In this economy so many people have seen their credit card balances rise due to increased fees and interest rates. If you have fallen into the trap of credit cards and want to clear away outstanding balances that keep growing, now is the time to act. Citicorp and other financial institutions while seeking help from the government plan to raise credit card fees in order partially to recover their losses. If you are able to, now is the time to negotiate your balances and reach a settlement to pay any remaining credit card debts. Oftentimes, you can negotiate a settlement of your bill and reduce it by half to two-thirds. This means that if you have had an outstanding credit card balance that continued accruing interest and late fees despite non-usage, you can reach a settlement with your debt collector or credit card company to rollback that amount that you have to pay. Markdown Mom suggests getting in contact with them to reach a final settlement figure, plus at the same time negotiate with them to expunge any negative credit reports and improve your credit rating. With the current economic downturn, companies are hurting for cash, so now is the time to act especially if you have been avoiding your mailbox and phone calls from debt collectors. Further they would rather receive partial payment than for you to completely default and pay nothing at all. Make sure that you are dealing with a legitimate entity, better yet, go directly to the credit card company rather than a debt collector to limit your liability–remember, if there is a way to scam and make a dishonest buck, criminals will find a way. Then when you are done, destroy the credit card and make a vow to either pay in cash, put on layaway, or go without.

Secondly, you just found a money order that you had issued, but changed your mind and did not send it. Is it still good? Well, one would think that since you paid cash for the money order that it would be similar to a certified check rather than a personal check. Not necessarily so. Many companies are not honoring their money orders if time has elapsed since the date of issue, even without any condition listed as to conveyance. Check with the issuer of the money order, your bank or credit union, to establish if the money order is subject to any time limitations.

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