May 25, 2008 at 7:19 am | debt reductions
- Posted by Rosanne Lorraine |
As students, we may not know yet the right way of reducing our debts to put us in a better position. Although it is sometimes inevitable not to borrow money, we should know how to break free from it. Understanding how money runs in circle will help you in the future. Here are some tips to help you n your debts.
1. Make a budget planner. List all your expenses and earnings in the planner. Make sure you leave nothing out so that it will be accurate.
2. Never pay your debts with another borrowed money. When you borrow money, there’s a new interest you have to pay for besides the interest of your former debt. This will make you pay two interest rates.
3. Lessen your expenditures. Remember that your income should be greater than your expenses. Also take note of the debt you have to pay back. Maybe your snacks or late-night outs are the unnecessary expenses you have to cut back on.
4. Request for a lesser interest rate. Try to ask for lower rates by calling your creditors. Compare your interest rates to others and tell your creditors about it. This will be the basis of the negotiation.
April 29, 2008 at 11:56 am | debt reductions
- Posted by adminpm |
Although you may have the right to apply for a credit card most credit card companies take a along time to get you one and they have the right to refuse it too.
Lets take a look at what creditors and credit agencies have the right to do or not do.
Assessing your credit risk-most credit agencies have the right to assess your credit rating before granting you your loan, credit card or what not. It stands to reason if you have a good paying job permanently, home as well as regularly paid loan payments with a healthy balance in your bank account then you are more likely to readily accepted as an applicant for anything. Almost all credit agencies ask for your credit reference reports from reputed credit reference agencies. These agencies have databases of public information electoral roll information, public information about past debts as well as account information.
Even if your application is rejected you have the right to question the credit agencies for a valid reason for the rejection of your application. And here’s something that I recently learned. Most credit cards do cover you for online credit card fraud .So if your credit card comapny makes a big song and dance about it then you have to just quote the following The Consumer Credit Act 1974 and the European E-commerce Directive 2002 which guarantees all consumers fraud protection whenever they use their credit cards.