Tag Archives: credit card bills

Are You Worried About Your Credit Card Debt?

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Posted by Vedis the DMP Blogger on September 5, 2009 – 10:43 pm
Filed under AKPK Debt Management Plan, Cash Is King, Credit Card Debts, Credit Cards, Debt Consolidation Loans, Debt Management Programs, Debt Management Tips, Debt Settlement Plans, Free Debt Reduction Tips, Saving Money

DMP For Credit Card DebtAm I worried about my credit card debt now? No, I am not. But I used to be very worried and stressed out about it before I enrolled in a free debt management program called AKPK debt management programme (DMP).

What about you? Are you worried about your credit card debt?

You should be if your credit card debt has spiraled out of control; you pay more than 15% of your monthly income to your credit card bills or/and borrow cash from one credit card to pay another.

You are not the only one who is dealing with credit card debt nowadays. In fact, almost 40% of credit card holders are in the same predicament!

So what should you do to avoid the need of getting help from debt relief options such as debt consolidation, debt management program, or debt settlement and worst of all filing for bankruptcy?

Start doing credit card debt management to help yourself get out of debt as fast as possible!

Most financial experts will advise you to stop using your credit cards. Quit using credit cards is to prevent you from adding new debt to your existing outstanding balance.

If you have more than one credit card, pay the minimum payment on them all. Then, pay the most to the credit card with the highest APR. Once the card with the highest APR is paid off, keep paying the minimum payment to the rest of your cards and pay the most to the next highest APR. Do so until all the credit cards are paid off.

Another way to help you is try balance transfer deals that offer 0% interest free period for 6, 9 or 12 months to save some money.

Credit cards are convenient, but you don’t have to use them all the time and put everything from groceries to petrol to night’s-out on them. Instead of using credit cards, cultivate the habit of using cash to help yourself curb your spending habits and get into more credit card debt.

If you are really concerned about your credit card debt, start doing debt reduction before you end up resorting to debt consolidation, debt management plan, debt settlement or bankruptcy.

Before Signing Up A Debt Management Program With A Credit & Debt Management Company

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Posted by Vedis the DMP Blogger on May 1, 2009 – 4:50 pm
Filed under Debt Management Companies

Do your monthly minimum credit card payments that exceed 15% to 20% of your take-home pay make you feel that you just can’t face another month of credit card bills? If so, you may want to consider enrolling in a debt management program.

A debt management program, also known as debt management plan, is individually designed to combine your multiple credit card payments into one low monthly payment and then the monthly payment received is disbursed to your creditors on your behalf by the credit counseling and debt management agency.

Besides getting a low monthly payment, a DMP can get you a reduction in interest rates, an elimination of finance charges, late payment and over-limit fees, relief from collection agents, and one-stop bill paying.

Before signing up with any credit counseling agency, beware of e-mail and TV ads for credit and debt management companies that make tons of promises.

Not that there aren’t reputable debt management firms. There are. But credit counseling agencies tend to fall into one of three categories: the good, the bad and the ugly. Knowing the difference can save you a lot of heartache and money.

Look for reputable non-profit credit counseling agencies known as consumer credit counseling services (CCCS) affiliated with the National Foundation for Credit Counseling (NFCC).

You must avoid debt management companies that:

  • Have an “unsatisfactory record” with the local BBB. Serious, unresolved complaints, such as late payments to creditors and false advertising are some contributors to the “unsatisfactory record” at the BBB.
  • Don’t spend 30 minutes conferring with you. If a credit counselor promises to enroll you in a debt management plan in less than 30 minutes, well, get outta Dodge. The less time spent with you, the less a credit counselor works in your best interest.
  • Don’t let you review your contract before signing it. A good debt management agency will let you review a contract at home before signing it. It’s recommended that you compare three or four contracts from different companies to see who’ll give you the best deal.
  • Automatically enroll you in a debt repayment plan.
  • Expect upfront fee equal to one month’s debt payment.
  • Require “voluntary” contributions. Beware of of credit counseling agencies that say they have no upfront fees but tuck a sentence into your contract stating, “I voluntarily agree to contribute one month’s payment…”
  • Pay your creditors late, despite your making on-time payments

It’s important to choose a certified credit counselor that takes time to: review your assets, liabilities and spending habits; explain the benefits of a debt management program; work out an affordable amount that you need to pay each month to clear your debt; and help you come out with a plan that can clear your debt within five years.

Need Money To Pay Off Credit Card Debt Or Save For Emergency Fund First?

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Posted by Vedis the DMP Blogger on April 1, 2009 – 1:37 pm
Filed under AKPK Debt Management Plan, Credit Card Debts, Emergency Funds

Hi, I need money to pay off my credit card debt.

During tough economy times, who doesn’t want money to pay off credit card debts?

The weakening economy and looming recession have no doubt impacted many credit card holders; there is an increasing number of credit card users who have found it hard to settle their credit card bills at one lump sum or make even the minimum payments.

Like you, I want money to pay down my credit card debt. But I am not as desperate as I used to be when it comes to paying off credit card debt fast.

The reason? Well, I am now under a free debt management program that allows me to pay a lower monthly repayment to the debt management agency before the 30th every month.

I am no longer chased by 6 banks for 15 credit card payments. :-)

I do need money to settle my credit card debt but not as urgent as I need it for my emergency fund. I need money to hit my goal of $1,000 emergency fund.

Once I have the initial $1,000 (RM3,550) as emergency fund, I can start paying off credit card fast.

Private Tutoring Is The Best Part Time Job During Economy Crisis & Recession

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Posted by Vedis the DMP Blogger on February 17, 2009 – 10:55 am
Filed under Income Streams

Private TutoringAfter hearing so much about layoffs, job cuts and job losses, my sister is serious about having a part-time job.

She thinks of having a part-time job so in case she is put layoff one day, she still has a part-time hour job to pay her credit card bills, home mortgage installments, car loan repayments, gas and electricity bills or daily expenses.

After much discussion, she has narrowed down the scope of jobs to sales jobs, finance jobs, payroll jobs, tutoring jobs, secretarial jobs, computer jobs, receptionist jobs and customer service jobs.

As a women who has two school-going kids, she needs a flexible job that she can make changes of time and schedule easily.

Tutoring is the best part time job. By being a private tutor, she can have tutoring classes at home and at her convenient time.

I don’t know about your country, but in my country, Malaysia, parents put emphasis on children’s education very much.

Parents can live below their means and save money on everything, except kids’ children.

Children education is the top priority. No matter how poor the parents are, they will do their best to provide the kids good education.

This explains why tuition classes are still fully packed during bad economy and recession. Tuition or tutoring jobs are considered recession proof jobs.

Maths tutors, science tutors and English tutors have been top tutors wanted by tutoring agencies for many years and will still be even in times of economy crisis and depression.

I went back to giving tuition again in December since parents had asked me a few times in 2008. After quitting teaching for one year, I feel good teaching those kids again.

My tutoring income is almost one-third of my online income now. Oh, must really work hard to increase my online income in year 2009 too.

Credit Card Companies Are Willing To Lower Interest Rates, Waive Late Fees Or Decrease Balances

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Posted by Vedis the DMP Blogger on January 18, 2009 – 10:05 pm
Filed under Credit Card Debts, Credit Cards, Financial News & Updates

Good news to struggling credit card holders! Credit card companies like Bank of America are willing to throw out a life preserver to save you from drowning in accumulating debt.

Lowering interest rates, waiving late fees and even decreasing balances are some approaches that credit card companies take to help more than 500,000 struggling card holders who just can’t pay their credit card bills during struggling economy.

If you failed to ask credit card companies for help after the implementation of credit limit reduction a few months ago, perhaps you can give it a try now.