Can't Afford Vacation?

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

Some Great News from a Client!

We received some great feedback from someone who is now debt free! Please read on… "I want to personally thank you. You, along with your company have helped me turn my life around. I first called you on a dismal spring day back in 2007 on the verge of bankruptcy and beaten down. With your help I am now on the rebound, I am now the proud owner of a house, good credit once again and still on the rise. I could not have done it without you guys. I am elated with the service and results you have helped me achieve. I have referred a few people to your company. Gave your card to a couple of people in need of...

Posted on Dec 01, 2011

Layaway. Is It Really a Good Deal?

It is an amazing thing to see this holiday season – the restoration of layaway. Back in 2006 Wal-Mart stopped offering layaway saying that, as most consumers had access to credit cards, it just wasn’t necessary or profitable. Now they’ve brought it back, but only for big ticket items like electronics, jewelry and some toys. Sears (and Kmart) are back on the layaway scene as well. Sears’ advertisements tout your ability to put anything on layaway. Just pay a $5 fee and 20% down on the items and in eight weeks you can take the merchandise home. So is layaway really a good deal? Well let’s do some calculations. I found a child’s bike on sale for $99.99. To put...

Posted on Nov 06, 2011

Medical Debt - A Series of Financial Tips

Major medical bills usually come as a surprise to many people, and these days, the surprise can be a big one.  Today’s tough economy has driven many Americans deeper into debt.  All too often, households are forced to pay their bills with credit cards just to make ends meet, and according to the Federal Reserve, our nation’s revolving debt totals nearly $793 billion.  So when unplanned medical bills come in, they can force a family budget to get out of balance. In an effort to help individuals and families successfully manage medical bills, we are going to dedicate the next six blogs to ideas for managing those expenses. We will cover six tips that highlight ways to reduce costs and to...

Posted on Oct 03, 2011

What does debt consolidation really mean?

When someone searches for debt consolidation on the internet, they are generally looking for a way to get out of debt. Debt Consolidation actually describes consolidating all of your unsecured debt into one loan at a single interest rate so that you will pay only one payment a month to one company. The question is – is this a good option for most consumers who are weighed down by a lot of debt? These very people tend to have a high debt to income ratio, may be behind in making their payments and so will tend to have a low credit score. This does not stand them in good staid for qualifying for a debt consolidation loan at a reasonable...

Posted on Feb 20, 2011

We Need Guidance - Can You Help?

Q: Regarding our credit card debt. We want to get our debt in order, and I told my husband I’d start looking at alternatives to help bring some sense/sensibilities to our situation. We’d like someone to guide our “two person team” to help us make that happen. Our challenge: We live in a rural area and traveling great distances is not easy on my husband. I also have a job with long hours (5 am – 5 pm) followed by 90 minute drive home. Is there any way using email and phone, to do 99% of this work using the technology we have? My husband can join by phone if needed for answers, but the lion’s share of knowledge and access...

Posted on Sep 23, 2008