Unburdening America: Is Your Debt Weighing You Down?

Strange as this may sound, being burdened with huge debts is very similar to being overweight! Too many pounds can make you sluggish, have a negative effect on your well-being, make you socially unacceptable, and hold you hostage to bad health. Being in debt slows down your opportunities, makes you worry, has a negative effect on your wealth, creates stress, and makes you a slave to a cycle of spending. Are you ready to banish your debts just like those extra pounds? It's time for a financial detox. And Global Credit Management is here to help!

When you examine the global economic crisis carefully, the culprit is debt. Too many people were lured into thinking they could afford mortgages they shouldn't have qualified for. Many unsuspecting consumers were led to believe that obtaining credit cards was the way to acquire anything they desired. Some of us fell for these schemes and, four years ago, the global economy collapsed under the weight of the debt.

If you are one of those left with unmanageable debt and you want to improve your credit rating, you need professional & confidential advice from the experts at Global Credit Management. Our specialists can show you how to improve your credit rating and give a total credit transformation. You deserve a debt facelift & a chance for a new beginning.

If you need a credit makeover, here are five tips for financial health:

1. Create a spreadsheet to keep track of your spending. If you know where your money is going, it will be easier to change bad spending habits.

2. Separate wants from needs. Do you really need that 55 inch flat screen television right now?

3. Pay your credit card on time. Late payments = high fees, penalties and low credit score.

4. Have a saving plan. Always pay yourself first! A minimum of 5% to 10% of your salary should be set aside to a saving, investment or emergency account.

5. Pay Off Debt. High debt and delinquent loans are the main obstacles to getting ahead financially. The less debt you have, the easier it will be for you to attain financial independence.

A good credit rating is essential for your financial health. Maxed out credit cards, late payments on mortgages, car loans, credit cards, etc., will result in a poor credit score. A low credit score, just like poor health, can deteriorate the quality of your life & steal your financial freedom. Stop this downward spiral and get on the road to recovery - take the first steps to a complete credit restoration!

We know that the subject of debt is not an easy one to discuss. But unless you decide to take action now, your debt could haunt you for years, leaving you feeling drained, miserable, helpless, and out of control. Some of our clients had hidden their situation from their spouse and family and felt they had nobody to turn to. They eventually turned to GCM and our team was able to help.
 

Our credit management services are unequaled. We understand that with the economy in recession, times are difficult and that you may be trying to cut costs. Therefore, to help you get back on the right track, we have included a 20% discount which can be applied toward all our credit repair services.

We want to help you succeed & we will provide you with tools accessible 24/7 via our state of the art technology platform portal to get you on the path to full debt recovery. By guiding you through our personalized process, you'll successfully improve your credit legally, manage your debt more effectively and regain control of your finances and your life.

Your new, financially healthy self will thank you!

www.globalcreditmanagement.net

 

Holiday Debt Hangover?

In today's uncertain economy, it's becoming more important to maintain a good credit rating. This can be hard to achieve at the beginning of each  year as we tend to spend more than we can afford. Interesting enough, we all love the idea of being debt free, but let’s admit it…we’re all guilty of overspending sometimes, especially during the holidays!

The spirit of giving can be contagious and even transform the most money conscious among us into a shop-a-holic as we pile Christmas purchases onto our over-burdened credit cards. And then come January, we make New Year resolutions & vow to make better financial decisions.

The holidays are over, but chances are there’s still one thing you haven’t managed to open: That credit card statement!

For many of us, the good feelings experienced during the holidays begin to wind down as bills start to pour in. January credit card statements pack an unwelcome New Year’s punch as we realize that WE’RE IN DEBT!

Now that it's time to deal with your credit card debt, it's more important than ever to track down your expenses and learn how to be in control of your finances. And since our debt and credit standing are very closely related, how you handle your credit card expenses this month can either hurt or help your credit score…a factor that can affect your purchasing power in the future.

Here’s why:

There are five major factors that influence your credit scores.

Payment history accounts for (35%), level of debt/credit utilization (30%), age of credit (15%), mix of credit (10%), and credit inquiries (10%).

Since payment history and credit utilization are the biggest influences on your credit score, any late payments and maxed out accounts you may have will lower your credit score significantly. You should try to keep your payments up to date and your debt to credit ratio to less than 30%. For instance, a $10,000 credit card should carry a balance below $3,000 if possible. See how by clicking here.

This year, as you set your new year’s resolutions, such as shedding off excess pounds, I encourage you to take a closer look at your financial situation and give your credit cards a debt make-over. Learn how here.

By putting a halt to disturbing spending trends and keeping tabs on your credit, you can detect errors and avoid habits which result in a crumbling credit score, lead to higher borrowing costs, denial of loans, refusal of job offers, or some other financial hardship. Check out how!

Few people know what their credit score is or understand how it is calculated. Additionally, most people are unclear about how their behavior can affect their scores. Read more on credit education here!

The truth is if you are in debt, chances are that you are among the 75 million + American suffering from bad credit!

You cannot undo your Christmas shopping, but you can discover the true secrets to building financial wealth by freeing yourself from costly debt. Many people don’t understand their debt and the benefits of maintaining good credit. This is why Global Credit Management was created. Our desire to help you manage your debt and restore your credit derives from witnessing the effects damaged credit has on the life of many of our close friends and family. It is often easy to accumulate a large amount of debt, but paying it off can be tricky, resulting in poor credit.

Some of the WARNING SIGNS you have BAD CREDIT:

    You got a PRE-DECLINED credit card in the mail

    Your utility bills (water, power, etc.) are in somebody else’s name

    You pay all your bills with Money Orders

    If someone was to steal your identity, they would personally return it to you!

    The only credit card you qualify for is a secured Card

    Your only loan is from Cash Call

    You can’t qualify for a regular cell phone contract

    You need a co-signer for a federal student loan

    Banks won't take your cash to open a checking account

    You’re afraid to answer your phone because you’re avoiding bill collectors

    You’ve considered getting another identity to start a new credit file

    Your credit report is keeping you from getting a job

    Card issuers are closing your credit cards without your knowledge

    Your references (friends and family members) are changing their numbers

    Your credit cards interest rates keep going up every months

    You have committed to renting forever because you think you’ll never qualify to purchase your own home

These signs of debt can also cause stress. Stress may result in high blood pressure, frequent head ache, irritability, sleep disorders, excess weight (the list goes on), which in turn sparks uncertainty and steals away your freedom!

If bad credit is ruining your life visit our site at www.globalcreditmanagement.net for more information on how you can reconstruct a more solid financial future and regain control of your life.

I hope you take advantage of our educational resource and make the commitment to empower yourself with knowledge to maintain your new found freedom.

Make 2012 your year!

How a Low Score Can Hurt

How a Bad Credit Score Can Hurt You

While a credit score may seem like an arbitrary number, calculated by an invisible credit agency with no real bearing on your life, the truth is a low credit score can cost you thousands.

To get an idea of just how much money you can lose due to bad credit, take a look at the following examples:

Credit Cards
 

If you have a low credit score, you will not be eligible for prime credit cards. These cards have the best interest rates, payment terms and credit limits. They make it easier for you to maintain good payment history, thus further establish good credit.

Consumers with a low credit score qualify for less attractive credit cards or "sub-prime" cards. These cards often require exorbitant fees, monthly fees, low credit lines, or cash deposits. In most cases, these cards are difficult to maintain, often fail to record positive payment history on your credit reports, cost you money, thus making it very difficult for you to improve your score.

As an example, consider a $5,000 balance on a credit card with an 18% interest rate. If minimum payments of 3% of the outstanding balance are made, the debt will be paid off in 16 years with interest charges of $4,567 (total debt repayment of $9,567). If the monthly payment is 6% of the outstanding balance, the debt would be paid off in 7 years, instead of 16, with an interest cost of $1,592 (i.e., interest savings of $2,975 compared to 3% payments).

Car Buying

When trying to buy a car with bad credit, you will not qualify for the lowest interest rates available. This often translates to $4,000 to $8,000 more in interest payments costing you slightly higher monthly payments. While it may not seem like a lot on a month by month basis, when calculated over the life of the loan, it will be a sizable amount.

Home Buying

As you might imagine, the effects of bad credit are most evident when you have large purchase, such as of a home. For most people, a home is the largest purchase they will ever make. If you have a poor or bad credit score, you may end up paying between $2,000 and $3,000 of interest a year over the course of the loan, which can amount to $60,000 and $100,000 more in interest than if you had an excellent score. Please click on MORTGAGE SAVING CALCULATOR  and see how much a poor credit score can cost you on your mortgage. 

For example: A $200,000 mortgage to be repaid over 30 years: