Networks To Help Women In Debt

There are many reasons women fall into debt. Student loans, credit cards and mortgage payments all contribute to the debt load many women carry.

While paying off debt can be challenging, the Internet has made it easy for women to access networks and resources that can help them become debt-free. Some networks aimed particularly at women in debt include the Women in Red Racers, the Women's Financial Network, and Debt Help for Women.






Women in Red Racers

The Women in Red Racers is an online network of more than 1,000 women from throughout the world who exchange advice on getting out of debt. Its name comes from the idea that each individual in the group is racing to pay off her debt as soon as possible. The group primarily interacts through message boards hosted by MSN Money. To join, members must disclose their general financial information and post updates on how well they are doing at paying off their debt. According to Good Housekeeping magazine, the community provides tips, feedback and encouragement for women and has helped its members pay off millions of dollars in debt since 2006.
   
Women's Financial Network

The Women's Financial Network is an online organization affiliated with Siebert Financial. It provides women with free tools needed to make educated financial decisions. The network offers an online course that helps women identify their debt problems, take action to reduce their debt and stay out of debt. In addition, the Women's Financial Network provides women with links to further reading, debt calculators and free debt-management worksheets.
   
Debt Help for Women

Debt Help for Women is a network that works with women to help them reduce their substantial credit card debt. It offers a free telephone consultation in which women can receive advice on reducing their debt quickly. By utilizing attorneys in this process, Debt Help for Women is able to come up with effective solutions and start women on a debt-free path. According to the network's website, women must live in an eligible state and have more than $10,000 in credit card debt to utilize its services.


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How To Disable RFID Chips

RFID tags contain a tiny microchip that is attached to an antenna. RFID stands for Radio Frequency IDentification, and can be used to remotely identify and track the item containing the RFID chip using radio waves. RFID chips are used in everyday life in things such as credit cards, toll road payment cards, passports and money. RFID chips are even implanted into pets and humans for tracking purposes.










Instructions:
       
1. Determine the location of the RFID chip. Check for a shortened signature box on the backside of a credit card if the RFID chip is difficult to locate. The RFID chip should be to the right of the shortened signature box.
       
2. Position a screw driver or other similarly-shaped metal object over the RFID chip.
       
3. Strike the screw driver with a hammer, driving the screw driver's metal edge into the RFID chip. Repeat until the RFID chip has been completely smashed.
       
4. Place the RFID chip inside of a microwave oven and turn on the power. The RFID chip will be rendered useless after being exposed to the microwave for only a second or two.

To remove the RFID chip from a plastic credit card without destroying it completely, soak the card in paint thinner or nail polish remover for a few hours and then peel back the plastic to remove the chip.

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How To Keep RFID Cards Safe

RFID credit cards use a radio frequency to transmit personal financial data. They are not swiped through a scanning machine like a traditional credit card. Unfortunately, RFID credit cards can be skimmed when an unauthorized user grabs the unencrypted data from your card using an RFID reader. The technology Website EnGadget found that data from RFID credit cards is easily skimmed using an $8 reader purchased on eBay. Credit card companies are aware of the problem and are creating security fixes, but there are a number of steps you can take to protect your financial information.






Instructions:
       
1. Leave your RFID credit cards at home. If you are concerned about the safety of your information on your card, use it only at home for online purchases. Pay for purchases outside your home with cash or regular credit cards.
       
2. Stack your RFID credit cards together in your wallet. Putting your cards next to one another will make it harder for a scanner to read the data on a particular RFID card. However, this only offers a small amount of protection.
       
3. Wrap your RFID credit cards in aluminum foil before putting them in your wallet. Some users have reported that this simple, homemade technique helps block RFID scanners from reading the card.
       
4. Consider a credit card shield for more advanced protection. There are a number of companies that manufacture shields that hold your credit card when it is not in use. Most companies use aluminum material to prevent RFID scanners from reading the data on your card, and they usually cost less than $10.
     
5. Consider a special wallet, such as a DataSafe wallet, if you would prefer not to have a separate shield for each individual credit card. These wallets look completely normal, but they are manufactured with materials that have been approved by the Government Services Administration to
block RFID transmissions.  The most inexpensive aluminum wallets can be purchased at Family Dollar for around $10.
       
6. Monitor your credit card statements regularly for errors or odd charges. Credit card theft and fraud can occur even after taking the best precautions, but regularly monitoring your bank statements can alert you to any suspicious activity.

In addition to keeping a close eye on your credit card statements, it is always a good idea to monitor your credit report. This can alert you to any unauthorized accounts that have been opened in your name. It can help you protect your credit.

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How Long Does it Take an Average Person to Pay Off Their Credit Card Debt?

Unfortunately, paying off credit card debt is not always a simple and straightforward process -- especially when all you can make is the minimum payment each month. Continuous use of the card while trying to pay it off further complicates the matter. Examine how long it can take the average person to pay off credit card debt to understand the importance of a debt payoff strategy.

The average American carries about $4,200 in credit card debt. Consumers use credit card funds for everything from emergencies to buying gas and food. The best practice to avoid piling up credit card debt is to pay off the balance in full each month. Otherwise you must meet the minimum payment requirements of the creditor, which starts at about 2 percent of the balance.


   
Downsides of Credit Card Debt

Choosing to carry a credit card debt balance for a long term could negatively affect your ability to get other forms of credit. For example, mortgage lenders look at your debt-to-income ratio when evaluating you for a mortgage loan. The more credit card debt you have, the higher that ratio, which lowers your chance of approval. Credit card debt is also very costly in terms of the average rates and fees. Some creditors charge as much as 79.9 percent annually.
   
Average Time to Payoff

The average amount of time it takes to pay off debt varies according to the account holder's rate, balance and spending habits. The average credit card rate is about 14.72 percent (estimate as of 2011) and as discussed, the average person has about $4,200 of credit card debt (estimate as of 2011). Based on those figures (and assuming a minimum payment of 2 percent of the balance) making the minimum payment each month would take more than 24 years to pay off. Technically the debt can persist forever if the account holder continues to use the card.
   
Suggestions

 Determine how long it will take for you to pay off your own credit card debt using the Bankrate minimum payment calculator. Then take every step possible to reduce the amount of time it will take you to pay off your credit card debt. One way is to enact a debt payoff strategy that requires you to pay more than your required payment each month. The more extra principal you pay each month over the minimum, the less time it will take to achieve a zero balance. Another strategy to pay off the credit card early is to consolidate the debt into a lower interest account, such as a refinanced mortgage loan. Consult a financial counselor for advice before taking that step.

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Can A Mortgage Help Pay Off Credit Card Debt?

Credit card debt may accumulate to a point where you can't easily pay off the amount you owe. When this happens, you may have to take drastic action. If you have equity in your home, you may benefit from refinancing your mortgage and using your equity to pay off the credit card debt.

However, this has certain risks, with which you may not be comfortable.





Interest Rate

Finance professionals often recommend you start by paying off the debt with the highest interest rate and gradually work your way to the debts with lower interest rates. In most cases, credit card debts carry the highest interest rates. It may make sense to pay off your high-rate credit card debt with proceeds from a mortgage, which usually carries a low interest rate. Over time, this strategy may reduce your interest costs.
   
Reduce Debt Burden

If you have some equity in your home, you may get cash by refinancing your mortgage or getting a new home equity line of credit. For example, you still owe $100,000 and your home is now worth $200,000. Lenders may allow you to borrow $150,000 against your home. You may choose to use the
$100,000 to pay off the old mortgage and take the $50,000 as cash. The $50,000 may go toward paying off your credit card debt. This strategy may dramatically reduce your debt burden.
   
Costs

Getting a new mortgage loan may require you to pay high processing costs. Refinancing may cost thousands of dollars to process. For example, if you owe $20,000 in credit card debt and have to pay $3,000 to refinance, you will spend 15 percent of your credit card debt. This money can go toward paying off your credit card debt instead. While a home equity line of credit costs less to process, you must still come up with cash for the closing costs.
   
Risks

Because the new mortgage erases your credit card debt, you may be tempted to spend money using your credit card again. If you use a mortgage to pay off your credit card debt, you effectively convert the unsecured credit card debt into a secured debt -- your home loan. If you then can't afford to pay your mortgage, you may lose your home in a foreclosure. The Motley Fool website recommends that you continue to pay off your credit card bills regularly, at least until you pay off your mortgage.

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Secured Credit Cards Are a Great Way to Rebuild Credit

Secured Credit Cards are a good way to help build or rebuild your credit rating.

Whether you have not yet built your credit rating up or if you have had your share of obstacles which caused your credit rating to go down slow or take a complete dive, you can still obtain a credit card. When you think of secured cards, you may ask yourself, "Why bother?"

It may be your only alternative at this moment in your life and can be a step in the right direction.

A fully secured credit card can be a better alternative than a partially secured card because of the amount of finance charges you will have to pay on what you charge can be drastically different. One card issuer recently offered me a partially secured credit card in which I had to make a $95 security deposit in order to access the $300 credit limit. They also charged a $95 membership/application fee and a $29 fee for my second user card, which was charged to the bill decreasing the available credit even more. When I received the partially secured credit card with an outrageous yearly membership fee and second user card fee of $29, I find that their interest rate is 49.9% for the first year and will drop (provided you don't miss a payment or go over your credit limit) to 39.9%.

The following list of fully secured credit cards can be obtained and you can get a much lower interest rate on these cards. Feel free to apply and secure your new card or cards with your initial security deposit and pay your bill on time and always pay more than the minimum. Some card issuers will eventually offer you a non-secured credit card once you have proven yourself credit-worthy which is a perk in itself:

Applied Bank® Secured Visa® Gold Credit Card
Guaranteed Approval Regardless of Your Past Credit History
9.99% Low Fixed APR - Your Rate Won't Change Even if You Are Late
Choose Your Credit Limit - From $200 to $5,000
Highest Ratings for Financial Strength and Security in the Country

Platinum Zero® Secured Visa® Credit Card from Applied Bank®
ZERO - 0% FIXED APR on purchases - No Intro Rates!
ZERO - 0% Rate Won't Change - Even If You're Late!
ZERO Application Fees
ZERO Worries - FREE Personal ID Theft Protection

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How to Use Personal Loans to Pay off Massive Credit Card Debt

If you have massive credit card debt, you should know that you're not alone. Millions of individuals around the world are suffering with overwhelming credit card debt that is threatening to pull them under. If you're looking for a solution, here is some information on how to use personal loans to pay off massive credit card debt.
  
Instructions:

1.  Gather All Credit Card Bills. The first thing you need to do is gather all of your credit card bills so you can determine exactly how much money you will need to pay off your credit card debt. Make a list of each credit card, the balance owed on the card and how much the interest is. Once you have gathered every single bill, add up the balances so you will know exactly how much credit card debt you have.
      
2.  Speak with Your Bank or Credit Union about a Personal Loan. Depending upon your credit history, loan history or debt to income ratio - you may need collateral for a loan. Speaking with a representative of your local bank or credit union will help you determine whether this is needed or not. Explain to them how much you need and what you can offer as collateral if needed. When you are told how much you are approved for, you can further determine how to use the money to pay off your credit card debt.
      
3.  Create Priorities. You may or may not be able to receive a loan that is high enough to cover all of your credit card debt. If not, you will need to create priorities. Look again at your list of debts and pay special attention to the cards with high interest rates. They should be paid off first. Pay off the credit cards that you can - paying the highest interest cards first. This will help you save money in the long run. You will have only one payment (the loan) rather than several and most likely it will be a fixed rate rather than a variable one.

4.  Pay Off Your Credit Cards. Now that you've determined which credit cards to pay off, or if you will be paying them all off, you need to do a few extra things. Send the money in a money order or check so you will have proof of the transaction. If possible, send the money certified mail so you will receive a receipt when the mail has been signed for and delivered. Also, send proof of the payoffs to all three major credit bureaus. These are TransUnion, Equifax and Experian. This will help insure that the information makes it onto your credit report and that the credit bureaus are aware that you've paid the debts off.
      
5.  Cut Your Credit Cards in Half. Okay, so this is an optional step, but it's important to learn how to manage credit cards. It's all to easy to end up overwhelmed by credit card debt again and be back in the same situation you were in to begin with. Consider credit counseling or something similar to empower you and give you knowledge about credit concerns.

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