Leadpile’s Blog

The economy is bad, and consumers are needing help with their mortgages and debt. Leadpile realizes this, and so does our advertisers/lead buyers. There are loan modification and debt companies out there looking to help more consumers. Leadpile is looking for those people to be matched up with our advertisers to provide these services.

Leadpile Lead Exchange makes it quick and easy for lead publishers.  Here are the offers you can get up and going in minutes.  This is a great way for these consumers to fill out the required information, and be matched up with those that can provide the service to them!

Every time you check out at a retail store, do you recognize the statement, “would you like to save 10% on today’s purchase?”

You are getting asked this at all your favorite retails stores, because they are looking to have you open a new store credit card.  This is something that is enticing you to potentially save some money on that current purchase.  Who doesn’t want to save money, so many consumers choose to accept the offer.  However, do you know when you answer “yes”, that is giving that company to pull your credit and potentially affecting your credit score?

Any time anyone applies for new credit it affects your credit and it also affects your overall outstanding bills you are now going to have to pay.  Are these things that you think of when making that split second decision to say, “yes I would like to save 10% with that new credit card?”  According to bankrate.com, there are some pros and cons to retail credit cards.

Pros
• Promotions, discounts and other perks.
• Helps build credit history.

Cons
• High interest rates.
• Low credit limits.
• Lowers your credit score.
• Another spending temptation.

Once consumers have these sorts of credit cards and all other types of credit cards, it creates a potential financial hardship if there is a life changing event (ie- job loss, pay reduction, loss of spouse etc) that could put a consumer in a tough situation. Debt consolidation and debt settlement companies are great services to look into if you are buried in the debt. Leadpile Lead Exchange works a lot with these lead types, and I have to say in recent months there has been a lot more activity in those verticals. This tells me that too many people said “yes I would like to save 10% on this purchase”. Think before getting that next new credit card!

The new year is here and there still is a credit crisis that Americans are trying to figure out how they are going to get through. Many of my other posts talk about credit and ways to know your financial situation, therefore you know what you are getting into with any “new” loans etc. One way some get through these problems is with a payday loan/cash advance. Payday loans get a lot of negative publicity because many feel they are not an “appropriate” way to get out of a temporary situation. Each consumer has their own way of fixing their financial situation, but I thought this quote was pretty interesting in regards to payday loans (Payday Pundit).

How much debt a person has does not determine whether a payday loan is a good idea for them. If the loan enables them to repair their car so they don’t lose their job or saves them from eviction, then it’s a good idea even if they owe a million bucks. And it’s also a good idea even if it just saves them a few dollars in alternative fees that they would otherwise have to pay. People know their individual circumstances and are in a better position to know if a loan is good for them than the lender or any government formula put together by activists and politicians who want to pride themselves on how they are protecting us from ourselves.

Every loan is a gamble on the part of both lender and borrower, and nobody can ever guarantee that any loan can ever be repaid. If both the lender and the borrower mutually agree that the transaction is likely to further their interests, then who are you or any government agency to tell them that they can’t engage in it? If the lenders are tricking people into expecting one thing but delivering another that of course is deception which should be stopped, but apart from that, BUTT OUT, MAN!

If lenders have a responsibility to investigate the finances of people who apply for loans to make sure they can afford them then so do all other merchants and service providers. Is that the kind of society you want to live in? When you are the one who has to get government permission to purchase a product or service then you may feel differently about making politicians our parents instead of our servants.

The holidays are here and more and more of us are getting more and more in debt trying to prepare.  The unfortunate thing is many consumers were already in a bad situation with their debt, and now the holidays are going to add to the mess.  There are various options out there to help consumers with their debt situation. Debt consolidation, debt settlement and credit repair are a few services that help consumers with resolving their debt situation.

Debt Consolidation:  Working with a company that helps you consolidate all your credit cards into one payment.  A lot of companies can even work with the creditors to pause any future late charges or excess fees from being added to the current balance.

Debt Settlement: Working with a company that works with the creditors to get balance settlements.  A certain percentage of the total debt amount is paid, versus the whole amount and the balances continuing to get larger.

Credit Repair: Working with a company to help educate and direct you in the right direction regarding your credit.  There is a lot of information to know about your credit report and how to really optimize getting the most of your credit report.

According to Consumers Affairs, here are some things that determine if you need help with your debt:

There was a recent report by Channel 15, that brought up a study done by Vanderbilt University. In this study it pointed out, “Payday loan customers who are approved on their first application are more likely to file for bankruptcy than those whose initial applications are denied, according to a study out of Vanderbilt Law School. ” I am not sure I understand where this is going as far as trying to point out a bankruptcy filing rate with those that took out a payday loan. The people that could not get a payday loan probably did not qualify for the loans because of some sort of income issue or other specific requirement the payday lenders require. I would think this sort of individual had more potential of falling behind and contemplate bankruptcy, don’t you think?
Leadpile Lead Exchange has been generating payday loan leads for some time now. Blaming or relating  bankruptcy filing rates to those that have taken out a payday loan, and not those that have been approved for one, just does not make sense to me. Does this also mean that someone who took out a new auto finance loan is more likely to file bankruptcy, versus someone that applied for an auto finance loan and was denied? There are people that have a lot of outstanding past due debt that I would say is more of a correlation to filing bankruptcy, versus someone who took out a payday loan.  Those that did not manage their debts properly, had an expected loss of job, or those that had a major financial change in their life are more of a cause of someone filing bankruptcy. Payday loan = bankruptcy?  Payday loan = what else?

Credit cards are a way of life for most Americans. According to Time.com, in the last 10 years credit card balances have gone up 75%, yet consumer’s wages have gone up only 4%. Increased balances and the number of credit cards consumers have, has allowed credit card companies to reap the rewards for years.  These credit card companies have always survived in tough economic times because they were able to generate lots of revenue from things such as late fees, however more and more consumers are now facing charge off. The charge off rate for default consumers is expected to reach 10%, which is double what the rate has been for the past 10 years. If there are more charge offs, that means credit card companies will be in the RED, because defaults/charge offs will far surpass the revenue they are bringing in from things such as late fees. So, what does that mean will happen?
In the case of American Express, they just became a bank holding company in order to receive some low cost funds and a piece of the $700 billion bailout. In the case of Citigroup, they layed off 10,000 employees and will begin imposing higher interest rates on it’s 54 billion cardholders. With other credit card issuers, there is bound to be some increased interest rates passed down to the cardholders and increased fees. The only way to really avoid the effects of these credit card issuer’s hardships, is for consumers to manage their money better where they avoid any additional late fees and also look at not incorporating any new debt. The only option I can see is looking at debt consolidation or debt settlement to avoid getting in a deeper hole. Leadpile Lead Exchange generates a lot of debt leads where consumers need help and need help now. Hopefully, they can ride the wave before any sort of credit card “bubble” bursts and they are affected in an even worse way.

Citigroup announced it is going to be helping some of it’s mortgage customers from going into foreclosure.  According to NPR News, Citi will be lowering mortgage payments on more than 100,000 people who have not yet fallen behind. They said they are looking at getting some sort of similar assistance to those people whose loan they service, but do not own. Other major lenders are also rolling out assistance programs to it’s customers to help try and help control more foreclosures from happening.  Some mortgage customers who are paying their mortgage on time, say what can Citi do for them for being a “good” paying customer?  This is a legitimate question, however at this point if Citi lets more people go in foreclosure, then this will hurt our home values and economy EVEN MORE!  We don’t want that.

My question is why did it take this long to roll something out like this? Shouldn’t this have been something the major lenders offered before we got to this point?  Some are still asking who is to blame for all this hardship in our economy and mortgage industry, however at this point it might be best to just get the economy headed in the right direction first. Wasting time on trying to place blame is something that Americans need to avoid, and instead focus on how we can get the economy headed in the right direction. Citi and these other mortgage companies, I do commend for helping to start getting the ball rolling!

Leadpile Lead Exchange comes across all sorts of consumers is all sorts of financial situations every day.  However, the number of people submitting requests for foreclosure, loan modification, debt consolidation are increasing dramatically.  These consumers need help and we are going to help in any way we can, just like Citi and these other mortgage companies are trying to do.  Everyone contributing to this resolution, will help us ALL get headed in the right direction.

You are probably saying why is a lead generation company talking about how to save money. Well, just as most financial companies come across those that are financially strapped, so does Leadpile Lead Exchange. We see the consumers that are really needing that payday loan or who need debt assistance.
Therefore, I thought I would share this article I came across on MSN.com.

10 ways you can potentially save $500:

1. Drive less
*The cost of gas and maintaining a car can be very costly. Use carpooling or public transportation.
2. Buy your own coffee or energy drinks instead of stopping each day
*The cost of a Starbucks coffee is at least $3.00 and energy drinks at your local convenience store are about the same. Buy your own coffee and energy drinks in bulk from the grocery store.
3. Conserve energy at home
*Increase your temperature you keep your home at while not there and also while at home. Adjusting it just a degree or two saves a lot of money in your monthly electrical bill.
4. Do your own landscaping
* Pull your own weeds. It is a nice way to stay active and save a lot of money.
5. Think twice about getting that new pet
* Taking care of a pet requires a lot of time and also money to maintain. This is an added expense that should be done when discretionary income is higher.
6. Consider buying store brand products around the house
* All grocery stores have their own store brand products. Some are better than others. However, trying the different variations will save a whole lot of money.
7. Limit internet, cable, and other media costs you have in your home
* Do we all really need 100s of channels to watch. Most Americans watch the same channels on a regular basis. This can be very costly if you don’t keep it to a minimum.
8. Sign up for any reimbursement plans available at work
*Find out if your employer has any sort of carpool reimbursement, tuition reimbursement and other programs they offer for their employees. This could save a lot of money on things you already do.
9. Eat in
* This is one of the biggest expenses we all incur, and also a place where we can save a lot of money by limiting how much we are eating out.
10. Pay at least minimum payments on credit cards to avoid future credit card fees
*Not paying your minimum payment amount leads to added fees from the credit card company, but is also affects your credit which makes your credit score go down. When you credit score goes down, that causes you to either not be able to get a loan or have to pay more to get the loan.

It is easier said than done with these items, however making a good effort to save here and save there will allow consumers to cut back on their monthly costs.

Now might be the time to go out and get your new GM auto. According to MSNBC, the employee discount promotion will not be extended past the end of this month. If you are wanting any type of GM, now would be the time to go out and get it and save some money! The discount was saving some consumers anywhere from hundreds to thousands of dollars on that new car. This promotion has been going on since mid August, however sales are still down from the year before. Fortunately, it has allowed GM to have less of a “slump” compared to Ford and Chrysler.
If you are a consumer who is wanting to get that new auto NOW.. Let Leadpile connect you with dealerships in your area. Go to my loan and debt website to get matched up with an auto dealer.
If you are a publisher or advertiser, we would love to work with you here at Leadpile Auto Lead Exchange to connect consumers with dealership near them!

How many of you read the fine print at the bottom of your credit card or loan applications? I know I don’t always do that, and I am learning that maybe we ALL need to pay closer attention to the fine print of agreements we sign. The reason we want to make sure and do this is with a practice called “universal default”. According to Bankrate.com, if you are late to ANYONE (lenders) you have the potential of having your interest rate adjust really high, potentially affecting your payment amounts, and maybe even affect your credit. Bankrate states that the complaints about this happening is increasing because more and more customers are feeling the affects of it. In years past some credit card companies and lenders would not implement this practice. However, with tougher times affecting all businesses, they are resorting to “old” practices such as universal default.
An example of this would be if you had a debt owed to creditor A, and you fell 30 days late on it. Creditor A could call up creditor B to inform them that you fell behind on their debt. Because of what creditor A said, creditor B (who you are currently paying on time) could increase the interest rate you are being charged. This is legal because of the tiny print in your creditor agreement where it talks about universal default. Basically it gives the creditors a right to adjust the interest rate on any of your creditors if you are 30 days or more late on another one. In years past this provision was in loan agreements, but not always enforced.
Word to the wise….. read all the fine print and ask lots of questions before doing any new loans or debts.
Leadile Lead Exchange can help those customers that maybe get in the situation where they get behind on their accounts, because of situations like this.

Today I was not surprised to read that CNNMONEY.COM reported that due to the housing markdowns, and the effects of the mortgage industry, GMAC Financial will close 200 retail offices and lay off about 5,000 employees.  According to the article, they anticipate the lay off to be about 3,000 employees by the end of this month, and another 2,000 by the end of the year.
Layoffs like this one, is one of the reasons why the unemployment rate is at the highest peak ever. More and more Americans are loosing their jobs and finding themselves more in debt.  The mortgage industry is facing a downturn, however at the same time I know there are still many companies that are doing well. These companies are trying to take advantage of the new “creative” programs to close loans.  Mortgages will always exist, therefore certain companies will make it through this period with a bumpy road and then be around another 20 years!

What do you think in regards to the Market?  How long do you anticipate it being before it gets better?

Leadpile Lead Exchange needs Credit Card Processing leads. If you are generating credit card processing leads, bring them in our marketplace.  Honestly, everyday I’m having a new advertiser sign up DEMANDING this lead type. It’s the new lead type that will sell! Think about it for a quick sec…… Who in this time of age does not have a credit card? Some teens might not have one, but even they are getting them younger and younger.  It makes logical sense for every business out there to accept credit cards. What I can not believe is that many new businesses do not accept credit cards.  This could be affecting their revenue. Overall, when businesses accept credit cards, their sales should be higher.  Reality is most people would rather charge a purchase versus pay cash.
Credit Card Processing companies are really targeting these businesses that do not currently accept credit cards.  This makes perfect financial sense in the fact that the business gets the credit card machine, and the credit card processing company makes a sale!  Now evaluate all the new home based business seekers that are working from home. There are millions of them in the U.S. currently. Is it a good business decision for even these types of businesses to plan on accepting credit cards?  Possibly not, depending on the type of home based business they are doing.

Great lead type and I need leads!  We are currently generating Credit Card Processing in our lead exchange, but NOT ENOUGH to fill in our demand! If you have them………… bring them over!