Debt Management Plan Blog
Suze Orman Debt Management Versus Debt Settlement
Posted on May 08, 2013
Survival Plan for Maintaining Financial Stability during Sequestration
Washington, DC – Sequestration is now in place, and along with it came a good amount of uncertainty, causing many Americans to wonder how they will be impacted. By some estimates, more than one million employees of federal agencies may receive furlough notices. Some workers are not adequately prepared to deal with a loss of income, even a short-term one. For those living from paycheck to paycheck or without significant savings, any income interruption is likely to put them over the financial edge. For example, consider the statistics below from the National Foundation for Credit Counseling (NFCC) Financial Literacy Survey: · Thirty-three percent of respondents admit to not paying all bills on time; · Thirty-nine percent have zero non-retirement savings; · Thirty-nine percent carry...
Posted on Mar 03, 2013
One of the sad realities of our economic situation today is that many people with good credit have found themselves in a frustrating and overwhelming cycle of debt. We often hear from our military service people that they are facing a reassignment or, even worse, release from the military due to serious credit problems. These can include having too much debt or owing on bills that are past due. Typically a service person, or a civilian employed with the government, will receive a letter notifying them that they are facing the loss of their security clearance due to financial issues. That letter is the first opportunity a military member has to address their debt problem. According to Ms. Wanda Rhea, a Department...
Posted on Aug 18, 2011
iPhone Apps and Droid Apps to Help You Manage Your Budget
Looking for a way to keep track of your finances on the go? There are plenty of new cell phone apps out there that allow you to track your spending, manage your bank account and get updates if your account balance falls below a certain level. Below I have highlighted three apps that are inexpensive and have great features. But before you snag one of these programs, let’s talk about what you want to look for when using a money management application. Security, security, security. If the app is going to access your financial accounts – credit cards, checking and savings accounts, investments, etc. – make sure that you must use a password to access the information. Integration. If you use...
Posted on Jul 26, 2011
Did you know 90% of AFS client’s said they came to us because they needed help with high interest rates? Do you? There are so many ways that a credit counseling agency may be able to help if you are struggling with your debts. Our clients, who have enrolled on a debt management plan, have identified some of the most important benefits of working with our agency. Those include: 92% who value having one monthly debt payment consolidation 88% who liked that they could choose their monthly, debt management plan payment date 88% who needed a lower monthly payment What help do you need with your bills? Contact a creditor counselor today and see what American Financial Solutions can do for you!
Posted on Apr 28, 2011
Every year millions of us make a resolution to lose weight, exercise more, or eat healthier. Sometimes, after getting off to a great start, we revert back to our old habits. Unfortunately, money habits can be just as difficult to change as eating and dieting habits. The challenge may be setting a goal that is achievable. Sometimes it helps to set a large goal, with several small goals along the way. For example, Katie would like to save $1,500 to take a trip next Christmas. One way to set this goal is for Katie to say she’ll save $1,500 by December 1, 2011. The question is, how? A good goal has three components: The reason you are setting the goal. What is important...
Posted on Dec 21, 2010
New Concessions Provide Debt Repayment Relief
The top 10 credit card issuers have agreed to implement changes to provide more affordable Debt Management Plans (DMP) and hardship programs for consumers, in a response to a Call to Action from the National Foundation for Credit Counseling (NFCC). The call to action is supported by American Financial Solutions and its fellow members of the Association of American Independent Consumer Counseling Agencies (AICCCA). The concessions seek to provide debt relief for consumers without sufficient income to be successful on a traditional DMP. Without these special concessions, many consumers may be forced into bankruptcy. Those creditors supporting the Call to Action include American Express, Bank of America, Capital One, Chase Card Services, Citi, Discover Financial Services, GE Money, HSBC Card Services,...
Posted on May 11, 2009
Can't Get Ahead of Credit Card Debt
Q: We just can’t get ahead of our credit card debt, our credit scores aren’t quite good enough for a loan. Is there a way to get a consolidation loan with a credit score of 630? A: There are a variety of factors that lenders may look at when determining credit worthiness for a loan, one of those is your credit score. Depending on the creditor’s lending guidelines, they may also look at your income, the amount and type of credit that you currently have, etc. With the current economic conditions, credit is becoming much more difficult to obtain. In general, it is not recommended that you try to “borrow” your way out of debt. As a credit counselor, I hear stories...
Posted on Oct 23, 2008
Straight Talk on the Debt Management Plan
When people ask me about a Debt Management Plan (DMP), they are usually looking for a magic wand that will erase all of their debt woes. Needless to say, there is no magic wand to improve your financial situation or poor credit rating. Improving these takes work, personal dedication and time. The DMP is a program of debt consolidation that allows you to make one payment each month on a date you choose. This payment is then distributed to your creditors for you. This allows you to more effectively manage the cash flow of your household and helps to establish a consistent, on time payment pattern to creditors. The Debt Management Plan is not for everyone, but it can be a valuable...
Posted on Apr 14, 2008
Information
en Espanol
