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Eliminate Credit Card Debt Quickly

If you keep balances on your credit cards month after month, paying off that credit card debt quickly may be easier than you think. The key is to develop a good plan and stick with it. These four strategies can help you decide what actions to take to quickly pay off any credit card debt you may have.

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Highest Interest Rates

Prioritize The Repayment Of Cards

Your credit card company is required to show it to you on your statement so that you can see how it applies to your account.

  • Make A Balance Transfer
  • Make More Than The Minimum Required


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Make A Plan To Eliminate Your Debt

Decide What Actions To Take To Quickly Pay Off Any Credit Card Debt

Lower Interest Rate

The competition between credit cards is very strong, and it is more interesting for the issuer to lower its rate than to lose you as a customer.

Consolidate Your Debt

Pay off your debt faster. Debt consolidation is a personal loan from a bank to pay off all your debts.

Speed Up Your Payments

Why wait to receive your monthly statement to pay off your credit card.  Know that the consumer proposal may be the best solution for you.

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Combine And Beat

Elimination

If you decide to consolidate, keep in mind that it is very important to control your expenses to avoid accumulating new debt on top of the ones you just consolidated.


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Get Rid Of Your Credit Card Debt Without Paying A Fortune

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Your Business Needs To Change

Our team of experts is here to help your business get back to business.

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Business Owners Are Resilient

While 68% of business owners have been affected by the aftermath of COVID-19, 75% are confident their business will recover.

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We Help Entrepreneurs Achieve Their Goals

Focus on your new business, and we’ll take care of the banking. From opening an account to managing your cash flow, we meet all your needs.

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Grow Your SMEWith Affordable Credit

Separate your expenses from those of your business, build your business credit history and enjoy low-interest rates.

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Manage Expenses

We make it easier to track and control the expenses incurred by each employee, give employees more autonomy and provide even more security to the payment process within your company. There are, however, several types of payment cards, which is a real challenge for CFOs and business leaders who are always looking for the best means of payment for their employees.


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Evaluate The Precise Needs

New Payment Method

If your employees go on business trips abroad regularly, it is recommended that they use an international card that ensures payment in foreign currency.

When Bank Cards Become Credit Cards

Eliminate Debt on a Human Scale

To compete with specialized financial institutions, banks offer some of their customer’s payment cards that include a revolving credit option. Like all credits, those linked to cards should be used with care.

Immediate or Deferred Debit Cards

Your choice of corporate bank card also depends on the payment term that suits you the most. However, they are generally more expensive than immediate debit cards.


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Change Bank, Transparently

Transfer your deposits and pre-authorized debits to your new account, free of charge in a few easy steps, online using service. Would you prefer us to make the switch for you? Do not hesitate to stop by one of our branches. Set up direct payments to your credit card while we report the transfer to any vendors you have authorized for pre-authorized debits

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Credit Card Balance Transfers: 4 Interesting Pros And Cons

Credit Card Balance Transfers: 4 Interesting Pros And Cons

credit card balance transfersCredit card balance transfers are becoming increasingly popular among consumers who are paying high interest rates on their credit card balances. Some consumers also choose to make credit card balance transfers for the purpose of lowering or eliminating their debt.

What are credit card balance transfers?

A credit card balance transfer is a popular debt management technique used to eliminate or reduce card debts. It is an effective tool that helps you manage your debt more effectively by transferring your outstanding balances to a lower interest rate account and also gives you more time to pay down your outstanding balance.

A balance transfer usually involves moving current outstanding debt from one credit card to a different credit card usually a lower interest rate account. Consumers usually use credit card balance transfers either to secure a better interest rate or to benefit from a variety of rewards programs available at some credit card companies.

The key advantage of credit card balance transfers is that they can save you money. A credit card with a zero percent introductory interest rate and no balance transfer fees will save you in interest payments over the term of the loan. In addition, it may give you a tax break. These benefits are important reasons why consumers use these kinds of debt-management tools.

Can a balance transfer really help with debt management?

However, there are disadvantages associated with credit card balance transfers. You may end up paying more than you would if you had not transferred your balance. Generally, balance transfers have a fairly short term effect on the total amount you are paying monthly. After your introductory interest rates are ended, your payment will then start Credit Card Escapeto increase. If you continue to be an active user after the introductory period, the cost of credit card debt will continue to increase. You can avoid this by simply transferring your debt into a lower interest saving account before the introductory period ends.

3 interesting pros for you to consider

There are many pros and cons of credit card balance transfers that you should consider carefully before making a decision. One of the pros is that you will save money each month by paying less interest. In addition, you will likely receive a variety of reward programs, including air miles, cash back, or other prizes. This can save you quite a bit of money if you make a large purchase during the promotional period.

Another pro is that transferring your balances to a low or new credit card offers a way for you to consolidate your debt. If you were having many different credit cards and a lot of late or missed payments, this is probably a good option for you. This helps you avoid paying high interest fees and penalties and lowers your overall debt load.

Yet another pro for a credit card balance transfer is that you do not have to take all of the cash that you are earning. With a cash-back or reward program, some of your cash may be going to paying off higher interest debts, but the majority of it will go to reducing your debt. You don’t have to pay off your entire debt during the promotional period, but transferring your debt makes sense. After all, if you are saving money, why not spend it?

Are There Any Risks?Credit Card Escape

Here’s a con to credit card balance transfers: Most people find that they have to cancel their old cards or stop making new purchases during the introductory period.

If you don’t have to worry about this, then a transfer is probably not worth it for you. Remember, you can always transfer your balance at any time, even when the promotional rate is ending, so you don’t have to cancel. However, you might need to start paying more interest during the second half of the introductory period if you choose to transfer.

Credit card balance transfers are helpful for many people. However, there are risks involved. If you choose the wrong balance transfer offer and don’t pay attention to the details, you could end up losing money. Make sure that you do your research and understand how credit card companies work. Then, you’ll be able to determine if a balance transfer is right for you.

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Consolidating Credit Card Debt 101: Pros, Cons, And Everything You Want To Know

Consolidating Credit Card Debt 101: Pros, Cons, And Everything You Want To Know

What are the pros and cons of consolidating credit card debt?

This is a good question. With the recent economic situation in America, many people have been unemployed and are struggling to make minimum payments on their credit card debts. As a result, they have accumulated a lot of credit card debt that they no longer can afford to pay. Consolidation allows them to combine all their debt into one low monthly payment with a much lower interest rate.

what are the pros and cons of consolidating credit card debt

There are some cons associated with this process as well. If you find yourself in a situation where you need to start consolidating credit card debt for bad credit, be sure that you do some research on your options.

Finding a good consolidation company

Some consolidation companies charge very high fees and interest rates and do not provide a lot of flexibility or choices when it comes to repayment programs. Other companies will give you a low interest rate, but it might not be enough to cover what you owe.

When you work with a consolidation company, make sure that you fully understand all of their terms and conditions. Make sure that you understand how much of your monthly payment goes towards your principal debt and how much goes towards interest. Do not sign any document if you do not completely understand what is required. If you are going through a serious financial crisis and are struggling to make even minimal payments, you should seriously consider going with a consolidation company.

Once you decide on a consolidation company, you may wish to also work with a credit counselor to help you get your finances back under control. They can be quite helpful in discussing your credit card bills and working out a plan to lower your monthly payments and eliminate up to 30% of your total debt. Using a credit counseling service is often a good alternative to having to file bankruptcy. They can also give you advice on how to avoid future credit card problems and keep your overall debt as low as possible.

Debt consolidation for low credit score

It is important to understand that there are options available to those with low credit scores. Consolidation companies do not always offer the best rates. In fact, some credit card companies actually encourage customers to consolidate their debt because it reduces their risk of defaulting.Credit Card Escape

That means that they will receive less money if they have to repay a debt. Also, keep in mind that this is only an option for those who can truly afford to pay off their debts without assistance. For people in this situation, consolidation is not the best option.

Balance transfers with low interest credit cards

The best low interest credit cards for balance transfers that are available to consumers are from one of the new entrant’s to the consolidation business. These companies usually charge reasonable rates and some have no minimum monthly payment. They also offer the convenience of one low interest rate with multiple flexible repayment schedules and payment plans. This makes it easier for people to pay their balances off and rebuild their credit scores.

To find the best low interest credit cards for balance transfers, try and get at least three consolidation quotes before making your decision. Do not take the first offer that you are given. Make sure you compare the different offers because rates and fees vary widely between companies.

Look for a company that has been in business for a while and has good, solid statistics. A long-term history of helping people consolidate their debts can go along way in determining which company you wish to work with. The longer the consolidation company has been around, the better.

When you have found the right consolidation company and are working with them, make sure you follow through with your plan to pay off your debt. If you do not follow through, you may find yourself in deep trouble again. Remember, if you do not stay current on your payments the companies are not obligated to offer you more credit. Stay current with all your payments and your credit will be back on the right track in no time at all.

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4 Best Ways To Do Debt Consolidation And Reduce Your Debt Payments

4 Best Ways To Do Debt Consolidation And Reduce Your Debt Payments

Is it better to consolidate credit card debt yourself or seek the services of a debt consolidation company? Learn how to reduce your monthly debt payments.

Advantages of Debt Consolidation

The advantages? Debt consolidation firms argue that borrowing cash at a better interest rate than to pay debts off with your own credit card at a better interest rate can save you money over the long term, or save you money in the short term by helping you better manage your finances. Other advantages include: having fewer late payments, having more affordable monthly payments, and fewer chances that you will be late on a payment.

Disadvantages of Debt Consolidation

Does debt consolidation loans have disadvantages? Consolidation loans come with a variety of disadvantages. The main disadvantage is that the longer you go with high monthly payments, the greater your chance of defaulting. This can be a substantial loss to your credit score, which may affect future purchases. Consolidation loans are typically not meant to last forever because they often have an early pay out penalties.

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How to Reduce Monthly Debt Payments

What are the best ways to lower your monthly payments while still paying off your debts?

  • Get a Debt Consolidation Loan

One of the best options is to get a debt consolidation loan from a debt settlement firm. Debt settlement firms can help

you settle your credit card debt for a fraction of the current amount owed. Because unsecured loans carry variable rates of interest, the amount that they settle for is also variable. It is a balancing act between satisfying the customer and getting enough money settled so as not to default. To do this, many firms will negotiate with creditors on behalf of their customers.

  • Bankruptcy Process

Another option is a bankruptcy process. A bankruptcy can wipe out a large portion of your debt relief potential but it is important to realize that this route is very time consuming and expensive. For most people, a much better way to debt consolidationget debt relief is to use the help of a debt settlement firm in a bankruptcy or debt relief plan rather than file for bankruptcy.

  • Refinance Your Mortgage

A third option is debt consolidation through a refinance of your mortgage. Many people cannot qualify for a refinance on their own. Banks usually require at least some equity to qualify. Using a refinance can lower your monthly payments but it can also increase your interest rate. It is best to find a mortgage broker to help you find a mortgage that offers the best deal.

You may also be able to lower your payments by working with your creditors. Some lenders offer incentive programs for people who can consolidate their credit card balances into one account. These programs are designed to help those with multiple accounts work with their lenders to lower their interest rates. This allows you to payoff all of your debts at once which will save you a lot of time and money. Most lenders will approve a debt consolidation loan, but they will charge a high interest rate as well.

  • Debt Management Plan

There are also companies that offer debt management plans to those who are unable or unwilling to consolidate. These plans allow you to transfer balances between several credit cards to a debt consolidation company that will pay them off for you. You can use the savings from the new company to make extra payments and lower your overall debt balance. This can reduce the stress of having to manage several debts but it can take several years to work through all of your accounts.

No matter what option you choose you should know that the best way to settle your current obligations is to contact your credit cards companies and negotiate a settlement. With each creditor you owe money, there is a process that must be followed to settle the account. It is best to hire an attorney so that they can give you the best advice possible. It may cost a little bit of money but the alternative to using debt settlement is bankruptcy and you do not want to ruin your credit rating or end up in jail.

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5 Simple Ways To Use Credit Cards Efficiently And Avoid Debt

5 Simple Ways To Use Credit Cards Efficiently And Avoid Debt

Lock, Security, Credit Card, Infographic

The isolation that we are forced to respect to avoid the spread of Covid-19 has altered our day to day and, above all, our finances. Household income has been affected, while living expenses have been increasing.

Whether you’re out of work or on hiatus from the pandemic, a credit card can be a very useful tool for resolving emergencies. But how can we avoid getting out of control and ending up full of debt?

Here are some recommendations to keep in mind when buying with your credit cards during a crisis.

Check your credit cards

First of all, check which cards you are using and what they might be useful for in the midst of the crisis. Credit cards are a great tool right now and allow you to buy now and pay later what you need to survive and face any medical emergency that may arise. But, if possible, use the one that offers you the most benefits and dispense with the others. This way, you will avoid accumulating debt.

Buy the essentials

At this time, consumption should be limited to the most essential. Food and health care are priorities. We must onlycredit card spend on food, medicines if we need them, and on our health service. Other types of expenses are totally unnecessary in these circumstances. In addition, we recommend that you fill your pantry and your refrigerator in advance and in a responsible way, so you will be prevented in case of shortages.

Make sure of your ability to avoid debt

A credit card does not add more money to your income. What you buy with it you must pay sooner or later, so you must be sure of up how much you can pay monthly. The most advisable thing is that you do not spend more than 30% of your income. This way, you do not compromise the budget that you have destined for your basic expenses such as food, rent or utilities.

Ask for the interest rate

Laptop, Credit Card, Infographic, 3DEither by phone or online, ask for the interest rate on your credit card, which in other words, is the cost of your credit. Since the amount, you must pay increases directly according to the interest rate. If you see that later on, it will be difficult to pay the debt, it is recommended that you look for a card that offers you a lower interest rate.

Use the card after the court date

When you use the credit card after the cut-off date, you have approximately fifty days to pay. This date is assigned by the bank after adding all the expenses you had in the month. In this way, you can take advantage of all that time to save and pay in time.

Without a doubt, credit cards are a very useful alternative in these times of crisis and mandatory isolation. If you take into account these recommendations, especially planning what you are going to buy, pay your debts on time and know how much you are willing to pay, you can take advantage of the benefits that credit cards bring.

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Eliminate Credit Card Debt With This 3 Effective Debt Payment Strategies

Eliminate Credit Card Debt With This 3 Effective Debt Payment Strategies

Credit Card EscapeAre you drowning in credit card debt?

Although my first formal job was as a credit card salesperson, and I knew exactly how they work, I quickly got caught up in them. I came to think that it was normal to have debts and that the only way to have something was to buy on credit.

Once we have recognized that we have a problem and decided to fix it, the next step is to know the exact financial condition we are in before proceeding to debt repayment. For this, we must make a complete list of all the debts we have, both legal (signed in contracts) and honorable (loans to family and friends made with our word).

This list of credit card debts must include all possible information, at least:

  • To whom is owed (name of institution)
  • The total amount owed from each
  • Minimum monthly payment
  • Annual interest rate
  • Contact person.

Create an action planCredit Card Escape

When we have the complete list of debts on paper, it is necessary to implement an action plan that allows you to take steps to get out of debt. This action plan is made up of no more debt. Otherwise, all other efforts will be useless.

Generate surpluses to be used for debt payment; some ways are:

  • Minimize expenses. The higher the commitments, the stricter you must be in spending money.
  • Increase income with secondary jobs, overtime, etc.
  • Sell ​​assets that can speed up our debt payment process.

Make the credit card debt payment plan as follows:

  • The list of debts order it from the lowest debt to the highest
  • Negotiate with creditors to have the lowest monthly payments.
  • Credit Card EscapePay the monthly minimum of all debts and the surplus we have generated and pay it to the smallest debt.
  • By paying off the smallest debt in full, we add what we paid to the next smallest debt.
  • So on until all debts are paid in full.
  • When you finish paying all the debts, the money used to pay debts must now go to savings.

Once you have managed to pay all your credit card debts, you must promise not to acquire another debt. That simple promise will make you live a debt-free life, which is no small thing today.

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Credit Repair Help: An Easy 4-Step Process For A Better Credit Score

Credit Repair Help: An Easy 4-Step Process For A Better Credit Score

Credit Card EscapeAre you in need of credit repair for your bad credit score?

For whatever reason, if you stop paying your cards, the impact on your credit bureau history is inevitable. You will surely not be subject to another financing for a long time (depending on the amount of debt and the severity of the case).

This means that you must always carry cash or use your debit card to make any type of payment; It will also limit your ability to have resources in case of emergencies, starting a business, buying a car, or simply hiring services.

The previous without mentioning the techniques (annoying, generally) of banks to charge their customers: calls to the account holder and the references provided when applying for the card, increased interest rate, etc.

Suppose you have an outstanding balance on your credit cards, and you have already stopped paying. In that case, one option is a Credit Repairer, that is, a company that acts as an intermediary between the bank and you so that you can settle your debt as soon as possible.Credit Card Escape

It is important to clarify that, although you can directly negotiate with the bank, the Credit Repair advisors, being experts on the subject, will get you a better payment plan.

  • Handling of collection calls.
  • Negotiation with financial institutions to reduce up to 70% of the original debt amount.
  • Advice from an executive who helps to establish a plan to return to being a credit subject.

Although each repair company has its own rules (since not all accept the same client profile or get the same deals), the service process is similar:

 

  1. Once you have contacted them, they will listen to your situation and, if they agree to “take your case,” they will channel all collection calls so that the banks stop bothering you.
  2. They will negotiate the collection of your debt. The agreement will depend on your situation and the repairer you went to; for example, with Debt Cure, you get up to 70% discount on payment.
  3. They present you with a personalized payment program based on your current payment capacity, which lasts, Credit Card Escapeon average, 16 months.
  4. If you finished the program promptly (without delays), the repair company could help you to be subject to some credit again and not have to wait the six years it takes for your negative credit history to disappear.

Wait, can I get another credit card?

Yes. As we mentioned, the program’s final step is to “reintegrate” you into the credit world so that you are more quickly subject to new financing.

It’s your turn to change that bad credit score!

Although the idea is that you never lose control of your finances, we are all exposed to suffer it; If it happens to you, you already know the role that Credit Repairers play. If you have already used one or are about to do so, we invite you to share your experience with us in the comments.