Debt managing strategies
Spend a Minute, Save a Lot!
August 4, 2011 | 
Author You only have to spend a few minutes of your time and you literally can save hundreds or thousands of dollars. Write a simple script of yourself if that makes you feel more comfortable. Hello my name is James Matthew. I need to know what my current interest rate is with you. This is the part where you pause and tell you. If it is not a good rate, you say: Wow that seems high. I have a bunch of offers from companies who will give me a lower rate. Could you match the rates being offered by your competitors?
Even the most phone-shy person can handle that script. Some people get the hang of it after a few calls and get really brazen. I have heard of one guy who likes to play his own version of Deal or No Deal. He’ll ask for his rate to be cut in half, or he will ask for it to be knocked down by 10% He has even asked for 0% APR! You’ve got nothing to lose, and who knows, they could say ‘yes’. This simple phone call technique works. Keep it polite. If the person you are talking with will not work with you, ask to speak to a supervisor, or hang up and try again later.
Free from the Stress of Money
Why do we desire wealth? Just to be rich? No.
Think about it. We want to be free from the strain of the daily struggle where all we do is get out of bed, go to work, pay the bills, and get up the next day and do it all over again. We want the freedom to not worry about money more than we want money. Does that make sense? If you have money to pay for the basics of life, plus you have a nest egg and can save for retirement and can pay for your kid’s education and can take a vacation and have a little left over to invest, you are wealthy! The dollar signs and the number of zeros don’t matter. You don’t have to set a goal of how much money you want, the goal is to live your life free from the stress of money.
Curing your debt is the best thing you can do for your life as a whole. To be able to wake up each day and not have a feeling of dread wash over you is a sign of being wealthy. And that is also healthy. When you are free to make decisions based upon your dreams, and not what you owe to the banks or credit card companies, you are wealthy. When you indeed have leisure hours to spend with your family and your friends, pursuing the desires of your heart, you are indeed wealthy.
Ideas about Debt Relief
The statute of limitations on debt is there as a protective measure for you. It may be one of the only things that I can think of that the government has done in the interest of fairness to the consumer. It certainly would not be fair for a lender of credit card company to sit around and not enforce collection action at the time the debt incurred, and then, thirty years later, come knocking on your door with brass knuckles. A person should not have to live a life of anxious stress, wringing their hands, harboring a worry about an old debt for the next 60 or 70 years. Imagine if your best friend from sixth grade showed up and started putting the squeeze on you for the $10 you borrowed at the movies many years ago. My reaction would most likely be, “Are you nuts?” Allowing debt collectors to come after you forever would be nuts too, which is why the statute of limitations exists to create an expiration date.
Sometimes creditors ignore the expiration date, and may decide to sue you for an old debt even if the statute of limitations has run out. Don’t worry! All you have to do is go the judge and request that the case be dismissed because the statute of limitations has run out. That is why the financial lending industry does not want you to know what they are up to! If you know their dirty secrets, you will be able to escape their grimy grasp. In fact, very often the creditor or collection agency will contact you near the end of the statute period. They know that time is ticking so they get very adamant with you, saying that unless you pay right away; you’ll be slammed with a lawsuit. They hope the fear factor works; they want to get a buck out of you before the hourglass runs out.
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Tags: debt management, debt relief, lower your debt, managing debts, Ways to eradicate debt | 
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Three Incredible Techniques
All too often a person stuck in debt trouble feels like their life is stalled. They want to get back on track, but don’t know how. Now you can see that anything is possible! Amazing results happen for people every day because they took that first step.
Don’t ever think that you can’t get out of debt. Yes, you can!
. Eliminate your debt! 100% purged!
. Negotiate your debt! Cut your debt by up to 50%, 75%, or more!!
. Cut your rate! Reduce your rates and cut your payments and your debt by up to one-half, two thirds or more!
Success begets success. Just get that one small victory, and you are on your way!
What not to do
Equally important to knowing what to do knows what not to do. One Misperception people often have when they are drowning in their debts that they think bankruptcy is the only lifesaver. Everywhere you turn you see an ad for a bankruptcy law firm, asking you to come to them; on television, on the radio, on the internet. They are everywhere. No wonder people have bankruptcy on the brain. These lawyers are planting the seed.
Easy Strategies from Bad Credit to Good Credit
Some of these techniques are plain old common sense, but some strategies for improving and maintaining your credit score are unexpected. Just follow the steps outlined here and you will see an improved credit score!
i) Pay on time
We all know we should make timely payments, but we probably didn’t realize that every late payment shows as a negative factor on the credit report. Now that we know the credit score is purposely looking for negatives to dig us on, we don’t need to give them easy marks to use against us.
ii) Pay more
Do whatever you have to do to at least make the minimum monthly payments on time each and every month. That is the bare necessity. If at all possible, make more than the minimum payment. The required minimum payment used to be just 2% of your balance.
iii) Don’t skip
Your ultimate concern is to keep paying. Do not, I repeat do not skip payments. If your account gets turned over a collection agency, it hurts your credit score, and it hurts it for a long time, for up to seven years. If you are having trouble making your payments, contact the creditor and try to work out a different payment arrangement. Ignoring problem won’t make it go away; it only makes it worse. Pay whatever you can and work responsibly with your creditors. Keep your accounts out of collection. Your actions today affect your furniture. Paying your bills today means no stress tomorrow!
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Isn’t that “Special”
Their excuse? “We can.” They are not breaking any laws. Their reason? “We’re special,” And actually, right there, they are telling the truth. They are special. The laws and regulations are tied up in a pretty green bow with dollar signs, just for them. When the president of a major credit card company, which is a profit leader of the big credit card companies, has a little party at his house for a few hundred of his closest friends, and they all just happen to bring their checkbooks and leave little love gifts for president, then I guess you can say that you are indeed special. America is the land of the free and the home of the brave; unfortunately, it is also the home of the advantaged and spoiled and special.
DO I want to put the kibosh on their deceptive practices? Yes, I do. And I state that up front and honestly. I don’t hide in the fine print and legalese. The credit card companies are in class by themselves when it comes to manipulating the terms of their contracts. In an interview for the PBS documentary, a famous personality has pointed out that the credit card industry is the only one able to run a business like this. Nobody signs screen TV unless you decide, in another month or two months that it should really be $3,600 or $4,200 or $4,800. But that’s precisely how credit card contracts are written today. Crazy contracts, yes. Crazy consumer, no. It’s time to play a new game called, let’s get a Better Rate.
Balance Sheet – One of the tricks to cut off your debts
The balance sheet shows your financial situation at one moment in time. As of this particular date, you have this much in assets and you have this much in liabilities. Your assets include your house; any other real estate you own, such as rental properties; cars; boat; any other vehicles; stocks; bonds; 401k investments; jewelry; art; business ownership; cash in the bank, etc. Your liabilities are what you owe on all those assets your home mortgage balance; car loans or leases; lines of credit; credit card balances; personal loans, etc. Individuals tend to have very simple balance sheets. Your assets are your stuff; you liabilities are your debt. Stuff minus debt equals your net worth. A lot of us have more debt than stuff. That means a negative net worth, or in the hole, so to speak. Individuals with a lot of debt have such a simple balance sheet that it may not even be necessary. If there is nothing to show, you can’t really show it, right?
Simply put, a balance sheet is a financial snapshot that shows your current financial health. You need to know what you have. It is essential in forecasting your financial health for the future. If the picture right now is nothing but zeros, you may not need to do a formal balance sheet. The point is to show your creditors that you’re in the hole. You can accomplish the same thing with a two sentence letter. We’ll get to that in a couple paragraphs.
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Simply Amazing – A technique to cut your payments in Half or More
Three very simple, yet amazingly effective steps among the debt cures methods are eliminate, negotiate, and cut your rate. You have just learned a major solution how to eliminate your debt! Maybe your debts are not old enough to be beyond the reach of the statute of limitations. Not everyone is able to totally eliminate debt with this method, but I believe that virtually all of us can reduce our debt! Some people have nearly wiped out their debt, to the tune of 75% and many have cut out 50% of what they used to owe before learning these methods. I think that you can see that sitting home and worrying does nothing. The absolute worse thing for you to do about your debt is to do nothing. Wishing debt away never works. It takes a simple action.
Financial Statements
One of the most amazing tricks is not a trick at all, and to my knowledge, there’s nowhere else but I will teach you this technique, this pearl of wisdom, to reduce your debt and get your on your way toward financial freedom. It’s a piece of paper! One piece of financial data that people in debt often ignore is financial statements. Perhaps you are familiar with the terms balance sheet and income statement; if you’re not, don’t be intimidated. They are two very simple documents that present an easy-to-understand picture of your financial situation. It is “this is what I got” paint by numbers showing how much you do – or does not- have. You need to know your current situation in order to move forward. Some people wrongly assume that they don’t need a balance sheet or an income statement. They think they are only for people with lots of money. No matter your financial position, these statements can be key to the end of your debt troubles.
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“I Don’t Owe”
If you know that it is an old debt and the statute has expired, remember what I just told you a few paragraphs ago: You don’t owe them any explanation. You don’t owe them one thin dime. You don’t owe them anything.
This is your movie and you have online line: “That debt is not collectible.” However dramatic you want to be as you slam down the phone is up to you. These guys bluff better than the poker plays in vegas, and will use every intimidation trick in the book to try to collect as much as they can out of you. They want to get you to send them as much money as you can, as quickly as you can.
That is their job and these “professionals” take a twisted pride in doing their job well. They will say anything because they know they will probably get away with it. Most people simply don’t know about debt collection laws. Even for those of us who do know the law, it’s very difficult to go after them when they do cross the line, and they know it. There is a ridiculous loophole in our current consumer law that allows these bozo collection agencies a get out of jail free card, if they do get tangled up in a case against them.
They simply shut down their current business and start a new one. They may change their name, but they do not change their ways. They go on their merry way, operating in the same outrageous manner. I know, I know. It is just one more thing that makes us smack our foreheads and wonder what in the world the federal government is doing, or not doing, by letting them get away with such conduct. Shake your fists and rail against the system if that makes you feel any better.
They system is far from perfect and the creatures who make their living off the system are not saints. I do not have to tell you who the villains are in our story or that it is unwise to trust them. The important thing is that we know how to defeat the villains. We can fight fire with fire. Or better said, you can arm yourself with a little bit of knowledge and watch your debts disappear.
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Be Smart!
If you were to admit to the debt, then the statute of limitations might start running all over again, because the debt has become “active” again, giving them the legal right to pursue their collections or sue you. You don’t want to be close to eliminating all your debt, only to blow it by saying too much! Remember: all you have to do is tell them that the time to collect this debt has expired. End of discussion. Be bold and be firm. These scavenger debt collectors are feeding off the waste droppings of the bottom feeders, so they stoop low.
They will be aggressive and will probably identify themselves as a law firm in an effort to intimidate you. Don’t be thrown off your course. Stand your ground and firmly state that the debt is beyond the statute of limitations and is not collectible. It is a very simple strategy. Wait them out and the debt can disappear! Your credit card company wrote off your account a long time ago as uncollectible, and got a tax deduction for it! There is no right that these scavenger debt collectors have to try to collect on that old debt now. Their scare tactics are working through and some people pay off a debt that has passed the statute of limitations timeframe.
The scavengers, of course will not tell you this. They want your money! Even if they have no legal right to collect it! Tell your friends! Tell your family! Tell your neighbors, your aunts, your uncles, your cousins! Tell the baby sitter, and tell your co-workers! Don’t be duped! These scavengers debt collectors are getting rich off of unsuspecting citizens. They buy up these old debts for close to nothing and are trying to get people to pay in full, plus interest! It is a highly profitable business and growing.
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