Ways to Prevent Being Broke & Stupid: “Secrets of the Rich” for those Deep in Credit Card Debt!

Exactly what’s the most effective force in deep space, and does it work for or against you?

When asked what he thought was the “most powerful force in deep space,” Einstein responded, “Substance interest.”

Startling Stats:

( Inning accordance with the Federal Reserve).

– 49,000 U.S. Homes now have between $50 million and $500 million in net worth.

– 125,000 U.S. Homes are between $25 million to $50 million.

– Over the next 50 years the wealthiest Americans will leave roughly $27 trillion dollars.

– The richest 1% of Americans control more wealth than 90% of the entire United States population.

– There were only 13 billionaires in 1985 in the US, and now there are over 1000.

– Today more than 10,000,000 Americans are millionaires.

So, this small portion of our people controls 51.3 Trillion dollars of America’s entire $57 Trillion net worth.

Got me thinking …

That’s a LOT of people worth over $25 mil!

Can You Think of THAT?

The breadth is staggering, eh?

Now, picture …

How many individuals actually have a (negative) net worth?

Consider These Popular Realities …

From 100 Americans, by Age 65:.

– 1 is Wealthy.

– 4 are Financially Independent.

– 32 are Dead.

– 63 are Broke.

From PBS: FRONTLINE ®, “Secret History of the Credit Card” (2004 *).

– The typical family has 7 credit cards.

– The typical family has an overall credit card balance of approximately $25,800.

* NOTE: U.S. Retail Gasoline Prices averaged only $1.49 during the first week of 2004.

These numbers must be quite a bit worse nowadays, right?

Because of continually greater unemployment, escalating gas prices, declining home values and record foreclosure rates all over the country, plus the brand-new “financial institution friendly” bankruptcy laws (Passed in October 2005 that cut personal bankruptcy filings 80% in 2006) … it’s not surprising that things are so bad today.

If such small percentages of individuals are actually rich, and we understand there’s 174,000 Americans worth over $25 million, how many folks have more than $50,000 in credit card debt?

The response is …

MILLIONS of Americans have more than $50,000.00 of Credit Card Financial obligation!

I can tell you, you’re not alone if you do too. It’s not even all your fault …

My average client over the past three years has actually had more than $44k in charge card financial obligation. I have lots of individual customers every year with more than $100k of credit card financial obligation. That’s a great deal of debt!

Can you relate?

” Money” …

Life isn’t really everything about cash, but loan does affect everything that’s most important to us, like our health and our relationships; with our kids, family, pals and people in general. What does it cost? cash we have (after paying our poor expenses) eventually restricts how generous we can be and how much fun we can have. Cash is the vital factor between living the life we truly desire or choosing a lifestyle less than we are worthy of.

So, what’s the difference?

What’s the Distinction in between having $50-$ 500 Million Dollars vs. having more than $50,000.00 of Charge card Financial obligation?

It’s what I like to call, the “Big Idea.” It’s the “trick of the abundant” we each need to adopt, and put into action, if we are to ever get out of financial obligation in this lifetime …

Here’s the Big Idea:.

” STOP paying interest and START earning interest, ASAP”.

The difference is the rich have loan working FOR them and the broke have loan working against them.

With time it adds up, either way.

Has the “A lot of Powerful Force in the Universe” been Working For You, or Against You?

How are things looking for you today?

If you’re paying interest on a big amount of credit card financial obligation, then you must know you actually need to STOP TODAY. Perhaps you needed to stop a very long time back, however find yourself still paying interest each month …

” Stop paying interest and begin earning interest, ASAP!”.

… It’s not just the “Concept “, it’s an excellent concept.

The quicker, the much better!

Keep in mind, from 100 Americans, by Age 65:.

1 is Wealthy *.

4 are Economically Independent *.

32 are DEAD **.

63 ARE BROKE! **.

* The wealthy and financially independent ALL learned the “Concept” and Did Something About It to have money working for them instead of against them.

** The broke (and probably most of the dead) are (were) SLAVES to money … constantly working for money, never ever having enough, operating on the treadmill, stressed, with damaged relationships, poor health and not able to manage a much better life … all due to the fact that they OPTED TO keep paying interest instead of the big idea.

STOP!

Don’t be a servant any longer. Change your life today. DO IT NOW!

Do It Now, PRIOR TO You Too Wind Up Eating Alpo Canine Food on Saltine Crackers, Spending Your “Golden Years” under the “Golden Arches”, Dead Broke or Worse …

It’s bad enough we pay a lot in taxes, right? Why continue to throw so much cash down the toilet in interest payments ???

Free yourself from financial slavery to your financial institutions.

Commit to the “Concept”: STOP Paying Interest and START Earning Interest, ASAP!

Three Main Tools Of Credit Repair – Debt Validation, Debt Re-Aging and Dispute Letters

Credit Repair work can be easy if you have the right tools. Among the hardest parts of fixing your credit report is figuring out the laws. This “how to” post is written in terms that are easy to understand and cut through the legal jargon.

Debt Validation:

Let’s say you owe Mike (original creditor) $100.00 and a Guy named Steve (collection agent) comes up mentioning he wants $100.00 on behalf of Mike. Would you simply hand him your money, or ask for proof of who he is and that he has the right to collect the $100.00?

This is called debt recognition and is a very effective tool for credit repair. Let me explain.

You can compose Steve and request for the following and he must supply everything or he can not gather the $100.00, nor can he report it to the credit bureaus.

– A contract between him and Mike showing he owns the debt or was employed to gather it. Consider it. If he can not offer that contract, he is simply some man named Steve requesting $100.00.

– Account declarations from Mike. Perhaps you paid mike $20.00 of the $100.00. Mike will have records of that. Steve needs to offer you with that and IT CAN NOT BE his own declarations – they need to be from Mike.

This is necessary! Steve (collectors) prefer to supply their own printouts and this is illegal. It needs to be Mike’s original accounting and come directly from Mike. So, here’s the process to credit report repair, utilizing Financial obligation Validation:.

Action 1: Send a letter to Steve Requesting the above info e.g. proof he deserves to collect the debt and Mike’s original declarations which make a list of the financial obligation and payment history.

Step 2: Challenge the debt with the Credit Bureaus at the same time.

Action 3: Wait about Thirty Days and you’ll get a letter from Steve which will have one of the following outcomes.

The majority of Common: Steve’s own hard copy which is an infraction of the FDCPA, you can then sue Steve and have it removed from your credit report. Keep in mind, it must be Mike’s personal records.

Pretty Common: No response where case it will be gotten rid of from your credit report.

Somewhat Uncommon: Steve Offers the contract showing he deserves to collect the debt, a copy of the contract you signed with Mike and your payment history.

The latter is the legal technique for Steve and is Uncommon. For some reason, Steve (collectors) still are not clever sufficient to follow all the guidelines. Nevertheless, if he lastly got wise and provided all the information that is required, you have one more trick.

Check and see if he is accredited in your state to collect debts. A lot of states require licenses, bonding and insurance to collect debts. It is typical for Steve to obtain those products in his own state, however not each state he attempts to gather in.

If your state requires those things, Steve must obtain them in your state and any state he tries to gather in or he has no right to collect.

Debt Re-Aging:

The most frequently mistreated guideline of the FDCPA and FCRA is collection agents re-aging debts. If a collection agent re-ages a debt, there is a fantastic chance you can have that removed.

So what is re-aging?

Initially, let’s look at the meaning of re-aging debts.

Definition: Financial institutions alter the date that the financial obligation went bad. Normally they like to report the date as the day they bought the financial obligation from the initial lender. Clearly, if they purchased the debt 6 months after it really spoiled, that is unfair to you because it moves the date it will be gotten rid of from your credit report up by 6 months.

How it must be reported: A financial obligation is lawfully thought about bad 1 Month from the date of your last payment. For example; if your last payment was January First 2001 the debt will go bad around February 1st 2001.

This date is important since the statute of limitations starts from that date. Consider it, if a collector buys the debt 6 months later on and dates it from that day, that’s 6 months more its injuring your credit. It’s likewise an offense of the FCRA and an opportunity for you to have it eliminated from your credit report entirely.

How huge of a violation is this on behalf of the financial obligation collectors?

Here is a lawsuit by the FTC themselves.

One of the country’s biggest debt-collection companies will pay $1.5 million to settle Federal Trade Commission charges that it broke the Fair Credit Reporting Act (FCRA) by reporting incorrect details about customer accounts to credit bureaus. The civil penalty against Pennsylvania-based NCO Group, Inc. is the biggest civil charge ever obtained in a FCRA case.

Dispute Letters:

Here is the appropriate way to send disagreement letters to offer you the best possible opportunity of getting unfavorable items eliminated from your credit report.

When you have actually compiled a list of all the negative info on your credit report you want to prioritize them in order of most destructive first. Start with your individual info e.g. names, social, addresses and employers.

Often times debts are “linked” to your address. Challenge any of the above personal details that is not current. The objective is to have it completely removed, not adjusted.

You want to dispute the most negative product initially and you must offer an outcome you would like. For instance, this account is not mine, please remove it from my credit report. If you don’t provide an appropriate result, they could adjust an account when you truly desired it removed and visa versa.

Additionally, you want to use verbiage that is convincing to the bureaus that you’re not using a credit repair company. In other words, compose it like a stunned and pissed off consumer. If it’s a perfectly formatted letter and they acknowledge it, you’ll most likely get the “unimportant” remark and no changes.

I’ve written letters that say things like “what the hell is this on my report? Please get this trash off of here instantly.”.

Sounds dumb, but its something a mad consumer is most likely to write and it’s worked many times.

As soon as you have actually sent your letters, it’s most likely you’ll get a response back within a week or two requesting for more info – specifically “what credit repair work business you’re using” This is a stall technique, do not address them. They do this due to the fact that if they receive new info, they are permitted another 15 days to investigate.

If your credit reports return validated, no change, do not panic. You can re-dispute the item just for different reasons. If you sent out the very first one specifying “not Yours”, then next letter can take the angle of “incorrect account number” or incorrect balance. This gives them something new they need to look into and a higher chance of the financial institution not validating it.

If you have actually attempted all of this, you still have recourse. You can request their technique of verification. How did they validate the info, who did they speak to? You want to ask business name, address and telephone number of the furnisher of the information. That is your legal right to request that info and a very effective tool in credit repair work.

This works because credit bureaus confirm your information by means of a computer system and a two digit code. When you request names and numbers, this is often a big problem for the credit bureaus.

Once you begin seeing products removed, repeat steps above up until your determination pays off.