How to Choose the Best Secured Credit Card?

To choose the best secured credit card, you must determine what features are most important that suits your financial situation and budget and measure them against the costs associated with each offer.


Make sure to find out the application fees, finance charges, annual fees, accrued interest on the deposit, available line of credit and minimum savings deposit associated with the card.




Here are few things to look into a secured credit card before applying for it-

• Get a list of all the secured credit cards by contacting your bank, or credit union. You can also find it online at bankrate.
• All secured cards charge an annual fee. But this fee varies considerably with issuers. So, enquire about the fee beforehand. As why to pay a high fee when you can get a card for much less.
• Some secured credit cards charge an application fee, while some don’t. Don’t just go for the first offer you come across, but look for a card issuer that will process your application fee for free.
• Determine how much you can afford to put down as deposit. As applying for secured card require an amount to be deposited at first and this amount determines your credit limit. Choose one that fits your financial style and goal.
• Evaluate the interest rate before applying for a secured card. The rate may range from 9.9 to 20 percent. Keep in mind that as long as you make your payments in time, you won’t incur any interest fees.
• Many cards also charge monthly account fees and credit limit increases fees or to access your bill online. Enquire and find out for secured cards that do not charge for these services.
• After applying for secured card check that the card issuer reports to the credit bureaus. If they don’t or do delay in reporting to the credit bureaus, having the secured card won’t improve your credit.
• Frequently ask the card issuer how long it will take to qualify for an unsecure credit card. Secured cards charge higher annual fees and interest rates than regular credit cards. So, make regular timely payments, to migrate to an unsecured credit card as soon as possible, by 12 months or less. 

Debt Collection

A debt arises when one party (the creditor) loans money to another party (the debtor) with an expectation of being paid back at a later date (usually with interest). At times a person will find himself burdened with more debt than he can handle; however, all debts must be repaid according to the terms of the loan contract, even if economic hardships or other problems arise for the debtor! This means that a debtor who finds himself in an economic tough time should immediately:

• Contact each of his creditors and explain the situation.
• Try to work out a payment plan that, while different from the one originally agreed upon, will be feasible for the debtor and satisfactory for the creditor.
• Stick to it! Although creditors are usually eager to work with their debtors to solve problems, they may lose patience if a debtor often reneges on newly formed payment plans.
• Consider contacting a credit counseling service. This service works out a payment plan for the debtor, and distributes the actual payments to the creditors.

Other methods of dealing with debt include consolidating debt through loans or declaration of bankruptcy. These are steps with serious consequences and should be taken only after consultation with an attorney.
Although working toward a solution is advantageous for both sides, if a debtor (person who owes the money) fails to pay back the creditor (person who has lent the money), the creditor will likely take action to try to get his or her money back.
Dunning is the creditor’s practice of trying to encourage the debtor to pay back debts. This practice is entirely legal, except when the creditor:

• Calls the debtor at home more than two times in each 7-day period or at any other place in each 30-day period for each debt.
• Calls the debtor and does not identify himself or that he is calling on behalf of the creditor.
• Sends collection notices to the debtor that openly indicate/imply that the person is in debt.
• Tells anyone about the debt in hopes of intimidating the debtor into paying.
• Contacts the debtor directly when the creditor has been notified to communicate only with the debtor’s attorney.
• Calls the debtor outside of normal waking hours (approximately 8am to 9pm).
• Causes the debtor to be charged for long distance phone calls.
• Falsely threatens to take legal action.
• Threatens to use violence.
• Uses obscene language.

For telephone, gas and electric utility companies, however, some exceptions are made.

By: hcs harvard edu

What is a judgment?

A judgment is the official decision of a court at the completion of a lawsuit. Regarding a debt, a judgment will stipulate the amount owed. Once a debt has been reduced to a judgment it may be enforced through wage garnishment, garnishment of bank accounts or liens against property depending on state law.

wikipedia : Judgment (law)
A judgment, in a legal context, is synonymous with the formal decision made by a court following a lawsuit. At the same time the court may also make a range of court orders, such as imposing a sentence upon a guilty defendant in a criminal matter, or providing a remedy for the plaintiff in a civil matter.

In the United States, under the rules of civil procedure governing practice in federal courts and most state courts, the entry of judgment is the final order entered by the court in the case, leaving no further action to be taken by the court with respect to the issues contested by the parties to the lawsuit. With certain exceptions, only a final judgment is subject to appeal.
In some legal systems (particularly civil law jurisdictions), a judgment is not considered final until after appeals have been exhausted or waived.



Noun
The ability to make considered decisions or come to sensible conclusions.
An opinion or conclusion.
Synonyms
judgement - verdict - opinion - sentence - decision


Judgment

• an act or instance of judging.
• the demonstration or exercise of such ability or capacity: The major was decorated for the judgment he showed under fire.
• the forming of an opinion, estimate, notion, or conclusion, as from circumstances presented to the mind: Our judgment as to the cause of his failure must rest on the evidence.
• the opinion formed: He regretted his hasty judgment.