Paul Bonnallie has been spearheading Success Architects League, a strategic management think tank, since 2006.   His specialties are in project management, consumer research and digital media as he remains at the forefront of emerging trends, particularly in the interactive and social spaces.  Paul leads the Project Management discipline and is our colleague most clients request to be assigned to their business. The reasons:  he is all over the details, schedules and business information needed by both sets of stakeholders, client and agency.  He has also developed a reputation for never allowing a date to be missed.

Mr. Bonnallie builds partnerships along the way so that the transfer from agency to client is a smooth transition without items being “lost in the cracks”.  Paul has also applied his research acumen to the real estate investment and development business having served as Senior Director of Land Acquisition for and Orlando based land investment firm.  His previous experience includes working in the corporate marketing department of a leading franchise services company where he focused on the operations side of the business, particularly recruiting and training.  His skill at logistics have made him an invaluable member of any team because of the number of client/agency contacts he coordinates, as well as the amount of information he transfers from one entity to another.

Bonnallie’s knowledge of marketing strategies and research technology is also academically well-grounded.  Paul graduated with a MBA in Management from the University of Massachusetts in Fitchburg.  His undergraduate degrees include BS-Mechanical Engineering, BS Business Management, and Accounting.  He has been awarded an honorary Doctorate Degree from LaSalle University in Cancun Mexico, for his work in the international market. His understanding of sales and marketing with a foundation in scientific research and detailed analysis brings unique insights to client projects.  Paul Bonnallie brings a wide ranging talent and experience that includes marketing and advertising, analytical problem-solving, statistical skills and research applications. Most importantly, Paul knows how to bring that firsthand experience to bear in solving complex business marketing problems. His skills have been honed over time with more than 25 years of practice working on major national and global brands.

Mr. Bonnallie is responsible for designing/executing research, as well as formulating strategy and brand positioning.  Paul has directed multi-office research departments and managed a multi-million dollar budget, concentrating specifically on advertising effectiveness and segmentation studies that changed clients approach to its targets.  Paul is the one you want at your side for heavy negotiations, mediations or analyses of the any situation.   He has been able to apply hus deep background in research and analysis within a sales-driven focus to identify key areas of opportunities for clients.   Paul Bonnallie has led projects in benchmarking and compensation analysis and has assisted in developing various proprietary practices of benchmarking complicated costing scenarios.

Paul Bonnallie embodies Success Architects with a client-centric vision that focused on strategic marketing; assisting corporations in building revenues profitably through smarter relationships with their agency partners and improving marketing organizational schema to optimize that result.  With a combination of marketing savvy and strategic disciplines, Bonnallie has created practice areas within the think tank that have solved some of Inc 500’s thorniest marketing problems. His reputation for “out of the box” thinking and benchmarking techniques has also helped him formulate varied consultative relationships in all categories of business   Mr. Bonnallie’s role is account management overseeing large account groups, complex client relationships, strategic marketing, and new business acquisition and contract negotiation.

As a well-respected business veteran, Paul Bonnallie has been recognized within the industry as the person “a client would most want on their business”.

paul@corp-success.com

http://www.corp-success.com

Paul Bonnallie Consumer Advocate – Avoid Credit Card Debt

You CAN Get Out of Credit Card Debt

You CAN get out of credit card debt. If you feel like your credit card debt has you backed up against a wall, there are steps you can take to get out of credit card debt. Managing your credit card accounts is the key to escaping from debt. No matter how irregular your income is, or how broke you are, it is better to face your credit card troubles squarely than to deny the problem. Take heart. Fortunately, in this country, no one is sent to prison for not paying credit card debt.

To get out of credit card debt, change the way you think about credit card debt. No matter how easy it is to get into credit card debt, borrowing should not be considered a way of life. Changing the way you spend money is the first step out of debt despair. In other words, you bring in a certain amount of money each month, and when it’s gone, it’s gone. Accepting that reality is the key to living a happier, wealthier life. If you are swamped, and want to get out of credit card debt, borrowing more money on your credit cards is not the best plan. Follow these steps to get out of credit card debt.

How Much Credit Card Debt Do You Have?

Before you do anything else with your credit card debt, list your financial obligations so that you know where you stand. Your list should include lender’s name, balance owed, rate of interest, late payment charges included in the balance and the minimum payment. Total up the credit card debt you owe and total all the minimum monthly payments.

How much credit card debt is too much? If your total monthly payments, including your home mortgage payment, exceed 36% of your monthly income, you’re carrying too much debt. Credit card companies are getting rich off of you.

The next step to get out of credit card debt is to prepare a baseline budget. A budget is a simple list of the money you need every month to meet your basic living expenses. Your baseline budget will include rent, utilities, car insurance, housing expenses like mortgage payment, property tax and insurance, costs to get to work, medicine, and basic food. The baseline budget total tells you how much money you need to live without any luxuries. It doesn’t include pizza, fancy food, dining out, clothing, impulse purchases, entertainment, vacations or cable TV. None of these things fit into a debt-reduction budget. Your lifestyle must be revised to include brown-bag lunches and value-priced groceries.

To Get Out of Credit Card Debt Make a Budget First

 

The purpose of the baseline budget is to remind you what you need to get by and how much of your take-home pay can be used to get out of credit card debt. Put your baseline budget into practice right away. The baseline budget is your first brave step to take charge of your money and get out of credit card debt.

To Get Out of Credit Card Debt Pay More Than the Minimum

You can get out of credit card debt if you make more than the minimum credit card payment each month. Living within your baseline budget will free up enough cash to make all the minimum monthly payments on your credit card debt. After you make the monthly payments, record the new, lower balance on your list of debt. Always make your credit card payments as soon as the bill comes, to avoid the exorbitant late fees and the interest on those late fees. If you pay more than the minimum every month, you’ll get out of credit card debt quicker and you’ll pay less interest.

After you’ve made the minimum monthly payments on each credit card, use the money you have left to pay off the most expensive credit card balance first. You could be paying interest as high as 28% on some cards. When the balance on the first credit card is paid off, you’ll have more money available each month to pay on the second highest credit card, and so on until your credit card debt is paid off. When you get out of credit card debt, try to pay off your car loans, bank loans and other debt. Apply all available cash to pay off the most expensive of these loans. Finally, pay off the debt with lower interest rates and income tax benefits, like student loans, and then your house mortgage.

To Get Out of Credit Card Debt Get Rid of Your Credit Cards

One of the easiest ways to get your spending and credit card debt under control is to eliminate your credit cards. Credit card debt abuse is one of the leading causes of consumer indebtedness. Eliminating credit cards from your life is a good step to control your spending impulses. Another step is to avoid any new credit card debt or loans. Taking out additional loans is counterproductive. This includes buying anything that will require future payments. You shouldn’t buy a new car or any other item on time. Even when stores offer terms like “no payments and no interest for two years,” you are, in-fact, making a loan.

Get Out of Credit Card Debt Negotiate Your Credit Card Debt Down

If your credit card debt includes hospital and medical expenses that you are unable to pay, ask the hospital for special consideration. Hospitals routinely waive payment for people who are in financial distress. You should call the hospital and the physician’s billing service. Be prepared to explain your circumstances, whether it is a lost job, lost insurance, or misfortune. Swallow your pride and ask for help.

Credit card companies will sometimes reduce your interest rate if you ask them. You can easily do this for yourself. Just call your credit-card company and tell them what rate you were offered in a mailer. Ask them to match that rate. Credit card companies will offer lower rates to keep customers who may be transferring their outstanding balance to another credit card company. Sometimes, customer service people are authorized to reduce your rates right there on the phone. But, if the first answer is no, ask to speak to a manager. You will have extra bargaining leverage if your payments have been on time and your credit history is clean. Be aware, if you authorize the credit card company to check your credit report, the credit card company might actually increase your interest rate.

Does your credit card debt include late payment charges? If those late payment charges resulted from conditions beyond your control, you can call and request that they be subtracted from the balance you owe, along with the interest that accrued on them. If the phone call doesn’t get results for you, write a letter requesting the same thing.

This online debt planner is provided to help you get out of credit card debt. It is easy to understand and use. It will help you with you manage your credit card debt. The credit card debt planner lets you choose the amount of your monthly payment, and tells you when your credit card debt will be paid off. The planner asks for the same information on the list you prepared in Step 1 above, that is, your amount of debt, the monthly interest rate and the minimum payments required. If you want to pay more than the minimum payment, decide how much you can afford each month. The planner will tell you when the credit card debt will be paid off and what your total cost in interest and fees will be. Before you consult a credit counselor, try to get out of credit card debt on your own.

The Online Debt Payment Calculator

 

You can get out of credit card debt by getting a personal loan to pay off your credit card debt. A personal loan from a bank will have a lower interest rate than your credit cards. The net effect is to reduce the interest rate you pay on the debt. If you are employed and you have reasonably good credit, you may qualify for an unsecured loan. The available interest rate, say 10%, will be much less than credit card rates, which can be as high as 30%. Resist the temptation to borrow more than you need to pay off your outstanding loans and credit cards debt.

Get a Personal Loan to Get Out of Credit Card Debt

 

Another way to reduce get out of credit card debt is to do a “cash-out” refinancing. If you have equity in your home, you have the option of refinancing your property for more than the amount you owe and using the extra cash to pay off debt. You will get lower interest rates on a home refinancing and you’ll pay less interest over time, but you’ll be stretching payments out over 15 or 30 years. The total interest cost over three decades can wind up being as much as the amount you borrow, and refinancing usually can be done only once. Remember that if you fail to make the required payments, you could lose your home. Resist the temptation to borrow more than you need to get out of credit cards debt.

Should You Refinance Your Home To Get Out of Credit Card Debt

 

Most people don’t think of it, but you can use your car as collateral for a loan. Then use the loan money to get out of credit card debt. The interest rate on a car loan will be much less than credit card rates. Of course, if you don’t make the payments, your car can be repossessed. If you are driving a newer car with an outstanding loan, it is likely that refinancing is not an option because the present loan balance already exceeds the value of the car.

Refinance Your Car to Get Out of Credit Card Debt

 

If your house is worth more than you owe on it, selling your house will give you cash in your pocket to get out of credit card debt. Selling your home is a hard decision, and not lightly made. Note that if you choose instead to file bankruptcy, you may be able to keep your home. Get professional advice when you consider this option for getting out of credit card debt.

Sell Your Home to Get Out of Credit Card Debt

 

If you cannot get out of credit card debt on your own, or you can’t keep track of your bills, contact a reputable credit counseling agency. Ask someone you know and trust to recommend an ethical, reliable one. For help finding a credit counselor, visit the website of the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling.

Credit Counseling Can Get You Out of Credit Card Debt

 

Before you sign up with for credit counseling, find out what they charge and if there is a cost for the initial meeting. Get their fees in writing. Many credit counseling organizations are nonprofit and will work hard to help you solve your financial problems.

But be careful when you use a credit counseling to get out of credit card debt. Just because an organization says it’s “nonprofit,” that doesn’t mean its services are free. Some credit counseling organizations charge high fees, or have hidden costs, or may lead you into further debt through bad practices.

A reputable credit agency can advise you on developing a budget and managing your money with free educational materials and personal counseling. Their counselors are certified and trained in the areas of consumer credit, budgeting, and debt management. They will discuss your entire financial situation with you, and help you develop a personalized plan to get out of credit card debt. Credit counseling can set you on a new path to better finances. But you are not going to get out of credit card debt overnight. You will still have to get control of your spending.

Debt consolidation means that you make a new loan, and use the money to pay off your existing credit card debt. The new loan will have lower monthly payments, which are easier to meet. But the new loan will take a lot longer to pay off, and it will wind up costing you a lot more than your present loans. You can use a consolidation loan to get out of credit card debt, and to pay off personal loans, home-equity loans, car payments, and, if necessary, mortgage debt.

Debt Consolidation to Get Out of Credit Card Debt

 

As you take steps to get out of credit card debt not to believe everything that’s advertised. Many ads for loan consolidation and credit services are misleading come-ons to bring in new business. You may be digging a deeper hole for yourself. Companies may not make the payments as they’ve promised. They may negotiate to lower the balance owed, but you won’t get the benefit. Meantime, their activities could lead to negative entries on your credit report. Be aware that these loans may require you to offer your home as collateral. So, if you can’t make the payments on time, you will lose your home. Also, the costs of consolidation loans usually include interest or “points.” One point is equal to one percent of the amount you borrow. You should know that some debt consolidators require that you give up your right to include these debts in bankruptcy. Your local bank is a reliable safe place to go for a debt consolidation loan.

If you have not been making the required monthly payments on your credit card debt, debt consolidation will not put any more money in your pocket. You still must take drastic steps to pay off credit card debt and live within your means. In order for debt consolidation to improve your financial situation, you need to break the debt cycle. Simply put, that means that you need to stop spending money that you haven’t earned yet.

A Debt Management Plan to get out of credit card debt is different from a Debt Consolidation Loan. The DMP is drawn up by a credit counseling organization to pay off credit card debt over a long period of time. The fee charged for a Debt Management Plan can be substantial. The DMP requires that you send the planners money every month and they will use it to pay off your credit card debt for you. They may also negotiate lower interest rates for you. Your monthly payment will also have to include their fee. Again, there are no guarantees. No one will look after your money like you can. You are your own best and safest money manager.

Will Debt Management Plans Get You Out of Credit Card Debt

 

Be sure to verify that your credit agency is informing you of the exact details of any agreements with your creditors. A successful DMP requires you to make regular payments that could last many, many years. Ask the credit counselor to estimate how long it will take for you to complete the plan. You run the risk that they might not do what they promise. And you will be worse off than ever. You may have to agree not to use or apply for any additional loans or credit while you’re enrolled in the plan. You have no guarantees that your interests are protected. Some agencies might not make the required credit card payments for you, so that they can negotiate down the amount owed and benefit themselves from this.

A Debt Management Pplan is not for most people who want to get out of credit card debt. Your best step is to have a certified credit counselor thoroughly review your situation and offer you personalized advice on managing your dept. Even if a DMP is appropriate for you, a reputable credit counseling organization can still help you in developing money management skills and creating a budget.

Debt negotiation is a different way to get out of credit card debt. Debt negotiation differs greatly from credit counseling and debt management plans. In debt negotiation, the agency will bargain down the amount you owe on your credit cards, possibly by threatening the bank with your default or bankruptcy. It can be very risky. Debt negotiation can have a long-term negative impact on your credit report and your ability to get credit in the future. Make sure that agency fees are less than the amount of debt relief they are able to negotiate. Ask an independent authority to review the agreements before you commit to anything.

Debt Negotiation Programs to Get Out of Credit Card Debt

 

When other methods to get out of credit card debt fail, personal bankruptcy is generally considered the debt management option of last resort. In bankruptcy, you do not have to pay off credit card debt. You can walk away from it. Bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, utility shut-offs, and debt collection activities. Bankruptcy also allows people to keep certain assets.

Bankruptcy to Get Out of Credit Card Debt

 

Be aware that the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years. After bankruptcy, it will be difficult to obtain credit, to buy a home, to get life insurance, or sometimes to get a job. Bankruptcy usually does not erase the debt you owe for child support, alimony, fines, taxes, and some student loan obligations. Still, it is a legal procedure that offers a fresh start for people who absolutely cannot get out of credit card debt any other way.

However you choose to get out of credit card debt, you must live frugally to solve your debt problems. You must change yourself, and your spending habits. Financial advice is expensive. Borrowing more money is also expensive. You are the best person to take control and manage your money.
Original Article at  http://www.surfersam.com/articles/credit-card-debt.htm

After You Get Out of Credit Card Debt