Questions & Answers

If you can find a 0% balance transfer offer, grab one of those and move as much of the 18%+ debt to that offer. I like the Pentagon Federal Credit Union - they offer a 2.99% for life of the balance transfer offer. Otherwise, pay the minimums on everything, and as much extra as you can on the highest interest rate card. Then when that is paid off, take the payments you were making on that one and tackle the 19% card, and so on.. Another way to help reduce this is to pay little amounts very frequently. For example, say you planed to pay $200 a month toward one card. Instead, use the cc company's website to pay $50 a week, every week, so that it brings your average daily balance down faster. Also, if you have any items you bought and can return, do that, so the credits/refunds will reduce your balances. Another trick - if you usually get an income tax refund, see if you can change your payroll to have less withheld and more money in your takehome pay to tackle this faster. Try to find other ways to reduce expenses and free up more money for payments - carpool, bring lunch to work, etc. Finally, I don't know if you are in the US, but if you haven't looked into social security benefits for your family (as a widow) you may want to do that. If you qualify, it will increase income for your family. See www.ssa.gov. Another good government website for benefits is: www.benefitscheckup.org

One good way to accomplish this is to raise the section or your credit called "Average length of Credit History" a great way to do this is to become an Authorized User on someone with more history on their account. A family member is usually a great choice. You will immediatly inherit all of their history on that account. Otherwise, start getting credit cards and using them lightly, but remember to pay them off every month and keep your balences low. Let me know if you have any more questions. Devin devin@nationalcreditcare.com

Good for you, the earlier you start the better, but dont rush into something your dont understand. Buy a copy of Smart Money, Money magazine and Kiplingers and then buy a low cost, no load mutual fund like Vanguard Total Market Index which will give you diversity. Good luck,

Banks make money lending by borrowing at rates lower than they lend. A most profitable example would be credit cards, they borrow at 4% and charge you 15%. Assuming they can keep their cost down, they profit every time you rollover your balance. Banks do not generally make money in foreclosure. In the past it has, in general, been a break even game. At the moment the volume is so heavily that they are loosing money hand over fist. For example, if the bank loans you $150,000 to buy a house and you default, they have to sell the house for an amount that is greater than the loan balance and the realtors commission plus all the fees associated with the foreclosure process to break even...lets call it $160,000. (because they have to pay all the costs out of pocket before they can get their money back) In today's market, that is impossible. They are being force to liquidate the house for $125,000, $100,000...or worse...taking losses of more than 50% of the loans value. I have a marginally negative view of the governments "aid." For one, they are a significant part of the cause of the crisis. For another, so far, it does not appear that anyone is getting direct government aid for mortgages...it looks like the free market is mostly working out the details while the government talks and talks and talks...