Our Experienced Team
 Our team of financial
experts work hard to help
you find the right solution
for your situation. Whether
you are looking to pay off
your high-interest credit
cards, or refinancing your home,
we work with you to find a
viable solution to your
immediate troubles such as
repossessions or foreclosure
We specialize in assisting
families and individuals
experiencing real financial
difficulties because of
heavy unsecured debt loads.
Debt can have a truly
crippling effect on your
financial future and can
often take years to pay off.
Did you know that a credit
card carrying a $5,000
balance, with a typical
interest rate of 18% would
take 22 years to pay off by
making minimum payments?
Additionally, the total
costs of paying back the
debt would be over 500% of
the initial balance.
The Credit Source focuses on
helping alleviate the strain
of unsecured debts - before
you end up stuck in the
cycle of borrow and owe. If
your debt has become a
burden, or if you are having
trouble keeping up with the
high interest rates, We
encourage you to submit your
information for a FREE,
No-Obligation, Consultation.
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The Credit Basics
> What is Debt, and How does it
affect you?
> How can you create a budget and control spending?
> How we can help?
> How Do I get the bill-collectors
to stop calling?
> Why live Debt Free?
> What's the Secret to Eliminate Cedit Card Debt?
What is Credit?
The
term credit is a general term that means the ability to purchase
something without the cash coming from your pocket. This means that we
can make a purchase today using someone else’s money, and pay them back
over a period of time. Credit is therefore a “promise” for repayment of
a debt between you and the lender (bank, credit card, store credit
card, etc).
There are five differing forms of credit:
The SEO Services Consultant will need to be vigilant regarding the changes in trends of keywords and key phrases since these changes can be seasonal. he job of the SEO Services Consultant will continue well after the website is established if this is part of the agreement between the SEO Services Consultant and the client.1. Revolving Credit -
Credit cards are considered revolving credit. They allow you to pay for
all or part of your debt balance (purchase). They are considered
unsecured and require no collateral when purchasing items and services.
Issuing revolving credit can be very risky for the lender because they
have little recourse if you fail to pay. They cannot seize property
from you as a consequence for default and because of this risk credit
cards usually carry a high interest rate.
2. Installment Credit
- Installment credit is used when you purchase automobiles, furniture,
household appliances, education, etc. Installment credit is considered
"closed-end" credit because the borrower and the lender have outlined
the specific amount of money needed, a specific monthly payment, and a
specific time in which the loan will be repaid.
3. Open Charge Credit
- This type of credit is usually issued from small retailers. It's an
open-end line of credit for 30 days. It's also referred to as "30 days
same as cash." If you have this type of credit set-up you can purchase
a specific item, sign a sales slip (merchant agreement) and go home
with that item the same day. At the end of 30 days, the retailer will
send you a bill. This bill is due and must be paid in full. They do not
offer any payment terms.
4. Service Credit
- This type of credit is issued by utility companies. In most cases you
have already used the credit during the month… like telephone,
electricity, gas and water before you have paid for it. Service credit
usually requires payment in full and is issued without finance charges,
but you could receive a late fee if payment is not received by the due
date. These fees are usually much lower than fees issued by other
credit lenders.
5. Mortgage Credit
- Banks, credit unions and other financial institutions issue this type
of credit. People obtain this type credit for the purchase of a home,
condo or other real property. Mortgage credit is more complex than the
other types of credit. Mortgage credit works in a way similar to
installment credit but approval can be more difficult to obtain.
Because
credit gives you access to purchasing power that you would otherwise
need years to save up for, it can be quite enticing. The cost of using
credit can be very high, if used unwisely. Since the object for the
lender is to get the money they lent to you back, as well as a margin
of profit the door is left open for abuse on both ends. This means that
you must always use your best judgment and make purchases with credit
only when necessary.
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