Posts Tagged ‘money’
Ok so I don’t often rant. Especially in a blog post. But when someone sent me this article (now almost 9 months old) I was disgusted. I felt like I needed to share this with you right away!
An article by Heather Long at CNN Money dropped in January of 2016. The headline “ATM and overdraft fees top $6 billion at the big 3 banks” I will post the link to the article at the bottom of the post! So keep reading…
Now if you’re like me you are probably disgusted at this as well. ATM Fees are often refunded by smaller banks that you might be customers of so I don’t really want to focus on that right now. Even though charging you to access your own money is silly.
What I want to talk about is overdraft fees. The top three banks in the U.S. pulled in over $6 Billion. That’s $6,000,000,000+. But how does this happen? Well the faceless big banks, credit card companies, credit bureaus all spend millions (or more) on getting you the consumer to spend money. After all that is how they make money. Now if you are savvy and many of you are… This doesn’t really affect you all that much. But things can happen and some of us have been there.
If you have ever been in any credit card or other debt you know what I mean. Life becomes hard and it can even be embarrassing to have a ruined credit score, get calls from debt collectors, and to have the stress of debt on your shoulders. But to know that there are companies out there that are spending millions to keep you there and profiting BILLIONS off your pain and your family’s pain. That’s just infuriating. And it should be.
But just getting angry at the big banks is not going to help and its certainly not going to end the suffering. What will help is actually getting motivated, building great credit, and eliminating your debt. And thankfully there is a way to do that without having to sell an arm and a leg!
The Credit Repair Intelligence System and The Debt Free Bible work together to help you build great credit and to get rid of and stay out of debt! Not only that you actually spend less money when you have a great credit score.
Let’s do a quick math problem…
Let’s say you purchase a $200,000 home on a 30 year fixed mortgage at 6% interest instead of 4% (because of your credit score); that 2% is going to end up costing you a total of $88,000 over the term of the loan. Now think about how many “extra” years you’ll have to work to pay off $88,000 just because of an extra 2%. Now this is just one example. But think about everything that is based of your credit score. Car insurance premiums, some jobs you might be applying for, and so much more. You’re throwing money away with a low credit score.
So I’m not saying that you need the Credit Repair Intelligence System or even the Debt Free Bible. I get it they cost money and you might not be comfortable with that right at this moment. But at least get my free e-book! With it I will also periodically send some other reports about your credit and what it means to have a great credit score as well as some ways that you can start to develop better credit.
If you’re as outraged as I am at what banks and credit companies do to keep us in debt to them then you might want to check out our Starter’s Guide. I pay the shipping and handling for you but it’s a great first step to understanding how credit works and how it plays such a big role in your every-day life!
Feel free to shoot us an email firstname.lastname@example.org or give us a call at 1.800.450.1248 to talk with someone about building great credit! We would love to hear how we can help you build a better life, save money, and stick it to the faceless banks, credit bureaus, debt collectors, and credit companies!
Want to read the CNN Money Article?
Often it is hard to pin point one area of debt or credit repair to start. That is why when the Credit Repair Intelligence System was created it covered multiple topics. Its just the nature of the beast. Similarly, to building or repairing credit you can’t do just one thing. You often have to try multiple strategies at the same time.
The same goes for fixing debt! There is not one strategy that will fix everything. And experts would probably agree that you often have to use several and combine some strategies to be most effective.
That is why The Debt Free Bible combines 19 different strategies and secrets that are ready for you to discover right now. The Debt Free Bible is over 280 pages of knowledge that is ready to be absorbed.
But be aware…
This is not some fly by the night system. It actually took a little over 2 years and over $25,000 to create it. Our friends at Zodiac Publishing really created something special for the country here.
Just some of the methods can start helping immediately:
• Use the ”Method Matrix” to compare 19 get out of debt methods and pick the best one (page 222)
• Discover how to get one bank pay off another bank with the ”IR Method” (page 163)
• How to use the ”Overflow Method” pay off any debt faster (page 159)
• How to pay off your bills FASTER with no extra money using the ”RR Strategy” (page 167)
• Why the ”LBF Technique” gives you a psychological advantage to become debt free (page 169)
• Why the ”HIF Method” should be used FIRST on debts over 24% interest (page 171)
• How the ”Division Method” and a calculator can get you debt free 8 YEARS SOONER (page 173)
• Pay off your mortgage in only 6 YEARS with the ”AP Strategy”
But using just The Debt Free Bible or The Credit Repair Intelligence System is sometimes not enough. Luckily we are able to provide both for the ultimate debt fighting and credit building system.
Not only that but we are there every step of the way! Our Members-Only Forum, staffed by our Credit Expert Dan Sater (Check Out his Bio), is there for you to access and ask him questions! Having some guidance through the credit building or repair process is what separates us from the other guys. And now with The Debt Free Bible you can build the debt free life that you want and deserve for you and your family.
What Our Lawyers Make Us Say: CR Publishing publishes and provides quality and actionable do it yourself products and information to consumers who want to improve credit and/or to get rid of debt. The articles and information provided herein are for informational purposes only and are not intended as a substitute for professional advice.
FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
We have all been there. During the summer or during holidays our credit limits get all used up. We all know that we should really try to keep spending under 30% of our limit each month. Things happen though and sometimes we go over. Yes this can and if you do it often enough WILL hurt your credit score.
Here’s the good news though…
If you have been making regular payments and have a fairly established history on your cards, you can actually ASK for a credit line increase. Increasing your credit line will reduce your credit usage and improve your Utilization Ratio. Thus you will see a relatively fast credit boost. And it will free up some room on your credit line for those budgeted vacation expenses.
Here’s the bad news…
If you don’t practice self control when it comes to your spending, it’s a really fast way to rack up a lot of debt. Now that you got that nice boost in available credit you need keep spending down. And always make sure you are paying your card regularly and if possible paying your entire statement balance each month!
Why you should do this before you travel: Well traveling can be expensive and this might be one of those out of the ordinary months where you spend over 30% of your credit line. If you have been saving though and have the money to pay for your vacation, you now need to have the credit. A boost in your credit utilization can free up your credit line for travel and other vacation expenses while either boosting your score or keeping it where it is now. And that’s a whole lot better than your FICO Score taking a hit when you are trying to enjoy your much deserved family time.
One more thing before you go outside to enjoy the summer weather this weekend… A lot of building and keeping a great score is self control and perseverance. The system is complex and can be confusing at best. But keep at it! Always keep working and never give up even if you feel like you have hit a wall. And remember it takes a lot of self-control to keep that score up.
Credit Building, Credit Repair, Credit Counseling and Debt Reduction/Negotiation – What’s The Difference? And What Do YOU Need to Know?
In most instances, rebuilding your credit, paying down your debt and regaining your financial freedom starts with “credit repair.”
Credit Repair should not, however, be confused with other credit services such as debt consolidation, credit counseling, or debt negotiation.
Credit repair is a process that you can do on your own, or, with the help of experts. If you don’t know where to start in the DIY world of understanding and building or rebuilding credit then visit creditrepairpublishing.com for effective tools and access to a community.
But, there are also companies that specialize in helping consumers dispute and delete inaccurate, unverifiable, and untimely items on their credit report that are being illegally reported. These companies very widely in quality. But if you need this type of help, you can call us for an appropriate referral.
You should also know, that at CR Publishing we believe that Credit Repair is also about helping you to understand your credit and showing you how to build positive credit so that you can have the positive credit profile and score you deserve.
And a better credit profile (FICO Score) means better pricing on everything from credit cards and credit lines to insurance and mortgages.
But what about these other things?
Debt consolidation is the process of combining all outstanding debts in one loan account. The purpose of debt consolidation is usually to lower monthly repayments or lower interest rates on a loan. It can be beneficial but be careful!
Debt reduction is, on the other hand, a process of carefully understanding debt and creating the best system to reduce your debt and then to build better credit and wealth. It is the foundation of being debit free. At CR Publishing we now all have a powerful resource The Debt Free Bible for those who are looking to reduce Debt and to become Debt FREE. Click here for access to this resource.
Credit Counseling is advice given by counselors to people about how to use credit responsibly and how to get out of serious debt. When a person participates in credit counseling their creditors may note it in their credit reports.
The fact that they have resorted to a credit counseling program is a huge red flag for prospective credit grantors. Remember, paying off debts is a step in the right direction, but it does not necessarily restore or build your credit. credit.
Debt negotiation is when a 3rd party negotiates with creditors and establishes a payment plan on behalf of the debtor. Before starting debt or credit counseling, or debt negotiation consider the Credit Repair Intelligence System, The Debt Free Bible, or our amazing offer when you get both.
Want more information? REGISTER HERE to get our updates and resources.
I read a newspaper article recently that had this headline: “Your Bad Luck Is a Windfall For Airlines”. The article talked about how change fees and cancellation fees produce about $2 BILLION in revenue per year for the airline industry. So missed flights, changed plans, traffic jams, and more… all this “bad luck” leads to billions for the airline industry.
I got to thinking about this and realized that the airline industry isn’t the only industry making a killing off of consumers’ bad luck. Creditors, credit bureaus, and collection agencies make more money when things go downhill for you. (Notice that I included “credit bureaus” in that list… remember, it is more profitable for them if you have bad credit–more on that in a later post!)
These companies can’t really be faulted 100% for this, because it is really widespread and more or less just the way the system works. Your doctor, your mechanic, your attorney, and your plumber also profit from your bad luck… but it’s not like you’re going to do your own brain surgery any time soon, so you’re probably glad that your doctor is around to help.
What we can really take from this is that there is a positive side to everything; and the key for us is finding that and applying it so that it can benefit us. You may think your bad credit is nothing-but-bad for you. Think again. We all KNOW it has a negative side, but look for the positive side.
Many consumers have totally screwed up their credit, and ended up on our web pages in an attempt to dig themselves out. Many of those same consumers then decide that they wanted to help others dig out too, and end up starting their own profitable credit restoration businesses as a result. Some do it part time, some even full time, but in either case they have now crossed over and have learned to profit from their own bad luck.
Even if you don’t want to start a credit repair business, you could still profit from your bad credit. By fixing your credit today, and positioning yourself for the future, you could be setting yourself up to take advantage of one of the biggest financial opportunities of the next 50 years. What’s the opportunity? If you don’t already know, we’ll leave that for another post.
In a recent WSJ article it tells how a woman named Susan reduced the asking price of her home by $1,000,000 to $2.25 million… and even after the million dollar discount, nobody was apparently interested.
She got an offer for $1.6 million, which is LESS than what she paid in 1999, and HALF of her original asking price.
These numbers are huge, and I personally would not buy a million-dollar home… but this certainly presents a worthwhile opportunity for those who are paying attention.
Housing prices are dropping and mortgage troubles are multiplying, and if you and I are smart, we will do two things in response to this:
1. Get our “stuff” together now… our ducks in a row, if you will, and start building or rebuilding our credit (and our financial picture) to where it needs to be, and…
2. Hopefully as a result of #1, position ourselves so that when the right half-price housing deal comes our way, we can jump on it. Many who think ahead will jump on not just one, but several.
So rather than stress about the economy and healthcare and whether or not you’ll have a job tomorrow (and believe me, I understand all of these stresses), my advice would be to use that energy to work on positioning yourself for financial success in the future. (That’s what I’m doing.)
Worrying will not make you 1 single cent richer. Getting over it and building credit, saving money, taking action to make more money, and doing more with the money you have–these things will make you a lot of cents richer.
If you start preparing today, EVEN IF YOU MISS YOUR MARK, you will be much better off than those who sat, and worried, and did nothing.