Inter-page communication: Forum creates an opportunity for the newbies to get rewards

Did you ever think that posting as a registered member in the DebtCC forum can help you win rewards? Yes, it’s true. DebtCC is giving an opportunity to the people to register themselves with the forum and helping them to win rewards while asking questions.

You may think why the forum prefers you to post the question as a member. Well, the simple answer to this query is that DebtCC doesn’t think only about itself but it believes in walking with the people and helping them as much as possible. One of the main purposes of introducing the concept of inter-page communication is to increase the participation in the community.

Once you’re a registered member of the community, you can accumulate points and easily earn while asking questions. Another advantage of being a registered user is that it will be easier for you to follow up with the community experts’ reply, as you’ll get notification mail. You’ve another opportunity to win cash reward by participating in monthly contest. If you subscribe to the newsletter, then you can be aware of the latest news in the industry.

In order to register, you’ve to click on the “want to join now” button and submit it. Once you submit, you’ll find a pop up box. You just need to provide your email address and screen name, after completing the process you’re a registered member of DebtCC.

However, if you choose to ignore the chance of winning cash rewards, you can click on “Not Now” button and it will redirect you to the “post a new thread” page.
As a matter of fact, the community’s sole intention is to help people make some extra money by joining as a member as well as guide them out of debt. Under Debt Problems?

5 Financial tips for the last week

Tip no 1: Simply say no to your friends when they force you to have a meal at an expensive restaurant. Make smart excuses when your friends force you to have meals at costly restaurants. If your financial situation is bad and you need to save money, then stop going to pricey restaurants. In case you're tired of making excuses, then state the fact to your friends.

Don't feel shy as it won't help you to save money. Real friends will understand your situation and cooperate with you. Others will laugh at your back for a few days and then forget the matter completely.

Tip no 2: Debt settlement is just like a business. So, take the emotion out and be practical. Be strong and practical when you're negotiating with creditors to settle debts. Don't be ashamed to reveal your true financial situation to creditors. Don't feel guilty because you couldn't pay your bills on time. Banks are well aware of the fact that a certain number of creditors won't be able to pay debts on time.

If you feel too much guilty, then creditors will just take advantage of your situation and try to grab a meaty deal. Be bold, strong, polite and resolute. Negotiate smartly so that you can get out of debt by paying only a fraction of what you owe to your creditors.

Tip no 3: Give up the temptation to have movie theater foods to cut down expenses and save money. Who doesn't like to watch to munch delicious foods while watching movies? Everyone does, but you've to pay a good amount for having snacks and drinks. The cost of the movie theater foods is almost as much as the movie tickets. Instead of spending a sizable amount upon movie theater foods, bring your own snacks discreetly and eat them while watching the movie.

If you have kids who love to eat movie theater foods, then feed them well before heading to the cinema.
Tip no 4: Read money saving blogs to get fresh ideas on how to thrive on a frugal lifestyle. The web world is flooded with blogs on frugality and different ways to save money. If your financial life is not going well due to bad spending habits, then just type "blogs on frugality" or just plain "frugal tips" in a popular search engine box. You'll get hundreds of blogs on frugal living tips and ideas. Just go through the blogs and get some tips on how to thrive on a frugal lifestyle.

If you need more inspiration, then just buy books on money-saving tips and strategies. Read the book in your free time and follow the tips in your real life.

Tip no 5: A judgment can make you go through hell for several years. Be wise and pay it off quickly. A judgment can create significant problems in your life. Creditors will start garnishing your wages once judgment is issued against you. They'll levy your bank account and debit money till the judgment is paid in full.

Apart from wage garnishment, judgment may pose problems when you're trying to obtain a credit card or a rental apartment. Judgment stays on your credit report for 7 years. Lenders check your credit report before approving your loan or credit card application. They'll be skeptical to lend you money after seeing that judgment has been updated on your credit report.  Debt Consolidation Loan

What Is Debt Settlement?

Debt settlement is an agreement between a consumer (or business) and a creditor where the creditor agrees to accept less than the full balance as satisfaction of the debt. Sometimes this type of transaction is also referred to as a “settlement in full,” since the revised agreement fully satisfies the entire balance on the account.

 For example, if you owe ABC Bank $10,000 and negotiate a 35% settlement, that means you would pay the creditor only $3,500. What happens to the remaining $6,500? It gets canceled (i.e., forgiven) by the creditor, and of course this represents a loss of that amount to the bank.

When people first hear about settlements, they immediately think, “That sounds too good to be true. Why would a bank want to accept a loss like that? Won’t they just automatically file a lawsuit against me for the full amount?”

The truth is that it’s the *banks* themselves that want to settle. The reason they do this is not because they want to show mercy or kindness! It’s a straightforward financial decision. The big banks have calculated that the farther behind an account gets, the greater the risk they will never recover anything at all. The person may have lost their job and have no income, so there are no wages to go after.

Or they may have recently lost a property to foreclosure and now the creditor has trouble locating the person after they’ve moved to another state. In many cases, people just file bankruptcy to take care of their debt problems. Under Chapter 7 bankruptcy, the creditor will receive nothing on the claim – zero!

Under Chapter 13, they will receive some amount back, but they have no control over how much since that is determined by the court (based on the debtor’s ability to make payments). And most Ch. 13 plans last for five years, so it takes a very long time for the creditor to get paid that way.

Instead of taking a chance on collecting zero, or collection a small fraction of the balance over five years, most banks would rather cut their losses and resolve the account. This is the rationale behind the banks’ motivation to settle. It helps them reduce the loss they would otherwise be risking. Every major creditor has their own individual policy on such settlements. Some are more difficult than others to achieve settlements with, but it’s common to see debts settled for 35-40% of the balance, and settlements of 20-30% are quite common with some creditors.

In my professional opinion, debt settlement is a very good strategy to consider if you wish to avoid bankruptcy, especially if you are not eligible for Chapter 7 (where all the debts go away) and have to file under Chapter 13. Instead of a 5-year path to recovery, while you are under the financial supervision of the court the whole time, you can privately negotiate settlements and have a much faster path to recovery.

Debt settlement is not for everyone who is experiencing a financial crisis, but it’s certainly a viable and effective strategy in the right circumstances!

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