Helpful facts for understanding
credit card scams and how to avoid them
Attention Home Owners: Better Loan Solutions For Credit Card Debt Consolidation
In any neighborhood I visit across the country, I continue to find people playing the "credit card balance transfer game." We all know that American like to spend money with credit, and when the rates go up, people seem to think that transferring their credit card balances to new credit card companies will help solve their debt problems. Banks who issue credit cards enjoy offering low intro rates to get your business. Once they have your business, look out, because the honeymoon will probably be a quick one-night stand. The credit card companies tend to increase the interest rates rather quickly. One other problem with the balance transfer game is that once your balance gets large, many companies issuing credit cards wont accept the balance transfer or if they do they will accept it at a higher rate.
If you own a home, then I suggest you considering a debt consolidation loan or second mortgage. Homeowners should take advantage of low mortgage rates. Another great reason to pay off the credit card debt with a secured home equity loan, is the bonus you get with the tax deductions allowed with a home mortgage on a primary residence up to 100% of the homes value. Im not an accountant, but in my experience, credit card interest would not be a tax deduction unless it the debt was converted to a mortgage.
If you do take my advise and get a debt consolidation second mortgage, then request a fixed rate term when you talk to your loan officer. Many people are hot and heavy for the home equity lines of credit, but interest compounds like the credit cards so you could find yourself in the same position you are trying to get away from. Keep it simple and get the fixed rate loan. The fixed rate amortization will allow you to set reasonable financial goals with obtainable time-lines and become debt free.
To learn more go to http://www.secureyourdebt.com/debt_consolidation_loans.html
Joe Prussack has been studying bankruptcy laws and debt consolidation trends for nearly 10 years. Get his Free Debt Consolidation & Debt Relief tips and mortgage news updates at http://www.secureyourdebt.com.
More Useful Resource and Updates on credit card scams and how to avoid them
- Secured card can help you build credit (Bankrate.com via Yahoo! Finance)
A secured credit card can help rebuild your payment history if you have bad credit, says Dr. Don Taylor.
- Pleasant Grove police crack theft and credit-card-fraud ring (Deseret Morning News)
Police officers have cracked a theft and credit-card fraud ring, leading to the recovery of thousands of dollars of stolen items ranging from plasma TVs to underwear.
- Crime Stoppers offers reward in credit card abuse case (The Atascocita Observer)
On June 4, an unidentified suspect broke into a woman?s vehicle and took her purse, which contained several credit cards. When the victim called to cancel her cards, she was informed that her Visa card had already been used twice.
- QCR Holdings, Inc. Announces Gain From the Sale of Merchant Credit Card Acquiring Business (GlobeNewswire via Yahoo! Finance)
MOLINE, Ill., Aug. 29, 2008 -- QCR Holdings, Inc. announced today that the Company has sold its Merchant Credit Card Acquiring business to Veracity Payment Solutions, Inc. . The transaction will result in an after-tax gain of approximately $3.0 million in the third quarter of 2008.
- AG Cuomo: Gas stations cheating credit card customers (AM New York)
New Yorkers should be wary of running across greedy gas station owners, who are ripping off credit card customers, state Attorney General Andrew Cuomo said.
- Learn How to Avoid Fraud and Scams
How to avoid scams Learn what to shred Nigerian email scam Ebay ... or email someone and have them hand over their credit card or social security number? ...
- Travel Scams and How to Avoid Them
Tips on how to avoid travel scams and what to watch for when ... ( The deadline for disputing a credit card charge is 60 days, and most scam artists know this. ...
- Credit / Debt Management
... on the back of your credit card and tell them about the message you received. ... What Credit Cards Should You Stay Away From? What To Do When You Can't ...
- Credit card fraud. How to avoid it.
... but keep your credit card receipts and check them against your monthly bills. ... credit cards, their account numbers and the phone numbers to call if ...
- Credit repair scams and how to avoid them
... other credit repair scams that may make you the victim of fraud, this scam makes ... secured cards, for example, that allow a person with poor credit to ...
- Avoiding Work-at-Home Scams Credit Card Scams and Other Business Scams
Easy money for them. Easy loss for you. How to Avoid This Scam: Examine your invoices carefully. ... Credit Card Scams. Fraudulent use of credit cards is ...
| 
