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Old 01-13-2010, 07:31 PM   #21
AubreyR6
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Whats said about these commercials is that soo many people believe that it will fix everything! They also don't tell you how much they charge for the service either. People just need to call the credit card company themselves and see if a deal can be worked out with respect to the interest rate, payment plan or payoff.

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Old 01-13-2010, 08:23 PM   #22
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"Effective" tax rates are not levied on income, actual tax rates are. Effective tax rates are what you get if you work backward from tax paid and income earned net of exclusions, credits etc.

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Old 01-13-2010, 08:33 PM   #23
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Your effective rate is the amount you will pay on your next $1 of income. In other words, its what you actually pay.

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Old 02-08-2011, 03:08 AM   #24
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Quote:
Originally Posted by uglygoat View Post
if your credit is already shot, and you are in over your head, why wouldn't you just file bankruptcy? i'd rather pay a lawyer 2500 bucks and let the courts handle it, than **** around with creditors, or third party scammers.
Bankruptcy has a lot more of legal and financial ramifications than that: good luck finding/keeping your job afterward if you lose your car (and you probably will) and no landlord wants to deal with you because of your poor credit rating. Bankrptucy follows you around for a very, very long time. Some debts also aren't erased, such as federal students loans (wich many, many people are now burdened with due to college being the new high school). You can't also exactly decide "f&?% it, I'm filing", you have to meet the criterias.

If you are a young guy who made a lot of mistakes, maybe. But for a lot of people, bankruptcy simply is not a viable option, unless they plan to make a living out of filing every 15 years. The thing is, the people who rack up 12k of credit card debt are not exactly the people who are most business savy and willing/able negociate with creditors themselves to psuh every little edge so they can to save money. So they turn to the guys who make commercials daily who may or may not be legit.

Same thing for the ads about computers for people with shot credit. Wow, I'll get some crappy osbolete thing for 60 50$ monthly payments ! Sign me up now !
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Old 02-08-2011, 05:02 AM   #25
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When I was in college I got in over my head on credit cards. I went through a debt management service that negotiated payments with my creditors (I had four cards) to stop additional interest, stop any over-limit fees, and work out the payments so I could afford the payments. I think stopping the additional accumulation was a real advantage but I was paying a massive chunk of my payments to the service itself even though it did very little work.

Yes, you can do most of the negotiating yourself but I suspect especially when it comes to some of the less polite collectors they are less likely to negotiate reasonably with the debtor than a third party negotiating on your behalf. I think for people who want a third party to handle it, you might as well get a lawyer who will charge a one time fee or a marginal amount to split up and send off your payments.

The whole credit card industry works off of manipulating people and profiting from their lack of knowledge about the credit industry. That goes from the credit card companies to the banks offering cards to the debt collectors and debt management services and consolidation services.

Bankruptcy is not a magic solution -- it is increasingly more difficult for people (but not businesses) to discharge debts, especially certain kinds of debts. With the all-importance of your credit score and credit report a bankruptcy has a lot more of an impact on your life than just your ability to get an AMEX card. Credit reports are ran for jobs, insurance, mortgages, rent, (some) student loans, cell phone contracts, utilities, etc. In other words, your ability to make money and spend it on life necessities. You may get away with discharging some debts through bankruptcy but you'll pay it back in risk premiums for a long time.

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