How to Get Rid of Credit Card Debt Legally
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How to Get Rid of Credit Card Debt Legally

Odyssey News

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How to Get Rid of Credit Card Debt Legally
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does credit card debt suck? Most of us are not immune to the evils of credit card debt. We experience it at some point in our lives.

We typically find ourselves in credit card debt when we don’t know any better (and don’t understand the cost of high-interest debt) and/or when we were struggling financially for some reason. Some of us had not saved enough to weather prolonged financial recessions and turned to credit cards to make up the difference.

When you finally get up or stand up and realize that you need to pay off this credit card debt, depending on how much you have, it can seem like a pretty daunting task.

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Here are some helpful tips to help you reduce your credit card debt and to help you avoid more debt in the future.

Coming up with strategies to legally eliminate credit card debt

1. Listen to Dave Ramsey

Dave Ramsey will motivate you to pay off your debts. Period. It’s the man with the seven-step plan that can really help you get your debt reduction plan in motion. It has a daily radio show and podcast that you can access.

 

2. Create a credit card debt reduction plan

Credit card debt is usually the worst type of debt we have in our portfolio of liabilities. But in reality there may be something worse there. It is good to have a general debt reduction plan and see where your credit card debt takes priority. Should I be attacking this debt first?

 

3. Know which credit card to pay first

Should I pay the card with the lower balance first or with the higher interest rate? Take the time to understand the difference and make the decision for yourself. If you only have a little credit card debt, it won’t make much of a difference. But for large balances, this can be worth your time.

 

4. Post a debt payment schedule on the refrigerator

Where your stomach is, so will your mind (or something like that). Focus on your payment plan by placing it front and center.

 

5. Think twice before cutting your cards

Cut the cards and swear credit for good deeds for some people, but not for me. I have found a silver lining to credit cards. And really think long and hard before canceling your credit card account. This can negatively affect your credit score.

 

6. Consider getting help with your credit card.

If you’ve tried everything and are still struggling to pay off your credit card debt, I encourage you to seek help from the right people.

Be careful. The credit counseling industry is full of scammers and fraudulent people.

Avoid these types by going to the National Foundation for Credit Counseling and find one of its members, a Consumer Credit Counseling Service.

Here’s an additional breakdown of the various (non-DIY) options you have when it comes to getting help with your debt.

  • Credit counseling- With counseling, you pay your debts on your own, you only get financial advice to help you organize your budget and put your finances in line to stop incurring debt and start paying it off. The risk here is that you can pay for the information in the counseling sessions that you can get for free. Another risk is that it won’t work for you because you need more support through the process.
  • Debt Management- Where the debt relief company actually takes your money and pays your debts for you. I guess the advantage here is more responsibility. The risk here is that, again, you would be paying for a service that you can do for free yourself. Another risk is that high fees are charged by the debt company.
  • Debt settlement – When the debt relief company calls creditors on your behalf and negotiates a settlement of your credit card debt for less than what you owe. This is done because your personal financial situation is in a bad place. The risks involved here are many. To get into the position of paying off your debts, you really need to be significantly behind on your payment. Therefore, the debt company might encourage you not to pay, which ruins your credit but allows you to pay off your debt. The risk of overpayment is also high here.
  • Bankruptcy- If liquidation is not possible for some reason, then the last straw is filing for bankruptcy.
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Do you like the idea of ​​an application that helps you get rid of debt? You can apply for the services of the Pay Off Debt app to help you get rid of your credit card debt. Alternatively, a new app called Tally will help you manage your credit card debt payment with the help of its technology and a line of credit.

Account Price The world’s first automatic debt manager that makes it easy to save money, manage your cards, and pay off your debts faster. Get Tally  We earn a commission if you click this link and make a purchase at no additional cost to you.

Take steps to legally eliminate your credit card debt

7. Pay off the high-interest balance first

If you are a big problem, consider paying off your debts by tackling the card with the highest interest rate first. Then move on to the next card with the highest interest rate. This will help you pay less interest over time.

 

8. Pay the smallest balance first

If you need to be motivated by a quick profit, consider using the debt snowball approach. Take advantage of your small victories and destroy your credit card debt one at a time, starting with the smallest. There is a great psychological advantage to using this plan of attack.

 

9. Put your credit cards on ice

Literally, put your credit cards in a cup or bowl of water and put them in the freezer. You will still have your emergency card (s), but you will not have it in the store or easily access it for online purchases.

 

10. Eliminate other expenses

If you say you can’t make payments with your credit card but you haven’t gotten too tough yet, I have no mercy on you. Determine the minimum level of spending you need to provide your family with food and shelter. Then eliminate all other expenses. With this newfound money, you should find it easier to pay off your credit card balances.

 

11. Become a Freegan

Along those same lines, consider becoming something of a freegan (a person who tries to use only free products and services). You don’t have to change your entire life forever, but it will surely help you get rid of debt if you can dedicate most of your extra income to debt reduction. Using free products and services will only help you do this.

 

12. Sell your trash

Chances are, at least some of your credit card debt is made up of things lying around your home that you no longer use. To speed up your credit card payment schedule, bring in some extra cash by selling your stuff on Craigslist, Facebook, eBay, or a site like Decluttr.

Also, consider having a garage sale for even faster cash.

 

13. Increase your income

If you don’t have junk to sell and are serious about reducing your debt, consider hiring a second job or find a way to earn extra money to really help with your finances. Use the additional funds to reduce your credit card debt much faster. Once you are done, you can leave the second job. If you get a bonus at work or find some unexpected money somewhere, use those funds for your debt as well.

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I invite you to take a look at some of my money making interviews and also use up all the other resources you have to generate other income ideas. Take this extra income and use it to pay off that old debt.

 

14. Call your credit card companies to negotiate a better rate

If you don’t mind sitting on the phone for a while, call your credit card company and talk to them about lowering the interest rate on your card. By lowering your interest rate, you are reducing the amount of money your credit card company is adding to your debt each month. All of this takes a few minutes of your time. The worst thing they can do is tell you no.

Tips Keep a competitor card in mind when negotiating. If they resist, tell them that you will probably switch to using a different card and that you will pay for this one. This will likely cause your rate to drop.

 

15. Transfer your high-interest balance

If your balances and interest rates are large enough, consider transferring your credit card balances to a card with a 0% promotional interest rate. Be aware of transfer fees, which could negate any interest savings you experience. Also, be careful not to use this new card as an opportunity to spend more.

While this doesn’t eliminate your credit card debt, it does help lower balances; All while paying less interest. This is not a method to be used by the undisciplined, but it can be a wise move. You can move the debt that is on a card that charges high interest to another credit card that will not actually charge you interest for a certain period of time.

The only reason I bring it up is that I did it myself in 2002 when I was paying off my own credit card debt.

A new version of this method can be achieved with the Tally app and your line of credit. Learn more about Tally here.

Account Price The world’s first automatic debt manager that makes it easy to save money, manage your cards, and pay off your debts faster. Get Tally We earn a commission if you click this link and make a purchase at no additional cost to you.

 

16. Observe your spending obsessively

Are you obsessed with controlling your expenses? You may need this additional motivation to help you avoid future debt and to provide additional room in your budget for rapid debt reduction. Track your expenses with software like Personal Capital, or consider zero-based budgeting.

 

17. Track Your Debt Reduction Progress Visually

Once you’ve started implementing your plan, make sure it’s written down and posted somewhere in your home so you can see it every day. Make sure it reflects your progress when you start paying off your credit card debt.

You may also want to put something in your wallet with your cards if you haven’t already put them on ice.

What have you struggled the most when it came to paying off debt? Any other strategies that you have found effective in finally getting rid of your credit card debt?

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FIA inquiry: MNA withdraws case against ‘business partner’

Madison Franz

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FIA inquiry: MNA withdraws case against ‘business partner’
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KARACHI: Pakistan Peoples Party MNA Dr. Mehreen Bhutto has finally struck a compromise with a businessman after a falling out during which the MNA registered a fraud case against the latter for fraudulently declaring her partner in a business venture. The MNA is already facing FIA inquiry into assets beyond means.

According to the official documents (available with The News) PPP parliamentarian Dr. Mehreen Bhutto along with her three brothers is facing an inquiry from the Federal Investigation Agency (FIA) about accumulating wealth beyond known sources of income that included partnering with a travel agency. Bhutto had lodged a fraud case against her business partner, his spouse and other family members.

MNA Mehreen Bhutto lodged an FIR at Clifton Police Station, Karachi, on August 4, 2022, against her business partner Asadullah Shaikh, his wife and other directors of M/s AAA Travels for enlisting her as one of the directors of the business without her knowledge and consent and blamed them for misusing her CNIC, passport and other documents. Bhutto in her FIR quoted a news story published in ‘The News’ on August 4, 2022, to claim that she came to know through a news report that she was a director at AAA Travels and claimed it was all done without her explicit knowledge. She also claimed that she neither signed any document nor received any benefits from the company.

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The case was sent to the Court of Civil Judge and Judicial Magistrate-V, Karachi South, Mazhar Ali for trial, where after some hearings the judge accepted the compromise application filed by MNA Bhutto by informing the court that a compromise has taken place with her ‘rival’ group. During the pendency of the trial, the accused Asadullah Shaikh told the court that the case against him and his family was fake and was registered using her political influence. He told the court that MNA Bhutto was a willful partner who regularly received monetary benefits but disassociated herself from the business when the FIA started an inquiry against her. The court approved the settlement on Tuesday, November 15, 2022.

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The FIA initiated the inquiry in 2019 against the PPP MNA when in 2014, a complaint was filed against MNA Mehreen Bhutto and his three brothers alleging mega corruption. During that period, despite many notices served under Section 160 of the Criminal Procedure Code (Cr.PC) MNA Bhutto did not appear before FIA, Sindh, Zone-II. Following the application of out-of-court settlement in October, MNA Bhutto and her three brothers appeared before the enquiry officer FIA-Sindh Zone-II and recorded their statements.

This reporter approached MNA Bhutto and her business partner Asad Shaikh for their versions, called at their cell numbers, and then sent them detailed text messages at their WhatsApp number but till the filling of this news story, both avoided responding.

 

 

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IMC raises Toyota vehicle prices

Madison Franz

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IMC raises Toyota vehicle prices
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KARACHI: Despite the low cost of import on account of the rupee’s recovery against the dollar in the last one and a half months, Indus Motor Company (IMC) has increased prices by Rs190,000-700,000.

In the last week of September, one dollar was trading at Rs240 but it plunged to Rs214-215 after Ishaq Dar was made finance minister.

IMC, in its letter to the authorized dealers, said the vendor cost of production has significantly soared due to economic uncertainties and inflation in the raw material cost. In addition, uncertainty in currency fluctuation, and increase in utilities and other overheads have also impacted the cost of manufacturing.

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The new price of Toyota Corolla 1.6 CVT and 1.6 CVT U/S is Rs4.979 million and Rs4.789mn, up by Rs190,000 and Rs200,000, respectively.

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Hilux 4×2 standard, U/S, Deckless, 1.2TR, 4×4, and III Standard now carry a price of Rs5.959m, Rs5.989m, Rs5.529m, Rs5.739m, Rs7.879m and Rs9.069m, showing a jump of Rs400,000-620,000.

Published in theodysseynews, November 19th, 2022

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Wood, timber import: certain conditions suspended

Madison Franz

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Wood, timber import: certain conditions suspended
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ISLAMABAD: The government has suspended import conditions for certain categories of timber and wood till March 31, 2023 on the request of All Pakistan Timber Traders Association (APTTA), sources close to Secretary Commerce told Business Recorder.

Sharing the details, sources said, the conditions for import of plant and plants materials including timber/ wood had been incorporated in Part-IV of Appendix-B, Import Policy Order (IPO) 2022 on the recommendations of Department of Plant Protection (DPP) of Ministry of National Food Security & Research.

The conditions were (i) Import Permit (IP) issued by DPP, (ii) SPS certificate issued by National Plant Protection Organization (NPPO) of the exporting country, and (iii) Plant Protection Release Order (PPRO) issued by DPP.

According to Commerce Ministry, Karachi Timber Merchant Group had approached Commerce Ministry requesting to extend the date of implementation of conditions of import permit and plant protection release order for the import of timber and wood falling under PCT Codes 44.01 to 44.09, as provided under Sr. Nos. 385 to 44O of Part-IV of Appendix-B, IPO 2022.

The sources explained that the conditions could not be met for the already arrived shipments because those consignments were supplied against contracts entered into months ago. Consequently, the Federal Government, in light of the decision of ECC of the Cabinet and its subsequent ratification by the Cabinet, suspended operation of Import Policy provisions contained in Sr. No. 386 to 44O of Part-IV, of Appendix-B, Import Policy Order 2022 from the date of issuance of IPO, 2022 to August31, 2022.

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Timber, wood: Import conditions under IPO suspended

All Pakistan Timber Traders Association had again approached the Ministry with the request to suspend the import conditions and restrictions on wood and timber in tariff classes 44.01to 44.09 for all the “Bills of Lading issued until June 30, 2023”. The APTTA argued that any decision made in haste would destroy the entire wood business sector (H.S Code 44.01 to 44.09) causing damage to a large number of industries that rely on wood as a basic raw material including the construction industry which was connected to 45 to 50 other industries.

Ministry of Commerce maintained that in order to facilitate the import of wood/ timber, it is requesting the government to direct the DPP to review the conditions for import of wood and timber and bring them in conformity with the international best practices so that the import of wood and timber was not subjected to unnecessary and cumbersome procedures.

Ministry has proposed that the date of implementation of IPO 2022 regarding import of timber and wood falling under HS Codes 4401 to 4409 (Sr. Nos. 386 to 440 of Part-IV, Appendix-B, IPO 2022) may be suspended till June 30, 2023, i.e., for the Bills of Lading issued till June 30, 2023 or formulation of the procedure by the DPP whichever is earlier.

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Ministry of National Food Security and Research (MNFS&R) supported the proposal; however, with the condition that no further exemption would be supported after June 30, 2023 and that the import condition in Import Policy Order and Plant Quarantine Act, 1976 and Plant Quarantine Rules, 2019 would be enforced in letter and spirit after 30 June, 2023. It further required that the importers of timber should be advised to plan future imports, accordingly.

The sources said the Economic Coordination Committee (ECC) of the Cabinet recently approved the proposal of Commerce Ministry and decided that the date of implementation of IPO 2022 regarding import of timber and wood falling under HS Codes 4401 to 4409 (Sr. Nos. 386 to 440 of Part-IV, Appendix-B, IPO 2022) shall be suspended till March 31, 2023.

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