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Credit Card Debt Help: National Newspaper Insists Banks Will Settle For Less

09/10/2009

Today, The Washington Post  published an article about Credit Card Debt Settlement that every Credit Card Holder should read.

Specifically, the article shares the little known fact that the Banks have been unwilling to tell Credit Card Holders. That is, that Credit Card Firms and Banks are now more willing than ever to strike a Credit Card Debt Settlement with the Consumer.

Below Is An Excerpt From Today’s Washington Post Article.

“Most card issuers are unwilling to talk about the practice for fear that they will be swamped with requests from people who do have the funds to pay their bills. But industry executives confirmed that the practice is becoming more common as card issuers face a record percentage of charge-offs, giving up on collecting debts that consumers never repay. 


The charge-off rate on U.S. cards for July was 10.52 percent of balances, according to Moody’s, which expects it to reach at least 12 percent in the middle of next year“

This is not news to me.  I’ve known for a long time that Credit Card Companies and Banks are willing to work directly with the Consumer to lower their Credit Card Rates and repayments.  That’s why I produced the Credit Card Medic Debt Reduction Video course.

Don’t Make The Mistake Of Calling Your Banks Before You Contact Debt Warriors.

Although Credit Card Firms and Banks are willing to negotiate with American Card Holder’s, the Banks and Credit Card firms are not willing to tell Consumer’s the Secret Key-words to settle for less. That’s where the Credit Card Medic Debt Reduction Video Course comes in.

In the Video Course, I walk Consumers step-by-step through the process of negotiating Credit Card Interest Rates Lower.  I even tell Consumers exactly what to do when the Credit Card Company responds with rejection.

It feels so good knowing that for years the Credit Card Medic Video Courses have been helping American Consumer’s talk their way out of Credit Card Debt without going into more Debt.  I’m certain that the Credit Card Medic Video Program, works for Consumers.  Click here to learn more about Credit Card Medic.

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DEBT WARRIORS™ are not Attorneys. WE ARE experienced Credit Repair and Debt Management, Negotiation and Debt Settlement Coaches. WE teach American Debtors how to manage and settle their debt (for themselves). The information on this blog, should not be considered legal advice. Debt Warriors offer helpful Credit and Debt “Self-Help” video course, Personal Finance, and information products.

Thanks for stopping by THEWARONDEBT.NET
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Posted in Banks, Credit Card Debt Negotiation, Credit Card Medic debt reduction video course, Debt Warriors, Personal Finance, business, credit card debt elimination, credit card debt settlement | Leave a Comment »

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Sub-Prime Credit Is Creating Pain For The Middle-Class

09/04/2009

Today the Wall Street Journal reports that Middle-Class American’s, with good Credit are experiencing the pain of Sub-Prime Credit.

Why are responsible people with good Credit having such a bad experience?  Stick around for my commentary on this subject.

Thanks for stopping by.

In 2007, I co-founded Debt Warriors because I had witnessed the tricks and traps of what I call “Sub-Prime Credit Cards“.  Sub-Prime Credit Card Interest Rates start high and stay high. Many Sub-Prime Credit Cards state; that the offered interest rate, for Store Credit, and Gas Cards (if Variable) may go up, but it will never go down. So how it it possible to navigate out of that kind of automatic debt?

Middle-Class Debtors Are Robbing Peter To Pay Paul

I’ve known for years that responsible Borrowers (Debtors) are robbing Peter to pay Paul, in order to make it from month to month.

The Wall Street Journal article points out that, ‘Prime’ customers, with high credit scores and the best interest rates on mortgages and credit cards, lost their jobs.  Now over past few months they are running out of temporary quick fixes.

People have disclosed to me in confidence that once they lost their jobs, they were forced to live off of their Credit Cards to pay the bills. The problem is that as ones Available Balance becomes over 40% their Creditors start seeing signs of trouble and begin raising the Borrowers Credit Card Rates.

The Wall Street Journal,  a top-notch financial news source, has objectively verified what I’ve known, and have been saying for years. From today’s Wall Street Journal article, “Credit-card issuers, meanwhile, have been quick to cut off these subprime borrowers, who were in the first wave of delinquencies and defaults”.

I only feel bitter-sweet pleasure over my predictions and estimations about Sub-Prime Credit Cards.  I know that right now, someone is feeling the stress of Credit Card Delinquentcy and Default. But I take honor is knowing that I’m trying to do the right thing by American Consumers.
Debt Warriors show Consumers how to effectively eliminate Sub-Prime Credit Card Debt.
In our Debt Reduction Video Courses, Debt Warriors show Consumers how to eliminate their Credit Card debt (for themselves). 
There are a bunch of different debt management options out there. Some of them are OK. But none are better than the DEBT WARRIORS ARSENAL and CREDIT  CARD MEDIC Video Courses.

DEBT WARRIORS™! also offer the ultimate Debt Reduction Weapon: Bonus Debt Consolidation Software. This Software It will quickly calculate a budget for to get out of debt super-fast.

Don’t wait for another objective source to validate your Sub-Prime Credit pain.  Take action, order your Debt Warriors Arsenal or Credit Card Medic Video Courses and defeat your debt – for yourself.
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DEBT WARRIORS™ are not Attorneys. WE ARE experienced Credit Repair and Debt Management, Negotiation and Debt Settlement Coaches. WE teach American Debtors how to manage and settle their debt (for themselves). The information on this blog, should not be considered legal advice. Debt Warriors offer helpful Credit and Debt “Self-Help” video course, Personal Finance, and information products.

Thanks for stopping by THEWARONDEBT.NET
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Posted in Credit Card Default, Personal Finance, business, credit debt help | Leave a Comment »

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Denied Credit? Be Direct, Get Specifics

08/06/2009

Millions of Americans are suffering through the hassles of Credit Denials.


Everyday, American Consumers are attempting to apply for a new Credit Accounts, only to be turned-down, for unspecific reasons.

But what would make anyone, seek out new Credit in this sluggish Economy? Many American Consumers are just sick of what the new Credit Terms are doing to their Finances. The Terms have changed, and so, the Consumer wants to change.

But often many American seeking better Credit Terms, try to apply for Credit only to find rejection. So what should American Consumers after they’ve been rejected for Credit?
The Federal Trade Commission (“FTC”), Provides some practical tips:

  • Get specific: know why the application was rejected. The creditor must tell Consumer the specific reason for the rejection. Consumes are entitled to learn why they were denied Credit upon request, within 60 days.

An acceptable reason might be: “your income was too low” or “you haven’t been employed long enough.”

An unacceptable reason might be “you didn’t meet our minimum standards.” That information isn’t specific enough.

  • Consumers should check their Credit Reports.

I was helping a Woman last week who was looking to do a Balance Transfer to a new Credit Card. She was seeking better terms. But when she called the Credit Card Company, she was rejected. When she asked why she was turned down, the reply she got was, “you’ll have to check your Credit Report”.


I informed her of her Rights under the Equal Credit Opportunity Act and told her that the bottom-line was that it was her responsibility to contact the Credit Card Company for specifics.

She called and found out that her “Debt to Income Ratio was too high”. What means that her Debt is too high compared to her Income. She had too many Outstanding Balances on her Cards and that spelled trouble for the Creditors.

Tragically, she was someone that I couldn’t help get out of that card. I told her to keep making her minimum monthly payment, and increase it by $5 to $10 extra every month.

In this case the Creditor did nothing illegal. It may have been ethically wrong but not illegal. If the Creditor had acted illegally, The FTC spells out the damages the Creditor could have suffered in Court.

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DEBT WARRIORS™ are not Attorneys. WE ARE experienced Credit Repair and Debt Management, Negotiation and Debt Settlement Coaches. WE teach American Debtors how to manage and settle their debt (for themselves). The information on this blog, should not be considered legal advice. Debt Warriors offer helpful Credit and Debt “Self-Help” video course, Personal Finance, and information products.

Thanks for stopping by THEWARONDEBT.NET
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Posted in Credit denials, Debt Management, Personal Finance, business, equal credit opportunity act | Leave a Comment »

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