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Monday, 17 March 2008 |
By Jeanette Joy Fisher
 The average American is a mere three paychecks away from facing huge, potentially devastating financial difficulty. Each year, more than a million Americans turn to credit counselors to try to help themselves regain control of their financial burdens. But just how the credit counseling business works is a mystery to most consumers. What's involved when you hire a credit counselor?
HOW CREDIT COUNSELORS WORK
It may come as a bit of a shock, but the first thing you need to understand is that consumer credit counselors don't work for YOU! That's one reason their ads on television, radio, and in your email box shout, "Our services cost you nothing!" However, any business needs to derive income from somewhere, so if they're not charging you, who does pay them? In truth, they work for the lenders. Here's how it works:
Regardless of what their commercials would have you believe, credit counselors don't renegotiate the overall amount of your debt--that is, the total principal balance you owe to your creditors. Instead, they negotiate with the various lenders to decrease your interest rates. For instance, let's |
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Last Updated ( Monday, 17 March 2008 )
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Saturday, 15 March 2008 |
By Arthor Pens
 There is always a sale or something that you must buy because of the holiday season, birthdays etc.... and the credit card companies could care less that you are on a budget. Those credit card companies that want you to spend money that you dont have, the play the savings game. The savings game is when a credit card company advertises to the average person who may or may not be on a budget. They claim that this is the perfect card, even if you are on a budget, it will help you stick with your budget goals. At the moment, that you swipe your new credit card, you may not feel the after affects of debt right away. A few weeks down the road, you will begin to feel the difference. Unless you are a highly disciplined person and you have a second stream of income coming in, an extra credit card can be like a death wish come true for those who are falling or already in debt.
Many have quoted that a person doesnt get rich by |
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Last Updated ( Saturday, 15 March 2008 )
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