What To Do If You’ve Been Used and Abused By Usury Rates

07/02/2009

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I recieved an enlightening email today that I’m sure everyone with any kind of loan should be concerned about.

The email was titled (The History of Usury).

It came from  from Debt Warriors Allies at Americans for Fairness in Lending (AFFIL.ORG.).

  • Did you know that The Prophet Ezekiel included usury (high Interest Rates for Loans),  in a list of “abominable things,”?

    Ezekiel considered charging high Interest Rates as horrible as rape, murder, robbery and idolatry (Ezekiel 18:19-13).

  • The American colonies adopted Usury laws, capping the interest rate at 8% for loans.
  • Fast forward to the 1970’s when The Supreme Court rules that National Banks can export State interest rate laws of their Home State into any other State where they do business. After that, South Dakota removes  interest rate caps.  Many Banks that issue Credit Cards move to South Dakota and operate nationally with no interest rate caps.

What You Should Know:  The Credit Card Act of 2009, Does Not Cap Interest Rates:

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So what can you do about high Inerest Rates for Credit Cards?

  1. You can join the fight to place caps on Usury Rates.
  2. You can donate whatever you can to Americans for Fairness in Lending (AFFIL.ORG).  AFFIL has boots on the ground around Washington.  They know how the Legislative Process works. And they are successful at bringing positive change to American Consumers.
  3. You can also learn how Credit Card Debt is calculated, the terms and conditions for credit and what your Rights are regarding Predatory Lending.

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Posted by J. Carlton Ford

Overcoming the Shame of Predatory Lending

06/29/2009

I believe it makes no sense to go into debt while trying to get out.   That is why I co-founded Debt Warriors and Credit Boot-Camp.

But that is exactly what many people do everyday. Americans go into debt to get out. That sounds like an Oxymoron to me.   Bankruptcy, Credit Counseling, and Debt Consolidation all require Consumers to go into more Debt, when  trying to get out of debt.  Many mis-informed Americans take the financial quick-fix route when trying to get out of debt.  Most times this is a result of Predatory Lending

Are You A Victim of Predatory Lending?

If you have debt, I hate to tell you this but,  you might be a victim of Predatory Lending.  I found a bunch of what I call “Credit Predators” (aka Predatory Lenders).

Predatory Lending, has been in full swing since 2000, after the Commodity Futures Modernization Act (CFMA) passed.  After the CFMA, Millions of Americans had been sold (SCAMMED) into  all sorts of financial flavors of the month.

For example; Adjustable Rate Mortgages, Auto Dealer Trade-In’s,  and Promotional Rates on credit cards.

Most of my client’s had been Trapped in Debt by Credit Predators!

  • Auto Loans: Tricks like; Addendum Stickers,  “Kicking the Trade,” Stealing The Trade”.
  • Adjustable Rate Mortgages on home-loans,  Refinancing,  Predatory Lending.
  • Credit Card Traps like;  Promotional Adjustable Rate Credit Cards, Personal Credit Lines, Cash Advances.

Many of My Clients Were Suffering From Financial  Shame

Before I started Debt Warriors, a bunch of  my Clients (at the Bankruptcy Prevention Law firm) had made some financial mistakes, but most of them were hard-working people who had lost a their job and were terrified because they didn’t know what to do to stop the rising debt and endless collection phone calls.   For one reason or another it seemed all of my clients felt huge amounts of  shame about their financial situation.

Many of my clients already had “Delinquent” accounts.  For some reason or another, these clients had missed more than one payment and watched in fear as their debt skyrocketed.  I won’t exhaust you by telling you all of the Credit Report horror stories that I helped my clients overcome.

At the Law Firm, most of my Client’s were terrified because they didn’t know what to do about being harassed and threatened by Debt Collectors.  Many of my client’s were attacked by debt due to  job lay-offs. States like; Michigan, Pennsylvania and New York,  had already started to see jobs leave the Untied States to other Countries as early as 2004.

My other client’s had been in the hospital.  When they returned home these clients found an abundance of unopened late notices  from Creditors and Debt Collectors.  These clients were trying to get over an illness or injury and were being terrorized by “Debt Terrorist”.

I was able to help my client’s understand that they may have made some mistakes, but it’s more likely that they were sold Credit (Debt) and now they had to out-smart it.  I was able to help my clients at the Law Firm understand their Rights and the Processes of Credit and Debt Management.

I was also able to help my clients save thousands of dollars by teaching them to overcome the shame and negotiate and settle their debt (for themselves).  You may be a victim of Predatory Lending, but the reality is that you are in the best position to determine how to get out from under the shame and the threats that your debt has caused you.

Our goal at Debt Warriors is to show you how you can defeat Predatory Lending yourself.


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Posted by J. Carlton Ford

Living Life As a Credit Risk After Bankruptcy

06/25/2009

People filing Bankruptcy are finding it easier to pay their bills, but harder to live a better life.

Once someone files Bankruptcy, they become a bigger Credit Risk.  So if you know anyone hopelessly considering Bankruptcy, they should consider the years of negative credit consequences.

Today, I was reading a story about Danielle Lancaster.  You may not know her and in fact, I just read about  her heart-breaking story in the Washington Post.   Danielle, filed Bankruptcy when her debt became twice that of  her monthly income.

Although Danielle was able to Bankruptcy,  she still owes money to her Creditors.

Danielle was not granted a ‘Clean Sweep’ of her debts.   She is on a repayment plan.

After the Bankruptcy, Danielle is also finding it hard to get a better paying job.  Not because of the Bankruptcy, but because she can’t move her family to where the better jobs are.  Danielle can’t get a Landlord to rent to her without a lot of money upfront.

In theory, Danielle would be able to rent an apartment for her family after Bankruptcy. But in real-life, Bankruptcy makes her a Credit Risk.

Fantasy Land of Bankruptcy

People talk themselves into Bankruptcy out of fear.  Bankruptcy does make the Creditors back off.  And Creditors backing off eases some of the tension bad Credit and Debt cause.  But what do people learn after they file Bankruptcy?

  • They are trapped in Debt for up to 20 years (just less of it).
  • Their Credit-Worthiness is worthless (people are scared to do business with them).
  • They find it harder to get life back on track financially.

Why not consider the alternative to Bankruptcy?

I’ve asked this before.  Why don’t people consider their other options to filing Bankruptcy?  I think the answer is because they do the math.  They figure they can pay about $2,500, file Bankruptcy and be done with it.  I have to face the facts, Bankruptcy is a quick-fix.  Bankruptcy works when filed properly.

So, if you know someone who really has their heart on filing Bankruptcy, ask them if they’ve researched the negative consequences of filing.  Ask them are they ever going to want Credit again (maybe to start a Business)? Ask them if they are prepared to live on the wrong side of the tracks for about 10 years?  Ask them if they are prepared to live life as a Credit Risk?

    Leave a Comment » | Bankruptcy Prevention, Bankruptcy's Burden, Credit Risks, Debt Management, Personal Finance, credit reports | Tagged: , , , | Permalink
    Posted by J. Carlton Ford

    Has Your Credit Card Company Short-Changed You?

    06/12/2009

    Save More with the CREDIT CARD MEDIC Video Course: 866-576-7996

    Save More with the CREDIT CARD MEDIC Video Course: 866-576-7996

    So I’m reading the News this Morning, and I encountered an article struck me right in the brain.

    This is the meat of what this news article said:

    • Credit Card Companies (Creditors), are cutting Consumers Credit Limits.
    • Creditors are Closing Credit Card Accounts.
    • Delinquency Rates have been rising steadily for the past four years.
    • Bankruptcy is being filed at double-digit rates.

    These fact’s are tragic, but not new.  For nearly 3 years,  Debt Warriors have been sounding the alarm about the financial attacks known as Credit Card Tricks and Traps.   We’ve also been helping American  Credit Card Holders take Cover, regroup and fight back :)   We been giving people the confidence and hope of winning their war on debt!

    So, What do you do when your Credit Card Company Short-Changes you?

    How can you survive an attack on your Credit Limits?  You have three choices:

    1. Pay the Full Balance.
    2. Eliminate the Debt.
    3. File Bankruptcy.

    First, if you have the money to pay your Credit Card balance, you can  go ahead and pay it off, and be done with that debt. That will end most of the stress.  But we don’t suggest that you close the account.  Simply use the Credit Card once or twice per month, for small purchases only.

    Second, you could eliminate the Debt.  There are secret keywords and processes that you can use to actually eliminate your Credit Card Debt (for yourself).

    Get BONUS Debt Consolidation Software

    Outsmart your Credit Card Debt

    There are also good Debt Elimination Software Programs that can help you eliminate your Credit Card Debt faster.  The Debt Elimination Software that we offer is the one preferred by Professional Debt Consolidation Companies.

    Third, as a last option you could file bankruptcy.   With Bankruptcy filings doubling, we are wise enough to know that if you want to file Bankruptcy, we can’t stop you.  But we hope you’re considering all of the facts not just the positive  promises like,  immediate relief  from your Debt Obligations.

    We hope you Consider the  negative impacts of filing Bankruptcy for example:

    After Bankruptcy Americans Need 10-20 Years to Recover.

    The Ohio State University published a  Study by Jay Zargorsky and Jeff Grabmeier.  This 2004 study found that it takes 10 to 20 years or more for those who file bankruptcy, to reach the same financial status as their peers.  This  Study goes on to site  many other findings:

    • People who file for bankruptcy are more likely to be divorced, female, less educated, have lower income, live in urban areas and have bigger families than people who have never filed.
    • About 81 percent of people who have never filed have savings (vs. those who filed).
    • Those who filed under Chapter 7 Bankruptcy,  took longer to catch up financially with non-filers.
    • Bankruptcy Filers  experienced that a ‘fresh start,’ may take longer than they expect or would like
    • After 2005, there is no more ‘Fresh Start Bankruptcy’.
    • Those undergoing bankruptcy are saddled with more debt.
    • Recent Bankruptcy Filers have a 50% chance of getting approved for a home loan, against a 73% rate for persons who have never filed.

    We encourage you to consider option number Two.

    We believe you should be informed of some of the fact’s that others offering you help are not willing to tell you, about how to eliminate your Credit Card Debt (for yourself).  For this reason, we’ve developed the weapons that inform you of the secrets  to eliminating your Credit Card Balances and  winning your War on Debt (Credit Card Medic and the Debt Warriors Arsenal)! Filing  Bankruptcy is surrendering and suffering for up to 20 years.

    Leave a Comment » | Credit Card Debt Help, Credit Card Debt Negotiation, Credit Card Education, Credit Card Tricks And Traps, Credit Cards, Credit Counseling, Credit Management, Credit line calculator, credit card debt settlement | Tagged: , , , , , , | Permalink
    Posted by J. Carlton Ford

    How Assesed Bank and Credit Penalty Fee’s Drive Up Default Rates (Video)

    06/09/2009

    Video Courtesy of Americans For Fairness In Lending (AFFIL.ORG)

    Video Courtesy of Americans For Fairness In Lending (AFFIL.ORG)

    Our Allies at Americans For Fairness In Lending Posted a Video on YouTube That is worthy of a Donation :)

    In this video Mr. Jerry Young, and ex-bank employee, removes the barriers to understanding Bank and Credit Account Fee’s.

    Jerry Young takes on:

    • Assessed Penalties
    • Balance Transfer Rates (as high as 18%)
    • Default Rates
    • Fee Payment Structures (what Fee’s are paid first)
    • Purchase Rates
    • What you can do  if your rates and fee’s become unbearable

    So how can you avoid penalty fee’s ?

    Debt Warriors Attacked his subject before and it’s worthy of a review:

    # 1. Know the “Terms and Conditions” for Credit: With Credit Card Default rates skyrocketing what you don’t know about your Credit Cards can hurt you. For this reason, it’s important to understand what will trigger a default rate to be placed on your card.

    #2. Know the ‘available balance’ for each Credit Card Account: For example, once you exceeds a certain percentage of your available balance,  Creditors probably will start raising your  Rates.

    #3. Try to keep your “outstanding balance” way below the available balance: It’s wise to spend only 25 to 35 percent of your available balance on any credit card.  It is unwise to use more than 40 percent of your total available balance.

    #4 Pay at least $5 over your minimum monthly payment: Many people don’t know that they can shave off interest payments by making a regular payment of $5 to $10 dollars over the minimum monthly payment.

    #6. Know which kinds of Cards you have: Are they “Rewards Cards” or regular cards. Regular Credit Cards are by far a better solution in many ways. Keep your Rewards Cards purchases to a bare minimum.

    #7.  Carefully budget yourself for the fee’s: Once you understand the Terms and Conditions for Bank and or Credit Fee’s you should consider including all Fee’s as expenses in your monthly budgeting.

    #8.  Always do Balance Transfers Responsibly: You should know that there are many tricks and traps of  Balance Transfers, that your Bank and or Credit Card Company will not inform you of.

    That’s why Debt Warriors have produced the ultimate Credit Card Debt Elimination Video Course (plus easy to use Debt Elimination Software).  It’s called Credit Card Medic and it works for virtually any kind of Credit Card.  Credit Card Medic Reduces the stress associated with Credit Card Debt.  To learn more about Credit Card Medic: Click here

    Leave a Comment » | Credit Card Interest Rates, Credit Card Management, Credit Card Tricks And Traps, credit card spending | Permalink
    Posted by J. Carlton Ford

    4 Tips to Outsmart the Aggravations of Overdraft Charges

    06/08/2009

    Would you ever intend to pay $30 for a Cup of Coffee?

    I know it seems like a ridiculous question to ask you.   But what if you were tricked or trapped into paying $30 for a cup of coffee as a result of your Banks Overdraft fee’s?

    Did you know that Banks are estimated to earn 40 Billion Dollars in Overdraft Fee’s  yearly?

    Warning: What you see in this video may shock you.

    Is Your Bank striking it rich by strangling your income?

    IF you’re suffering through the frustrating task of reorganizing your budget,  it may NOT be due to financial mismanagement on your behalf.  Let’s face the hard-core facts.  It may be due to high Overdraft Fee’s.

    Did you hear that Bank of America has won an appeal in the  California Supreme Court enforcing their Fee’s?  The Unanimous Ruling over-turned a lower Court Class Action Lawsuit.  This recent Ruling overturns a Class-Action Lawsuit brought by Bank Customers depending on Social Security for income.

    Various and Nefarious Overdraft Fee’s

    I don’t have time to go into all of the various Fee’s.  But rest assured, these fee’s numerous,  nefarious and can drive you into Bankruptcy if you’re not careful.  That’s why if you’ve skimmed this posting without watching the video, I encourage you to watch it.  It’s from our Allies at Americans for Fairness in Lending.

    Overdraft Fee’s by Banks can cost you up to 20% of your monthly income.

    What can you do to avoid high Bank Overdraft Fee’s?

    As promised in the title, below are four tips to help you avoid the aggravations of Overdraft Charges:

    • Consider joining a Credit Union:  You can find your nearest Credit Union by using the “Find a Credit Union Web page” at the National Credit Union Association.
    • Remember that Banks normally process the largest charges first:  Banks say that their aim is to protect their Customers by not allowing an important payment (rent, mortgage etc) from bouncing.  But many Consumer Advocates (like Debt Warriors!™) disagree.
    • Keep a close watch on your Bank Accounts:  For one, it’s illegal for a person to ‘Float’ a check.   Floating checks is also known as “Kitting’ and you don’t want to be accused of doing something illegal.  If you don’t have the money in your Checking Account to cover the check or debit transaction, please don’t attempt to charge it to your account?
    • Be Aware that Banks are Suspected of  Holding Customers Checks until the checks bounce:  Have you ever had a Check bounce – that shouldn’t have? Have you ever been frustrated because you knew you had the money to cover the check when it bounced?  If so,  you may have suffered through the aggravations of your Bank Floating your checks.I did an article on this last  January about my experience with my old bank.  I also highlight 7 steps to challenge when you  suspect your Bank is floating your checks.

    I hope that you haven’t had to deal with the tragedy of Overdraft Fee’s recently.  But if you have, you should know that you’re not alone and it may not be entirely your fault.  Bank Fee’s are one of the major causes of financial trouble in America.



    Leave a Comment » | Debt Management | Tagged: , , , , , , | Permalink
    Posted by J. Carlton Ford

    Unbroke: Etrade Babies Break Down Stocks

    05/30/2009

    Anyone For Some Cute Financial Fun?

    ABC NEWS did a finance special called “UNBROKE: What you need to know about Money”

    In this video, ABC News Contributor, Mellody Hobson and the ultra-hip E*trade Babies, break down stock options and the debut of the hit single “Melody”.  Financial Fun at it’s best. Bravo!

    ( You can view the link to UNBROKE by clicking here: ).

    Leave a Comment » | Debt Management | Tagged: , , , , | Permalink
    Posted by J. Carlton Ford

    3 Worrisome Truths About the Credit Card Act of 2009

    05/26/2009

    Subscribe To Get Credit Boot-Camp™ Updates From Youtube: Click Here

    Subscribe To Get Credit Boot-Camp™ Updates From Youtube: Click Here

    Did you hear that President Barack Obama signed the ‘CARD ACT’ last Friday?

    But the President signing this important Legislation is only a Battle won.  The “War on Debt” rages on! Now in order to be free from Debt we must start admitting that Debt is not all the Consumers or the Creditors fault.

    We must embrace the facts that for many sad reasons, U.S.  Laws have been passed to help distressed Americans find fairness in Credit Transactions.  We must understand that the Credit Card Act of 2009 aims to even the Battlefield of Debt.

    It is not time to pretend that the War on Debt is won.  The mission of the Card Act is to make Credit Card Transactions more fair for the Consumer and the Creditor.  With that said below are a few things you should know about the new Law.

    3 Worrisome Truths About The “CARD ACT”

    1. The Credit Card Act of 2009 is not a quick fix.  In fact the Provisions in the “(Card) Act of 2009″ will not go into effect for nine months.  This new Law provides a way forward long-term.
    2. As Credit Card Holders we still have to be on guard.  You should know that for every brave new Law signed to protect us is an equal duty for us all (as American Citizens) to know about those Laws.  Don’t get me wrong, as Debt Warriors we are excited that President Obama signed the CARD ACT, but we see many more Credit Battles straight ahead.   We as American Citizens cannot allow our new rights to go ignored.

      We must continue to stay on duty, be vigilant and take appropriate action when we have to.  We still have  monitor our accounts and sound the alarm when our Rights as Credit Card Holders are violated.

    3. The Credit Card Act won’t lower  ‘Outstanding Credit Card Balances’.   This is the one that will trouble you if you’re a Credit Card Holder with an outstanding Balance.  This new Law won’t magically make your Credit Card debt dissolve.  Please be clear? The Credit Card Companies are not going to give up your money without a fight!

    The good news is that if you are willing enough to spend about 20 minutes watching our Credit Card Medic™ Video Course, you’ll learn the secrets to lowering your Credit Card Debt (for yourself) and saving thousands of dollars.  Debt Warriors have produced a step-by-step video Course that puts the power of Credit Card Debt Negotiation in your hands.

    If you’ve ever found yourself fearful or intimidated about the amount of Credit Card Debt you carry and you’d like to do something about it please consider the Credit Card Medic™ Video Course?  There is no risk in learning so feel free to discover more about Credit Card Medic™.


    Leave a Comment » | credit card debt settlement | Tagged: , , , , , , , , | Permalink
    Posted by J. Carlton Ford

    President Obama Signs the Credit (CARD) ACT (Video)

    05/23/2009

    President Obama signs Credit Card Accountability, Responsibility, and Disclosure Act

    The “(Card) Act” is a Law that addresses the reality that 80% of Americans have Credit Card Debt and 40% of Credit Card Holders carry a Balance month to month.

    So this is a big victory indeed!  As Debt Warriors™ we are glad that we stood on the side of good on this issue.  We are happy that all of our Youtube Subscribers took the actions that we asked of them.  Below is a video from February 2, 2008.  Back then we asked our YOUTUBE friends and subscribers to take action against Credit Card Tricks and Traps.

    We  are hopeful that the new reforms will bring financial freedom to millions.

    We said “there ought to be a Law” against Credit Card Tricks and Traps and we were right :)   Now there is a Law!

    Leave a Comment » | Consumer Rights, Credit Card Debt, Credit Card Holders Bill of Rights, Credit Card Reform, credit card act | Tagged: , , , , , | Permalink
    Posted by J. Carlton Ford

    A Critical Credit Card Mistake That Any Small Business Owner Can Make

    05/22/2009

    By J. Carlton Ford – Debt Warriors!™

    JCARLTON FORD PIC

    Debt Warriors™ J. Carlton Ford

    Are you a small Business Owner?  If so, how’s business?  Are you revolving your Business Line of Credit?  The reasons I ask those questions (above) is before  I co-founded Debt Warriors™  I helped many Small Business Owners negotiate for lower rates on their Credit Cards and helped them with lines of Credit.

    Ive  also helped Small Business Owners to prevent making a number of mistakes they would have made without my help.  Today I’ll share the most critical Credit Card  mistake any Small Business Owner can make.

    Revolving  Business Credit Balances (Debt).

    A client of mine had been running a Flower Shop for two years.  It was 2007 when she contacted the Firm I was working for at the time.  Her Credit Card Debt was due to her not paying off her balances every month.  She would only pay her monthly minimum, yet she would charge more of her Business Expenses to the same Credit Card Account every month.

    She wondered why her Credit Card Company turned her down not once but twice.  She contacted the Firm I worked at for some help with her Business Credit Card Account.  She got the Credit Card Company on the phone, authorized me to ask some questions (on her behalf) and what I found was her Business Credit Card Debt was ‘Revolving’  too high on her account.

    Basically she was borrowing more than she was paying on her Business Credit Card.  But she was paying her card on time every month!

    Why would her amount of  Revolving  Debt  even matter?

    I told her that most Creditors use FICO and Beacon Scores to asses your Credit Risk (or worthiness).  I told her that by charging more than she was paying off every month wasn’t doing herself any favors in the eyes of her Creditors.  I asked her to pay down the rest of  her Business Card as soon as she could and to pay-off the entire bill monthly if she could.

    So as you can see carrying a high Revolving Credit Card Balance is a Critical Mistake that any Small Business Owner can make. Please try not to make it? If you’d like to learn the secrets of making your Credit Card Company cut your debt in half, check out Credit Card Medic™.

    Leave a Comment » | Debt Management | Tagged: , , , , , , | Permalink
    Posted by J. Carlton Ford