http://creditfederal.com/article en-us http://creditfederal.com/article N/A article@creditfederal.com Fri, 19 Mar 2010 17:49:49 CDT 20 http://creditfederal.com/article/blogs/384/What-Happened-to-Bad-Credit-Cards Democrats Removed Our Right To Prayer In School And Now Strip Us Of Credit Cards. Here's what happened to bad credit cards.  No mistake about it... American's love their credit cards. And why not? It's a great tool. It makes bill payments more convenient and offers financial security whenever cash funds are short. Blippy; a new website that let's people voluntarily disclose how much they love their credit cards, recorded $1 million in transactions after the very first day of opening its doors to the public.Yes, a credit card's power can be abused but that's not the fault of the credit card issuer. Unfortunately, Democrats feel as though they are better capable of managing a budget than the common American. Hard to believe but it's true. Democrats; who cannot balance a budget and are driving the U.S. debt to apocolyptic proportions, think they are financially wiser than you and I.Thanks to Democrats and their inane legislation, this was a year of credit card interest rake hikes, credit limit cuts and higher monthly minimum payments.These days; again thanks to Democrats, many people cannot even qualify for an unsecured credit card with a high limit, and those who can are having to pay higher rates.Here's how the mess began:Recall the subprime crisis, when banks failed and had to be bailed out because they had loaned money to high risk people. Many of those banks did not want to issue loans to high risk people but; due to Democrat legislation, they were forced to. Democrats said that if a bank approved savings accounts for high risk people, then they were also fit enough to lend money to. Not very sound judgement. That's why the ARM loans were created, because it was the only way to make a mortgage affordable to people who wanted to buy more home than they could actually afford.So there's the FIRST mistake made by Democrats.That mistake forced credit card issuers to offset potential losses caused by high risk people defaulting on their balances, by raising interest rates and reducing limits on those accounts. This response then led to Democrat mistake number TWO: They passed legislation that forbid issuers from raising rates and lowering limits on delinquent accounts. This; of course, led to issuers having to charge just about everyone, good or bad credit, higher interest rates and granting lower limits. It was the only recourse they had to protect against financial losses so they; too, would not fail or need to be bailed out due to Democrat laws that restrict a free market.So what are we to surmise from all this? We are led to choose from two conclusions:1) Democrats are ignorant and cannot grasp; or do not desire, a free market; or2) Democrats are well aware of the results of their actions, because their goal is to strip credit cards from Americans whom they believe are incapable of managing unsecured credit, yet meanwhile want to appear to be crusaders.The Democrat agenda is very clear, as Democrat nominated Supreme Court Justice Sotomeyer claimed that she could make decisions better than any white man. Wonder how she feels about white women? Or what about Black Men? Black Women? Or American Indians? Or Irish Americans? And the list goes on. Democrats are so arrogant that they believe they can run this country; and your life, better than the average citizen.Goodbye 'government of the people, by the people, for the people'.By the way, do you know who voiced that well-known phrase? A Republican - Abrahan Lincoln. Credit Federal Mon, 28 Dec 2009 00:00:00 CST http://creditfederal.com/article/blogs/383/Big-IRS-Tax-Refund Looking for your big IRS tax refund? Here it is: Credit Federal Sat, 26 Dec 2009 00:00:00 CST http://creditfederal.com/article/blogs/382/Free-Credit-Calculator-Software-Download Our 7 popular credit calculators have been combined into one convenient download. Now you can have all the common calculators right at your fingertips on your Windows computer.Download Instructions: *Click on the big graphic below to begin the download.*Select to 'Save' the file in your 'Desktop' directory. Our software will then place a calculator icon (example at right) on your main Windows screen. Double-click the icon on your computer to launch.Click graphic below to downloadFree software download includes these 7 credit calculators:* Credit Card Interest Debt Calculator: See how long it will take to payoff your balance based upon the monthly amount you can pay. Also see the interest charged.* Credit Card Payment Calculator: Determine what you will need to pay per month in order to payoff your balance within a certain time limit, whether in 6 months, a year, etc.* Auto Loan Calculator: Calculate monthly car payment and interest paid.* New Mortgage Loan Calculator: This calculates monthly mortgage payments as well as total interest charges.* Mortgage Refinancing Calculator: This calculates the new monthly mortgage payment based upon the refinance interest rate. It is very useful for people considering a mortgage refinance to not only determine the new monthly payment, but also to see if they will save more money. This calculator can also be used to estimate the new mortgage payment after getting a home equity loan.* Monthly Expense Calculator: Adds up your monthly bills and income and reveals your discretionary income.* Savings Interest Calculator: See how much interest money you can earn over time. Credit Federal Wed, 16 Dec 2009 00:00:00 CST http://creditfederal.com/article/blogs/381/Debt-Management-Plan-Advice Review our free debt management plan advice: Organizations that advertise credit counseling often arrange for consumers to pay debts through a debt management plan (DMP). In a DMP, you deposit money each month with a credit counseling organization. The organization uses these deposits to pay your credit card bills, student loans, medical bills, or other unsecured debts according to a payment schedule they've worked out with you and your creditors. Creditors may agree to lower interest rates or waive certain fees if you are repaying through a DMP.Apply for debt relief - click hereThe FTC has found that some organizations that offer DMPs have deceived and defrauded consumers, and recommends that consumers check their bills to make sure that the organization fulfills its promises. If you are paying through a DMP, contact your creditors and confirm that they have accepted the proposed plan before you send any payments to the organization handling your DMP. Once the creditors have accepted the DMP, it is important to:make regular, timely payments.always read your monthly statements promptly to make sure your creditors are getting paid according to your plan.contact the organization responsible for your DMP if you will be unable to make a scheduled payment, or if you discover that creditors are not being paid.You need to be aware that if payments to your DMP and creditors are not made on time, you could lose the progress you've made on paying down your debt, or the benefits of being in a DMP, including lower interest rates and fee waivers. Although creditors may have forgiven late payments that you made before you began the DMP, the creditors may be unwilling or unable to do so if payments are late after you have enrolled in a DMP. If you fall behind on your payments, you may not be able to have your accounts "re-aged" again (reported as current), even if you start a new DMP with a new counselor. That means your credit report will have "late" marks and you will rack up late fees, which, in turn, will lead to more debt that could take longer to pay off. Credit Federal Tue, 08 Dec 2009 00:00:00 CST http://creditfederal.com/article/blogs/380/Obama-Bombs-Economy The Obama administration wants consumers to spend in order to stimulate the economy. That's nice. Yet he and fellow democrats are stripping Americans of that ability, while blaming the credit industry.Here are the real facts:The Fed reported that consumer credit dropped at an annual rate of 1.7% in October, following a 4.2% drop the month earlier. Revolving credit (credit cards), fell 9.3%. The category that didn't decline was auto loans.Question: Why is credit card activity dropping, while auto loan activity is surviving?Answer: Because of democrat legislation that stifles the credit card industry. Anyone with a troubled credit history and who has recently applied for a credit card knows; thanks to democrat legislations, credit card issuers no longer want to accept the high risks of approving unsecured credit to risky people. And the reason for that is because democrats have made it illegal for credit card issuers to adjust rates to offset losses caused by high risk people. The end result; of course, is that less credit card applications get approved because issuers require stronger scores. With less credit cards, there's less spending and the economy doesn't get a much needed boost.This is precisely what happened with the mortgage industry. Banks were forced to lend money to risky people. And not just lend money, but to also lend more than than many borrowers could afford to repay. That's what caused the Adjustable Rate Mortgage (ARM) disaster. Banks; forced to lend high amounts of money to high risk people with low income, had to come up with a way for borrowers to make payments, at least for a while in hopes their financial situations changed. So they granted loans using an ARM. Unfortunately, many people's financial situation didn't improve which led to foreclosures. Now democrats are trying to use the same tried-and-failed strategy with the credit card industry. The result of which is already evident... less credit card approvals to high risk people... an economy that remains sluggish... unemployment troubles... democrats with their heads in the sand. The government cannot even balance its own budget, so why do democrats feel qualified to manipulate the credit industry and the economy? Are they so blind they cannot see the damages their legislations have caused? Of course they realize what they're doing, but it sounds good when voters hear "the credit industry is getting a whooping". In fact, democrats are well versed at 'spinning' news. Instead of reporting that less people are able to get credit cards due to their misdirected legislation, they will turn that into a statement such as "less people are in credit card debt". While both statements are true, Americans should examine why there's less credit card debt... because the Obama administration has made issuers too afraid to approve bad credit people.What financial option is next to become extinct at the hands of democrats? Savings accounts. Democrats have already pushed legislation that forces banks to lend money to high risk people if they have savings accounts. So banks are disallowing high risk people from opening savings accounts. Yet now democrats are pushing legislation that will deny banks from rejecting high risk people from opening a savings account. And that; fellow Americans, means banks will once again be forced to grant savings accounts to high risk people and hence to also lend money to them.The credit crisis circle goes on, tightening and strangling our economy. Credit Federal Tue, 08 Dec 2009 00:00:00 CST http://creditfederal.com/article/blogs/379/Credit-Rating-Poll Our credit rating poll reveals current, self-estimated credit ranges of consumers. The survey queried consumers as to their credit history in order to rank them into one of four categores (bad, poor, fair and excellent). The results are: 39% have a bad credit history29% have an excellent credit history17% have a fair credit history15% have a poor credit historyThe survey results indicate that more than half (54%) of respondents have concernable credit problems, whereas 46% have more favorable credit.Poor and Bad Credit People Click Here for free tips to improve credit scoresFair and Excellent Credit People Click Here to apply for a lower interest credit card with a higher limit Credit Federal Sun, 06 Dec 2009 00:00:00 CST http://creditfederal.com/article/blogs/378/Democrats-Raise-Credit-Card-Rates-and-Fees Because of legislation pushed by democrats, credit card issuers will soon have their hands tied as to how they protect themselves against high risk losses caused by defaults.Legislation includes restrictions on raising rates and reducing credit limits only on people who become high risks.So what are credit card issuers doing now in preparation? Raising interest rates and lowering credit limits while they can.Not only are democrats to blame for higher rates and less credit, but also for fewer credit card choices as well as rewards. Already its apparent that there are far fewer credit card offers now than before the credit crisis (which was also caused by democrats). Anyone can clearly see that; since democrats have been in power, the credit situation has steadily worsened. First it was with the mortgage industry, and now democrats are about to drive out the credit card industry as well.Although Bush was president when the mortgage crisis began, it was nonetheless the result of democrats who were in control of our nation's capitol. It was due to democrat legislation which forced banks to lend money to high risk people. The told banks that if they allow high risk people to open a savings account, then they must also allow them to obtain mortgages. When that law resulted in banks suffering defaults and filing bankruptcy, the remaining banks decided to stop allowing high risk people to open savings accounts, thus relieving themselves of having to lend them mortgages. But now, democrats want to pass yet another law that will require banks to offer savings accounts to high risk people, which would also then require banks to grant them mortgages.Here we go again.To prepare for another democrat nightmare, Bank of America announced it would start annual fees on accounts. Citibank has already been raising rates. HSBC apparently lowered at least one customer's credit limit.Do you remember the good-ol-days, when Clinton was president and Republicans were in control of Capitol Hill? Back then anyone could get a credit card with a nice credit limit and a decent interest rate. Even bad credit people could get an unsecured credit line with a card that helped rebuild credit scores. Fair-to-good credit people could rack up rewards and cashback.Why were things different then, than now?The answer is because Republicans were in legislative control, and Republicans believe in a free market... an ideal of which our nation was founded. In a free market, companies are able to set their own prices, fees and interest rates. They are able to offer less costly products and services because they are likewise able to adjust their costs according to risk. Those who pose the highest risk they charge more, while less risk people enjoy lower costs. Afterall, they must compete against the other companies for your business. But when democrats drive out most of the businesses, there's less competition to gain you as a customer. Credit Federal Sun, 06 Dec 2009 00:00:00 CST http://creditfederal.com/article/blogs/377/Democrats-Demolish-Economy Trying to look like crusaders for the common American, democrats are demolishing the economy; business-by-business, increasing unemployment, widening the trade deficit and burying generations to come with big government debt.Why are democrats passing legislation that they know will destroy the economy? To get re-elected.They are hoping that people will look at their reasons for enacting legislation, versus the actual results. For instance, they portray themselves as modern-day Robin Hoods, robbing from the rich --- unfortunately that money isn't going to the poor. Instead, it's going overseas to other countries through a widening trade deficit.But that's OK, right? Afterall, they're sticking it to the big guys - the auto and credit industries.Hold on, let's look at what the real results are:Obama's 'cash for clunkers' program cost tax payers $3 billion. Did it help automakers? Well, yeah... JAPANESE automakers. The latest study shows Obama's program mostly benefited Japan's Big 3 automakers: Toyota, Honda and Nissan. 41% of people bought a Japanese auto, whereas only 39% bought a new American-made car. And there's more bad news. U.S. automakers were stuck with the most trade-ins (85%), whereas Japan had to deal with only 8%. The Japanese had more sales and less trade-ins to deal with. Now America has a surplus of clunkers that we taxpayers must foot the bill for.Recent legislation will deny overdraft protection for millions of Americans. Don't be surprised the next time you overdraft your account if you end up with a bounced payment (and fees) instead of your bank lending you an overdraft. You can thank democrats for this new credit denial, due to their ban on the ability for banks to charge overdraft fees. Without being able to charge fees for their service, your bank may stop offering the service altogether.The trade deficit jumped 18.2% in September to $36.5 billion. That was the largest deficit since January and more than the $31.7 billion imbalance economists had expected. How are democrats to blame for this? By driving business out of the U.S. Due to high taxes and strict government regulations, it doesn't pay to operate a business in the US. Ever wonder why; when you call a company for customer support, you are answered by a foreign person? That's because it costs too much in the US, not because the company is overly greedy. If the company operated in the US, it would have to charge you higher rates to offset the costs. And what would be your response to that cost increase? You'd purchase from a cheaper source, which would be from an overseas company. So to compete against cheaper, overseas companies, U.S. businesses are being driven overseas by democrats who raise their taxes and enact more government regulation.What will democrats destroy next? It appears the answer to that question is the credit industry. With all the laws they've passed already, credit is becoming scarce. Banks are very reluctant to lend money, and credit card companies are stricter on who will get unsecured lines of credit. Why? Because democrats won't let them offset losses by varying rates and fees on the accounts that pose high risks. Bad credit people are already finding it difficult to obtain credit.Ah, what if the credit industry is destroyed... would that be so bad? Let's see... without credit, the housing ecomony would be tons worse than it is now, and only the rich; who have cash on hand, can get new cars. That's only two impacts, get the picture? And don't think that democrats won't drive the credit industry to ruin. Some credit companies are already having to use overseas support services in order to cut costs.Let your legislatures know that big government costs big bucks. For every new law passed, a whole new set of regulations must be published, administered and managed. In short, it costs more tax dollars. And the more it costs businesses to operate in the US, the less profitable it is to do so. Just remember: when businesses go overseas, so do the jobs. With less jobs, there's less tax revenue.And that, fellow Americans, explains why unemployment keeps rising as well as taxes. Credit Federal Fri, 13 Nov 2009 00:00:00 CST http://creditfederal.com/article/blogs/376/What-is-a-credit-card-chargeoff Typically a charge off is when a creditor, bank, or bill collector writes off a balance as "bad debt" because they believe they can't collect the debt. Usually this happens when a person has not made any payments for six months or longer. The lender will still try to collect the debt and then write as a charge off. They can report the charge off to credit bureaus. Charge offs can have negative effects on credit scores, but thankfully credit reports are updated often and positive information could help rebuild the bad information.Chargeoff credit card - Click Here - How to charge off credit card balances yourself, or get professional help from a debt settlement company.When credit card debts have not been manageable for a borrower, debt settlement may be one option to avoid bankruptcy. Many consumers have attempted debt settlement on their own or they hire a professional service to settle their debts. Creditors do not have to agree to a settlement whether from the borrower or a debt settlement company. Sometimes creditors are more willing to work with a company than an individual.Debt settlement could reduce debt amounts by 30 to 70 percent. Even though credit scores can be negatively affected by settling, debt settlement can be a better option than bankruptcy. Only negotiate debt settlement with the original creditor and do not attempt to work with a third-party collection agency. Try contacting the credit card company in the event of difficult times and tell them you can't pay your debts. Let them know you may have to file bankruptcy if you can't reduce your debt amount. They may want to settle and get some money instead of no money when bankruptcy has been filed.Free Debt Settlement Quote - Click HereAccounts have to be seriously past due before a creditor will be willing to talk to you and consider settling. When payments are being made, you probably will not get anywhere with debt settlement. Many credit card companies won't settle unless an account is about 180 days past due and when it is they often charge off your debt and sell it to a debt buyer. It would be better if the creditor tries to settle with you as they would make less selling the unpaid debt to a third party.When the negotiation process begins, send all correspondence via certified mail with a return receipt, and keep copies of everything. Document the dates, times, and the names of any people you talk to on the phone. It can take several months to reach an agreement for a debt settlement. When an acceptable settlement amount is agreed upon, get a copy of the agreement in writing before making any payment. Ask the creditor to put in writing that they will not sell your forgiven debt to anyone. This prevents a debt buyer from trying to collect the remainder of the account balance. Credit Federal Wed, 11 Nov 2009 00:00:00 CST http://creditfederal.com/article/blogs/375/Government-Democrats-Destroy-Economy Actual current news headlines reveal how democratic party policies are destroying the U.S. economy:FDIC shuts four more banks as failures reach 119 this yearFreddie Mac loses $6.3 billionConsumer borrowing drops $14.8 billion due to rising unemployment and tight credit conditionsJobless rate hits 10.2%, the first time it's exceeded 10% since 1983Fannie Mae seeks $15 billion more in government aidWhy are banks failing and why is credit tight? Because democrats have made it too risky for lenders to extend credit. Democrats want banks to accept high risks, but not to take steps to protect against losses. Banks would rather tighten credit than to take the risks forced upon them. For example: To offset losses caused by defaults, banks used to increase the interest rates on those risky accounts. But now; however, democrats have banned that practice, hence banks would rather not lend money at all.You might think "That's good... without credit people cannot get into debt!"There's a much larger impact than just that. With less credit, there are less purchases. With less purchases, there is less manufacturing... and this means less jobs. Instead of growing, businesses cut back. As more businesses cut back; and some close, it creates a domino affect that drives out other businesses. Meanwhile, unemployment escalates. More people get behind on their bills. Democrats create more laws to control interest rates, and even fewer banks will extend credit because they cannot survive default losses. Lesser credit... lesser purchases... lesser manufacturing and yet more business close and unemployment rises yet again. This is not the way to fix the economy. So why are democrats focused on the credit industry? Because it makes them look like heroes in the eyes of voters, and their main objective is to get re-elected even at the expense of the economy.What will fix the problem? Allowing the economy and business to return to a free-market, where businesses can raise and lower interest rates and prices in their efforts to make a profit while also competiting against other companies for customers.Yeah, it's that easy. Tell your legislatures to withdraw credit regulations. Credit Federal Sun, 08 Nov 2009 00:00:00 CST