Attorney General Cuomo Deserves Our Appreciation for going after abuse. But, in the long-term, all Who of us care about Consumers’ Interests Must work harder to Prevent trouble in the first place. What’s Needed Is Financial Education and legislation That Provides Stronger Government Oversight. The NFCC has an Extensive Educational Campaign Launched Directed at Consumers. On the “legislative side, the strong pre-consumer Following federal recommendations Legislative Are Made: • Define the scope of services That May Provide DSC’s. • Define the scope of services DSC’s That Must provider. • Set caps on the range of DSC’s fees That May charge the fees and Ensure That Are Being commensurate to the services provided. • Prohibit the collection of fees by the DSC Until You Are current services provided. • Require DSC’s to make full disclosure to Them of Consumers to inform: the fees Being charged, the Potential Adverse Consequences to the consumer of Utilizing Debt settlement, The Potential Impact of Debt Settlement services on the consumer’s credit score and history, and the Tax Consequences of Debt Settlement. • Provide Consumers with a minimum of a 6-month Period to cancel the rescission Fully recover Agreement and to set-up fees and payments “made to the DSC. • Subject advertising and business practices of DSC’s to close under the Scrutiny Federal Trade Commission Act • Impose Significant financial and criminal penalties to deter Violations

• Pay your bills on time: The most important rule for maintaining good credit is paying your bills, bills and debts on time. You can start improving your credit history immediately by making at least minimum payments on time. If you follow this advice, in a few months will result in a new and improved credit report.
• Use credit sparingly: Another golden rule is to spend no more than a third of their income paying off debts, including mortgages, credit cards and consumer loans. Try to use credit cards only for purchases that have long-term value such as furniture, medical care, or emergency repairs. Do not rely on credit cards for everyday expenses, like dining out or pay for entertainment

• Fix errors: Your credit is a reflection of the information found in your credit report. If the report contains negative information, will impact your credit negatively, regardless of whether the information is accurate or not. Review the reports of the three credit bureaus to see if they are accurate, at least once a year, and especially several months before applying for credit.
• Pay off old debts: Try to pay all outstanding debts. Establish a written payment plan and when you have paid an account, make sure you receive a letter from the creditor that updates the registration of the credit bureau.
• Pay more than the minimum required: If you pay only the minimum debt each month, you’ll pay much money on interest. For example, if you have a card with an interest rate of 18.5 percent and only pay the minimum balance due each month, it will take more than 11 years to pay off a debt of $ 2,000, plus pay interest on $ 1,934, almost double the value of your purchase.
• Do not use the ceiling of your credit cards: Use only between 30 and 50 percent of available revolving credit.
• Work with a credit counseling organization honest, non-profit: There are many community based organizations, honest, and non-profit, which can provide individual assistance to help improve your credit. Do not confuse the expensive credit repair clinics with legitimate credit counseling organizations and nonprofit. Be very wary of organizations that charge high entry rates, making unrealistic promises, and they do not have credentials for accreditation. Contact us to confirm that any charges that you are charging is reasonable.

Before working with an organization, ask how to inform the credit bureaus, how often pay their creditors, if need to change your payment dates to coincide with the dates on which the organization pays creditors, and how long take you to pay your debt.

The propel use of credit cards for many people is more than a challenge. I have seen how credit cards have been destroying thousand families in United States, Europe, and Latin American as well as many other locations around the world. The reason is that people don’t make a good plan to make expenses and overuse the limit of their credit cards.

The result is destructive because they can’t make the payments, are involved in legal problems and their credit score is affected losing the possibility to get more credit in the future. It is something that is affecting many people that can’t do almost anything in their lives. Credit cards have several disadvantages that you should know.

If you have one or more credit cards you must use it wisely and properly to avoid the negative effects of credit cards in your personal life. On the other hand, credit cards could make you dependent on credit and you can increase your income while you also increase your opportunity to consume more things that sometimes you don’t need only because you have a higher purchasing power.

Despite of all this, credit cards could lead you to problems of electronic risks such as fraud and other situations where your credit card information could be stolen, cloned or something like this. It is important that you can have your credit card in a secure place and never share your personal information or your credit card information with anybody.

This is another disadvantage of the use of credit cards. Several banks around the world take you an annual fee for the issuing your credit card as well as the monthly interest for the use of your credit cards. There are also several disadvantages but are produced when you don’t make your payments at time.