Free Credit Counseling

Watch For Cash For Clunker Program!

In the interest of passing along any information that my readers will find helpful. Here's a piece of news regarding the cash for clunkers program.

If you are in the market for a new car, then you need to start looking for ads by dealers who will start advertising this program. Basically, you may be able to qualify for a voucher valued at either 3500. or 4500 dollars to be used as a down payment on a new car. The qualifiers are listed in the following article:CASH FOR CLUNKERS.

Please feel free to share this article since this program will only be good until November of 2009.

As always, if you would like to subscribe to our FREE credit counseling newsletter, simply visit: AMERICAN DEBT ENDERS.

If you need debt relief help, remember, we offer 3 programs, and none of them include bankruptcy. They are debt settlement, debt management and "alternative debt relief.

Written By:
Steven Ciantro
Member National Association of Certified Credit Counselors
American Debt Enders
help@americandebtenders.com
877-766-2465

Free Loan Modification Help From FICO

FICO, formerly known as Fair Isaacs Company, the same people who create your credit score, has started an awesome website for anyone needing help with a mortgage problem. The website is Mortgage Lifeline. At the site troubled consumers can get free assessments for their own unique situation. They can actually chat with an approved credit counseling agency with approved housing counseling and have a meaningful dialogue with their lenders.

The average consumer/homeowner in trouble with their home loan, can now determine what new government help may be available, without having to limit their options by paying a large fee to a loan modification company. Consumer complaints are too numerous to ignore. Borrowers say their lenders and the companies that administer their loans, known as "servicers," are difficult to reach and, when they are lucky enough to make a connection, are unresponsive to their needs. Some say they are not receiving any response at all.

This resource site allows consumers to get help with their overall financial picture, not just the mortgage problem. To date, to many consumers have found help, only to have the problem re-occur. At this site, homeowners actually fill out a form and can get an instant response on what type of help they qualify for. In essence, a pre qualification. Within 48 hours of filling out the form, a counselor from Money Management International calls back for a free counseling session to assess if the homeowner is eligible for Hope Now, or Hope For Homeowners, Their still may be other options available.

For free, personalized advice from counseling agencies certified by HUD, call (888) 995-HOPE, a national, round-the-clock hotline.

If you know someone who can benefit from this information, please do forward this article to them.

As always, in writing these newsletters we strive to bring you unbiased and relevant information to help with debt issues. If you would like help with a debt issue unrelated to your mortgage please visit us at: American Debt Enders, we also offer free advice on debt solutions.

If you enjoyed this newsletter, please feel free to subscribe by leaving your email information at our website, or visit the blog at: FREE Credit Counseling.

Parts of this article have been excerpted from an article appearing in the Los Angeles Times which can be accessed here: LA Times Article.

Written By:
Steven Ciantro
Member National Association of Certified Credit Counselors
American Debt Enders
help@americandebtenders.com
877-766-2465

Will Property Values Decrease Further With New Appraisal Rules

As of May 1st, 2009, the Obama administration has put into effect new rules governing real estate appraisals, and you need to know about them. These new rules apply to all loans sold to Fannie Mae and Freddie Mac, in other words all conventional loans.

All appraisals must be ordered only by the lender, from the approved list of "Appraisal Management Companies".

Borrowers must pay for the appraisal by credit card at the time the application is filed.

Brokers and loan officers are not permitted to pay for the appraisal. Previously, this was a fairly common practice.

Brokers and loan officers are not permitted to have any contact with the appraiser(All communications are facilitated through the lender or Appraisal Management Company.

Their is a good likelihood that these new rules, like all government interventions will do more harm than good. The net effect may well be even lower real estate values then are already being dealt with. What these new rules clearly are designed to accomplish is a reduction of inflated values, so the banks are protected when they make a mortgage. I predict that with everyone now walking on eggs because of these rules, real estate values will be under appraised, further causing damage to the market. This represents yet another example of the shutting down of free enterprise with government overreaching.

So, what is the bottom line? As always, you need to take care of your own financial affairs. If you have debt, now is the time to dump it. If you need help doing that, visit us at:AMERICAN DEBT ENDERS If you enjoyed this article, please subscribe to our FREE CREDIT COUNSELING NEWSLETTER, when you visit the website. Written By:
Steven Ciantro
Member National Association of Certified Credit Counselors American Debt Enders
help@americandebtenders.com
877-766-2465

If You Have Not Yet Taken Action To End Your Debt Slavery, Your Brain Has A Disconnect.

I am in a great position to see first hand what the banks are doing to keep you a debt slave because debtors share so much excellent information with me. Here is the latest piece of information I have received.

After raising interest rates on it’s card holders that have consistently paid on time and more than the minimums to 29.9%, Chase bank sent out a notice which read “GOOD NEWS”, Are you interested in lowering your interest rate? Do you think people will be opening these? Yes. The mailer then outlines the 3 easy steps you need to take to get your rate reduced to 27.99%, no, that is not a typo, in 12 months time. These people are playing card holders for idiots. Even worse, the tactic is probably working. This is like asking do you want me to beat you with the big baseball bat, or the smaller one.

So how do I get this wonderful new low rate? The mailer goes on to explain. Simply visit the www.chase.com website before April 30th, 2009, set up automatic bill pay, continue with no late payments or returned payments for 12 consecutive months, and just like magic, they will start beating you with the smaller baseball bat— that 27.24% interest rate. It actually takes 12 months to get this ridiculous equally usurious interest rate!

If you receive or received this notice, or anything like it, and it does not spur you on to take action to end your debt enslavement, then please, email me your name, because I want to put you on my prayer list. And I will pray that God will open your eyes.

On the other hand, if you are awakening, I commend you. If you would like to consider a Debt Management Programor you are in a debt crises and would like to discuss a Debt Settlement Programor just need debt advice, please feel free to contact us.

If you enjoyed this article and would like to subscribe FREE, to this newsletter feed, please visit: American Debt Endersand click on the subscribe now tab, to receive this Free Credit Counseling Newsletter, FREE.

Written By:
Steven Ciantro
Member National Association of Certified Credit Counselors
American Debt Enders
Help@americandebtenders.com
877-766-2465

Banks Still Putting Screws To Consumers With Credit Cards

Did anyone happen to catch the wonderful show put on by the bank CEO's appearing before congress last week? It's almost like a quickly rehearsed badly produced, thrown together, made for TV movie. The congressman looking down from their towers, wave letters from constituents who are bitterly complaining that are being charged 30% interest on their credit cards. The waving of the letterswas a pretty nice touch, from a production standpoint. The bankers sit their looking blank, (can't be accused of anything with that blank stare), and say, yes they are getting it.

I want to know what drug they are all taking, because, I want some. Whatever it is, it seems to create a peaceful sense of unreality. Could it be that they are taking Soma, from Huxley's Brave New World, and are just keeping it all to themselves? Lets see. People who are never late on there payments are getting pounded with higher interest rates and raised payments. This is happening to a greater and greater extent. The congress was so concerned about this when they passed the "Credit Card Reform Act" that they actually gave the banks 18 months to freely jam consumers before its implementation. Not to mention, that the bill simply does not stop usurious interest charges at any point. Now, the banks just have to give you more notice. Even better.

You would think it would be in the interest of the banks to give more reasonable terms when a consumer enrolls in a debt management program. The banks are carrying one trillion dollars of credit card debt. Yes, they lower the interest rates but 9 times out of 10 the payment increases to a point where it is simply Unmanageable, forcing the consumer to look at debt settlement or bankruptcy as the only way out.

If you are trapped in this cycle, and have had enough. Contact someone who has not yet been put onto Soma, and really cares, by visiting the American Debt Enders website, and seeing what we have to offer by way of debt relief.

If you enjoyed this article, by all means, subscribe FREE, to our Free Credit Counseling Newsletter, by visiting the website and clicking on Subscribe Now.

To our many subscribers and loyal readers, a special thanks to all of you for the great comments you leave. We have now published your comments on this blog. Keep it up, we appreciate your thoughts. Written By:
Steven Ciantro
Member National Association of Credit Counselors
American Debt Enders
help@americandebtenders.com
877-766-2465

Please Do Not Wait For Stimulus

No doubt we will have a huge stimulus or spending bill passed shortly. opefully, it will contain enough well focused ingredients, to help homeowners on the verge of losing their homes and stop the bleeding in the housing market. But, here is the bottom line. This type of stimulus has been tried before, but never to this magnitude, and only prolonged the agony, for a long time. Also, realize that this is a world wide problem. So, since the whole world has to be fixed economically, it's not looking to good. Even the experts cannot agree. Except everyone agrees that no one is 100% sure of anything.

Take a close and honest look at our leaders in Washington who are the plans masterminds.They were, for the most part, all in positions of leadership when the problems started. Surely, you do not believe that George Bush caused all this. So these are the same wonderkinds now teling us that they and only they have the solution.

I'm sorry to be a naysayer, but my common sense and own research into this stimulus bill, tell me otherwise. If you are reading this article and you are on the verge of financial disaster in your own life. You need to take action. Their is debt help and guidance available.

Personal financial crises's are easier to deal with if you only need to concentrate on the basics of living. Things like, food, shelter, and clothing. You can always work toward a more prosperous way of life, if you are debt free and have the basics covered. In order to be in this position, you need to dump your debt, and the faster the better.

If this message is resounding with you, then by all means visit us at:American Debt Enders. and use the site resources to help you. If you are being sued by a creditor than click on the Creditor Lawsuit Resources link to find out how to handle that problem. If you need Budgeting Help we can show you how. If your debt is simply driving you crazy, and you are ready to deal with it, please contact us, we have solutions like Debt Settlement, Debt Managemenbt, and even some you never heard of. Written By:
Steven Ciantro
Member National Association of Credit Counselors
American Debt Enders
help@americandebtenders.com
877-766-2465

New Credit Card Rules Effective, July 2010

In a previous article on this subject I wrote what to expect by way of change for credit card users. To recap, The bank can still play loan shark by charging you usurious rates, the difference is come July, 2010, that’s right, more than one year away, they will have to give you notice, and will only be able to charge the usury rate, although legal, on new charges, not past balances, (before the effective date of the notice). Here is the link to an article: NEW CREDIT CARD RULES.

Well, lets be grateful for at least some change. But, do take note of how much time the banks and credit card companies have been given to plan and implement their course of action. Be careful, because what they give you with one hand they take away with the other. Remember how the bailout went? Taking from the poor, you, to give to the rich, the banks? This should put you on notice. If you have debt, get rid of it, and empower yourself to live a debt free life. Do not be lulled into a false sense of security by the media which is reporting this story like everything will be fine now. In case you did not know,the banks and the media are not your friends.

If you need counseling and either a debt management program, or a debt settlement program, or some other solution to help you get out of debt and avoid bankruptcy, please visit: American Debt Enders.

If you would like to read more very informative articles with real information to help you attain debt freedom and End Debt Slavery. Please visit our Free CREDIT COUNSELING NEWSLETTER. and subscribe. It is free, and we do not ever share your information. Written By:
Steven Ciantro
Member Natiional Association of Credit Counselors
American Debt Enders
help@americandebtenders.com
877-766-2465

Federal Reserve To Meet On New Credit Card Rules

This Thursday, 12/18/08, the Federal Reserve is set to vote on issuing new credit card rules in the hopes of providing much needed relief to consumers who are being oppressed by credit card debt.

What are the new rules? Perhaps elimination if the Universal Default clause, which allows banks to raise or lower or even close your line of credit if you are late even once, on a completely different credit card. How about those usurious loan sharking interest rates? Well, since a supreme court decision allowed them. it will probably take one to eliminate them. But. what they do intend to do, is allow banks to retroactively raise your rates. In other words, when a bank raises your interest rate, that new rate can only apply to any new charges, while interest rates for previous charges will remain unchanged.

If you understand how the Federal Reserve is set up,you know that its board and shareholders are primarily bankers, with a big time vested interest in the health of the banking industry. Banks make money by being the recipients of your debt charges. So, while, they will make changes, which, no doubt, will be heavily touted by the media, do not be fooled. Their are not enough credit counselors in the country to clean up all the current debt. Additionally, the banks have already stated that they will work around the new rules to maintain their profitability. I suspect, ever higher interest rates are coming. If you would like t read more on how and why the banks keep you as a debt slave, feel free to visit: END DEBT SLAVERY

If you help getting out of debt, please visit: American Debt Enders

If you enjoyed this article please subscribe to our: FREE CREDIT COUNSELING NEWSLETTER Written By:
Steven Ciantro
Member National Association of Certified Credit Counselors
American Debt Enders
Help@americandebtenders.com
877-766-2465

Banks Putting Squeeze On Credit Card Holders

     Recent tightening of the credit markets has caused banks to start putting the
squeeze on credit card holders. In an attempt to limit defaults by credit card holders
credit limits are being dramatically reduced. It does not matter that you are and have
been paying your bills on time. Banks have indicated that they will be lowering credit
limits and changing terms based on economic changes and conditions. Any generalized
perceivedrisk can lower your limits.

     Why is this a problem? Because a sudden lowering of credit limits will effect your
credit score in a negative manner. It's the debt to available credit ratio that will be
effected. Additionally, because the drop in credit limits is so drastic, for example,
what was once a $5,000.00 limit with a balance of 500.00, is being lowered to $550.00.
And, as you pay it down and lower the balance, you will be subject to additional lowering
on a whim, or just a perceived risk.

     The other problem with this, is, if you are not careful, and do not notice the change,
you may use the card and force yourself unknowingly into an overlimit charge, and get
additional fees added on. Most assuredly, instead of being more willing to work with
consumers, once again, and true to form, the banks are finding more creative ways to
both collect more fees and protect themselves from taking a hit. Additionally, if you go
over the limit, you will be facing considerably higher interest rates on what little available
credit you have left. The banks will be merciless in enforcing these rip off fees. Yes, credit card companies do have to inform you that they are lowering your credit limit, just make sure you read
all your mail.

    How about that emergency card you keep active and open but never use,
because you have it reserved for emergencies. If it is truly inactive, do not be
surprised when the bank cancels it. It costs them money to have it inactive.

   In addition, those pre-approved offers you get in the mail, will be seeing a dramatic decline.
Introductory offers at 0%, will be much harder to find, and if you have sub-par credit you will
find it difficult to find a card at a predatory rate. So far, Chase and Discover still have a few
deals.

Information source for this story was: http://www.cbsnews.com/stories/2008/10/14/earlyshow/living/money/main4519914.shtml?source=mostpop_story

Steven Ciantro
Member National Association of Credit Counselors
American debt Enders
Help@americandebtenders.com

420 Million Credit Cards, Almost 1 Trillion In Unsecured Debt!

         There are currently 420 million credit cards in the US, and growing, and just under 1 trillion dollars of unsecured debt. Couple this with delinquency rates hitting a 4 year high of 4.53%, and balances up by nearly 10% from 1 year ago and you have not a pretty picture. It's not that Americans are spending more lavishly on luxury items, in most cases, they are forced to use credit cards as an income supplement to keep up with rising energy and food prices. Many Americans realize that this is not a time to live beyond ones means, but if even after making substantial cutbacks still cannot make ends meet, they are left with no choice but to use credit cards to an even greater degree. Additionally, where people were using home refinancing as a source of extra income, with the significant tightening of the credit markets and complete wipeout of the sub prime lending industry, credit cards have taken front and center as the means of just keeping up.

       If things continue on this path, there will not be enough credit counselors in the US to clean up this mess. You might think that given this scenario, banks would have figured out that they are not helping the situation by charging onerous fees and interest rates. I recently met an individual with a 700 credit score who was offered a credit card at an introductory rate of 2.77%. The problem was that with balance transfer fees and nuisance fees the total APR was disclosed to be 72%. Additionally, many banks are reducing the credit lines of even cardholders with no late payments. Why? They are seeing the writing on the wall.

    There is no good reason to suspect that any of this will change soon. The price of energy is not going to retreat, especially not with increasing demand and need, and literally everything that we consume is tied to the cost of energy. If you think that any of our leaders can come together and make real solutions to any of this, you are kidding yourself. Those who are calling for change need to be aware that change is coming, but it may not be what they were anticipating.

    So, what to make of all this. As I consistently write in all my articles, now is the time to scale back your life. Live under your means. If you are carrying heavy credit card debt with usurious interest rates now is the time to to something to pay it off. Consider a debt management program. If you cannot afford your current credit card payments and are falling behind, consider a debt settlement program. Please, do not just ignore the problem, it will not go away by itself.

    If you would like more articles on debt solutions and have not done so already, please feel free to subscribe to this free credit counseling newsletter by visiting: http://freecreditcounselingblog.typepad.com/creditcounseling/. If you would like to speak to a credit counselor feel free to visit: www.americandebtenders.com.

Written By:

Steven Ciantro
Member National Association of Certified Credit Counselors
Help@americandebtenders.com