How Not To Be Rich
Posted by Mitch on May 11, 2008
And while we’re on the subject of wealth, so to speak, there’s this post from Kevin’s No Debt Plan blog called 10 Steps To Avoid Being A Millionaire (who got it from Jonathan at Master Your Card [man, we all steal SO much from each other]) that details the behaviors one needs to exhibit if they don’t want to be wealthy.
Some of these sound really familiar, and I’m happy to say that I’ve eliminated a bunch of them from my life. Some of them don’t apply to me, since I work for myself, but the rest,… man, I need to get an IRA. 
Anyway, read either one of them; except for some minor stuff, they’re actually the same thing.
I’m Going To Be Rich!
Posted by Mitch on May 11, 2008
Yup, you read that right. I’m going to be rich; or so this says,…
17,521,874
How much money will you be worth?
This comes off a site called How Rich Will I Be, where you answer some questions and you receive something like what’s above. And the questions are easy; matter of fact, a couple of them are kind of goofy, which may make you think a bit, but it’s all still fun.
Of course, one of the questions I’m asking is how the people who created this site are making any money, since I don’t see a single ad, I don’t see where they offer the chance to follow up with questions or sign up for a newsletter, or even to write anyone. Maybe they’re already rich; one can hope, right?
CreditCardSolutions.com
Posted by Mitch on Mar 12, 2008
A friend of mine sent me a link to some videos created by the lawyers who set up the site CreditCardSolutions.com. It’s very good stuff, especially the videos on third party debt collectors, of which there are two. In a previous post I talked about the Fair Debt and Credit Collections Act, and the guy in these videos takes it even further. It’s something important for everyone to hear, so here’s the link to their video page. Great stuff; thanks guys!
Know Your Charge Off Amounts On Your Outstanding Debt
Posted by Mitch on Dec 12, 2007
And now, the first real post. This is informational, and it could help a lot of people.
Many people have had at least one credit card or something go to a collection agency. Sometimes it’s legitimate, sometimes it’s not. However, we’re going to talk about the legitimate ones here for a minute.
Here’s the deal. Credit card companies, or whomever else, will do what they call a “charge off” of the outstanding amount you owe on a claim. When you fall behind on your payments, they attach all these fees and the like, but when it finally gets reported to the credit reporting companies, the amount they’re allowed to charge off is the actual amount you owe, not all those fees. So, if you owed then $2,000, even if they tacked on $1,000 worth of fees, they can’t report all that.
Why is it important? Because they have these collection agencies known as “scavengers”, that buy all this debt at between 5 and 8 cents on the dollar, look at what the amounts were with all the interest, then start pounding your phone trying to get you to start paying on all of that. Thing is, if you make even one payment, or agreement on that amount, by law you now are responsible for all of it. If you don’t, as in you’ve checked your credit report and know what the charge off amount was, you can get them to either start negotiating from that point, or only pay them based on that amount, which will still be thousands less in many instances.
They don’t want you to know this, obviously, but I’m telling you how it is. If you want more information on it, read the Fair Debt and Credit Collections Act; it’s there for your protection.
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