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If someone has negative credit or a few blemishes, they may be tempted to use a credit repair business to help eliminate damaging information from a credit report. However, it is a risky gamble for a consumer to take. American Financial Solutions Director Becky House offers tips and advice on using a credit repair business to clean up bad credit. Seattle, WA April 20, 2012 Having good credit has become as much of an asset in today’s society as owning gold and property were 100 years ago. With good credit people pay less in interest on major purchases, may pay less for insurance and do not have to worry about potential credit checks by employers. Credit repair businesses offer consumers a way to...
Posted on Apr 20, 2012
Reporting Time on Your Credit Report; Debt, Collections and Judgments
There is often confusion about whether paying on old debts will keep them on your credit report for a longer period of time. Concern about doing further damage to your credit report can prevent people from paying off debts and moving forward financially. There are two time frames to keep in mind when dealing with unpaid debt and knowing what they are can mean the difference between paying off debt and living years with negative accounts on your credit report. Two time factors impacting debt repayment: How long the item can remain on the report How long a creditor or collection agency has to sue you over the debt (statute of limitations) Under the Fair Credit Reporting Act, most debts can only be reported...
Posted on Apr 16, 2012
Seattle, WA - March 21, 2012 For many service members, transitioning from the military back into civilian life means leaving steady employment and entering into a world of employment training, job interviews or enrollment in ongoing education. In an effort to streamline this process and create pipelines for Vets into employment opportunities American Financial Solutions Partner Development Director and SHRM Washington State Council Workforce Readiness Director, Audi Ritz presented at Senator Patty Murray’s Employment for Veterans meeting in Tacoma. Several representatives, including those from the Washington State Department of Veterans Affairs, gathered to discuss employment resources and support for the anticipated 80 thousand returning troops. According to Ms. Ritz, all parties recognize the need to have services available to help veterans successfully...
Posted on Mar 23, 2012
Is Rent-to-Own a Good Deal? Only if You Want to Pay Double
Today someone asked me if I really felt it was a bad idea to use rent-to-own furniture stores. While I understand that they seem like an easy way to purchase items you may not be able to because of credit issues, doing so can stretch your finances beyond anything reasonable. Let’s look at a real example. The television below is being sold and marketed by a national rent-to-own furniture store. Buy it now using their store financing and you will pay over $3,000. That is more than double what it is selling for at other electronic and department stores. Sony 55” LCD TV (model KDL55BX520) – retail price between $1,100.00 and $1,399.00 Amount per week Time Amount paid Pay via rent-to-own $29.99 104 weeks $3,118.96 Save and buy in cash $29.99 51...
Posted on Mar 14, 2012
A Quick Guide for Consumers on Credit, Debit, and Prepaid Cards from the FDIC
From the FDIC Below is a great guide developed by the FDIC. Use this guide to understand the difference in protections you have when using different types of credit, debit and prepaid cards. Credit Cards Debit Cards Prepaid Cards What it is A credit card is a loan. A debit card is linked to your bank account and is issued by your bank. There are a variety of prepaid cards, including "general purpose reloadable" (GPR) cards which carry a brand of a card network (such as Visa or MasterCard) and can be used where that brand is accepted. Payroll cards and gift cards are two other types of prepaid cards. How it Works When you borrow funds using a credit card, you must pay the money back. You may...
Posted on Mar 07, 2012
IRS Releases the Dirty Dozen Tax Scams for 2012
IR-2012-23, Feb. 16, 2012 WASHINGTON –– The Internal Revenue Service today issued its annual “Dirty Dozen” ranking of tax scams, reminding taxpayers to use caution during tax season to protect themselves against a wide range of schemes ranging from identity theft to return preparer fraud. The Dirty Dozen listing, compiled by the IRS each year, lists a variety of common scams taxpayers can encounter at any point during the year. But many of these schemes peak during filing season as people prepare their tax returns. “Taxpayers should be careful and avoid falling into a trap with the Dirty Dozen,” said IRS Commissioner Doug Shulman. “Scam artists will tempt people in-person, on-line and by e-mail with misleading promises about lost refunds and free money....
Posted on Feb 16, 2012
Shopping for Valentine's Day Gifts
NFCC PRESS RELEASE For Immediate Release February 6, 2012 Contact: Gail Cunningham (202) 677-4355 - direct (240) 672-2700 – cell gcunningham@nfcc.org EXAMINE WHAT LOVE IS NOT BEFORE SHOPPING FOR VALENTINE’S DAY GIFTS NFCC Promotes Responsible Spending Washington, DC – Cupid will likely try to convince shoppers to put their good financial judgment aside this Valentine’s Day, and instead don heart-shaped financial blinders when shopping for that special gift. The National Retail Federation estimates that consumers will spend $17.6 billion during this one holiday, or $126 per person, up 8.5 percent from 2011. “This spending will certainly be a nice boost to the economy,” said Gail Cunningham, spokesperson for the National Foundation for Credit Counseling (NFCC). “However, consumers who are already in financial distress, or on the cusp, should not feel...
Posted on Feb 10, 2012
Today a woman in my bank came in to ask for an increase in her credit line. Why? She wanted to go on vacation and didn’t have enough money. The shocking part was the banker’s response. “How about we open a loan to pay off your credit card, and we can give you some additional money to use for vacation.” This manner of managing debt has baffled me for a long time. I understand the arguments that: The loan may have a lower interest rate You consolidate payments into one monthly payment However, it seems like a gamble for many more reasons. The woman in the bank needed a credit limit increase because her credit card was maxed out. Many people who call for...
Posted on Jan 04, 2012
New Year's Resolution Involve Debt? Get Some Helpful Tips
Is managing debt on your list of New Year’s Resolutions? If so, you are in good company. According to Time Magazine, reducing debt is one of the top ten resolutions made every year. Why is it such a popular goal? Probably, because dealing with debt can feel frustrating and overwhelming, which may make it harder to successfully eliminate or make progress on the bills. So, how do you productively manage and eliminate your debt? There are several options and they all involve some of the same, initial steps. Know what you have and where it goes (budget) For many people the word budget makes them cringe. However, it is the biggest, most important aspect in debt repayment. Compare your expenses to your...
Posted on Dec 13, 2011
6 Inexpensive Ways to Celebrate the Holidays
This time of year, the urge to feel happy and help others be happy by giving gifts can feel overwhelming. Yet there are many things you can do to celebrate the different holidays and they do not have to cost a lot of money. 1. The Home Tree. Many years ago when my children were growing up, money was in short supply. We could not afford to buy a Christmas tree, so we made one. I used construction paper (glued together) to make the body of the tree. Then I printed some ornament shapes I found online and the kids cut them out and colored them. We zigzagged our lights from the previous year across the tree and – VOILA! A...
Posted on Dec 11, 2011
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