FREE  DEBT  ANALYSIS  HELP

*Debt In Focus
This is a free debt analysis tool that can be used by anyone. It is completely anonymous and no one besides yourself will see the information you enter and the suggestions made to help improve your debt situation. It is very comprehensive and will help you understand how to reduce your credit card debt, your home and car loan debts and any other debts you owe. The site is furnished by America's credit unions for use by anyone.

*Annual Credit Report
This is the place to get your free credit report from all three of the credit reporting agencies. You can get the report online or have it mailed to you. Federal law requires that each of the three credit reporting agencies furnish you a free credit report each year.

*Home Loan Modification or Refinancing
This is the official Federal Housing and Urban Development website to determine if you are eligible for a home loan modification or refinance under the Recovery Act. You can complete an application and determine if you are eligible and get a list of lenders participating in this special program. If you are behind in payments or have a home value that is less than what you owe, try this site.

*Foxway Budget Tracker Spreadsheet
This is a free spreadsheet program that works with most MS Works or Excel type of spreadsheet programs. It will help you keep up with your loan payments, bills and other expenses and allow you to consturct a budget for you and your family with an emphasis on increasing savings. It is totally free and anonymous.

*Foxway Free Budgeting Course
Here you can sign up for a five part email course that teaches you how to budget for you and your family with an eye toward increasing savings. It will explain the budgeting process and guide you through making your first workable budget. The course is sent to you via email over a five day period so you can digest and put into effect each budgeting lesson.

*NCUA Find a Credit Union
This is a free tool whereby you can find a federally insured credit union to join in any area. It is furnished by the Nation Credit Union Administration, the federal agency that supervises, regulates and insures America's credit unions. Credit Unions often have loan and savings rates that are better than banks because all credit unions are non-profit and are owned by their members (depositors).

$ Check with your home loan servicer to see if you can make one half of the monthly payment every two weeks (semi-monthly). By paying twice a month, you eliminate 15 days of interest on the amount you pay each month. You will still be making a full payment each month, however the accumulated interest on your loan will be significantly reduced, causing you to pay the loan off much earlier than scheduled.

$ If you are having trouble making payments on a credit card debt, try contacting the credit card company for a reduced rate of interest. Be sure to mention the word "hardship" in your initial conversation. This will usually get you transferred to someone who can really help you.

$ Please remember this, WITHOUT EXCEPTION, all late payments, in violation of your contract/agreement, on any debt will be reported to the credit bureau(s). Also any reduction of the amount you owe on any debt to any financial institution without you paying (such as a charge-off or even a debt settlement) will be reported to the credit bureau(s) as a loss by the financial institution and will be a harsh blemish on your credit report.

$ Credit card purchases are loans. Period. No way around it. Even if you pay off your credit card balance every month without accruing a finance charge, the bank has made you a loan. For years these loans have been made by the banks and were considered profitable even though the card balance was paid off without any interest being charged. The reason they were profitable was because the bank charges the merchant an average of 3% of the purchase in order for the merchant to get their money up front on the purchase. The bank would then carry the loan until you paid it off when you got the next credit card statement. However, so many losses have occurred in the credit card business that banks have begun charging customers additional fees, even though the customer pays the balance in full each month. So if you have a no-annual-fee credit card that you pay off the balance each month, you might want to consider keeping a small balance on that card (say $20 or so) each month so the bank will earn a few cents of interest off you each month. This MIGHT keep them from starting to charge you an annual or monthly fee. No guarantee this will work, but it is worth the try since the no-annual-fee credit card is fast becoming a thing of the past.