Resources
FAQ’s
Ask Chris
Chris is our resident guru in all things financial.
Is there any way that I can protect my assets from being taken?
The APG Financial Shield is a good place to start. Banks,
credit card companies and judgments from civil suits will
have to stand in line and wait while it is in place.
Can collection agencies garnish my wages?
Yes, they can. Protect yourself with APG’s Control Your Creditors.
What will happen if I am continually late in making my credit card payments?
Universal default will allow ALL your creditors to increase their interest
rates to as much as 35%. It may not jump that high the first time but
continuing to be late on any one payment will see them continue to
rise. They will also cut your credit line, possibly even then saying you
are exceeding your credit limit and tack on both late fees and over
limit charges which can add up quickly.
I am close to my limit on all six of my credit cards. How can I get additional credit?
If you are reasonably current with your payments you’ll probably continue
to get spam offers in your email. But is that what you really want to do?
An alternative is to enter the APG Shielded Circle® program where you can stop
making the monthly payments on those unsecured bills you don’t want to
pay then switch to debit cards which don’t carry interest charges.
Can I ever get out of debt making minimum payments on credit card balances?
Yes. It will take about 15 years for you to do so, assuming you make no
More payment. You’ll pay about 60% of your current balance in interest.
How do I know what bills to pay in order to “stay afloat”?
Bills that must be paid are things like your house payment or rent, your
car payment, plus all court ordered payments such as child support and alimony.
Aside from those, you have decisions to make. There may be some bills which
you want to continue to make, such as a doctor bill.
Should I go into my savings to make minimum payments on my credit cards?
Interest paid on savings accounts are rarely as much as one third what are
charged on credit cards. It makes little sense to use your savings for that.
Will credit card companies give me a “grace period” if I have a medical emergency”?
No.
I recently was laid off from my job. Do I have you continue to make credit card payments?
Only if you wish to do so. APG’s Shielded Circle® Program can provide alternatives.
My wife and I are having to use cash advances from one credit card to make payments on another. How long can this go on?
Sadly, this is a common problem and one which digs financial holes very quickly.
While you still have some breathing room, look carefully at the advantages of the APG Debt Sol® programs. You’re in a game you cannot win unless you understand how to change the rules in your favor.
How can I get these credit card companies off my back?
By paying them off. One way to do that is by using APG’s Shielded Circle® program which shifts the power from the creditor to you where it belongs. That can provide a financial shield to get you back on your feet financially while moving toward a debt settlement in your favor.
What kinds of replies should I use to respond to collection letters?
There is no blanket answer other than that ignoring them can only make matters worse. It depends on many factors, such as from where was it sent, how long it has been since your last payment, is it from the creditor, a bill collector, or an attorney? The responses to each may be unique.
Can I get rid of these collection calls that I am getting at work?
Yes, by informing the bill collector in writing that they can no longer call you there.
What can I do to repair my credit report?
You are entitled to a free credit report annually from the credit reporting agencies. Get your copy and read it carefully, then object to any adverse entry. An easier and more sure way of increasing your credit score is to allow the APG Shielded Circle® [program do it for you.
How did I get myself in so much debt?
You are exposed to more creditor advertising than you imagine. It is purely seductive. Some of us use our credit cards for everyday things like buying gas and groceries; some saw job cutbacks, accidents, or illnesses. Our balances didn’t get paid off every month so the balances grew. Then we missed a payment deadline by a day or two or we applied for another card, or one of the dozen other factors involved in Universal Default caught up with us and all our interest rates began to climb. The minimum monthly payment increased, stretching our budgets even tighter so we were a few days late on another payment. That caused a hefty late fee to apply which triggered another increase in the interest rates on all our payment. It is that easy to let it get out of control. Before you realized it there was nothing you could do. They had all the power. Now, with APG’s Shielded Circle®, you have to ability to take back that power.
Will it take forever to repair my credit?
If you do nothing, perhaps from 7 – 10 years if you don’t have any additional “black marks” on your credit file. With APG’s Shielded Circle®, you are looking at 12 – 18 months.
What can I do about my credit before it goes bad?
Stop using credit and stay current with all your payments. Do not cancel any of your existing credit accounts and do not apply for more. Don’t take out any new insurance policies and pay at least 50% down on any car purchase. Make more than the minimum monthly payment on all your bills. Be acutely aware of due dates on all payments as some credit card companies have changed the due dates to the end of the month rather than the first . Their stated reason for doing so was to provide a later due date than the first of the month. This was a total smoke screen. It was actually a move to trick the consumer so they can add their very profitable late fees to your balance. Be certain to pay at least a week before every due date. Do not file any insurance claims, either for auto accidents or medical bills. Neither request a credit line increase nor decrease. Each of these points – and more – will result in Universal Default measures which justify interest rate increases and reductions in your credit scores.
