Nonprofit Credit Counseling and Debt Consolidation

Over the last few months credit card companies have begun to send out notices to their customers on how new credit card rules will affect them.

They may look like junk mail – clean, blank envelopes that may not catch your attention. But you should open them and read them carefully!

It is important to read these notices because they are probably a direct result of the federal Credit Card Accountability, Responsibility and Disclosure Act of 2009 (CARD Act 2009) that will take effect February 22, 2010. Read more...

Credit Cards

If you're drowning in credit card debt, take a step back look at your day-to-day spending habits and then re-assess them. Knowing your weaknesses could help prevent you from falling further into debt and show you a light at the end of the tunnel. Chase Peckham, Director of Community Outreach at DebtWave Credit Counseling, a nonprofit Credit Counseling company, says, “Consumers who are living with debt often make very common financial missteps, most of which they can overcome with discipline and spending behavior changes”. Here are some of the most common mistakes people make with credit cards. Read more...

While all engaged couples dream of married bliss, finances can often be the number one problem in marriage and a leading reason for divorce. We suggest that as couples mull over which fine china to select, where to honeymoon or even where to live, they also talk about their current financial situation, future financial goals, and attitudes toward spending and saving. Read more...

The crime of identity theft is on the rise.  Recent surveys show there are currently 7-10 million victims per year, greatly exceeding earlier estimates.  Using a variety of methods, criminals steal Social Security numbers (SSN), driver's license numbers, credit card numbers, ATM cards, telephone calling cards, and other pieces of individuals' identities such as date of birth.  They use this information to impersonate their victims, spending as much money as they can in as short a time as possible before moving on to someone else's name and identifying information. Read more...

Recently a potential client had some questions about life insurance policies.  He is a young newlywed with a baby on the way and didn’t know much about life insurance in general, his specific needs, or how to choose a company.  In light of that conversation I thought it might be helpful to highlight “10 Things to Know About Life Insurance” this month, and “10 Ways to Save on Life Insurance” next month.  Here are two websites that may also help you with your life insurance needs: www.life-line.org and www.lifeinsurance.net/education. Read more...

The weather is getting warmer, the days are getting longer, and millions of kids everywhere are anticipating the most exciting time of the year- SUMMER VACATION!!!  Here are a few suggestions to keep you and your family active without destroying your budget. Read more...

With the dog days of summer just around the corner, here are some tips to stay cool and more importantly save money.  These tips and many others can be found on the U.S. Department of Energy’s web site at www.energysavers.gov. By implementing these tips you can save enough to go on a weekend getaway or pay down debts with the extra cash. Read more...

Holidays are fun, crazy, daunting, tiring and of course, expensive. Here are some easy tips to enjoy any holiday without being stressed about money and maximizing the opportunities retailers have to offer.

Getting started. Create a realistic budget and shopping list. List the people you plan to buy gifts for and the type of gifts you plan to buy. Including the cost of gift cards or cash gifts will help you create a thorough budget. Don’t forget to include holiday travel, extra food, greeting cards, and postage in the budget. If it relates to the holiday season and it costs money, be sure to add it. By being proactive, you may be able to avoid the headache that could come with post-holiday debt or a “holiday hangover” whatever that holiday might be. (Always a good idea to apply budgeting and shopping lists to everyday life as well.) Read more...

The holiday shopping season is here and people will flock to local malls and shops. Black Friday, as it is known, starts it all off and will be sure to have a wide array of bargain prices and great deals. Beware, that the credit card balance can creep up on you even when you are bargain shopping! You may get great deals, but you also may buy more than you intended and those purchases can add up. Read more...

1. Sites such as MSN Autos, GasBuddy.com and GasPriceWatch.com list gas prices in specific areas across the country.  A 25-cent difference means you pay $5 less for every fill-up of a 20-gallon tank, but sometimes the disparities are even greater.

2. Take the time to check your car's tire pressure each month. Under inflated tires reduce fuel efficiency by 2% for every pound they are under inflated. Under inflation also causes premature tire wear giving your tires a shorter use life. Consult your owner’s manual to find out your car’s optimal tire pressure (usually 32 lbs.) Read more...

There are many different ways to increase your disposable income or spending money.  One of the easiest ways is to limit the amount of money that you spend on utilities and household maintenance.  Here are some easy money-saving tips that don’t require much time or effort: Read more...

During tough economic times, many people and organizations rely more heavily on the generosity of others. Sometimes our own financial situation can make it difficult to give to charities. The following are some simple ways to make a difference in the lives of others without emptying your wallet. Read more...

Sporting events have traditionally been a big part of America’s past time. They provide great entertainment for both adults and kids.   

Here are some ways to save money when going to your favorite sporting events.

1. Ask about family nights.  Many organizations offer tickets, parking, hot dogs, and drinks for a family of four for a reasonable price.  The seats aren’t always the greatest, but the family time and the atmosphere is what counts. Read more...

What is debt settlement/negotiation?

Debt settlement /negotiation is the process of negotiating with your creditor(s) to accept a partial balance of the total money you owe on your unsecured debts.

When is debt settlement the right choice?

Debt settlement is an option for someone who is more than 90 days delinquent (behind) with their payments and cannot afford to make their minimum payments on their own or through a Debt Management Program.  Most creditors will sell off the debt to collection agencies (“charge off”) after 180 days for pennies on the dollar and write the debts off as losses for tax purposes.  Credit card companies typically do not negotiate debt settlement when the debtor is current. Why would they? If you have been paying as agreed, in their eyes, you can afford the payments. Read more...

Tip #1: Get Pre-Approved for a Home Loan

One of the most disappointing things a homebuyer can face is to find the perfect home and then lose it because they couldn’t get financing. Why put yourself through that frustration?

Before even going to look at a home, meet with a loan officer or mortgage broker and find out what type of mortgage you qualify for. The loan professional will review your personal income and other financial factors and advise the mortgage amount you would qualify for. This way, you only look at homes in your price range. Read more...

Financial education is the first line of defense for active duty members and their families. There are many things to organize before deployment. Whether you are rapidly deployed or have some time to plan, the following tips will help you and your family.

Build an emergency savings fund: The fund should contain three to six months of living expenses. Include at least $2,000 extra to deal with car repairs, plumbing leaks and other unexpected bills. Read more...

The new school year is upon us and soon many high school graduates will venture into a new segment of their lives, the college years. In addition to adjusting to the heavy course loads and assignments, students must learn to handle their finances in a mature manner by using good judgment and smart spending habits. The following tips can help college students adapt to their new lifestyle in a financially smart manner. Read more...