Free Credit Report Repair Guide

The IRS is cracking down on some of the largest credit counseling services.
LAURIE KELLMAN from the AP reports the following:

“The Internal Revenue Service has canceled the tax-exempt status for some of the nation’s largest educational credit counseling services after audits revealed they exist mainly to prey on debt-ridden customers, Commissioner Mark Everson said Monday.”

For people in this industry or people who have used credit counseling this will come as no surprise. There are a lot of “sharks” in the water trying to take peoples money. Do a search online for Credit repair or debt consolidation and you will get many choices and many of those choices will be scams.

The IRS crack down validates much of what we have advised for sometime. Repairing your credit by getting out of debt is not easy and takes time, management, and personal responsibility.

The study took over 2 years and reviewed 41 companies. The other 740 companies will be reviewed for tax-exempt status. Nice to see the Federal Government standup for the little people.

Ok so you really want to make your Mother Happy? Why don’t you start attacking that debt and paying off your credit cards today? Show your Mom you are responsible and know the value of the dollar. Every dollar you pay off can at a later time be used to invest and earn interest. Your mother will be very happy to know you are building for your future. You should still get her the flowers. She is your Mother after all.

Plus you will get great satisfaction from earning interest rather than paying it.

Enjoy the day!

For the first four months of 2006 the number of bankruptcy’s declined to a 20 year low. Maybe the new laws imposed at the start of the year really are working to stop the number of bankruptcies? Not so fast in the courts are now seeing 2000 new fillings a day. This is up four times the filling in November 2005.

If you think your financial situation is touch check this out.

Tricia has 3 kids, 2 mortgages, 1 car payment … and a salary of about $31,000. While it’s not easy, she’s doing OK, thanks. Here are 15 lessons she learned the hard way.

You can find all 15 tips here, but here are a few of the highlights

Pay off debt weekly. Tricia has about $4,000 in credit-card debt on two cards. In addition to making the monthly minimum payment, she sends an additional payment each week. “Another good strategy is to add whatever interest you were charged that month to your minimums. Every little bit helps.”

Think different. “A big thing that’s changed over the last two years is the way I think of shopping and purchases. I used to be more impulsive. I’ve learned to ask myself: ‘Why do you need to buy that? Why does my kid need that?’ Give me a reason to spend the money. I’ve really learned the difference between necessities and luxuries.”

Never pay full price. “Clearance is my favorite word,” Tricia jokes. Her other trick for finding high-quality items at low prices: consignment shops. Now her daughter is a fan, too.