Warning signs you are in  trouble.

We hear people say, “I don’t know how we got into so much debt.”

In truth, all the warning signs were there–they just didn’t know what to look for or refused to see the warning signs. We don’t EVER want this to happen to you. So let’s look at some warning  signals that you could be headed for serious trouble.

Look closely at these warning signs and be honest with yourself. If any of these signs look familiar, we’ve got advice for you on how to stop the madness before it is out of control.

- Are you playing the balance transfer game? It all sounds so great – in theory: “Pay off a high interest rate credit card balance with a low promotional rate, and you’ll save a lot of money!” The problem is that most people don’t pay off the balance before the promotional rate ends, and then the interest rate shoots up like a rocket. Making things worse, people then run up the balance on the credit card that they paid off using the transfer, so now they owe twice as much money!

- Have you lost Track of How Much You Owe? Without looking at your statements, do you know how much credit card debt you have? If you can’t answer correctly within a hundred bucks, you’re not paying enough attention to your debt! Credit cards are among the most expensive debt you’ll ever have, so you need to know what you owe on them at all times. Keep track of what you owe to the penny so you can put every extra dollar toward paying down that debt.

- Have You’ve Been Turned Down for a Credit Card? f you’ve been turned down for a credit card recently, that’s still a pretty sure sign you’re headed for credit trouble. Being turned down means there’s something about your finances the credit card companies don’t like.

- Do you check your credit card statements thoroughly each month? If not, why is that? Perhaps you figure if you don’t look at your credit card statements, you won’t have to worry so much about the debt. ”Out of sight, out of mind.” Right? That might work in the short run, but it’s a recipe for disaster down the road. Running from a problem will not make it go away!

These are just a few warning signs that indicate you may be in trouble. At HOPE we guide our client’s everyday toward healthy credit principals. If you would like to know more please call us at 704-503-3669. We are waiting on your call.

How to improve my credit scores?

How do I deal with my debt collectors?

We truly hope that you are never in the situation where you are dealing with a debt collector. But as this financial crisis has gotten even more serious (millions of jobs lost!), more and more people are finding that they can’t keep up with their bills. 

This is an incredibly stressful situation, made much worse by aggressive, relentless and sometimes unethical debt collectors. If you are dealing with debt collectors, we want you to know your rights. Debt collectors have a job to do, but that doesn’t mean they legally can harass or intimidate you. 

There are detailed rules that debt collectors must abide by and there are ways for you to respond if they are not following those rules. They are not above the law. There are also ways for you to dispute claims if you think the charges are wrong.

At HOPE we help our clients everyday deal with collectors. Many of our clients have saved thousands of dollars and changed their negative accounts to positive accounts. If you try to deal with them alone it can cost you a lot of money. HOPE’s  experienced negotiators will help you put savings back in your pocket. If you would like to know more please call us at 704-503-3669. We are waiting for your call.

Credit Myths Exposed

*An Account May Only Stay On My Credit Report for 7 Years
*False:  Accounts may stay on your credit report for 7 years after the date of last activity on the account.  This means if you make a payment on the account, if the account is charged off, sold to a collection agency, etc. then the 7 years start over.  Plus, public records stay on your credit for 10 years after the account is resolved.

*Creditors Have to Delete Accounts from My Credit Report Once Paid
*False:  Your creditors are not legally obligated to remove paid accounts from your credit report.  They are supposed to update the balance on the account; however, many times they do not fulfill even this obligation. 

*Being Turned Down for a Loan Hurts My Credit
*False:  Creditors are not legally allowed to put a note on your credit report if they turn you down for a loan.  However, the simple fact of having your credit pulled for the application can lower your score approximately 1-3 points.

*Creditors Have the Right to Call Me to Collect a Debt
*True:  Your creditors may call you (depending upon the state in which you live) to try to collect a debt UNLESS you request to only be contacted via mail.  If a creditor is harrassing you, you have the right to make this request to stop the calls.

Dealing with credit issues can be very overwhelming.  We strongly recommend that you rely on professionals to guide you through the process of fixing your past credit problems.  If you need help with your credit, please call 704-503-3669 today.  We are waiting to hear from you!

Why Note Loans Hurt Your Credit

Did you know that the credit bureaus penalize your credit score when you receive a note loan?  So, what exactly is a note loan and why does it hurt your credit?  A note loan is the type of loan you would receive from a finance company or a pay check loan company.  These smaller loans typically have high fees and high interest rates as well.  The credit bureaus frown upon these types of loans because consumers who take out these loans are statistically more likely to default on the note loan AND other loans appearing on your credit. 

Additionally, note loans or pay check loans will usually serve to worsen the financial problems you are facing.  By receiving a pay check loan you are giving away some of your money, in the form of fees and interest, to the loan company.  This takes away those much needed funds from your budget and will wind up making the situation worse rather than better.

For help establishing a more balanced personal budget or for help with any credit issues you may be facing, please call 704-503-3669.  Our friendly staff is standing by to take your call.