Credit Card Management Services CCMS

Credit Card Industry....Confusion....

2007-03-08T11:50:00.000-08:00

March 7, 2007 -- WASHINGTON – Sen. Carl Levin, D-Mich. and Norm Coleman, R-Minn., chairman and Ranking Republican of the Senate’s Permanent Subcommittee on Investigations, held a hearing of the subcommittee today to examine fees, interest rates, and grace period practices used by credit card companies that saddle consumers with billions of dollars of debt.

“The credit card industry thrives on the confusion and powerlessness of consumers to both nickel and dime the average card-holder and to commit highway robbery of anyone who slips up even in the slightest,” said Levin.

The committee heard testimony from the CEOs of the top three credit card issuers in the U.S., as well an Ohio consumer, Wesley Wannemacher, who used a Chase Bank credit card in 2001 and 2002 to pay for approximately $3,200 in expenses for his wedding. These expenses exceeded the credit card limit of $3,000 by about $200. Over the next six years, he made payments toward the debt averaging about $1,000 per year, and as of February 2007, he had paid about $6,300 on his $3,200 debt. However, his statement showed that he still owed $4,400 – a total of $10,900 in charges for $3,200 in purchases.

“This case may seem extreme or unfair, but what our investigation has shown is that those types of charges and fees are actually common in the credit card industry,” said Levin, who added that Wannemacher was contacted by a Chase representative after he agreed to testify before the subcommittee and was told that they had reviewed his account and decided to forgive his balance.

In October 2006, Levin released a U.S. Government Accountability Office (GAO) report analyzing credit card fees, interest rates and related disclosure provided to consumers. The report, which was requested by Levin, was the first federal study to compile in a single place a description of the recent fees, interest rates and disclosure practices of 28 popular credit cards from the six largest credit card issuers.

Following the release of the report, Levin began an investigation into some of the practices, focusing on three fundamental issues that will be discussed at the hearing today: grace periods, interest rates, and fees.Grace Periods. The subcommittee’s investigation found that, although many consumers think that all credit cards provide them with a grace period before interest is charged, in fact most credit card issuers do not provide a grace period to cardholders unless they pay their credit card balances in full each month.

If a consumer has any balance owing on a card from the prior month, there is no grace period on new purchases -- every purchase racks up interest charges from day one.Interest Rates. The subcommittee reviewed the GAO’s findings that credit card issuers typically apply multiple interest rates to the same card, depending on the circumstances.

For example, the credit card industry typically uses one interest rate for cash advances, another for regular purchases, a third for balance transfers and account checks, and if a cardholder pays late or exceeds a credit limit, the company may substitute a so-called penalty interest rate that can exceed 30%. When a consumer pays off a portion – or even the majority – of a monthly balance, the credit card industry charges interest on the entire amount previously owed, including the portion that was paid before the due date.

“It is indefensible that these banks charge interest on money that a consumer has paid on time,” Levin said.Fees. At the hearing, Levin discussed a host of fees imposed by the credit card industry, including late fees, over-limit fees, and fees charged for paying a bill over the telephone.

Mr. Wannemacher exceeded the limit on his card 3 times for a total of $200, but was then charged 47 over-limit fees totaling $1,500, an amount seven times greater than the amount for which he was being penalized.“Excessive fees are then made worse by the industry practice of including all fees in a consumer’s outstanding balance so that they incur added interest,” Levin said. “In other words, the higher the fees, the higher the balances owed, and the higher the interest charges.”

At the hearing, the bank that handled Mr. Wannemacher’s account announced that it would no longer charge consumers repeated over-limit fees, but would limit them to three consecutive charges.The committee heard from the CEOs of the three largest credit card issuers in the country – Bank of America, Chase Bank, and Citigroup – who described the credit card practices use by their banks. The subcommittee also heard testimony from Alys Cohen of the National Consumer Law Center regarding its findings on credit card practices. Source: Senator Carl Levin

http://www.allamericanpatriots.com/m-news+article+storyid-20707.html

How's Your Debt Today?

2007-03-07T13:01:00.000-08:00

Almost everyone has some debt. How much do you have? The average US household has over ten thousand dollars in credit card debt. How do you compare?

We can help you today. You're one click away from cutting that debt almost in half....reducing your interest rates, stopping all late fees and surcharge fees....and more.

www.debthelper.com

Student Loan Debt Chaos?

2007-01-05T11:52:00.000-08:00

Wondering what you can do about your student loan debt? We can help.

Call us today at 800 920 2262 and find out more.

How do you compare?

2006-11-13T12:01:00.000-08:00

How Do You Compare?

Did you know....that about 40 percent of U.S. families spend more money than they earn each year? Check out this budgeting tool to see how you compare to everyone else.

Did you know....that the typical family pays about $1,200 a year in credit card interest alone???Check out this debt calculator to see how much you're paying.

Bankruptcy Counseling At CCMS

2006-10-04T07:11:00.000-07:00

What is bankruptcy counseling exactly? How does it work? How long does it take? Do I really need it?

These questions and more can be answered with a quick phone call to CCMS.

We are here to help and offer both the pre and post bankruptcy class required by law.

We can offer these classes in person, on the phone, in group sessions or over the Internet.

We also offer informational seminars for law firms and staff to learn more about the programs.

Call today.

Can I do a debt magagement program?

2006-08-16T10:55:00.000-07:00

Who is eligible for the debt management program?

You are likely eligible for the debt management plan if you are experiencing the following financial warning signs:
1. You are currently behind or have been behind on any of your payments in the recent past.

2. You are only able to pay the minimum payments on your accounts each month.

3. You anticipate a change in your financial situation that may make it difficult for you to make payments on your obligations in the future.

In order to determine your eligibility for debt consolidation you can fill out an online budget and application form or contact a CCMS credit counselor at 1-888-572-DEBT. A CCMS credit counselor will review your budget information with you to determine the best course of action in improving your financial situation. All counseling consultations are free and strictly confidential.

Caveat Emptor

2006-08-15T12:03:00.000-07:00

Consumers routinely purchase goods and services and want to save money in the process. Unfortunately, many times the item which saves money costs more money in the long run. A car advertised for under $10,000 in its first model year may cost thousands of dollars in repairs whereas a quality automobile for $12,000 can cost less in the long run.

Saving money requires doing your homework to first decide if you need the product or service and, if you decide you must have it, finding out which provider meets your requirements and still saves you money.

Two famous truisms come to mind when trying to save money: first” You get what you pay for” and “If it seems too good to be true, it probably is”. Many consumers try to save money just to end up paying more in the long run. The Latin term ‘caveat emptor’ means buyer beware – more good advice!

Divorcing? What about your Health Insurance?

2006-08-10T12:57:00.000-07:00

Make sure you contact your health insurance company and have your ex spouse taken off the coverage...and then ask for a re-issuance with new numbers and new cards. Why? Your ex-spouse could easily use their old health insurance card and have all claims sent to you.

Should You File For Bankruptcy?

2006-08-03T11:31:00.001-07:00

Should I File Bankruptcy?

There’s no magic formula for deciding when bankruptcy is the right choice.

It’s an option you might consider if you:

Are paying only minimum amounts on your bills
Can’t budget yourself out of debt within five years
Are getting notices that your mortgage or loans are being foreclosed
Have had a severe financial setback, such as losing your job or a major client, a divorce or a costly illness.

We can help you figure this all out and talk to you about all of your options.

Contact us today at www.debthelper.com

Debt Calculator

2006-07-25T12:53:00.000-07:00

do you know what your debt really is?

check out our debt calculator to find out right now....

http://www.debthelper.com/htdocs/ccms-credittools.html

This is Raj

2006-07-21T11:11:00.000-07:00

Raj has just completed a new user site for CCMS. You can log on, create a password and you're ready to go. What can you do there?

Just about everything....

-make payments.
-check your history.
-change your peronsal information.
-send us a note or question.
-review your program to date.
-see details on each and every account and each and every payment.

It's great. If you haven't signed up...do so now! www.debthelper.com
just go to the home page and click on "current clients log in" box.

Congratulations on your divorce?

2006-07-20T11:52:00.000-07:00

I met a facinating woman today. Amy Botwinick - pubished author of "Congratulations On Your Divorce" - HCI Publishing....joined me for coffee this morning. We talked about the plight of divorced women and single moms everywhere and decided that we had to find a way to work together to help each and every divorced and single parent out there.

Amy has already started...her book goes into detail about how to become empowered after a divorce and includes information on your finances and rebuilding your life. She can also be found on the speakers circuit and at book-signings.

On our part, CCMS has developed a "Financial Rescue Workshop for Divorced and Single Parents" and we are on are way to creating seminars that reach out nation-wide.

Our program focuses on your credit, debt, budget and housing issues. We can help you fix your credit, get out of debt, create a workable budget and determine your housing needs.

Help is on the way. Just log on to our site today to learn more about our services. www.debthelper.com

You can learn more about Amy at her site - www.todaysdivorcedwoman.com

Tell Us Your Story

2006-07-10T05:51:00.000-07:00

Have you had a credit card company incease your interest rates without warning?

Are you a victim of identity theft?

Have you been considering bankruptcy?

Has a recent divorce left you financially drained?

Are you overwhelmed with credit card debt?

Email us today and tell us your story. We can help.

www.debthelper.com

Home Depot is What?

2006-06-02T11:58:00.000-07:00

Your Home Depot Credit Card is actually issued by CitiBank USA. Did you know that?

Did you know that your accrued interest on your HOme Depot account accrues if you go only ONE Day over your date? That means you'll have to pay the entire accrued interest.

This is Kevin

2006-05-24T12:45:00.000-07:00

This is Kevin. He's a certified credit counselor here at CCMS.

Give him a call right now and he'll get you back in control of your finances.

1-800-920-2262

Take Control

2006-05-24T08:01:00.000-07:00

Take control of your money do not order extra cable.

Take control of you mobile phone do not get ring tones.

Free Financial Open House

2006-05-23T11:58:00.000-07:00

This Saturday, May 27th from 9 AM - 1 PM.

Stop by Credit Card Management Services at 4611 Okeechobee Blvd, Suite 114 in WPB, FL and learn more about:

-Getting out of debt.

-Credit report analysis

-Home buying programs

-Reverse Mortgages

-Bankruptcy plans

We're here to help.

Our nationally certified housing and credit counselors can help you today.

Default Rate????

2006-05-22T11:06:00.000-07:00

What is a default rate?

A default rate is the rate that a credit card company can charge you if you a late. This rate is sent to you in the card holder agreement.

What is a card holder agreement and how do I get one?

A card holder agreement is the contract or agreement that you and the credit card agree to. You actually review this agreement every time you sign your credit card.

What Does Credit Counseling Do To My Credit Score?

2006-05-22T11:05:00.000-07:00

A credit counseling program does not effect you score.

Credit counseling has been around to 30 years.

CCCS is a national organization not local.

DEBIT

2006-05-19T08:07:00.000-07:00

You should use your debit card when ever possible
You should never take out more than 3 cards

Look At All Of Our Certifications!

2006-05-11T09:11:00.000-07:00

CCMS is certified everywhere! We have nationally certified housing, debt, bankruptcy, HECM counselors.

We can help you:

Get out of debt...stay out of debt.

Create a budget.

Become a home-owner

Stop Bankrutpcy or foreclosure.

Learn more about all of our services at www.debthelper.com or call today 1-800-920-2262

Debit VS Credit and Mortgages....Did you know this?

2006-05-11T07:47:00.000-07:00

Credit is very important in finding a mortgage and a payment that you can afford.

The debit card does not have the same security on charges that a credit card does.

There are different types of interest used by each credit card company.

$127 Thousand Dollars

2006-04-21T13:32:00.000-07:00

What's your credit score? A median of 723 means half the people fall below that score and half have scores higher.

Here's a breakdown of where most people fall:

300-499 = 2 % of the population
500-549 = 5 %
550-599 = 8 %
600-649 = 12 %
650-699 = 15 %
700-749 = 18 %
750-799 = 27 %
over 800 = 13 %

Let's say you want a $200k, 30 year fixed mortgage. Here's what would happen to you financially...based on your score:

Between 720 - 850: you could get a 5.922 percent rate. the monthly payment would be about $1,189 a month and $228,072 in interest over the life of the loan.

Between 675-699: you could get a 6.584 rate, around $1,275 a month, with $259,074 in interest or $31,002 more.

Betwen 620-674: you're looking at a 7.734 percent rate, paying $1,431 per month, and $315,021 in interest.

Between 560-619: you'll get a 8.531 percent rate, pay $1,542 per month and $355,200 in interest.

The difference in interest paid over the life of the loan between the highest and lowest score is is more than $127,000.

YIKES!

We can help: www.debthelper.com

Suppose you're 22

2006-04-18T12:44:00.000-07:00

you buy $1,000 worth of stuff on a credit card with a typical 19% interest rate.

If you pay $20 every month, you'll be over 30 by the time you pay off that debt.

And....you'll have paid an extra $1,000 in interest. And that's if you never charge anything else on that card again.

Imagine what's happening on 5k, 10k, 20k or more in debt right now.

www.debthelper.com can help you figure this out.

Real Estate Investment Tips: New Website Launched for Consumer Finance and Education

2006-04-14T12:01:00.000-07:00

Real Estate Investment Tips: New Website Launched for Consumer Finance and Education

Hey, we'd like for you to check out the site and our blog.

Site: www.debthelper.com

Blog: http://creditcardmanagementservices.blogspot.com

Why do people

2006-04-14T07:38:00.000-07:00

Why do people pay off unsecured debt with secured debt. Do they not know that the equity of their house decreases every time they do this?

We can help you figure all of this out at www.debthelper.com