How Freezing Your Credit Report Protects You From Identity Thieves

According to the March 5th, 2013 release by the Federal Trade Commission (FTC), identity theft was the #1 consumer complaint in 2012.  In addition, the FTC’s February report states that nearly one in four Americans have an error on their credit reports that is significant enough to prevent them from obtaining a loan or certain types of employment. The best method for combating identity theft is to check your credit report at least, once a year. It is free through www.annualcreditreport.com and you can view all three reports, every twelve months. Another option for safeguarding your identity is to place a credit freeze on your credit reports. A credit freeze prevents the credit bureaus (Equifax, Experian and TransUnion) from releasing...

Posted on Mar 17, 2013

For Moms Managing Finances Advice, Support and Hope are Available

A 2010 survey performed by researcher iVillage, found that an increasing amount of women are making the financial decisions for the entire household. The survey discovered 61% of moms are in charge of the family’s finances and 41% expressed they would like to be more educated when it comes to financial decision making. Only 37% responded that they would seek information from a financial advisor (Making the Case for Financial Literacy 1). There are many reasons people might not want to seek out information from a professional. Embarrassment, distrust, inconvenience and cost are some of the barriers people face. So what do you do? The solution may be easier than you think. American Financial Solutions is a trusted, non-profit credit counseling agency. Our...

Posted on Mar 10, 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

Day 5 of America Saves Week - Long Term Plans

Day 5 – Make Goals and Track Progress Taking part in America Saves Week is a great first step in the right direction of saving and financial responsibility. However, the saving process must continue if you wish to make a real difference in your personal wealth. The best way to do so is to set goals and track your progress. The following five steps will help you continue saving and reach financial goals Record Plan Track Achieve Continue The first step of the process is to record. What this means is to record your current financial wealth. In this case, consider it to be the amount of money in your savings account today. This step lets you know where you currently stand financially. Next, you have to plan....

Posted on Feb 28, 2013

America Saves Week Begins Monday

American Financial Solutions is taking part in America Saves Week. America Saves Week begins on February 25th, and will continue until March 2nd. This is a week dedicated to saving. Americans are encouraged to save as much as they can and put an emphasis on financial responsibility. This is a great opportunity to save and increase not only your personal wealth, but the personal wealth of friends and family. Why stop the saving with you? Here are some ways to help yourself and others save during America Saves Week:             Set a goal for yourself and try to save a certain amount by the end of the week Be vocal; don’t just keep this to yourself. Spread the word to friends, family, and coworkers Challenge...

Posted on Feb 21, 2013

IRS Identity Theft Scams

Just a reminder this tax season that the IRS has issued several consumer warnings about the fraudulent use of the IRS name or logo by scam artists trying to gain access to consumers’ financial information in order to steal their identity and assets. To set up victims, scam artists will use the IRS logo and name with the following methods contact: Regular mail, Telephone, Fax, or Email The IRS does not initiate taxpayer communications through email. Unsolicited email claiming to be from the IRS, or from an IRS-related component such as EFTPS, should be reported to the IRS at phishing@irs.gov. Additionally, clicking on attachments to or links within an unsolicited email claiming to come from the IRS may download a malicious computer virus onto your computer. You may...

Posted on Jan 28, 2013

IRS Plans Jan. 30 Tax Season Opening For 1040 Filers

IR-2013-2, Jan. 8, 2013 WASHINGTON - Following the January tax law changes made by Congress under the American Taxpayer Relief Act (ATRA), the Internal Revenue Service announced today it plans to open the 2013 filing season and begin processing individual income tax returns on Jan. 30. The IRS will begin accepting tax returns on that date after updating forms and completing programming and testing of its processing systems. This will reflect the bulk of the late tax law changes enacted Jan. 2. The announcement means that the vast majority of tax filers - more than 120 million households - should be able to start filing tax returns starting Jan 30. The IRS estimates that remaining households will be able to start filing in...

Posted on Jan 08, 2013

NFCC Poll Reveals Majority of Consumers Admit Financial Problems are Self-Inflicted

  Washington, DC – According to the National Foundation for Credit Counseling (NFCC) December poll, when asked if their personal financial problems were self-inflicted or the result of events beyond their control, the overwhelming majority of respondents, 63 percent, admitted responsibility for their financial woes. “The poll results are encouraging, as the first step to correcting a problem is recognizing it,” said Gail Cunningham, spokesperson for the NFCC.  “Taking ownership of financial problems empowers consumers, putting them in the driver’s seat to affect change.” There is no better time than the start of a New Year to change behaviors. To help consumers get on the right track for 2013, the NFCC offers the following 12 action steps which can either be implemented one...

Posted on Jan 02, 2013

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