You can throw the reminders in the Cuisinart or chuck them into a garbage can, but that won't make the debt go away. Debt hovers like a carrion bird over a dying beast, with annual rates of 20% or more compounded monthly, month in and month out. You can't wish it away. But you can pay it down with determination, our free debt-fighting resources, and the good graces of a few wealthy relatives (see tip No. 5). Here are nine ways to get out of debt:
Let's start off here with a look into one of the fastest growing crimes in the United States to date, identity theft. In order to properly and effectively monitor your credit report and your identity it is absolutely critical that you first understand identity theft from the traditional methods, all the way up to the more sophisticated digital, or on line methods. The idea here being that an identity thief is less apt to try and exploit a population of consumers that are well informed. Here are some statistics that will help you build a more broad understanding of the epidemic:
Like previously mentioned, identity theft is in fact the fastest growing crime in the United States today. The Federal Trade Commission reported that the number of identity theft occurrences exceeded over 9 million last year. Looking at it from more of a micro point of view, it is estimated that roughly 19 consumers will fall victim to this crime every minute. On the average, it is approximated that it will take the average casualty 500 dollars and upwards of 30 hours to straighten out each individual account where an identity theft has occurred. Unfortunately, research has revealed that it is becoming more and more ordinary for criminals to actually prey on the individuals that they are closest to, an uncle or a grandparent perhaps. The research also revealed that 20% of victims were exploited by a close friend, a neighbor or an in house employee. Usually only about 27% of identity theft happenings actually center around financial or credit card fraud. The more common forms here seem to center more around bank, employment, utility or phone fraud which actually account for roughly 50% of identity theft cases. On a more positive note here, it has been proven time and time again that if the criminal act of identity theft is caught in the early stages, the likelihood of any real significant financial damage becomes a lot less. Lastly, and on another positive note, lending agencies and financial institutions like banks, credit unions or creditors, will normally only hold the member accountable to pay back the initial 50 dollars of the criminal charges.
Now that we have taken a look at some of the nasty elements of identity theft, we can glance at the importance of having a professional credit monitoring service to keep a watchful eye over your financial institution:
But an eight-year study by the Federal Trade Commission, released February 11 2013, put the industry under the microscope. FTC chairman Jon Leibowitz called the findings troubling, with 20% of Americans having errors on their credit reports. About one in 10 has an error that would negatively affect the consumer's score. "It's a pretty high error rate," Leibowitz observed.
If your entire balance is too large to fit on one low-interest card, pay at least the minimum amounts due on all of your cards except one. Funnel the majority of your debt repayments into that one credit card, and pay it off as quickly as possible. When the balance on that card reaches zero, move on to the next with the same aggressive repayment plan. Lather, rinse, and repeat. This method of repayment is aptly called "snowballing." As your debts decrease, the amount of money you have to attack them increases. Your payments snowball until all of your debt is pummeled. Pretty neat, eh?
Another way to transfer higher-interest debt to a lower-interest card is to take advantage of the promotional offers many banks use to entice you to their line of credit. You've seen the come-ons. "Transfer all your credit card balances to us, and pay just 5.9% until next January." It could be worth it. Moving to 5.9% from 18% interest could mean substantial dollars to you. And the money saved in interest could then be applied toward the principal each month, thus reducing your outstanding debt balance even further.
By taking advantage of a qualified and experienced credit monitoring agency, you can be sure your financial assets and monies are in good hands. You'll also benefit from the advantages mentioned above. The more in tune the consumer is with identity theft and the calculated criminals that take part in it, the better they will be able to sequester both them and their families from the devastation that goes along with it. Bringing on a credit repair agency to protect the very financial foundation of the consumer and their family would be a decision that only a well-informed and wise individual would initiate.
Let's start off here with a look into one of the fastest growing crimes in the United States to date, identity theft. In order to properly and effectively monitor your credit report and your identity it is absolutely critical that you first understand identity theft from the traditional methods, all the way up to the more sophisticated digital, or on line methods. The idea here being that an identity thief is less apt to try and exploit a population of consumers that are well informed. Here are some statistics that will help you build a more broad understanding of the epidemic:
Like previously mentioned, identity theft is in fact the fastest growing crime in the United States today. The Federal Trade Commission reported that the number of identity theft occurrences exceeded over 9 million last year. Looking at it from more of a micro point of view, it is estimated that roughly 19 consumers will fall victim to this crime every minute. On the average, it is approximated that it will take the average casualty 500 dollars and upwards of 30 hours to straighten out each individual account where an identity theft has occurred. Unfortunately, research has revealed that it is becoming more and more ordinary for criminals to actually prey on the individuals that they are closest to, an uncle or a grandparent perhaps. The research also revealed that 20% of victims were exploited by a close friend, a neighbor or an in house employee. Usually only about 27% of identity theft happenings actually center around financial or credit card fraud. The more common forms here seem to center more around bank, employment, utility or phone fraud which actually account for roughly 50% of identity theft cases. On a more positive note here, it has been proven time and time again that if the criminal act of identity theft is caught in the early stages, the likelihood of any real significant financial damage becomes a lot less. Lastly, and on another positive note, lending agencies and financial institutions like banks, credit unions or creditors, will normally only hold the member accountable to pay back the initial 50 dollars of the criminal charges.
Now that we have taken a look at some of the nasty elements of identity theft, we can glance at the importance of having a professional credit monitoring service to keep a watchful eye over your financial institution:
But an eight-year study by the Federal Trade Commission, released February 11 2013, put the industry under the microscope. FTC chairman Jon Leibowitz called the findings troubling, with 20% of Americans having errors on their credit reports. About one in 10 has an error that would negatively affect the consumer's score. "It's a pretty high error rate," Leibowitz observed.
If your entire balance is too large to fit on one low-interest card, pay at least the minimum amounts due on all of your cards except one. Funnel the majority of your debt repayments into that one credit card, and pay it off as quickly as possible. When the balance on that card reaches zero, move on to the next with the same aggressive repayment plan. Lather, rinse, and repeat. This method of repayment is aptly called "snowballing." As your debts decrease, the amount of money you have to attack them increases. Your payments snowball until all of your debt is pummeled. Pretty neat, eh?
Another way to transfer higher-interest debt to a lower-interest card is to take advantage of the promotional offers many banks use to entice you to their line of credit. You've seen the come-ons. "Transfer all your credit card balances to us, and pay just 5.9% until next January." It could be worth it. Moving to 5.9% from 18% interest could mean substantial dollars to you. And the money saved in interest could then be applied toward the principal each month, thus reducing your outstanding debt balance even further.
By taking advantage of a qualified and experienced credit monitoring agency, you can be sure your financial assets and monies are in good hands. You'll also benefit from the advantages mentioned above. The more in tune the consumer is with identity theft and the calculated criminals that take part in it, the better they will be able to sequester both them and their families from the devastation that goes along with it. Bringing on a credit repair agency to protect the very financial foundation of the consumer and their family would be a decision that only a well-informed and wise individual would initiate.
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