what is the major cause of bad debt...?? is it cause by media or credit cards..??
402552
The major cause of Bad Debt is primarily an issue of personal responibility.  When you try to blame either the media or the credit card companies, you overlook the only person truly responsible, the person using the credit cards.\n\nRemoving responsibility from ourselves is a MAJOR disease in the world. \n\nSo, if you have bad debt, take responisbility, make a plan, pay it down, and learn the lesson.
299912
First check your report for any errors.  Fix any that exist.\nPay down outstanding debts and close accounts that may cause you to have too much outstanding debt.\nThen, make certain you pay every bill, not only on time, but early if possible so that you can make sure you don't get dinged for being late.
421965
I'll help you, email me. Budgets are key to getting out of debt. It's a map to success. Instead of wondering where your money went, you know exactly where it went. It's stupid not to use a budget. Do you think Fortune 500 companies do business without a budget? Of course not. So why should you conduct life without one?
1017288
Speaking as a 19 year old who somehow acquired $3000 worth of debt through an American Express card, I might be able to help...\n\nI say shop around for the lowest interest/APR rates. I'm not sure which Visa, AmEx, Mastercard, etc are the lowest, but just be careful with your rates. Try to stay away from credit card agreements where the company can raise your rate at any time, because that will screw you over in the long run.\n\nJust keep in mind that you SHOULD NOT GO CRAZY with a credit card. Its not free money. Think of it as a loan every time you purchase something. ...Sorry if this sounds like a lecture, but like I said before, I learned the hard way :-)
782577
i think that the money that people owe to them are like stock/current asset than can be qiuckly turn into a cash. plus the more people get visa or mastercard the more people pay them interest rates and fees. which is the sales revenue, the more sales revenue, the better cause it covers their fixed costs.\ni  dont know if that helps at all, but i tried.
58616
How do you get out of DEBT?\n\nFirst - Contact your creditors.  Explain your situation, and see if they'll lower the interest rate on your cards.  \n\nSecond - ALWAYS pay more than the minimum amount due.  If you don't, it's very possible that you'll -never- get out of debt.\n\nThird - If you can possibly live without using your credit cards, do it.  If you can't live without them, try to limit your usage to an amount you -know- you can pay off (INCLUDING those more-than-minimum payments) at the end of the month.
1059385
well, there are two kinds of debt. Domestic and international. So yeah, come to think of it who does the US owe money to? Maybe they haven't been paying contractors or national lending organizations, or maybe they owe the IMF or World Bank some money.
685061
Here are some websites that discuss how to get out of debt. Watch out for the "non-profit" credit counseling agencies that are frequently scams. Good luck!
58558
Check out http://www.daveramsey.com or http://www.mytotalmoneymakeover.com for help - these are two of the BEST sites on the web for dealing with credit card and other types of debt.
1037012
I think they are a huge problem for the most part.\n\nAt their best, it is great to not carry cash, be able to easily buy over the phone or Internet and have the refund protection of using a credit card.\n\nHowever using credit, which implies buying things you don't have the money for yet, is a pit so many of us fall into, that can be a real deterrent to future financial security.\n\nIt is becoming increasingly necessary, in fact downright required, that one have a good credit record.   Your ability to get a mortgage, low insurance rates and even in some cases a job, all hedge on your stupid credit file.\n\nI have a big problem with a society that requires a credit rating just to find a job.\n\nAlso the credit card company's are rapidly becoming some of the biggest thieves in the world.   They offer cards to people on shaky ground, then jack'em up with high interest rates, late fees and overlimit fees when they get into trouble.\n\nNow..I know that each of us is responsible for our own choices, but the credit card companies offer the temptation of a life we cannot afford.\n\nSo...it is really easy for the good to be overcome by the bad.\n\nAt their best - you have a no fee card that gives you mileage points for every dollar you charge that you can use on any airline AND you pay the bill in full each month so you still have no debt.\n\nAt their worst, they will hold you back from ever having any stability, or any true wealth.
695746
Don't panic. You need to deal with this problem like all problems in life with calm and confidence.\n\nIf your income is less than your expenses there is no way you can get out of debt. So, first step.  Is it possible to cut down your expenses? Evaluate the following  home rent, expenses for cable tv, internet connection, mobile phone, long distance telephone provider  and other utilities- do they all cost the lowest rate possible. \n\nIf not shop around and get the best deals. If you call only one or two people frequently then switch to some connections like friends and family which give you the lowest rates for 2-3 phone numbers you choose. Cut down on things you never use or which can be postponed. If you don't use your internet connection - get it disconnected. You don't need the cable connection - get it cut too. Till you are firmly back on your feet you may have cut out some luxuries. \n\nCall up your credit card company and ask them if they will lower your credit card interest rate. As you have good record of paying on time they will surely consider your request. A lower interest rate is like getting a cash back. For example on your debt of 18,000 dollars at 20 percent interest you will be paying 3600 dollars per annum in interest alone. Cutting down the interest rate to 10 percent can bring down your interest to 1800 dollars. That means you save 1800 dollars in interest which you can use to pay your principal. If you promise to pay on time they may even waive your late fees. So, make that call to your credit card company. If you have more than one card then transfer your debt to the lowest interest card, that should also save lot of cash.\n\nCan you get another job? That should help you go a long way in cutting down your debt. If you daughter can pitch in by earning a few extra dollars through some baby sitting or cleaning neighbors yards that should help too. Many such jobs will be posted at the local supermarket. \n\nIs it possible to get a raise at your current job? If not try to find a job that will pay you more. Most important don't lose your confidence. You have done a fine job till now with a little help you would definetly do better.\n\n You should also go to debt counselors who will give you more advice on how to tackle your debt with the income you have.\n\nBest of luck.
1055043
Some employers interpret "bad credit" as a sign of irresponsibility.\n\nThere are many employers/jobs that will check your credit.\n\nMy cousin missed out on a correction officer's job because of bad credit.\n\nAt any rate, start working on cleaning up your credit now.\n\nYou don't need an agency.  You can call creditors, explain your situation, make a payment plan, ask for interest relief, etc.\n\nMany people have debt.  To have debt and to have bad credit is not one and the same.\n\nBad credit means you don't pay your bills, borrow or spend more than you can pay, etc.
186284
Getting out of debt takes time and committment.  It can be done legitimately by paying off your debt.  It just takes time.  Ask yourself, do I need it or do I want it when spending and then if you want it, don't buy it.  Don't put too much pressure on yourself and just operate in cash only now.  There is a light at the end of the tunnel.
471516
Money problem means debt, no doubt. The answer is to pay it off. Easy answer but hard, if not impossible, to do. There are several things you need to do to begin to take care of this problem.  First, you need a steady job. You need steady income. Next you need to save 10% of whatever you net and put it aside. No matter how little that is, do it. Be faithful to pay yourself this 10% and let it grow. That is your emergency money. Next you tackle those credit cards. Your emergency money is for when you have an emergency so you don't have to keep using your credit cards. You want to get out of credit card debt. Retire the easy to retire cards first. Then pay more than the minimum payment. The more you pay the better, but never forsake paying yourself the 10%. Next telephone. Get rid of your cell phones and cable tv or internet. If the temptation to talk long distance is doing you in, get rid of phone service. This is radical to get out of debt. Later you can have all these things when you can afford them, assuming you will want them after getting used to not having them. Make a budget and stick to it. Gas, food costs you x amount each month. Track your spending. Pretty soon you will know what you need to pay bills, buy food, buy gas, pay yourself 10% and how much debt to retire monthly. As you do these things, and you see progress, you will get excited. The biggest hurdle you will have to get over is your lack of desire. Do you really want to get out of debt or do you really want someone to bail you out? The truth is either  you get out of debt or you will stay there. It is your choice. I had a similar choice years ago. I did exactly what I am telling you to do. I had $8,000 in credit card debt, about to have my truck repossessed and I was ready to lose my house. Now I turned that around doing exactly what I  am telling you to do.  I promised myself that I would never spend like that again. That was a painful lesson but a lesson well learned. So, it is not the end of the world, you have some work to do.
179481
I have actually been where you are.  I had very poor credit for years (FICO score under 600).  Today, I own a home and have a couple of 0% interest rate credit cards with high limits.  I wrote a detailed credit-repair guideline called, "When Good People Have Bad Credit." \n\nI'm providing a link below.  Good luck to you!
865027
"bad" credit just means that a person won't be able to qualify for the good deals that are widely available for the bulk of the customers.  for a housing market, i think that "bad" has to be on the level of very recent defaults on loans and bankrupcy.
897958
Do you know that this is where schools fail us. If only they could explain/teach us about debt and what it can do to us then maybe we would understand how to excercise self control. \nI have spent 20 years in debt and am proud of the fact that i have paid it all of(last October) and am now debt free. BUT, and it is a big but, i want a new tv, maybe a 37 inch lcd hd ready one to hang on the wall and i have credit cards, overdraft facilities and no savings! What would you do, get credit .....NO, save money, learn that the only money that you can spend is money you have earnt or saved.\nPlease dont fall into the trap of debt/borrowing money etc ..it can kill you, if not literally then just in spirit and mind.\nBanks and lending organisations should be held more accountable if you ask me.