Eliminate Credit Card Debt as Your Personal Stimulus Package
Everyday, we hear the news of the debated economic stimulus package. We sit back and wonder how this will directly help us. Each of us has a unique perspective on the stimulus, and we all have different needs for where, when, and how the stimulus may or may not personally help.
Many Americans are asking about a stimulus program to help the average citizen. People today need help with their rent and mortgages. Even keeping food on the table has become a challenge with grocery prices skyrocketing over the past year.
Previous economic stimulus packages have sent rebate checks directly to taxpayers. Most of this money paid directly to the people was simply forwarded onto creditors to pay down debt. So the previous attempts at stimulating the economy simply sent money into the pockets of the banks and credit card companies. The current stimulus plan does not contain any provisions to send money directly to the people, and the debt balance for most people continues to grow.
For a person with overwhelming debt, any stimulus received would be used to pay down that debt. Without the government’s help, many people are finding that they can create their own personal stimulus package by completely eliminating 100% of their debts from credit cards and personal loans. Instead of waiting for help, they are taking responsibility for their own financial future. Of course, personal responsibility is what this country was founded on.
Without debt, and without the monthly credit card payments, hundreds of dollars per month are saved on principal, interest and other fees. For some people, this can be thousands of dollars per year in savings. It could also be the difference between financial comfort and bankruptcy.
A debt elimination program is not applicable to secured debts such as mortgages and auto loans. Student loans and medical bills also do not apply. But without the credit card payments, extra money would be available to help pay for other obligations in life.
The debt elimination program is not for everybody. It is imperative that some time be set aside to understand just how and why the debt can be wiped clean. An elimination program is not bankruptcy, consolidation, or a home refinance. Having a basic understanding of the premise of the program will also remove any fear that someone has in regards to proceeding with this debt relief method.
A person does not need to become a lawyer to understand this process. You just need to be open to some unfamiliar information. This is time well spent considering the thousands of dollars of debt that can be eliminated. There is also no cost to obtain this understanding, for this is not secret information, just hard to find. You will not be spoon-fed this knowledge from our main information sources, such as television, newspapers, co-workers, and our parents.
By taking control of your debt, you will initiate your own personal economic stimulus plan. And you don’t need an act of congress to accomplish it. A little knowledge can set you free.
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Help answer the question about credit card payment
How do I skip a credit card payment if I am going to be on vacation at the time that?How do I skip a credit card payment if I am going to be on vacation at the time that
I would receive the statement and past the due date? Should I just send a payment without the statement?
April 29th, 2010 at 9:03 am
When you make the purchase you debit the appropriate expense or asset account for $1,000 and credit current liabilities. As you make payments, you debit current liabilities for the principal portion of the payment, debit interest expense for the interest portion, and credit cash for the amount of the payment.
If this is all Greek to you, consider a consultation with a CPA or EA who specializes in small business accounting and taxation to get set up on a bookkeeping system.
April 29th, 2010 at 9:14 am
About your credit, if you've had this card a decent amount of time and have shown the unblemished history you report, you should calll their customer service and throw yourself at the mercy of the person who answers. Tell them honestly what happened, and ask them to look at your payment history and see that it is completely out of character for you. Ask that they accept another payment, and tell them you are cancelling the original check. If you can pay them immediately by debit or other means, do so. They really might take the blot off your credit rating if you do it once and never again. It worked for me. Don't forget to cancel that check at the bank. I feel for you, I have been there, but my credit card company was surprisingly nice about it. Good luck!
April 29th, 2010 at 8:50 am
@DerekMerdinyan
They are marketing this device specifically for the iphone though, which does have a camera.
There’s already software to read barcodes with the camera,
so you can check prices in the stores and
get comparison prices from other stores.
Desktops don’t have a minijack that you can use for this anyway.
There it would need usb or firewire.
April 29th, 2010 at 3:54 pm
It is usually equal to the amount of interest from the average daily balance, plus 1 or 2 percent of the principle. The cardmember agreement should say what the minimum is and how it is determined. Paying the minimum will take about 10 years to pay off.
April 29th, 2010 at 9:22 am
isn’t it 2.9%?
April 30th, 2010 at 7:39 am
Call the credit card company and let them know that you realize you've missed two payments, but you're sending one in now. They'll be happy you called (if not, hang up on her) and even more happy that you now have to pay the added late fees and finance charges.
April 30th, 2010 at 4:58 am
how did you get a proto type?
April 30th, 2010 at 6:58 am
True, but not all devices have cameras. iPad, iPod Touch, and even some desktops/laptops.
They may have considered the idea, but I think the 3.5mm jack is more prevalent than a camera.
April 30th, 2010 at 6:00 pm
Those other responses didn't directly answer the question.
First, it is correct that paying more than the minimum *won't* affect your score. What you are trying to accomplish is to keep from being characterized by the CC companies as a struggling payer. The strategy is to pay the min plus a little while paying down other cards.
My experience is that paying an extra percent above the min will keep the CC software from identifying you as a "minimum only" payer. To be safe since some companies are bumping the min from 2.5% to 3%, I suggest you pay 4%.
May 1st, 2010 at 11:25 am
No, not unless it becomes a habit and they can see a pattern in late payments. Your late charge fee wiped out your payment. I had a 10.00 min payment due one time and was late. I got charged 25.00 late fee.
May 1st, 2010 at 1:43 pm
There are many things to consider in making that decision.
Do you have a shopping cart?
How fast do you want the funds into your acount?
Would you process the card over the internet or by phone?
You can get a complete package for the shopping cart and credit card processing. However, you need to consider a few things.
First. If you want the credit card sales to be automatically put into your bank account within 48hrs, PayPal is a bad option. It can take a few days for the transaction to hit your account and you must manually transfer the funds. A traditional merchant account will get the funds there quicker.
Second. PRICE. Make sure you are on the right pricing program. Will you be selling to businesses or individuals? You need to make sure and clarify the difference with the processor you choose.
Third. If you are taking your orders via the phone with just a informative website, all you need is a Virtual Terminal. Do not get a machine!
You can get more information here:
http://www.omnitranz.com
Good Luck!
May 1st, 2010 at 7:20 pm
As long as it is not 30-days or more late they will not report it as late.
May 1st, 2010 at 7:27 pm
@DerekMerdinyan
All modern phones have a camera.
May 2nd, 2010 at 5:22 am
you can't pay one credit card with another. The only thing you can do is Balance transfers,
May 2nd, 2010 at 8:23 am
Pointless device.
1 – You could just type in the credit card information manually. It’s the same.
2 – It would make WAY more sense to just snap a picture of the front of the credit card, and have the application recognize the credit card number from that picture. All existing and easy technology and no need for extra devices.
May 2nd, 2010 at 3:20 pm
Those are fair points. I’m not defending them but I think this is why they created the device:
1). Yes you can, but it’s faster to swipe. In a retail setting, some people get nervous when they read their number out loud or if a cashier has to manually enter a number.
2). Snapping a picture is an interesting way to do this. The Square, makes it possible to quickly receive the numbers via a phone, or, in the future, from any device w/ a 3.5 mm jack (no camera required).