Please read this article by Ms. Cherryl and after you have read it, I want to make a few comments.
They won’t be what you might expect. After you read my take, I would like to hear yours.
Credit Card Crisis
YOUR MONEY
Cherryl Hanson-Simpson
Thursday, July 13, 2006
Help! I moved out of my parents' house six months ago, and I've run up balances of over $90,000 on three credit cards since then. I had to buy things for my apartment, and I think I went overboard. I can now only afford to pay a few thousand dollars every month on the cards, and it seems like it's taking forever to reduce the balances. What can I do? - Maxed out
You're not alone in your credit card crisis. News reports have indicated that credit card use in Jamaica has grown significantly in recent times. The resulting increase in credit card debt has left many customers feeling desperate for solutions to get rid of this seemingly endless liability.
Credit cards are not necessarily bad - they can be an extremely convenient way to pay bills, or to provide funds in the case of an emergency. However, a credit card can be like an out-of-control racehorse that has thrown its rider if proper money management skills are not used. In the coming weeks, we'll learn more about how the credit card companies charge you interest, and ways you can use credit cards to your benefit.
Let's look at some strategies to get you out of this debt:
Pay more than the minimum required
Paying only the minimum required by the credit card company is a recipe for debt disaster! You'll incur interest costs many times your original debt and extend the life of your loan for several years. Adding even a small amount extra each month can make a huge difference.
For example, if you owed $40,000 on a card with a 40% interest rate and paid $2,500 per month, it would take you 16 years and five months to pay off the debt. In that time you would have paid more than $45,000 in interest. However, if you paid just an extra $1,000 per month, your debt would be paid off in only two years and three months, with only one-third the interest - just over $15,000.
Visit www.genus.com to calculate your credit card payoff time.
Click here for the Article!
[Read More!]
At the center of the education offered by North American Educational Services (NAES) to consumers burdened with Credit card Debt is the right to dispute the accounting of their account(s) with the Credit Card Companies. This right in guaranteed by contract and Consumer Law Click here for Fair Credit Billing Act(15 USC ß1601). and Click here Fair Debt Collection Practices Act (15 USC ß1692). For several reasons the Banking Industry ignores the full requirements of these laws, Contract Law as well as their own Banking Law. This posting focuses on Generally Accepted Accounting Principles. Our experience over the last six years has been that when forced by Court Orders to produce document to verify the Debt they submit billing statements NOT evidence under GAAP.
The Sources of this information is Click here for Beginnersguide.com. I urge you to do your own search as I have done. I selected this site because it these Principles are explained step by step in a clear manner with links to more research.
GAAP Overview
by the Beginners Guide Staff
Last updated February 23, 2006
Every industry has certain rules and guidelines to follow and the accounting field is no different. Before you get involved in accounting you must know and follow these guidelines and principles. These guidelines and principles are known as Generally Accepted Accounting Principles (GAAP). If these rules and guidelines are followed on a regular basis, everything is fine. But when someone goes off course and decides to go by his own principles, accounting fraud develops. GAAP comprises many standards, interpretations, opinions, and more that is developed by the FASB (Financial Accounting Standards Board), the American Institute of Certified Public Accountants (AICPA), and the Securities and Exchange Commission (SEC).
FASB: FASB is the group that developed GAAP. They developed the standards and guidelines that make up GAAP, and put them into practice.
AICPA: This organization enforces GAAP for all accountants and CPAs. They make sure that anyone who is a CPA, CMA, or bookkeeper upholds the standards and set forth in the bylaws of the FASB.
SEC: Here is a government agency that is in force to make sure that all securities markets are handled correctly and properly going by GAAP.
[Read More!]
