I am going to take a slightly different approach in this newsletter edition. Instead of giving you a lot of information about one subject, I am going to provide multiple tidbits of information you generally will not get anywhere else.
Are Banks The New Pay Day Loan Providers?
Consumer reports released an online report showing how Banks are taking in billions of dollars in new income from new much higher overdraft fees on Debit cards. Thanks to the way Washington offers consumer protection, recently passed legislation requires that banks notify you and ask if you want overdraft protection, rather than automatically enrolling you, and charges have increased from 5.00 per covered transaction to 35.00 dollars per transaction. Yes, that means every time they pay a Debit card charge against uncleared funds of even one dollar, they can chrge you 35.00 additional. Since a vast majority of consumers opted for the protection, the banks brought in an additional 32 Billion dollars just last year, (2011). You can frankly borrow money at a payday loan company cheaper. Want to avoid getting ripped off? Here are three ways to do it: 1-Simply decline overdraft protection. (Make sure you monitor carefully if you do this). 2-Try linking your bank accounts, so you can quickly transfer money. Just be sure you know how much they are going to charge you per transfer. 3-Sign up for "Alerts" so you always have enough cash in the account.
Do Not Let A Short Sale Ruin Your Credit
Previously, if you were under water on your mortgage, or owed more than the house was worth, and you got the bank to agree to a short sale, your credit would be ruined. However, thanks to a new piece of legislation, if you need to do a short sale and the bank agrees, if you have been making all your payments on time, then your credit will not be effected. Important: This only applies if all your payments have been made on time.
Thanks for reading, this FREE Credit Counseling Newsletter is brought to you by American Debt Enders where their is never a charge for Credit Counseling on ways to relieve debt.
Written By
Steven Ciantro
American Debt Enders
Credit Counselor
Talkshoe Radio Host
[email protected]
Gail Kasper Official Debt Expert
877-766-2465
Staying out of debt should be the goal of every consumer. ... to find ways to reduce your expenses and free up more money for savings and paying off bills.
Posted by: building restoration | June 25, 2012 at 01:52 AM
Thank you for the excellent comments. I am very happy you are learning from the articles.
Posted by: Steven Ciantro | June 12, 2012 at 11:30 AM
Thanks for posting it..this tips are great..
Posted by: Tom Henry | June 12, 2012 at 08:27 AM
Great tips on staying debt free. It's so important to practice them all the time.
Posted by: Chapter 7 Bankruptcy Attorney | May 04, 2012 at 07:47 PM