Debt Views

I’d be lying to you if I said I didn’t know what it was like to be in debt. And chances are, you would be too. The pressure of being in debt can make it hard to live. Period. Having to worry about things like making your next payment to creditors and simply putting food on the table can be, well, overwhelming. And if you’ve been receiving letters and phone calls from creditors and banks, it makes things even worse. Then, when the bills really stack up, bankruptcy comes into play.

But I think we’re getting ahead of ourselves here. I’m going to list below 20 warning signs that you may have a problem with your debt situation. And I don’t mean a problem as in, “Honey, the baby just went #2.” I mean you really have a problem… As in, “Honey, why is the IRS in our house this morning taking all the furniture outside?” All jokes aside, if this is the case, you need to find some help…like a solid online debt consolidation agency.

Without further due, here are 20 warning signs:

1. You are juggling bill payments, holding off one credit card to pay another debt.
2. It becomes more and more difficult to make ends meet each month.
3. Credit cards become a necessity rather than a convenience.
4. You find yourself using credit cards to pay for normal expenses such as groceries.
5. Your credit card balances continue to increase.
6. You have several credit cards that are at or close to the credit limit.
7. You begin decreasing your monthly credit card payments.
8. You apply for new credit cards because you don’t have any money.
9. You dip into your savings to cover non-emergency expenses.
10. You find it hard to save every month. (Even the smallest amount.)
11. You are receiving calls or letters (or both) from creditors and bill collectors.
12. You are unaware of how much you owe and dread finding out.
13. You are spending more money than you bring in. (Big No-No)
14. You have to borrow money to pay some of your monthly bills.
15. It becomes difficult to pay normal expenses.
16. You continually hide how much you are spending from your family and friends.
17. You have recently been denied for a credit card or loan.
18. You have no way of paying for unexpected expenses. (Like health issues or car repairs.)
19. You have considered filing for bankruptcy.
20. You put off going to the doctor or dentist because you cannot pay the co-pay.

If you answered yes to one or more of these warning signs, then you could be headed for bankruptcy or a serious debt problem. Hopefully, you are early enough in the stages of debt that you can take preventative action. Here’s a simple 2-step action plan:

1. Start budgeting. Chances are, if you’ve been having trouble paying bills and other expenses each month, you haven’t been living by a budget. What better time to start than now.

2. Cut back. Use your budget to evaluate your spending. Take note of leisure expenses such as movie rentals and restaurant dinners.

If your situation is beyond budgeting and cutting back spending then I recommend you get help…

Get professional help. Seek out a reputable online debt consolidation company to assist you in paying off your credit cards and other unsecured debt.

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Well, now that the smoke has cleared. The divorce is final and everyone has gone their separate ways. Now, in retrospect, let’s look back at the actual divorce proceedings. I cannot get it through my “think head” why there are always (3) fools at every one of these decisions.

No, you and your ex-husband are not necessarily the fools I speak of. But let’s look at the two attorneys and the, supposedly fair minded Judge. Has this happened to you? Your attorney tells the Judge ” my client should have custody of the children because they are better off with Mom and their father is a bum”. Something like that. Now the Judge nods his head and agrees.

Now here comes “sweetie pie’s” attorney and says “Judge, my client needs the car so that he can get back and forth to work in order to pay child support”. Judge nods again. So, here we have it. Sweetie Pie is awarded the car to get to work. However, the Judge failed to find out whether or not “Sweetie Pie” had any credit. He simply gave him the car. BUT, by not finding out who was the guarantor on that loan, he now becomes the (3) fool.

Fast forward. Sweetie Pie does what he has always done. He doesn’t make the payments. The car is repossessed and you are now faced with repossession on your credit report because of the three fools mentioned above.

Here you are, working your “butt” off trying to raise the kids and “zero” credit. Oh, how about those credit cards that both of you had while you were in “la la” land? Time to sit down and take inventory of your personal situation and the road that was traveled to get here.

IF, and that is a big IF, you were the authorized user, then you are not legally responsible for the debt. PERIOD. That is law. But, the credit card companies will insist that because you used the cards, you owe the money. Not so, Charley. IF, you did not sign the application as a co-guarantor but merely were added as an authorized user, they cannot make you responsible for that debt. Don’t buy anyone’s theory about this. In a court of law, no proof of the debt with your signature, then there is no debt.

Here is where I want you to pay attention. If, in a situation where an attorney produces a document with what looks like your signature, but that document is merely copy and not the original or a certified copy, then you must simply say, “it looks like my signature”.

When the credit card companies have you as a co-guarantor on an account that is a totally different animal. You should contact the credit card company, immediately after the divorce proceedings and ask them to remove your name from that account effective the date that they are notified. DON’T let this go without notifying them. Sweetie Pie, might have a new lady and here they are having a shopping spree while you are still responsible for that debt.

As soon as possible, apply for a new credit card in your name only. If your credit has already taken a big hit, apply for a secured credit card. They are very simple to get. You just put up a couple of hundred bucks with them and they will use that money to guarantee you will pay the bill. Most of these companies will increase your credit limit as you pay your bills on time.

I have seen a single mom, start out with a credit limit of $300 after she put the same amount into their account. In less than a year, they sent her back her $300 and her credit limit had increased to $1,500. So, you don’t have to live the rest of your life in credit prison.

If you have to move in with Mom or another relative or friend, pay them rent. Even, if they don’t want the money. Make sure you give them a check and if they want to give the money back to you, have them write you a check. In this manner you can prove after a year that you have a solid rental history. You will, be needing this in the future.

I am willing to respond to anyone’s questions regarding this dilemma. You can email me at Regisp@embarqmail.com No fees involved, just sharing some of life’s lessons to help you.

Now, if you are faced with bill collectors or collection attorneys that is another entire article. Look at some of our other articles and if you cannot find what you need, we will be publishing more credit articles for the “single parent”.

Respectfully, Regis Sauger

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Teen credit cards are sweeping the nation as one of the most convenient ways to teach your teen financial responsibility.

We have scoured the net to give both parents and teens a current and up-to-date resource for finding the prepaid teen credit cards or teen debit card that is the best fit for their individual needs.

Things are very different now from when you were a teen . Can you remember the last time you paid cash for an item? When did you last write a check in a store? Even television commercials advertise the convenience of using credit cards to pay for purchases and your teen needs to understand how to use these cards as well as be responsible with their own finances in order to be financially healthy adults.

As a parent, you may have concerns about giving your child a teen credit card or prepaid debit card and letting them run free. Most of these programs have log in capabilities so not only can the teen credit cards be refilled with the ease of an online transaction, the parent or guardian can also log in and see where the card has been used whether your teen has made purchases online or off.

Another great use for teen credit cards is if your child is going on a field trip or will otherwise be traveling. It’s a bad idea to send cash and checks are almost impossible for your teen to use in other cities. Travelers Checks were the previous solution, but it’s much easier to just load money onto your teen ‘s credit card and let them have the ease of knowing they have money to spend and they don’t have to worry about losing cash.

Instead of giving your teen an allowance, consider giving them a teen credit card and loading the money directly on there every week. It’s easy to get in the habit of spending cash and having nothing to show for it, show your teen the way to be financially responsible and even save their money on their cards for things they really want.

Your teen needs to know how to use credit wisely and as a parent, it’s your job to teach them that lesson. Using a prepaid or teen debit credit card is a great way to getting your child on the road to understanding how to handle their finances in a mature and responsible way.

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