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Posts tagged "credit cards"

Wiping out credit card debt with a Debt Management Plan

Managing finances can be frustrating for many Tennessee residents. Some people have to spend more money than they make, due to low-paying jobs or unexpected expenses, and others simply aren't good with money. These situations can cause significant credit card debt. The first step to managing debt is seeking assistance from a credit counselor. When this doesn't work, many consumers may consider a Debt Management Plan (DMP.) Read on to learn more about this option.

Manage credit card debt in 2015 with these tips

Now that the holidays have come and gone, Tennessee residents may be feeling the pinch financially. Christmas spending, along with unemployment, medical expenses and other financial challenges in 2014 may have left their credit cards maxed out. Resolve to pay off credit card debt this year with these tips.

I have numerous debts. Should I pay off credit card debt first?

When faced with unemployment or other financial challenges, Tennessee consumers may be unable to pay all their bills on time. This means they are forced to choose which debts are most important and which can wait. However, once a debt becomes 30 days late, consumers may be faced with harassing phone calls from creditors. They may also face foreclosure on their home or repossession of their car. With so many debts, which ones do you pay first?

How credit card debt can affect a mortgage application

For many Tennessee residents, a new home is a major purchase - probably the biggest purchase they will ever make in their lives. Paying a monthly mortgage payment can be challenging, especially if the homebuyer is struggling with credit card debt. Not only that, but lenders may be concerned about the debt and charge higher interest rates for the loan - or even deny it altogether. Read on to find out what homebuyers should know during the loan approval process.

Avoid credit card debt while living together

After spending a significant amount of time together as boyfriend and girlfriend, Tennessee couples may decide to take their relationship to the next level by living together. As if that isn't challenging enough, many couples may also decide to share finances by opening joint credit card accounts. This is a major decision that shouldn't be taken lightly because if one person racks up most of the credit card debt, the other party must still pay for it.

Bankruptcy and other ways to deal with credit card debt

When Tennessee consumers are struggling with overwhelming credit card debt, where should they turn? Bankruptcy, debt settlement and debt consolidation are touted as popular options. What else can be done to get a person back on track financially?

Get a handle on credit card debt through the art of negotiation

With unemployment common in Tennessee and other parts of the country, many Americans have resorted to living mainly on credit cards, which means dealing with huge amounts of debt. There are many options for reducing debt, but what many people do not know is that before filing for bankruptcy, they can often contact their credit card companies directly and ask for a lower minimum payment, even a lower balance altogether. The trick is knowing how to do it.

No emergency savings = high credit card debt

Although some Tennessee residents use their credit cards wisely, many tend to splurge on daily expenses. Then, when the bill comes, they can barely make the minimum payment. This leads to a vicious cycle of high credit card debt. Compounding this situation is the occasional emergency - the car breaks down, the dog has to go to the vet or a personal item is stolen and has to be replaced. Because these consumers lack the savings to pay these unexpected bills, they use their credit cards.

Options for dealing with credit card debt

Even though the holidays are over, the credit card debt for many Tennessee consumers continues on for months or even years. It's the gift that keeps on giving. Instead of continuing to pay 20 percent interest or more on a card in which the balance never seems to go down, consumers try other options such as debt consolidation loans and switching to new credit cards with zero percent introductory financing. But are these good ways to reduce credit card debt without negatively affecting credit scores?

'Tis the season for credit card debt

In the past, the focus of the holidays in many Tennessee homes was on family and togetherness. Now, the focus seems to be on who can get to the store in time to score a $100 TV and other hot deals. This year, Black Friday started on Thanksgiving Day for many stores, giving consumers more time to rack up credit card debt.