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Factoring Absolves Your Credit Card Debt

By Kristin Gabriel

Republish: EasyPublish™
Published: 27Aug2011
Word count: 625
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If you are in a small business then you may have some debt issues these days, given the economic situation since the recession. And if you do owe money, chances are some of it is credit card debt. Here is the question: Have you heard of the Fair Debt Collection Practices Act (FDCPA)? This group can help protect you if you're being harassed by debt collectors.

The FDCPA can help you if the same debt collector has and continues to call you multiple times; if a collector ever threatens you with any action, legal or otherwise; if a creditor bothers you while you are at work; or if they ever contact a spouse or anyone other than yourslef regarding your credit issue.

If you are in debt, it is really important to begin making all credit card payments on time. Today some of your bills may still come via mail, as opposed to online, while some bills are on auto pay, and others are digital payment programs. When you get the mail, sort through it and separate out your bills, then immediately place your pending bills in a basket, or file folder marked "Bills to Pay" or "Pending Bills." Keep them together in one spot; open them and place the payment envelope up with the date of when the bill is due marked visibly on the back of the envelope.

Next remember to periodically look at these due dates. Set a remoinder note on your desk or flag it on your computer calendar. Make sure to designate several regular days per month to review and pay your bills - say the first or the fifteenth, then make sure you sit down at your desk to pay them, with your checkbook(s), a pen, stamps, tape, a stapler, envelopes, a calculator and return address labels.

Always use your check register or use a financial spreadsheet or even software on your computer to record payments. Place all of the paid invoices and your receipts into a file folder. Once you pay your bills, mark your copy or section of the invoice with the date the bill was paid, the amount paid, and if you want, the check number. File each into the tagged pocket of your bill paying folder- insurance, credit cards, rent, utilities, office supplies, etc.

And remember, if you need a little extra cash to pay all of your bills, there is an alternative solution that might help, called invoice factoring. A factoring services company can cash in your accounts receivables for extra cash when you need it. Factoring is a great way to help get you and your business out of debt. And don't forget, debt collectors are allowed to contact you regarding a debt, and the telephone calls alone can be enough to drive you crazy. With your own business you can simply factor one invoice at a time with a factoring company, and then save this money and pay off some of your credit card debt. You might be able to eliminate calls from debt collectors altogether!

Credit Cards for Poor Credit

Once you are caught up, and bill collectors are no longer contacting you, if you want to build your credit, and need to get another card, here are some things to consider. Unsecured and secured credit cards for those with poor credit are easy to get, due to the risk of you defaulting. But once you make punctual payments, your bad credit history will start to get better. This would enable you to apply for more mainstream financial products with better interest rates.

Kristin Gabriel works with The Interface Financial Group (IFG). (http://www.ifgnetwork.com) The factoring company provides short-term financial resources serving clients in more than 30 industries. IFG offers expertise in invoice factoring, accounting, finance, law, marketing and banking.

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