Christian Loans and 7 Year Debt

Looking for a Credit Card for Christmas Shopping? Before you submit a credit card application, first review the main points which will help you choose the right credit card for your needs.

What Charges You'll Make - If you're going to use the credit card mainly for booking airline reservations and hotels, it might be best for you to get a travel credit card that offers sky miles and hotel points or cashback. If this will be an emergency credit card only, then your main concern may be for a low interest rate credit card with low fees.

When You'll Repay Charges - Will you pay off credit card charges in full every month, or will you carry a balance month to month? If you're going to carry a balance, you want the lowest possible interest rate as well as a low introductory rate. But if you'll payoff balances in full every month, then interest rate really doesn't matter so no annual fee and/or a long grace period would be a bigger concern. If you're going to carry a balance, be concerned about how the finance charge is calculated. The most common method is the Average Daily Balance, which means that the daily balances are added together and then divided by the number of days in the billing cycle. Stay away from credit cards that compute the balance using two billing cycles, as this method costs more money in financing fees.

What Amount You'll Charge - If you're going to use the credit card for all your monthly expenses, then you need a card that has a high credit limit and a high cashback percentage.

More info about Interest Rates, Credit Limits, Incentives, Fees and Penalties

Interest Rates - The interest rate (Annual Percentage Rate) APR can either be a fixed rate or a variable rate that is tied to another financial indicator, most commonly the prime rate. With a fixed rate credit card you know what the interest rate will be every month, whereas a card with a variable rate can fluctuate. Of course, even the interest of a fixed rate card can change based on certain events, such as paying your credit card bill late, exceeding your limit, or simply because the credit card issuer decides to change it after providing you ample advance notice.

Credit Limit - This is the amount of money the credit card company will let you charge to the card. This amount varies depending upon the card offer and your credit history. Be sure to get a credit card with an ample limit, because getting close to your max can hurt your credit score. Just remember that you don't have to max out your limit just because it's available.

Incentives - To compete for and to gain customers, many credit card companies offer rewards. Even if you normally use cash, why not use your credit card and then use the cash to make the payment during the grace period? You still won't pay interest and meanwhile you'll rack-up rewards. A credit card with 5% cashback will earn you $5 for every $100 charged. If your total bills come to $2,000 per month, you'll earn a free $100 every month. Look for a rewards program that you'll use and which offers flexibility, such as cashback or travel.

Fees and Penalties - Compare common charges such as late fees, overlimit fees, balance transfers, cash advances, and for making payments by telephone. Regarding balance transfers, look for credit card offers with no transaction fees and zero percent interest for at least 12 months.

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Christian Loans and 7 Year Debt

By Credit Federal | Published 03/30/2008

Why is unpaid debt removed from credit reports after 7 years? Why not allow bad credit report entries to remain long term, beyond 7 years?

A commentary; by a contributor who desires to remain anonymous, and is not an official endorsement by CreditFederal.com, its ownership nor its financial advertisers, and further may not reflect the opinions of CreditFederal.com, its ownership, nor the financial advertisers on the CreditFederal.com website.

Commentary: Bad Credit Reports of Unpaid Debt Erased After 7 Years, and Christian Loans Examined.

Many of us are well aware that bad credit report entries which reflect unpaid debts are removed after 7 years. But why are those negative entries removed at all, and why after a term of 7 years? Why not 5 years? 20 years? Why remove unpaid debt entries at all?

Perhaps the answer is older than the existence of credit reports themselves. Older than TransUnion, EquiFax and Experian combined. Perhaps creditors; knowingly or not, are following Deuteronomy, Chapter 15, in the King James Bible, which also contains instructions about lending to poor people (subprime demographic).

Deuteronomy, Chapter 15:

(1) At the end of every seven years thou shalt make a release. (2) And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the LORD's release.

It's also interesting to note the reference about giving loans to poor people:

(7) If there be among you a poor man of one of thy brethren within any of thy gates in thy land which the LORD thy God giveth thee, thou shalt not harden thine heart, nor shut thine hand from thy poor brother: (8) But thou shalt open thine hand wide unto him, and shalt surely lend him sufficient for his need, in that which he wanteth. (9) Beware that there be not a thought in thy wicked heart, saying, The seventh year, the year of release, is at hand; and thine eye be evil against thy poor brother, and thou givest him nought; and he cry unto the LORD against thee, and it be sin unto thee.

Christian lending and debt forgiveness:

After reading from this book, it also makes one wonder how 'Christian Loans' (from Lenders who proclaim to be Christian) should conduct their financing? Should Christian loan lenders not only forgive unpaid debts after 7 years, but should also openly approve loans to poor credit people? Isn't this what created the subprime mortgage crisis in the first place? Or maybe its the definition of 'brother' and 'sister' that should be questioned. Some would define brother and sister as members of the same faith, and not 'people' in general.

Nonetheless, it is interesting to note that the same law regarding removal of bad debt entries from consumer credit reports precisely matches the length of term identified in the bible. And; perhaps, if our nation more closely followed the wisdom in the bible in such matters, maybe the subprime mortgage loan crisis would have been averted. Afterall, our money does proclaim "In God We Trust".

The preceding was a commentary submitted by an independent contributor and is not endorsed by CreditFederal.com, its ownership nor its financial advertisters.

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Christian Loans and 7 Year Debt - by <a href=http://creditfederal.com>CreditFederal.com</a> <div style="text-align: left; font-family: Verdana;">Why is unpaid debt removed from credit reports after 7 years? Why not allow bad credit report entries to remain long term, beyond 7 years? A commentary; by a contributor who desires to remain anonymous, and is not an official endorsement by CreditFederal.com, its ownership nor its financial advertisers, and further may not reflect the opinions of CreditFederal.com, its ownership, nor the financial advertisers on the CreditFederal.com website. Commentary: Bad Credit Reports of Unpaid Debt Erased After 7 Years, and Christian Loans Examined. Many of us are well aware that bad <a href="http://creditfederal.com/credit-report.html">credit report</a> entries which reflect unpaid debts are removed after 7 years. But why are those negative entries removed at all, and why after a term of 7 years? Why not 5 years? 20 years? Why remove unpaid debt entries at all? Perhaps the answer is older than the existence of credit reports themselves. Older than <a href="http://creditfederal.com/search/search.cgi?Terms=transunion">TransUnion</a>, <a href="http://creditfederal.com/search/search.cgi?Terms=equifax">EquiFax</a> and <a href="http://creditfederal.com/search/search.cgi?Terms=experian">Experian</a> combined. Perhaps creditors; knowingly or not, are following Deuteronomy, Chapter 15, in the King James Bible, which also contains instructions about lending to poor people (subprime demographic). Deuteronomy, Chapter 15: (1) At the end of every seven years thou shalt make a release. (2) And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the LORD's release. It's also interesting to note the reference about giving loans to poor people: (7) If there be among you a poor man of one of thy brethren within any of thy gates in thy land which the LORD thy God giveth thee, thou shalt not harden thine heart, nor shut thine hand from thy poor brother: (8) But thou shalt open thine hand wide unto him, and shalt surely lend him sufficient for his need, in that which he wanteth. (9) Beware that there be not a thought in thy wicked heart, saying, The seventh year, the year of release, is at hand; and thine eye be evil against thy poor brother, and thou givest him nought; and he cry unto the LORD against thee, and it be sin unto thee. Christian lending and debt forgiveness: After reading from this book, it also makes one wonder how 'Christian Loans' (from Lenders who proclaim to be Christian) should conduct their financing? Should Christian loan lenders not only forgive unpaid debts after 7 years, but should also openly approve loans to poor credit people? Isn't this what created the subprime mortgage crisis in the first place? Or maybe its the definition of 'brother' and 'sister' that should be questioned. Some would define brother and sister as members of the same faith, and not 'people' in general. Nonetheless, it is interesting to note that the same law regarding removal of bad debt entries from consumer credit reports precisely matches the length of term identified in the bible. And; perhaps, if our nation more closely followed the wisdom in the bible in such matters, maybe the subprime mortgage loan crisis would have been averted. Afterall, our money does proclaim "In God We Trust". The preceding was a commentary submitted by an independent contributor and is not endorsed by CreditFederal.com, its ownership nor its financial advertisters. </div> This article provided courtesy of <a href=http://creditfederal.com target=_new>www.CreditFederal.com</a>, a personal credit resource of good or bad credit credit cards and loans.

Credit Tip: Need a high limit for Christmas credit card charges? If you have bad credit, consider a personal loan by refinancing your mortgage. Even if you have cash to buy Christmas presents, we recommend using a prepaid card to make purchases because it's safer than carrying cash.