Debt Adviser Tips
4 Simple Steps To Complete Debt Elimination!

Review debt adviser tips, consumer debt relief programs and the national center for debt elimination. 4 simple steps to total credit card debt elimination are you debt wise, legally get out of debt!

A debt advisor can help you get out of debt and they can help you avoid making the same mistakes again. Let's face it, debt is not fun. Sure, it may sometimes be fun incurring it, but when the real world strikes and it is time to repay, well, that is where the fun ends. Paying off your debts can be costly and can detract from other thing that you could be enjoying in your life.

A debt adviser can be a guide if you are considering loans or credit cards, and they can help you if you are in over your head. These little pearls of wisdom come from debt advisors and can help you regardless of what state of debt you may be in currently. This is some of the best debt relief advice you can get for debt free living.

Debt Adviser Tip: 1. Avoid Late Credit Card Payments

Credit cards can be the bane of consumer debt. There are some dirty little tricks that companies can play that can cause you some major headaches. Some companies will penalize you severely if you miss just one payment.

For instance, if you have a low rate of 8.9 percent, that can be raised substantially if you miss even one payment. In fact, it can just as high as 29.9 percent. Now, this does not include any late fees, this is just an increase in the interest rate. Ouch!

It can also affect other accounts as well. The moral of this story is to pay your bills on time. If you will be out of time when the bill is due, pay it ahead of time Or you may really pay for it!

Debt Adviser Tip: 2. Pay Attention!

This is basic stuff, but it still needs to be said because people get comfortable and tend to relax their vigilance a bit. Wake up! Pay attention to your bills and read your statements carefully.

Some companies may use a little known policy called - universal default - as a way to raise your rate. This means that if you are late on any bill, the lender can raise your rate. Always, always, always read the find print - if this is their policy, you will find it there.

Also, watch your credit report with fico score and check it at least annually. when interpreting credit report scores make sure that your report is accurate because errors can occur. When paying off debts you want to make sure that those satisfied debts are removed and your credit reports and scores accurately reflects your financial status.

Debt Adviser Tip: 3. Get Rid of - Bad - Credit Cards

There is a trend with some credit cards that charge big fees and have very high rates - and not much credit. These cards, known in the market as - sub prime - cards, prey on those who have a low credit score and want to improve it or who want to rebuild their credit.

There cards typically have about a $300 credit limit, but charge an annual fee of around $150 plus monthly fees of $6 to $8 and a rate of 25% or even more. The fees are usually directly charged to the card, leaving you with less than half of your original credit limit. These cards are a bad idea. This is one debt to wealth scheme that you want to avoid.

If you want a card to help you rebuild credit, opt for a no or low fee secured credit card. You have to have money in an account to secure your credit limit, but if you make regular payments and prove yourself a good, consistent paying customer, the company will often raise your limit and increase your credit score rating.

Debt Adviser Tip: 4. Dispute Credit Report Errors the Right Way

The 3 major credit bureaus receive billions of transactions reported to them each month. With that amount of data milling about, there are bound to be errors. With that said, there are laws to protect consumers so that accurate credit data reporting is upheld.

The Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act (FACT Act) are Congress' contributions to aiding consumers in ensuring that their credit data is reported accurately.

The first thing to do when disputing inaccurate information on your credit report is to remain cool, calm and collected. Next, communicate with the collection agency in writing and relate the discrepancy, cite the fair debt collection act and request that proof be sent to you that the account is, in fact, yours and that the account be labeled as "in dispute" until it is resolved.

Send the letter via certified mail, return receipt requested. Keep copies of all correspondence. Stay on top of this with the collection agency as well as the credit bureau. You can engage in similar negotiations for debt repair as well. Once the bill is repaid you can negotiate with the collections agency to remove it from your report.

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