out this is the second time this year they did this. I went from 8.99% in Jan 08 to 18.99 in Feb 08 to 36.1% in Aug 08.

Now, being in the industry for over 10 years I know that I need to watch my credit. I look for charges I didn't make and it is tough to scam me. I have seen it all but this takes the cake. They told me I am now at a high risk for default so that is why they raised my interest rate? That doesn't make any sense. They should lower my rate if they think I will default on my credit card. How will an increase in what you are charging me keep me from defaulting. Luckily, I have the ability to pay off this card today but I want everyone to realize that these companies have you by the short-n-curly's. Watch your statements and lookout for this scam.

FYI, In NY, the maximum interest rate is 30%. They are charging me more then the maximum allowed in my state. I will send a letter to the BBB, the NY Attorney General, the UT Attorney General and the Department of Consumer Affairs.

As a nation we are in deep trouble. If a credit card company can just raise my rate because they feel like it I am positive that 99% of their customers are also paying 36.1%. How many other credit card companies are doing this to innocent people? We need to fight back. I am going to tell as many people as I can.

Unfortunately, there is nothing we can do except payoff the card. I was told I am a high credit risk. I paid the bill in full after I realized the rate was so high and the next month I received another bill for more finance charges for about $255. I paid that bill in full. I just received another bill in the mail for $5.65 and my rate was changed to 37.99%. Another point higher.

Just for cookies and giggles I called again to see why the rate went up again and they said "Sir, you have been classified as a very high credit risk and as a company we can't risk you not paying your bill with us." I said "I just paid my bill in full with your company, I have never had a late payment with your company in three years, I have one mortgage on my house for $290K, 25 years left at a fixed rate of 5.375% and it is worth over $500k and almost zero credit card debt personally. I am in the fastest growing industry right now, CNBC expects the debt collection industry to grow at 25% a year for the next decade. What else would I have to do to receive a better rate?" The extremely rude lady said "Sir, you would need to send a letter to Santa Clause and maybe he can help you out."

The Government should put a maximum rate in place for the next year or so on all credit card debt. If the credit card companies are truly worried about consumers defaulting on their obligations, wouldn't it make more sense to lower the rate so we can continue to make the payments? By raising the rate, it only makes it harder to pay and more likely that a consumer will default. The credit card companies are preying on the weak right now hoping you don't pay so they can pound you with the highest interest rate. When you do default, they now have a higher balance to sell to a collection agency. In my eyes, this is a crime.

The Government doesn't care either. Instead of giving the banks 350 billion dollars, They could have sent $1151.98 to each US citizen to pay towards credit card debt. The banks still get the money but we the people get a little break on our bill. The average family of four would receive $4607.92 to pay off a credit card. They reason that the banks need the money so they can lend money again to us? Are they crazy? All the banks did was raise the interest rates on our cards and pocket the money without ever having to say what the money went towards. No accountability!

Now the geniuses in Washington are considering giving billions to the auto industry so they can produce more shit cars that we can't afford. How about giving the money to everybody with a current auto loan so we can pay for the car we already have. The money would still flow to the banks and auto makers via we the people.

Good luck America, your gonna need a miracle.

I feel better now. I was very upset prior to writing this blog. I hope everybody reading this realizes that if it can happen to me it can happen to anybody.

John Monderine Rapid Recovery Solution, Inc.

About the Author:

John Monderine is the President of Rapid Recovery Solution, Inc. a Debt Collection Agency. If you need help getting your Accounts Receivable collected visit his Collection Agency website for a free quote.

The Truth About Guaranteed Payday Loans

By Trinity Thomas

Guaranteed payday loans are temporary loans that are designed to get you to your next pay check. Getting a loan of this type is very easy and fast, in fact you can usually secure funds within one business day. You can often secure funds on the spot, as long as you are trying to get the loan in the store, as opposed to online.

If this is the type of loan you're going to get, do some good research before you pick a lender. If the service is legal in your state, you have probably seen quite a few payday loan stores around. If it's not, you probably haven't.

The amount of interest you can expect to pay with loans of this type is generally about ten percent of the loan amount. Since the loan term on these loans is generally only two weeks, that's a lot of interest.

If you take out this type of loan, you have to make sure that you can pay it back within a reasonable time frame. If you don't pay it off on time, fees and interest will really start to stack up.

Some lenders will automatically withdraw your payment from your checking account, and others will ask you to write a post dated check. Either way, lenders usually want you to come back in to make the payment yourself.

In order to avoid a ton of extra fees, make sure that you can pay back the loan on time. People often end up paying late fees, and sometimes bounced check fees from their banks because they don't have the funds to cover the post dated check.

While these loans are extremely easy to get, make sure that you're very careful. People sometimes get stuck paying thousands of dollars in fees and interest on a loan that was only $500. Make sure that you can pay off the entire loan with your next pay check.

About the Author:

Trinity teaches individuals how to get quick guaranteed payday loans and about many other types of bad credit loans.