Posts Tagged credit collection
Crack Down On Superbowl Expenses
Posted by Mallory Megan in Currency & Finance on July 30th, 2010
Even though we are in the middle of a recession, and many of you are in debt, there is no reason that you cannot throw a really great Super Bowl Party.
Focus on not overdoing it. Make just one extravagant dish and play the rest off of that. A vat of chili, if seasoned correctly can serve twelve people for twenty dollars. Chicken wings are very inexpensive and easy to make. Coils of kielbasa, priced around five bucks are a cheap and delicious snack.
Due to the fact that the Super Bowl is a special occasion, go for hot food. Ordering big trays of Chinese takeout are less expensive and time consuming than cooking your own food.
Children at Superbowl parties can be tough to please. Vegetables, juice, chips, and a carvel football shaped ice cream cake priced at $22.99 will keep them at bay.
Drinks? The best choice for shoppers on a budget is beer and wine. A keg will save you about 40% according to experts. The wine doesn’t have to be fancy – a five liter boxed wine will be more than acceptable. If you encounter the troublesome guest who insists on liquor, get discount vodka, a half gallon for just fourteen dollars. Its cheap, and blends with about anything.
Even in tough times, it is a requirement to make the most of your game-viewing experience. A medium to large flatscreen is completely necessary. But if you don’t own one, rent one. Websites list 42 inch TVs for as low as $26.99 a week.
And about those annoying people who don’t watch football. A pool for small gifts like a store certificate or CD might inspire people who aren’t the least bit interested in football at all if a prize is awarded at the end of every quarter. Try to have experienced fans explain what is going on. Then, sit back, and enjoy your game.
Mallory Megan works for a debt collection agency. She also composes articles on business and finance, consumer spending and collection agencies.
How Long Will A Negative Mark Remain On Your Credit Report Part Two
Posted by Mallory Megan in Currency & Finance on July 16th, 2010
In the last article in this series I wrote about how long different marks remain on your credit report. I mentioned that mistakes will be removed immediately, soft inquiries will have no effect, and hard inquiries can hang around on your credit report for two years. Late payments have the capacity to do way more damage.
Although a few creditors may opt to show you mercy and remove past credit problems if you pay your account immediately, late payments can have an effect on your credit score for seven years. Luckily, these negative marks are common and do less damage to your score than the rest of the marks I will go on to discuss.
Like a broken mirror with seven days of bad luck, a tax lien brings seven years of poor credit. When you don’t pay your income or property taxes when they were due, and the government comes in and claims ownership of your property, you’re dealing with a tax lien. Unlike creditors, no matter how fast you settle your tax lien, big brother is peeved that you made him go out of his way to take your property, and it will stay on your record for seven years.
Foreclosures are equally as dismal and they will stay on your credit report for seven years. Foreclosures are seen as one of the worst negative accounts that can be on your credit report. In fact, if you do have a foreclosure on your credit history, good luck buying another home unless you are planning to pay for it entirely in cash.
It’s not the good old days anymore, so do not default on those student loans either. Before the administration of President W., student loans generally were forgiven if they were declared when someone filed for bankruptcy. Now times have changed, so it is imperative to pay those student loan debts. After 270 days of nonpayment, defaulting occurs, and before the loan defaults, you can bet your life that you will be the unlucky recipient of a whole slew of late payment fees.
The last, and most serious negative mark that can go on your credit report is bankruptcy. Bankruptcy will stay on your record for ten years, and instead of having a creditor pull your report, you may as well call them up and say “I am fiscally irresponsible and will be that way for the next ten years.” Declaring bankruptcy can hinder your ability to get a new car, any type of new credit or a new place to live. So watch your credit report, or you might end up living with that rude mother in law I wrote about in article one.
Mallory Megan works for Rapid Recovery Solution and writes articles on medical collection agencies.
Bail Out Of Debt With These Quick Calculations
Posted by Mallory Megan in Currency & Finance on February 8th, 2010
With various accounts, debts, interest rates hitting you at once, your financial situation can very well seem intimidating. But if you follow this program you will find that there is an effective and safe way to manage your money.
This simple calculation requires the interest rates for each debt account only. This is assuming that all debt accounts have the same tax liability, but if not, you can determine your interest rate after taxes for this calculation.
Your first step is to order your debts; highest interest rate to lowest. You’ll probably find credit cards at the top of the list. Retail credit cards offered by stores usually have the highest interest rates, so you might find this type of credit card on the top. Make sure that the rates did not fluctuate from the promotional rates that you originally signed up for. Card issuers can change your interest rates at any time. They are supposed to give warning, but you may not receive this warning.
Your home equity loans and your mortgage might be the next debts on the list. It’s imperative that you capture every debt for which you make a monthly payment. Student loans might be the last on the list.
Now, pay the minimum to all debts each month. You will pay the minimum monthly payment for all of the debts, except for the one account listed at top with the highest interest. The next thing you want to do is send all extra available cash towards that very debt. All unused income after paying expenses should be dedicated towards the debt account with the highest interest rate.
Repeat these steps every month. You will protect your finances by making sure every creditor receives the minimum payment, but you will hone in on your debt that has the highest interest. Once a debt account has been eliminated, remove it from the list and re-order if interest rates have changed.
Mallory McGuinness is employed by a debt collection agency.
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