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Do you know the top six Credit mistakes that can increase Debt and pose a threat to your financial security?

Debt Warriors have helped clients after they’ve made a simple mistake that posed the threat of robbing them of thousands of dollars.  In our professional and personal experience, we’ve encountered at least 8 critical credit mistakes that every Consumer is not immune to making.

So What Are the Top 8 Credit Mistakes?

1. Not knowing/understanding the “The six C’s of  Credit”.

The 6 C’s of Credit are used when lending money to any Consumer.  Many people are unaware that the 6 C’s exist.

Not knowing these 6 C’s of Credit is unfortunate because they really do make the difference between success or failure as a Debtor.

2. Failing to monitor Credit Reports at least once annually.

Did you know at various Consumer Protection Laws allow you to check your Credit Report for free?

For example, the Fair and Accurate Credit Transaction Act (FACT ACT) allows Consumers to examine their Credit Reports once every 12 month’s at no charge.

Many American Consumers make the mistake of not checking their Credit Reports for false items listed.  Not Checking your Credit Reports can be a costly mistake.  Did you know that only one negative entry on your Credit Report can damage your Credit Score by as much as 40%?

Failure to check your Credit Report at least once per year could cost you a job, a lower credit card rate and even prevent you from renting a decent apartment.

Did you know that www.AnnualCreditReport.com is the only site backed by the Federal Government that provides a free Credit Report Annually? Don’t make the mistake of not checking your Credit Report for false negative errors? It could cost you your quality of life.

3. Ignorance to your Rights as a Debtor.

As mentioned above there are Rights that you have as a Consumer. No matter what type of accounts you have, there are some Rights provided by the U.S. Federal Government to protect you against the shady practices of Lenders.

As Debt Warriors, it often saddens and sometimes angers us that more people don’t use learn their Rights and use them when they need to.  That is why we offer ‘do it yourself’ Debt Reduction Video Course, Software, Form Letters, and an “Arsenal” of resources to help you obtain knowledge of your rights.

4. Not enforcing your Rights.

As Consumer Advocates we agree with the Federal Trade Commission (FTC).  The FTC advises that “self-help may be best”, when it comes to issues relating to Credit and Debt relief.  Again, the Federal Government provides the Rights, but many American Consumers are unaware and or  intimidated to use them.

Not enforcing your Rights can be a costly mistake that unfortunately many Americans make.

5. Failure to follow-up in the time required.

Did you know that the Fair Debt Collections Practices Act (FDCPA) provides 30 days to ‘Validate’ a Debt?  But many people don’t take advantage of the Right to Validate the Debt in the time provided under this Law.  Instead, they ignore the collection notice, and hope that the Debt Collector goes away.

We’ve watched in agony as Americans have been served summons to Court for Debts that simply could not be collected on.  We’ve heard horror stories of people who have had their wages garnished, by no-good Debt Scavengers, all because the Consumer failed to act within the time required to respond. Please don’t make this mistake? Honor your Rights provided to you by Federal Law.

6. Lack of planning.

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Have you ever heard the parable, “those who fail to plan – plan to fail”?

Nothing could be further from the truth when it comes to Credit and Debt Management.  For example, many people don’t take into account the Fees associated with Credit Card Accounts.

Did you know that Banks and Credit Card Companies get a lot of their profits from Annual Fees and charges?

If you have a Bank or Credit Account, please make sure to plan the Fees into your monthly budget?  Lack of planning can cause you to lose a significant amount of your future funds (up to 20%).

7. Ignoring alternatives.

Did you know that Bankruptcies are up by 24% in 2009 over 2008, according to the American Bankruptcy Association?  This fact is a little irritating to us.

Many people don’t need Bankruptcy and it’s not the quick-fix that many Consumers hope it will be.  As Dave Ramsey well knows, Bankruptcy should be the last resort.

But sadly, many Consumers don’t consider the alternatives, like do it yourself Debt Reduction.  Instead, so far, in 2009 over one million people have filed Bankruptcy. Why don’t people examine their Budget?  Consumers  are required to do a Budget analysis, before filing Bankruptcy anyway.

Bankruptcy also requires most Consumers to pay back some of their Debt anyway.  Why don’t more people learn the secrets to negotiating their Accounts lower, without the massive expense? Do it yourself Debt Management is the best alternative to Bankruptcy.

Many people take the quick yet expensive route – filing Bankruptcy, and damaging their financial future for years to come.  Please learn about the options available to you before filing bankruptcy? Or better yet, call Debt Warriors for a no-charge, no-risk, no-obligation Credit Check-up.

8. Avoiding action.

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Are you feeling overwhelmed and hopeless to your Credit Accounts?  If you are, please know that you are doing the right thing by reading the Debt Warriors Blog?

Debt Warriors  pride ourselves on providing the most relevant and cost-effective information on winning your War on Debt.  But we can only do so much.

You can not bury your head in your pillow, a bottle, a prescribed drug or in avoidance.  You have to take a stand, fight back and engage the enemy of your financial future.  There is not better action that you can take than learning your Rights, and using them to stop Debt Terrorist harassment, verify the amount claimed to be owed by the Credit Predators, and securing your families financial future.

Please don’t make the mistake that millions of Americans are making?  Take 20 minutes out of your day and learn how to analyse, budget, dispute false errors, negotiate and settle your debt – for yourself, most times for pennies on the dollar – for yourself.