Surviving The Financial Melt Down Continued...
Credit card companies are generally willing to negotiate your interest rate if you apply for a hardship program. Not everyone will qualify. The hardship program locks you in to a monthly payment, with a fixed interest rate for a particular length of time. This program is good for both the bank and the credit card holder. The credit card holder gets a reduced interest rate and lower monthly payment (with banks charging up to 30% interest rates, there is no feasable way you can pay off the balance), and the bank gets some assurity the credit card holder will continue to make payments.
The time is upon all of us to do some serious soul searching of what is important in our lives. We need to decide where we can trim our budgets and realistically, how long can we hang on to our lifestyles. The best offense is a defense; decide today if the worst case scenario presented it's self to you, how you would survive it. Make up a "to do" list to get your finances in order, or a list that itemizes which bills to pay first. Do call creditors and tell them your predictament and see what (if any) programs they have available to assist you. Be proactive and you'll be able to meet financial difficulties with far less stress and grief.
Know Your Rights....
www.ftc.gov/credit.com
www.consumer.gov/idtheft.com
Did you know that once a year you can receive a free credit report? Beware of companies who advertise free credit reports, they come with hidden charges that show up monthly on your credit card statements. Below is the link to receive a free credit report.
www.annualcreditreport.com
You can also request a free credit report by writing the three main credit reporting agencies.
Include: Name, address, Date of Birth, and Social Security number in your request for a free credit report.
Equifax
PO Box 740256
Atlanta, GA 30348
Phone: 800-685-1111
www.equifax.com
TransUnion
PO Box 2000
Chester, PA 19022-2000
Phone: 800-916-8800
www.transunion.com
Experian
NCAC
PO Box 9556
Allen, TX 75013
Phone: 888-397-3742
www.experian.com
Types Of Reporting Agencies:
Check Writing History
Medical Records
Rental History
Credit History
The Federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness and privacy of information in the the files of consumer reporting agencies.
You can write The FCRA at:
Consumer Response Center
Room 130-A
Federal Trade Commission
600 Pennsylvania Ave
NW Washington, DC 20580
www.ftc.gov/credit
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