Posts Tagged ‘SYD Financial’

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Credit Card Interest Rates- Skyrocketing or Getting Capped?

Thursday, November 19th, 2009

The Senate defeated legislation in May that was introduced by Senator Bernard Sanders to cap most credit- card interest rates at 15%. Consumer groups are saying the interest rates have worsened since that failed vote, banks are trying to boost rates up to 30% in advance of the new rule, to take effect in February 2010, requiring banks to give consumers 45 days notice of a rate increase. Sanders plans to reintroduce his proposal to cap rates at 15% and predicts having more Senate support this second time around.
Consumers are disgusted with the credit card companies as the government just bailed them out with consumer money and is now charging the consumer again with the higher interest rates. Consumers are getting hit on both sides by the credit card companies. Is this fair to the hard working American trying to make ends meet? I think not!

Give us a call at 866-364-9161 today and let SYD Financial work for you against the credit card companies

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Syd Financial provides options for cash-strapped consumers desiring to avoid declaring bankruptcy

Wednesday, November 11th, 2009

With a financial industry background spanning nearly 20 years, Union, New Jersey-based Syd Financial wants to empower cash-strapped consumers with information and options before considering other financially-devastating options, such as bankruptcy.

With offices in cities including Miami and Atlanta, I asked senior vice president Jordan Rolband about some misconceptions about the Debt Settlement industry and was pleasantly surprised with what I heard.

Having come directly from the mortgage industry as an officer of a firm producing over $40 million monthly at its peak, Rolband reveals he isn’t too surprised at the financial calamity we currently face.  Beginning in 2006, Rolband explained that banks which once adhered to regimented, strict mortgage underwriting criteria all of the sudden began to add products that – like their sub-prime-based competitors – no longer required  a down payment, verifiable employment and income, minimum credit thresholds and at least 5% in the form of a down payment.  Many of those same once-vanilla banks also began to offer exotic mortgage products that did not require even the full interest payments monthly, and the bulk of those loans were not held by the institutions making them, adding to the risk-taking fervor creating the financial crisis we face currently.

In asking about some of the misconceptions of the industry, Rolband was quick to address widely held sentiments that aren’t aligned with what he sees daily.  “Maybe the subprime crisis is over, but we still have 5/1 ARMs that were issued in 2006 which won’t adjust until 2011.  When they do adjust, borrowers will be looking at interest rates that could well be % higher than what they were accustomed to paying.  Given that most of them are upside down in their loans, they won’t be able to refinance, which creates a frightening new house-of-cards!”

Asking about clarification on statistics widely quoted in the media, he was also quick to dispel some of those inaccuracies as well.  “You’ll often read that the average household has $8000.00 in credit card debt, but our average client comes to us with over $38,000.00 in credit card debt.  While we are obviously dealing with a narrower base that is inherently more cash-strapped than the average U.S. household, the official unemployment rate is just under 10%, and between newly unemployed individuals coupled with mortgage interest rate resets, I expect that $38,000 figure to vault still higher.”

Questioned about his perceptions of the future of the Debt Settlement industry, Rolband was less eager to volunteer too many specifics.  “In early December, the FTC is going to have their third series of round table discussions focusing on protecting consumers in the area of debt collection, litigation and arbitration.  After the round table is held, I’ll be in a better position to forecast what I would reasonably expect in the way of trends and options going forward,” stated Rolband.  “The FTC is clearly motivated to arrive at standardization and uniformity within the industry, and I support those efforts.”

Responding to my request to offer final sentiments that convey what the industry offers and how it might be something you or a family member want to consider, Rolband simply stated “Debt Settlement is certainly not for everyone.  Just because you have a lot of debt doesn’t mean that you should be speaking to people within my firm.  But Debt Settlement is certainly something those facing a job loss, a severe and costly medical condition or a variety of other reasons that make it virtually impossible for them to pay back a debt.  In those cases, we want consumers to know we are here and happy to hold their hands every step of the way.”

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Question

Saturday, October 17th, 2009

Can bank of America set aside any more funds to negotiate credit card debt. If you are out there reading this- the time is now to settle with BOA. SYD

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Get Help Today!

Monday, October 12th, 2009

Do you or someone you know have more than $10,000 of unsecured debt? Finding it hard to meet your monthly payments? Let us help you today!
With our help, you can lower your monthly payments, make principal payments instead of interest and penalties alone and become debt free in 2-3 years or less!! We can also help you to raise your credit score with our credit repair program.

Referring a friend?  Receive a referral gift card for each person you refer that signs onto the program!

Call us today and find out how! 866 364-9161 www.sydfinancial.com

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What is Debt Settlement?

Friday, October 9th, 2009

Debt settlement is a process through which an individual eliminates all the unpaid debts to the creditor. This is a wise decision to take when you feel you are stuck in debts from all quarters unable to make payments on time. Debt settlement companies help to align and organize the finances. They put a check on it and even bargain with your current creditors for a good settlement plan.

Debt Settlement Company puts an end to multiple unsecured debts and consolidates all of them into one. This way the payment becomes much easier and lower with low rate of interest. Debt settlement really seems to work well with monthly payment reduced by 30-40%.

Debt settlement services usually deal with the unsecured debts when the creditor does not have any collateral that they can lay claim on when you fail to make the due payments.

Professional debt settlement companies set up payment plans according to your resources of income and repayment capacity keeping your lifestyle in mind all the way. Hiring a debt settlement company in time will help you to get out of debt and bankruptcy kind of situation. 50% or more of the debt is negotiated with the creditors bringing the repayment amount very low.

You finally attain financial independence, peace of mind and tend to lead a more balanced lifestyle. The biggest emotional benefit is the stop of harassing phone calls from the creditors.

Making minimum monthly payments will take years to pay back. Simply hire a debt settlement company and solve your entire debt related problems professional and planned manner.

Call SYD Financial today at 866 364-9161

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Hundreds of Thousands of Americans Dealing with Damaged Credit Scores

Monday, October 5th, 2009

For hundreds of thousands of Americans, 2009 was a year when their credit score suffered serious and lasting damage.

That’s because more than 1 million bankruptcies were filed in the first nine months of this year, according to the American Bankruptcy Institute, which reported a total of 1,046,499 such filings during that time period this year.

That was said to be the highest level since 2005, when Congress passed a bankruptcy reform law that made it harder for many people to file. Bankruptcy stays on one’s credit score for 10 years.

Bankruptcy is likely to become an even more serious problem in the future, with former Federal Reserve chairman Alan Greenspan making news over the weekend with his appearance on ABC’s This Week, where he predicted that unemployment rate would end up above 10 percent.

Greenspan also indicated that an eventual upswing in jobs is likely, although the overall conditions currently point to what will be a slow economic recovery.

A 10 percent unemployment rate has long been predicted by various economists as the recession drags on, although last week’s figures showed only a fractional increase, from 9.7 to 9.8 percent for the month of September.

An increased unemployment rate is also bad news for credit card companies because it means that over time they may find themselves forced to write off more accounts at a time when pending government reforms will already take a bite out of the ways they currently boost their profits, such as through punitive interest rates and late fees.

Elsewhere, a new Associated Press analysis of 3,100 U.S. counties provides further reason to expect a slow and difficult recovery. According to that report, 39 percent of the nation’s counties show signs of being economically distressed, down from 41 percent in both June and July.

Call SYD Financial today at 866 364-9161 and let us help you!

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The Number of Americans Filing for Bankruptcy is on the Rise

Thursday, October 1st, 2009

A recent study found that the number of Americans filing bankruptcy is on the rise as credit card companies are raising interest rates and consumers are finding it impossible to keep up.  Bankruptcy filings in the US now exceed 6,000 filings per day!! Reputable debt settlement companies, such as SYD Financial, can help consumers to avoid becoming part of that statistic.  One reason for that is credit card companies are willing to negotiate and settle off a portion of the total debt owed instead of getting nothing if the consumer files bankruptcy.

Debt settlement provides consumers with a two to three-year plan to get out of debt without the 10-year plus stain of bankruptcy on their credit report. Bankruptcy also is time-intensive and can be difficult to apply for, if a consumer even qualifies.

To illustrate debt settlement as a growing choice over bankruptcy, the industry returned more than $2.2 billion in consumer debt last year. In addition, more than $500 million in settlement funds saved by consumers are available to credit card companies today.

Give SYD Financial a call at 866 364-9161 today!

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The Differences in Credit Programs Available Today

Tuesday, September 29th, 2009

Debt Consolidation

One of the most widely known credit card debt relief programs in existence is debt consolidation. Simply put, debt consolidation is the process of combining multiple existing loan payments into a single, more manageable monthly payment. A debt consolidation company has the expertise and knowledge to work with multiple lenders and extract more favorable terms. The end result is is a program and monthly payment that you can afford.

Pitfalls

Credit card debt is unsecured debt. There is no collateral tied to it. If you were suffering a financial hardship and could not for a time or for the foreseeable, future pay your credit card bills, you could be subject to harassing phone calls from the credit card company and collection firms. You could also be sued for repayment of this credit card debt. Lawsuits over credit card debt depend on many factors including:

•Whether or not there is a co-signer on the account(s) which the credit card company can pursue
•The length of time at your current job for a long period of time or not
•Age of the customer
•Total dollar amount of the debt owed
These factors and other determine whether a credit card company decides to pursue a lawsuit against a customer that has defaulted on credit card debt. But generally, credit card issuers are usually willing to work with their customers towards repayment of the debts owed.

However in the case of debt consolidation loans for homeowners, you are essentially exchanging unsecured debt for secured debt. And this security almost always comes in the form of a home equity loan. If a consumer goes down the road of a credit card debt consolidation loan, and it is in the form of a home equity loan, and they do find themselves unable to make their new payments at some time – they risk losing their home. Therefore, for debt consolidation to work and be successful, you must have reached a point where you are on sufficiently stable financial footing to be able to continue to make your new payments – because the stakes are high.

Consumer Credit Counseling

If you are in a position where you find yourelf beginning to slide down that slippery slope of credit card debt, then consumer credit counseling can be extremely beneficial. Credit counselors are able to analyze every aspect of your finances and budget. Based on this in-depth evaluation they can craft a personally tailored strategy for paying down credit card debt.

One of the key methods employed by credit counseling is the creation of a personal or family household budget. In order to understand and follow the money trail it’s important to lay down on paper or on an Excel spreadsheet every expense that comes up. Seeing in black & white how much is being spent and on what every month can be a real eye-opener. Those gourmet morning coffees surely add up, as does dining out, entertainment, etc.

A household budget designed with the aid of a skilled credit counselor can therefore be extremely beneficial for those whose credit card debt issues have not yet reached critical stage. And many consumer credit counseling services are in fact non-profit groups, so you can rest assured the credit counseling service has your best interest at heart.

Debt Settlement

A newer program and method of debt relief that has been gaining in popularity and getting much media attention of late is known as debt settlement. The program differs greatly from debt consolidation. For starters unlike debt consolidation which simply seeks to gain a lower monthly payment with a lower interest rate and/or extended payment terms, debt settlement works to actually reduce the principal that a consumer owes.

Here’s how it works. A cosumer will authorize a debt settlement firm to negotiate on her behalf with her creditors. Also known as debt arbitration or debt negotiation, this type of program can typically achieve reductions of debt as high as 50% to 75% off of the original amount(s) owed. What is even more amazing is that this reduction in debt is achieved without all the harmful effects of a bankruptcy filing.

Debt Relief Takes Time

Even a debt settlement program however takes time to complete and to eliminate one’s debt. Consumers in debt need to realize that their personal credit card debt issue did not arise overnight; it grew over time, typically several years. And it will take a few years to complete any debt relief program. The good news is that there are indeed many programs in which those who are struggling with credit card debt can use to their advantage beginning with today.  Call SYD Financial at 866 364-9161 for a free consultation today!

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Have You Been Affected by the Economic Slowdown?

Wednesday, September 23rd, 2009

We understand that financial difficulties are the leading cause of stress, depression and anxiety. Our goal is to help our clients get back to the beginning, giving them a fresh start and allowing them to be in control of their financial independence.
We accomplish this by taking an honest, informational approach to helping people find the best solution to their debt problems. We understand that debt settlement is not for everyone, so whether your goals are to deal with your monthly credit card payments and those creditor calls or to avoid bankruptcy or regain financial control of your life, we are here to help you access the right solution. Call us today to discuss your unique situation 866 364-9161

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Overdraft Fees

Wednesday, September 23rd, 2009

How fitting is it that the banks now are dropping their overdraft fees in what we would call excessive and overwhelming to the client. Doesn’t matter what the fees were or will be, just note it was absurd that if you overdrew your account by $.01 they charged you roughly $35 bucks in fees. How absurd? Pity party for the financial institutions. What do they do to make up for that lost revenue- you guessed- it increase interest rates on credit cards. Well, we dont have to be a genius to think that if someone overdrew an account it could be 1 of 2 reasons 1. simple mistake 2. dont have money in their account (which then becomes a legal situation as you cant write a check if money isnt available) so,  lets stay with scenario 2. These individuals obviously will not be able to afford their credit card and now with 10% higher rates, I say who cares about the bank. Do what’s in your best interest Mr./Mrs. client– SETTLE YOUR DEBT. Contact SYD today at 866 364-9161

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