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How credit card debt repayment can be made simpler?

Author: Robin Williams

A credit card is the simplest type of credit available to people. Due to this privilege, you frequently go on spending more than what you earn by using your credit cards. You don’t rightly evaluate your ability to repay debts. Therefore, you become overstrained with a huge amount of credit card debt. When you’re going through these circumstances, you should use a credit card payment calculator to work out your credit card payments. With the help of this calculator, you can easily calculate the following figures:

* How long it would take to pay off the entire card balance

* How much interest you need to pay for your card balances

* How much you need to pay every month for your credit cards

 

A credit card payment calculator is an outstanding tool to manage your credit card debt and it makes your credit card payment process simpler. It helps you find out particular details about your credit card balances and keep tabs on your payments. A credit card payment calculator can also help you make the essential adjustments in your budget so that you can pay off your debts more easily.

Inputs needed by a credit card payment calculator:

A credit card payment calculator usually requires the following inputs:

* Your credit card balance – the amount that you owe on your card

* Interest rate on your credit card (%)

* Minimum monthly payment or the amount you intend to pay each month

* Number of months in which you wish to pay off your credit cards

However, this calculator takes for granted that the interest rate stays unchanged throughout the repayment term.

Calculations with a credit card payment calculator:

Collect your credit card statements and find out how much you owe for all your cards. If you continue making the minimum payments, the calculator can demonstrate the time needed to eliminate your credit card debt. If you plan to pay off your balances within a stipulated time, this user-friendly tool would help you know how much you have to pay every month to attain that goal. If you make some additional payments on your cards every month, it would make you debt free faster. A credit card debt payment calculator helps you understand this better. You can find out that a lower interest rate can help you achieve debt freedom sooner and save you money. This tool helps you calculate the interest costs on your cards as well.

Testimonials/Great Settlements

Each Month In this section we will bring to you what some of our graduating clients  are saying about the program and our services. There are parts of the program that can be very tough at times but if you stick with the plan we set for you it will work

Here is an email we received from one of our graduates in December

 

I had fallen behind several months on all my credit cards and began to look for help. Achieve was very willing to talk with me and explain my options to correct my credit and clear my debt in a manner I was able to handle. Everyone that I have worked with thru this process has been respectful and easy to work with. I am finally debt free and have cleared 4 accounts, at the rates of 30%, 34%, 38% and 39% of my balances. I could not have done this without your help. Thanks Achieve!

client in TX

 

   Total debt settled in December 2009

$841,562.17

settled for

$316,699.62

That is 37.6% on average

 

Here are some of our top settlements for the month of September as well.

Bank of America       Balance  $29,003.34    Settlement  $5,800.00     (19%)   CA client  

Bank of America       Balance $3,490.32       Settlement  $1,226.00     (35%)    TX client

HSBC                       Balance $2,262.28        Settlement  $1,131.14     (50%)    MA client  

Chase                     Balance  $3,276.88      Settlement $1,475.00        (45%)    TX client

Lowes                     Balance $6,868.97     Settlement $2,060.69        (30%)    CA client   

Bank of America     Balance $2,462.78         Settlement $739.00         (30%)    CA client    

Chase                      Balance $12,146.59       Settlement $3,036.00     (25%)    CA client 

Best Buy                 Balance  $1,571.73         Settlements $ 628.00     (40%)   NV client  

Bank of America     Balance $20,595.80       Settlement  $6384.69      (31%)  CA client

Home Depot          Balance $1,721.67         Settlement  $700.00        (40%)  TX Client

Honda Finance         Balance $3,074.26       Settlement $615.00         (20%)  FL client

JC Penney               Balance $1,807.03       Settlement $903.37        (50%) WA  client

Several Lazy Ways to Save Money

Several Lazy Ways to Save Money

While the media can't decide if the recession is nearing its end or not, we do know that there hasn't been a tremendous surge in wages, job creation or the stock market. Consequently, most of us are staying pretty conservative on our spending. Here are a few relatively simple ways to keep an eye on your pennies while you're waiting for that brighter economic future to arrive.
1. Schedule automatic payments. Have (at least) your fixed monthly bills paid automatically to avoid missing a payment and having to fork over extra money for late fees and/or interest. You can set up auto pay features through your bank's online bill paying service or by arranging it directly with the company or service provider.
2. Eat your groceries. Did you know that Americans regularly throw away nearly 15% of the food they buy at the grocery store each year? That can add up to hundreds or, depending on your supermarket budget, thousands of dollars each year. Save money by actually eating what you buy. Not sure how? Bypass the bookstore and borrow a cookbook from the library!

3. Bundle services. If you're paying different vendors for similar services you may be overpaying. Call your communications providers to see what price you'll be quoted if you switch and bundle your internet, phone and cable TV services.
4. Mark your calendar. Whenever you rent something - library books, videos, etc. – mark it on your calendar and save money by avoiding those quickly mounting late fees. Many stores and libraries also now offer email reminders to help the constantly harried so sign up for the extra help!

5. File your taxes on time. Or if you need to file an extension at least pay what you owe on the due date. You'll avoid annoying notices from the IRS and, more importantly, save on penalties, fees and interest.

6. Roll it over. If you're switching jobs and you can't leave your 401(k) invested with your current company, roll your 401(k) into either your new employer's 401(k) or an IRA within the 60-day window instead of withdrawing the money. By doing so you'll keep the money invested - and earning interest - and avoid those nasty taxes as well as the additional 10% penalty.

7. Use your privileges. Are you an AAA member? Do you belong to the AARP? What about your local credit union? Check organizations you have memberships with to see if they offer buying privileges or discounts.

8. Rent instead of buy. You might be excited to expand your driveway but don't let your enthusiasm overtake good sense. Hold off on buying that jackhammer and think before you spend on big-ticket items or items that you'll use once or infrequently (like movies and books).

9. Buy instead of rent. Don't pay the exorbitantly high prices charged by rent-a-center type stores for items you'll use regularly and keep long-term like computers, furniture and appliances.

10. Just say no. To the extended warranty that is. They hardly ever make financial sense. Weigh the repair or replacement cost (and if you would even need or want to repair or replace it down the road) against the cost of the warranty and graciously pass when offered.

11. Have the awkward conversation. Americans average more than $750 yearly on holiday gifts and that's probably much more than most would like to spend. If your gift-giving is costing you more than you can realistically afford there's a good chance it’s more than your relatives can afford (or would like to spend) as well. Take the plunge and broach the subject. Offer a more reasonable alternative (say, limit giving to children or put a dollar amount on gifts per person). More than likely your relatives will be grateful SOMEONE finally raised the subject and you’ll save money in the process.

12. Eat at home. If the idea of cooking for yourself seems like too much work at least opt for take-out instead of dining out - you'll save on the tip, the alcohol and most likely the cost for appetizers or dessert.

13. Balance your checkbook. It might take a few minutes but it's something you should be doing anyway and it can pay off huge dividends by helping you avoid bouncing a check and incurring steep overdraft fees (not to mention a little embarrassment)!

14. Stick with your bank. When withdrawing cash drive or walk the extra minute it takes to use your bank's ATM and avoid the fee that could come with another bank's machine. Better yet - switch to a bank that doesn't charge fees!

15. Use your TV. If you're paying for cable why not use all of it - and save some money in the process? Cancel the video membership and watch movies through cable movie packages you're already paying for or check out your free "on demand" shows. Drop the gym membership and work out at home to channels like FitTV, and bag the magazine subscriptions and watch the same shows (like Martha Stewart) on TV instead.

16. Quit those bad habits. Smoking, overeating and drinking are costly habits to maintain. Okay - this is the "lazy" way to save, not necessarily the easy way. But you can save boatloads of money in two ways by saying sayonara to your favorite vices: (1) You'll save money by cutting out on the regular spending it's costing you, and (2) you'll probably save on insurance premiums and long-term health costs. It's the ultimate win-win.

Money Saving Tips

Holiday Spending Habits

The holiday season is just around the corner and you may be thinking about all the holiday costs. We agree that Christmas should be a wonderful time of year and can be if you keep spending under control.

Many people sacrifice quite a bit to supply Christmas gifts for loved ones. A recent article on British news site “24/7” stated that the average Britain spends $351 dollars per family for holiday gifts. In contrast, American families spend an average $859 per holiday according to the American Research Group.

Are Americans too caught up in “keeping up with the Joneses”? It is a good question, especially when considering the credit card debt that builds after each Christmas season.

While many may make a point of saving for a car or for their child's education, few people plan ahead for their annual holiday spending. If you are paying down debt, it may be time to cut back on the Christmas spending. You don’t have to skip the holiday, just be more like the British and spend less. Or you could decide to make a gift or give a gift of your time to a family member rather than spending cash.

But we understand that holiday cash requirements can arise and times get a little tougher around the holidays. Therefore, Achieve Security has programs designed to help get you through the seasonal crunch.

Too often, we see clients drop out of their debt program entirely without discussing their options. We would be happy to discuss reducing your payments during November and December. But remember, any decrease in payments will increase the time necessary to free you from debt. Still, it is better to stay with your program through the holidays so that next year can truly be a happier New Year!

Please call our client services department at any time for more details.

Debt to Income Ration as Important as Credit Score

By now you know your three-digit credit score is a very important number in your financial life, but did you know there's also a two-digit number that can be just as significant?
It's your debt-to-income ratio, and it can shed a light on, and help you better understand, your true financial picture.
The good news is, getting this number doesn't cost you a penny, and it can be calculated in just a few minutes at your kitchen table.
So, if you think getting insight into your financial life requires sifting through your retirement investments, reading through every fund prospectus and tallying your expenses to the penny, think again.
It's true that nitty-gritty details can make a difference, but you can get a fairly accurate understanding of your financial picture by spending just a minute or two calculating your debt-to-income ratio. By knowing the ratio -- and how to improve it -- you can increase your chances of getting a better mortgage, a better car loan and even better credit card rates.
DTI explainedYour debt-to-income ratio is exactly what it sounds like: the amount of debt you have in the form of mortgages, car loans, student loans and credit card debt, as compared to your overall income.
To calculate your overall debt-to-income ratio, sometimes known as a back-end ratio, add up all of your monthly debt obligations -- often called recurring debt -- including your mortgage (principal, interest, taxes, and insurance) and home equity loan payments, car loans, student loans, your minimum monthly payments on any credit card debt, and any other loans that you might have. Do not include expenses such as groceries, utilities and gas. Take this total and divide it by your gross monthly income from all sources. If you're not good at long division or don't have a calculator handy, go to Bankrate's calculator section to use our debt-to-income ratio calculator.
Note: Some lenders will exclude the mortgage payment from this equation, but they lower the ratio. The concept is the same: it measures your debt load in comparison to your income.
Let's say you and your spouse together earn $83,000 per year or $6,916 per month. Your total mortgage payment is $1,350, your car loans total $365, your minimum credit card payments are $250 and your student loans add up to $300. That equals a recurring debt of $2,265 a month. Divide the $2,265 by $6,916 and you'll find your DTI is 32.75 percent.
In general, you'll want to keep that number below 36 percent -- a threshold that loan officers and credit card issuers often use as a factor when they determine how much they're willing to lend you. "If you go higher than 36 percent, you are on a slippery slope," says Diane McCurdy, a Certified Financial Planner and author of "How Much Is Enough?" Lenders might give you money, she adds, "but they'll give you higher interest rates, and if anything goes awry, they'll sock it to you."
So why is that number so important? It's all about proportion, says Laura Russell, a certified financial counselor with GreenPath Debt Solutions. "You can be making a lot of money every month, but if you've got the debt to match it, that can be a problem," she says. "It's important not to overextend yourself." The higher your number, the riskier it is for lenders to offer you loans -- and the more they'll make you pay for them.
Finding leverageWhile debt-to-income ratios don't have the kind of buzz that credit scores do, they can play a key role in determining if you qualify for a loan and how much you can get. "Your debt-to-income ratio is one of the tools that banks will use to determine whether they'll lend you money for a mortgage, a car loan or a student loan," says Dave Hinnenkamp, CEO of KDV Wealth Management.