tag:blogger.com,1999:blog-67286476129318452452024-03-08T12:59:16.722-08:00Welcome to the AICCCA BlogUnknownnoreply@blogger.comBlogger35125tag:blogger.com,1999:blog-6728647612931845245.post-29380810599608949012014-02-14T09:39:00.000-08:002014-02-14T09:39:13.472-08:00What happens if you move to another state while on a DMP?If you have a Debt Management Plan agreement with a national agency, your move will likely be smooth. Just be sure to keep the agency informed about your new contact information. <br />
<br />
However, if you are with a local agency or one that is not licensed in your new state of residence, there could be some details to take care of. <br />
<br />
Be proactive. Speak to your credit counselor and get some advice about what you need to do as you complete your move. <br />
<br />
Here are some important questions to ask:<br />
<br />
<ol>
<li>Will it be necessary to sign up with a new agency that is licensed in the new state? </li>
<li>Will it be necessary to change the payment dates? Remember that there are legal limits on the number of times an account can have the due dates changed so check into that issue right away. </li>
<li>Will the new agency have different fees or requirements that you may have to consider? </li>
</ol>
<br />
<br />
Above all, don’t ignore your Debt Management Program! A few minutes of planning before you finish packing will keep everything on track and your credit rehabilitation alive and well.<br />
<div>
<br /></div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-34229968084265039952013-12-27T13:45:00.000-08:002013-12-27T13:45:01.104-08:00What is ahead for consumers in 2014?<div class="MsoNormal">
While overall household debt has risen, the demand for
credit counseling and debt management programs continues to fall (off by over
20 percent since January 2013). There are several enigmas at work here: 1)
the equity markets are superficially high buoyed by the Federal Reserve’s
monetary policy making 401-Ks look good (for now), 2) the job market and
unemployment continue to suffer (many unemployed have been living on
unemployment benefit payments for close to two years) while consumers have
adapted with reduced life style choices and more conservative economic behavior
(savings rates have risen), 3) home prices have rebounded but many are still
upside-down with their mortgages and likely will continue to be so for some
time making home equity loans a distant memory, 4) recent college graduates
(and many not so recent) are unable to find jobs much less make payments on
their student loans (NOTE: Student Loans are the single most important economic
issue of our time and should be considered a ticking time bomb for the
economy), and 5) the individual bankruptcy rates have fallen and remain
well below 1.4 million annually making the prospect for a “debt bubble” next
year a good bet.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Part of the rise in consumer spending is likely tied to
euphoria about improved 401-K performance and overall market growth for those
who can afford to invest individually. The rest is probably the result of
optimism by those who have jobs and the increasing number of affluent consumers.
However, the FED is likely to change their policies beginning next year and
there may very well be a market correction when the era of free money comes to
a close. Some consumers have learned their lessons and will not slip back
into the overspending mold while others have not been as affected by the hard
times over the past six years. However, banks have all been affected
severely and risk managers will continue to keep credit tight and credit card
interest fairly high.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
The bottom line is that consumers are in a “wait and see”
mode even as they continue to experience debt issues. I expect to see FED
changes beginning in January and a market correction in the first quarter (who
knows how significant). 401-Ks will be affected and many stockholders will also.<span style="mso-spacerun: yes;"> </span>There may be a major turnaround in demand for
credit counseling and debt management beginning in January as consumers start
to receive their holiday spending credit card bills.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Our best advice for people is to live beneath their means;
perhaps well beneath their means. That will allow them to save and
savings will be paramount in the next few years, as economic uncertainty will
probably increase due to the National Debt, the likelihood of increased taxes,
a continued poor job market, some level of inflation, and still no relief in
property appreciation.</div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: inherit;"><i><span style="background-color: white; line-height: 16px; text-align: justify;">David C. Jones, Ph.D.</span></i></span></div>
<span style="background-color: white; line-height: 16px; text-align: justify;"><span style="font-family: inherit;"><i>President, AICCCA</i></span></span><br />
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-17478397459401660202013-11-12T08:52:00.000-08:002013-11-12T08:52:22.265-08:00What About Those On-The Spot Department Store Credit Cards Offers?<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;">This holiday season,
retailers at the mall will be waiting at the door with store credit card offers
that promise 15% or more off of every purchase you make that day if you just
sign up. Be careful. Even those seeking to establish a credit
history can be in peril.<o:p></o:p></span><br />
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;"><br /></span>
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;">There are a lot of
reasons why you should be wary.<span style="mso-spacerun: yes;"> </span>While
getting an extra savings on purchases that you might have made anyway could
seem like a great deal, there could be consequences.<span style="mso-spacerun: yes;"> </span>Many shoppers will buy more than they would
have without the new card offer and the store knows that.<span style="mso-spacerun: yes;"> </span>That is precisely why they can afford to make
the offer.<o:p></o:p></span><br />
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;"><br /></span>
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;">Also, the last thing
many consumers need is one more credit card.<span style="mso-spacerun: yes;">
</span>There is a strong possibility that the card may be overused and the
balance carried over from month to month.<span style="mso-spacerun: yes;">
</span>If so, every consumer should know that store cards typically carry a
much higher interest rate charge than other charge cards.<span style="mso-spacerun: yes;"> </span>Any savings that could be realized on day one
can be quickly erased if the card isn’t paid off each month.</span><br />
<span style="background-color: white;"><br /></span>
<span style="background-color: white;">There is also the
danger of a possible negative impact on the consumer’s credit score.</span><span style="background-color: white;"> </span><span style="background-color: white;">Score reductions can come from having too
many open lines of credit compared to income or the result of late payments and
the attendant late charges and over-the-limit charges.</span><span style="background-color: white;"> </span><span style="background-color: white;">In general, it may be better to pass up the
store card offer, stick to the budget, and pay cash this year.</span><br />
<o:p></o:p><br />
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;"><br /></span>
<span style="background-color: white; color: #666666; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 16px; text-align: justify;">David C. Jones, Ph.D.</span><br style="background-color: white; color: #666666; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 16px; text-align: justify;" /><span style="background-color: white; color: #666666; font-family: arial, helvetica, sans-serif; font-size: 12px; line-height: 16px; text-align: justify;">President, AICCCA</span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-80985871224269926802013-08-09T09:20:00.000-07:002013-08-09T09:30:46.714-07:00Credit Counselors Can Help Save Thousands With Simple Spending Tips<!--[if gte mso 9]><xml>
<o:DocumentProperties>
<o:Revision>0</o:Revision>
<o:TotalTime>0</o:TotalTime>
<o:Pages>1</o:Pages>
<o:Words>306</o:Words>
<o:Characters>1748</o:Characters>
<o:Company>Armstrong & Associates</o:Company>
<o:Lines>14</o:Lines>
<o:Paragraphs>4</o:Paragraphs>
<o:CharactersWithSpaces>2050</o:CharactersWithSpaces>
<o:Version>14.0</o:Version>
</o:DocumentProperties>
<o:OfficeDocumentSettings>
<o:PixelsPerInch>96</o:PixelsPerInch>
<o:TargetScreenSize>800x600</o:TargetScreenSize>
</o:OfficeDocumentSettings>
</xml><![endif]-->
<!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>JA</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="276">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]-->
<!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin:0in;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:"Times New Roman";}
</style>
<![endif]-->
<!--StartFragment-->
<br />
<span style="background-color: white;">Many consumers develop
spending habits that can lead to financial crisis; especially if a layoff, job
loss, or other stress occurs in the family. </span><span style="background-color: white;">Credit counselors can spot these spending patterns and suggest simple lifestyle
changes that can make the difference between surviving a financial stress issue
and folding under it.</span><br />
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;"><br /></span>
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;">Some examples of
small changes to typical spending habits that can make a big difference are:<o:p></o:p></span><br />
<br />
<ul>
<li><span style="background-color: white;"><b><i>Buying coffee.</i></b></span><span style="background-color: white;"><b><i> </i></b> </span><span style="background-color: white;">Stopping for a cup every morning on the way
to work or getting a special drink during a break can add up.</span><span style="background-color: white;"> </span><span style="background-color: white;">It is easy to spend over $70 a month on
this habit alone.</span><span style="background-color: white;"> </span><span style="background-color: white;">You could save up to $1,000 a
year if you just made your coffee at home and took a thermos to work.</span></li>
<li><span style="background-color: white;"><b><i>Bottled Water.</i></b></span><span style="background-color: white;"><b><i> </i></b> </span><span style="background-color: white;">Yes, it usually tastes better than tap water, but $1 a bottle versus less than one cent a bottle makes a big difference to your bottom line.</span><span style="background-color: white;"> </span><span style="background-color: white;">At these prices, it’s a much better deal to
buy a filter pitcher for $20 and make your own.</span><span style="background-color: white;">
</span><span style="background-color: white;">That can save you $35 a month or more, and keep over $400 in your pocket each year.</span></li>
<li><span style="background-color: white;"><b><i>Checking Account
Fees.</i></b></span><span style="background-color: white;"> </span><span style="background-color: white;">Many banks are now charging fees
for having your money in a checking account.</span><span style="background-color: white;">
</span><span style="background-color: white;">It may be time to look into a local bank or credit union that offers
free checking.</span><span style="background-color: white;"> </span><span style="background-color: white;">ATM fees can quickly add up as well. Look for a bank with ATM locations convenient to your home or office and for banks with low ATM fees. Websites like <a checked_link="http://bankrate.com/" href="http://www.bankrate.com/checking.aspx" in_tag="ul" kaspersky_status="skipped" target="_blank">Bankrate.com</a>, <a checked_link="http://nerdwallet.com/" href="http://www.nerdwallet.com/checking-accounts/" in_tag="ul" kaspersky_status="skipped" target="_blank">NerdWallet.com</a>, or <a checked_link="http://consumerreports.org/" href="http://www.consumerreports.org/cro/magazine/2012/02/bank-accounts/index.htm" in_tag="ul" kaspersky_status="skipped" target="_blank">ConsumerReports.org</a> can help you locate and compare banks and fees.</span></li>
<li><span style="background-color: white;"><b><i>Cell phones.</i></b></span><span style="background-color: white;"> </span><span style="background-color: white;">Look into low cost providers and hold a
family meeting about curtailing texting and limiting phone usage until things
improve.</span><span style="background-color: white;"> </span><span style="background-color: white;">This can save hundreds each
month.</span></li>
<li><span style="background-color: white;"><b><i>Cable TV.</i></b></span><span style="background-color: white;"> </span><span style="background-color: white;">It may be time to reduce the 300 channel
service to basic cable and save $40 or $50 a month without too much sacrifice.</span></li>
<li><span style="background-color: white;"><b><i>Brown Bag It.</i></b></span><span style="background-color: white;"> </span><span style="background-color: white;">Carry your lunch to work or school.</span><span style="background-color: white;"> </span><span style="background-color: white;">Prepare dinner at home instead of going
out or even ordering in.</span><span style="background-color: white;"> </span><span style="background-color: white;">It’s a lot
cheaper and can be healthier for you as well.</span><span style="background-color: white;">
</span><span style="background-color: white;">A little extra work is worth it, especially when the savings can be
huge.</span></li>
<li><span style="background-color: white;"><b><i>Use the Library.</i></b></span><span style="background-color: white;"> </span><span style="background-color: white;">It’s free! Your local library offers more than just books for you to check out these days. You can check out movies on DVD, books on tape, and even download e-books. Read current issues of your favorite newspapers and magazines for free in a comfortable chair at your local library. Most public libraries also offer free computer use with internet access and low-cost printing. Your tax dollars already pay for these services and resources - why pay for them twice?</span></li>
</ul>
<br />
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;">A typical family can
save $200 a month or more with some simple, common sense changes to spending
habits. An credit counselor can help you make
the adjustments and you will be surprised at the difference it can make.</span><o:p></o:p><br />
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;"><br /></span>
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;">David C. Jones, Ph.D.</span><br />
<span style="background-color: white; background-position: initial initial; background-repeat: initial initial;">President, AICCCA</span><br />
<!--EndFragment-->Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-10703186845179156642013-03-05T10:42:00.001-08:002013-03-05T10:43:50.467-08:00Plug the Leaks in Your Financial Life<!--[if gte mso 9]><xml>
<o:DocumentProperties>
<o:Revision>0</o:Revision>
<o:TotalTime>0</o:TotalTime>
<o:Pages>1</o:Pages>
<o:Words>656</o:Words>
<o:Characters>3610</o:Characters>
<o:Company>Armstrong & Associates</o:Company>
<o:Lines>212</o:Lines>
<o:Paragraphs>137</o:Paragraphs>
<o:CharactersWithSpaces>4129</o:CharactersWithSpaces>
<o:Version>14.0</o:Version>
</o:DocumentProperties>
</xml><![endif]-->
<!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>JA</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="276">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]-->
<!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin-top:0in;
mso-para-margin-right:0in;
mso-para-margin-bottom:10.0pt;
mso-para-margin-left:0in;
line-height:115%;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:Calibri;
mso-ascii-font-family:Calibri;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Calibri;
mso-hansi-theme-font:minor-latin;}
</style>
<![endif]-->
<!--StartFragment-->
<br />
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">Your
budget is like an old house in the winter. If you don’t keep on top of things
and focus on being efficient, money starts leaking out every window and under
every door.<span style="font-size: small;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">Plugging
the leaks in your financial life means taking a hard look at all your expenses
and all your spending habits. Almost everything you spend money on can be a
target for spending less. But some of the easiest ways to improve your
household bottom line is finding the small amounts of wasted money in everyday
expenditures. They can quickly add up to a big hit to your budget. The trick is
to turn that around and add up the savings instead.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">One
example that almost everyone encounters is the price of gas. Your daily or
weekly routine of stopping at the same station to fuel up may be costing you
extra. Online resources such as Gasbuddy.com can help you locate the cheapest
fuel on your route to work. Some offer promotions to earn prepaid gas cards if
you’re willing to spot and report low gas prices in your area.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">Bringing
a bag lunch every day instead of eating out or getting takeout at work is a
common piece of advice that can mean big savings. It’s also not always
convenient or realistic for many people with a busy household in the morning.
But you can still shave money from your daily lunches by tracking what you
spend. If you find yourself spending $12 a day on lunch, set a maximum average
budget of $10 and try to bring lunch once a week. Or skip the soda, juice drink,
or bottled water a few days each week and use the water cooler or tap. That
daily $2 savings is about $500 a year.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">You
could be leaving money on the table if you belong to a health club or gym and your
employer or health plan offers reimbursement benefits. Insurers such as Blue
Cross & Tufts typically offer an annual reimbursement of about $150 for
qualified memberships. More and more employers, meanwhile, are enrolling in
healthy living incentive plans through their insurers. Employees can qualify
for hundreds in additional reimbursements by establishing a healthy living plan
with their physician.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">When
it comes to auto insurance, make sure to review your coverage and deductible
limits each year. If you have an older vehicle, a good driving history and no
auto loan, you should consider saving money on premiums by increasing your
deductible or even eliminating collision coverage.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">Some
of the biggest sources of money leakage are your monthly debt payments.
Interest charges are great for the bank, but money down the drain for you.
Consolidate debt where you can and establish a debt pay down plan that attacks
either the smallest balances first, or the accounts with the highest interest.
As you pay off one account, roll that payment amount into paying off the next
debt on your list.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">Think
before banking. It’s the best way to avoid ATM and other fees. Be aware of your
own bank’s policy on charging fees for out of network ATMs. Understand that a
convenience ATM not affiliated with your bank is guaranteed to mean a fee of
several dollars.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">Overdraft
fees are the open floodgates of money leakage. The average overdraft fee
nationwide was just under $30 in 2012. Depending on how your bank orders the
processing of transactions, one overdraft of just a couple of dollars can
result in two, three, or more fees. Nothing is more demoralizing then incurring
$100 in fees because a $5 debit transaction caused an overdraft, Understanding
your bank’s policy is important. Keeping a close watch on your balance and close
track of your transactions is critical.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">Even
your paycheck may be costing you money. Many Americans typically have employers
withhold more than necessary for state and federal taxes. The big refund at tax
filing time feels good and can be a useful windfall for saving or paying off
debt. But the reality is by withholding too much, you are lending Uncle Sam
money every pay period at zero interest. Even low-return government bonds and
Treasury securities pay better than that!<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">So
while you tighten up the seal on your household windows and doors this winter,
make sure to plug the leaks that are draining money from your household budget.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<i>Steve Trumble is President and CEO of American Consumer
Credit Counseling and a member of the AICCCA Board of Trustees</i><o:p></o:p></div>
<!--EndFragment-->Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-63149190279871900782013-02-07T07:30:00.001-08:002013-02-07T07:30:14.207-08:00Prepaid Cards
<!--[if gte mso 9]><xml>
<o:DocumentProperties>
<o:Revision>0</o:Revision>
<o:TotalTime>0</o:TotalTime>
<o:Pages>1</o:Pages>
<o:Words>267</o:Words>
<o:Characters>1528</o:Characters>
<o:Company>Armstrong & Associates</o:Company>
<o:Lines>12</o:Lines>
<o:Paragraphs>3</o:Paragraphs>
<o:CharactersWithSpaces>1792</o:CharactersWithSpaces>
<o:Version>14.0</o:Version>
</o:DocumentProperties>
<o:OfficeDocumentSettings>
<o:AllowPNG/>
</o:OfficeDocumentSettings>
</xml><![endif]-->
<!--[if gte mso 9]><xml>
<w:WordDocument>
<w:View>Normal</w:View>
<w:Zoom>0</w:Zoom>
<w:TrackMoves/>
<w:TrackFormatting/>
<w:PunctuationKerning/>
<w:ValidateAgainstSchemas/>
<w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid>
<w:IgnoreMixedContent>false</w:IgnoreMixedContent>
<w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText>
<w:DoNotPromoteQF/>
<w:LidThemeOther>EN-US</w:LidThemeOther>
<w:LidThemeAsian>JA</w:LidThemeAsian>
<w:LidThemeComplexScript>X-NONE</w:LidThemeComplexScript>
<w:Compatibility>
<w:BreakWrappedTables/>
<w:SnapToGridInCell/>
<w:WrapTextWithPunct/>
<w:UseAsianBreakRules/>
<w:DontGrowAutofit/>
<w:SplitPgBreakAndParaMark/>
<w:EnableOpenTypeKerning/>
<w:DontFlipMirrorIndents/>
<w:OverrideTableStyleHps/>
<w:UseFELayout/>
</w:Compatibility>
<m:mathPr>
<m:mathFont m:val="Cambria Math"/>
<m:brkBin m:val="before"/>
<m:brkBinSub m:val="--"/>
<m:smallFrac m:val="off"/>
<m:dispDef/>
<m:lMargin m:val="0"/>
<m:rMargin m:val="0"/>
<m:defJc m:val="centerGroup"/>
<m:wrapIndent m:val="1440"/>
<m:intLim m:val="subSup"/>
<m:naryLim m:val="undOvr"/>
</m:mathPr></w:WordDocument>
</xml><![endif]--><!--[if gte mso 9]><xml>
<w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="true"
DefSemiHidden="true" DefQFormat="false" DefPriority="99"
LatentStyleCount="276">
<w:LsdException Locked="false" Priority="0" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Normal"/>
<w:LsdException Locked="false" Priority="9" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="heading 1"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 2"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 3"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 4"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 5"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 6"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 7"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 8"/>
<w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 9"/>
<w:LsdException Locked="false" Priority="39" Name="toc 1"/>
<w:LsdException Locked="false" Priority="39" Name="toc 2"/>
<w:LsdException Locked="false" Priority="39" Name="toc 3"/>
<w:LsdException Locked="false" Priority="39" Name="toc 4"/>
<w:LsdException Locked="false" Priority="39" Name="toc 5"/>
<w:LsdException Locked="false" Priority="39" Name="toc 6"/>
<w:LsdException Locked="false" Priority="39" Name="toc 7"/>
<w:LsdException Locked="false" Priority="39" Name="toc 8"/>
<w:LsdException Locked="false" Priority="39" Name="toc 9"/>
<w:LsdException Locked="false" Priority="35" QFormat="true" Name="caption"/>
<w:LsdException Locked="false" Priority="10" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Title"/>
<w:LsdException Locked="false" Priority="1" Name="Default Paragraph Font"/>
<w:LsdException Locked="false" Priority="11" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtitle"/>
<w:LsdException Locked="false" Priority="22" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" Priority="59" SemiHidden="false"
UnhideWhenUsed="false" Name="Table Grid"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" UnhideWhenUsed="false" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" SemiHidden="false"
UnhideWhenUsed="false" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" SemiHidden="false"
UnhideWhenUsed="false" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" SemiHidden="false"
UnhideWhenUsed="false" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" SemiHidden="false"
UnhideWhenUsed="false" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" SemiHidden="false"
UnhideWhenUsed="false" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" SemiHidden="false"
UnhideWhenUsed="false" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" QFormat="true" Name="TOC Heading"/>
</w:LatentStyles>
</xml><![endif]-->
<!--[if gte mso 10]>
<style>
/* Style Definitions */
table.MsoNormalTable
{mso-style-name:"Table Normal";
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0in 5.4pt 0in 5.4pt;
mso-para-margin:0in;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:12.0pt;
font-family:Cambria;
mso-ascii-font-family:Cambria;
mso-ascii-theme-font:minor-latin;
mso-hansi-font-family:Cambria;
mso-hansi-theme-font:minor-latin;}
</style>
<![endif]-->
<!--StartFragment-->
<div class="MsoNormal">
Many new prepaid cards are entering the credit market.
Consumers should be aware that some of these cards come with high fees that are
not consumer friendly. However, not all of them have high fees and for some consumers,
prepaid cards may be a good fit for their financial needs. <o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Consumers considering prepaid cards should be prepared to
answer the following questions:<o:p></o:p></div>
<div class="MsoNormal">
</div>
<ul>
<li>How will funds be placed on the card? Many cards offer free
fund loading through direct deposit, but charge a fee for cash deposits.</li>
<li>How will the card be used? For example, how many purchases
will be made with the card, how many ATM withdrawals, how many out of network
ATM withdrawals? Will the card be used for online bill payments? Some cards may
charge fees for these services.</li>
</ul>
<o:p></o:p><br />
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
Visit the following link to help determine if a prepaid card
would be beneficial for your financial situation: <a href="http://money.usnews.com/money/personal-finance/articles/2012/04/24/the-5-best-and-worst-prepaid-cards">http://money.usnews.com/money/personal-finance/articles/2012/04/24/the-5-best-and-worst-prepaid-cards</a>.<o:p></o:p></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
In addition, some prepaid cards may come with benefits that
may not be offered with a checking account or credit card, such as: <o:p></o:p></div>
<div class="MsoNormal">
</div>
<ol>
<li>In most cases, no credit check is required to use a debit
card. The card can be used just like a credit card for purchases and to pay
bills online without having to qualify for a credit card or a bank account.</li>
<li>The best cards limit spending to what is deposited on the
card. This teaches budgeting skills and eliminates worries over overdraft fees
or late payment fees.</li>
<li>Many cards offer online or phone access to reports that
indicate where funds are being spent.</li>
</ol>
<o:p></o:p><br />
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
<o:p></o:p></div>
<div class="MsoNormal">
Prepaid cards are another credit vehicle that can be a
useful financial tool. As with any credit product, weigh the potential benefits
against the annual cost of the card to help determine if prepaid cards are a
good fit for you.<o:p></o:p></div>
<!--EndFragment--><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-45978483332237169342013-01-09T08:18:00.001-08:002013-01-09T08:18:04.836-08:00Financial Services Roundtable Hosts Important Meeting in D.C.<br />
<span style="font-family: inherit;">Dave Jones and Joe Curcio represented the AICCCA at a Comprehensive Counseling-Stakeholders Meeting at the Financial Services Roundtable offices in Washington, D.C. on January 3, 2013. The meeting was an opportunity for industry experts to review the state of the economy and the particular challenges facing today's borrowers.</span><br />
<span style="font-family: inherit;"><br /></span>
Meeting participants discussed the limitation of current models for counseling and discussed new ideas that offer promise. The goal was to engage in a collaborative effort to create a vision for the future that would offer value for the consumers and the industry.<br />
<br />
Additional groups joining the AICCCA representatives and members of the Financial Services Roundtable at the meeting included HOPE NOW, the Homeownership Preservation Foundation, CredAbility, the Housing Policy Council, and creditors.<br />
<span style="font-family: inherit;"><br /></span>
Overall, the meeting was worthwhile and well attended. The AICCCA will work with all participants to help establish viability of the concepts presented and to institute a pilot study if future viability is indicated.Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-44124567801360574902012-12-03T09:38:00.000-08:002012-12-03T09:43:49.079-08:00A Holiday Wish List for American Families<span style="font-family: 'Times New Roman';">American
consumers have had it hard for too long.</span><br />
<div class="MsoNormal">
<span style="font-family: 'Times New Roman';"><br /></span>
<span style="font-family: 'Times New Roman';">But our economy
may be finally breaking the binds to free itself from the lingering grasp of
the Great Recession.</span><br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">The unemployment
rate decreased in almost every U.S. state last month from the previous year.
Housing stats rose in October to their highest rate in more than four years.
And consumer confidence increased steadily in the third quarter as U.S.
employers added more jobs.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">One key
indicator: Credit card balances have increased. The average debt per borrower
grew almost 5 percent from the same period a year ago to $4,996.00 according to
the credit reporting agency TransUnion.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">Consumer
spending drives 70 percent of the U.S. economy. Buying is a sign of strength
and confidence, and the holiday spending season will be the next big metric for
how far along this long, slow recovery has come.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">But we always
caution consumers to set a fixed budget for holiday spending and stick to it.
The holiday financial hangover can mean months of paying down debt that was
incurred over just a few days of shopping. And it’s easier than ever to go
overboard on holiday spending with “door buster” specials, 24-hour online
shopping and extended retail hours right up until Christmas Eve.<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman";">So here’s a
holiday wish list that doesn’t require adding more household debt. Rather,
it takes commitment and resolve from both government and individuals to make
our financial lives a little easier.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">•<span style="font-size: 7pt;">
</span></span><!--[endif]--><b><span style="font-family: "Times New Roman";">Rein
in the cost of higher education and make the process of financing college
easier: </span></b><span style="font-family: "Times New Roman";">American
students are starting to question the value of beginning their careers loaded
down with debt. A recent survey by American Consumer Credit Counseling found
nearly half of all respondents felt their college education wasn’t worth the
cost. College debt is the next housing bubble – and it’s ready to burst all
over American families. For the first time ever college debt now exceeds total
consumer credit card debt. And traditional options that have been more
affordable – like public higher education – are getting more expensive every
year. Many students don’t even realize how much debt they have incurred until
they get their first statement after graduation. One good step: the U.S.
Department of Education’s Financial Aid Shopping Sheet has been adopted by more
than 500 colleges and universities across the U.S. This valuable resource
provides a standardized award letter allowing students to easily compare
financial aid packages as they decide on which school to attend. It takes the
mystery out of the bottom line for college costs – and leads to more informed
decision-making.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "Times New Roman";"><br /></span></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">•<span style="font-size: 7pt;">
</span></span><!--[endif]--><b><span style="font-family: "Times New Roman";">Make
the most of new tools aimed at protecting consumers from overzealous or abusive
debt collectors and credit rating errors: </span></b><span style="font-family: "Times New Roman";">The Consumer Financial Protection Bureau is flexing its
muscles to the benefit of American households. Large collection agencies, debt
buyers and collection law firms are now subject to enhanced scrutiny and
examination by the CFPB. So too are credit rating agencies, which have
tremendous impact on the financial profiles of all American consumers and their
ability to get the best terms on financing. While the CFPB is doing its part,
consumers must do theirs also. That means being attentive and vigilant in
monitoring their credit reports; maintaining a budget and paying obligations on
time; and reporting abusive debt collection practices to the CFPB, Federal
Trade Commission or appropriate state authorities.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<span style="font-family: "Times New Roman";"><br /></span></div>
<div class="MsoNormal" style="margin-left: .5in; mso-list: l0 level1 lfo1; text-indent: -.25in;">
<!--[if !supportLists]--><span style="font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";">•<span style="font-size: 7pt;">
</span></span><!--[endif]--><b><span style="font-family: "Times New Roman";">Use
the power of smart consumerism to do more than just spend. Shop for savings
too: </span></b><span style="font-family: "Times New Roman";">American consumers
should put the same time and effort into finding the best deals on savings
rates, credit cards, mortgages and investments as they do into buying new
appliances, furniture or a car. The long-term payoff can mean thousands of
dollars a year just by making their hard-earned savings work harder for them.
Bankrate.com offers some of the best comparisons for savings account, CD and
mortgage rates. TreasuryDirect.com is a one-stop marketplace for everything
consumers need to know about buying government securities such as savings
bonds, Treasury bills, notes and bonds. Smart budgeting tools can help keep
your household finances on track. A host of such resources can be accessed at
the Association of Independent Consumer Credit Counseling Agencies web site
(AICCCA.org), at American Consumer Credit Counseling’s ConsumerCredit.com or
through any number of AICCCA’s more than 25 member agencies.<o:p></o:p></span></div>
<div class="MsoNormal" style="margin-left: .25in;">
<br /></div>
<div class="MsoNormal">
<i><span style="font-family: "Times New Roman";">Steve Trumble
is President and CEO of American Consumer Credit Counseling and a member of the
AICCCA Board of Trustees.</span></i><span style="font-family: "Times New Roman";"><o:p></o:p></span></div>
<!--EndFragment--></div>
<!--EndFragment-->Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-44450489038444708402012-11-14T10:12:00.000-08:002012-11-14T10:12:19.875-08:00Make A Holiday Shopping Plan to Avoid Red Tuesday(TM)<br />
<div style="background-color: white; font-family: Arial, Helvetica, Verdana, san-serif; font-size: 14px; line-height: 16px; text-align: justify;">
Black Friday is almost here, followed closely by Cyber Monday, both of which bring sales that are hard to resist. Consumers who are going to advantage of these sales need to be aware that they could face a Red Tuesday(TM) if they charge holiday purchases to credit cards without a plan in place to pay them off in a timely manner.</div>
<div style="background-color: white; font-family: Arial, Helvetica, Verdana, san-serif; font-size: 14px; line-height: 16px; text-align: justify;">
<br /></div>
<div style="background-color: white; font-family: Arial, Helvetica, Verdana, san-serif; font-size: 14px; line-height: 16px; text-align: justify;">
Holiday shoppers are expected to spend an average of $749.51 on holiday related expenses for 2012 according to the National Retail Federation. Charging that amount on a credit card with an interest rate of 18 percent and making only a five percent minimum payment each month would take over five years to repay. Add $275 in interest charges during that time and consumers will find that their 2012 holiday expenses will actually cost them close to $1,025.</div>
<div style="background-color: white; font-family: Arial, Helvetica, Verdana, san-serif; font-size: 14px; line-height: 16px; text-align: justify;">
<br /></div>
<div style="background-color: white; font-family: Arial, Helvetica, Verdana, san-serif; font-size: 14px; line-height: 16px; text-align: justify;">
Red Tuesday(TM) is a real possibility for consumers who do not take the time to plan.</div>
<div style="background-color: white; font-family: Arial, Helvetica, Verdana, san-serif; font-size: 14px; line-height: 16px; text-align: justify;">
<br /></div>
<div style="background-color: white; font-family: Arial, Helvetica, Verdana, san-serif; font-size: 14px; line-height: 16px; text-align: justify;">
In order to avoid a Red Tuesday(TM) in 2012, AICCCA offers the following tips for Black Friday and Cyber Monday spending:</div>
<ul style="background-color: white; font-family: Arial, Helvetica, Verdana, san-serif; font-size: 14px; line-height: 16px; text-align: justify;"><strong></strong>
<li><strong>Write it down.</strong> Look over the ads and make a list before you shop, whether online or in person. A complete list makes it easier to walk away from impulse buys.</li>
<br /><strong></strong>
<li><strong>Pay with cash.</strong> For Black Friday shopping, determine the amount of money you have on hand to spend and take only that amount of cash with you when you shop. Be sure to leave your credit cards at home so that when you run out of cash, you will have to stop.</li>
<br /><strong></strong>
<li><strong>Do your homework.</strong> For Cyber Monday shopping, search for free shipping and coupons. Be sure to shop only at sites you trust. Credit cards are actually a safer option for online shopping. To avoid incurring interest charges and adding to your debt load, charge only the amount you can pay in full as soon as the bill arrives. If you go over that amount, try to charge no more than what you can pay off in 90 days or less.</li>
</ul>
<div style="background-color: white; font-family: Arial, Helvetica, Verdana, san-serif; font-size: 14px; line-height: 16px; text-align: justify;">
<br /></div>
<div style="background-color: white; font-family: Arial, Helvetica, Verdana, san-serif; font-size: 14px; line-height: 16px; text-align: justify;">
If your Tuesday is Red, contact an AICCCA member at 866-703-8787 or visit <a href="http://www.aiccca.org/" target="_blank">www.aiccca.org</a>.</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-1335379345788253522012-10-15T08:16:00.000-07:002012-10-15T08:16:15.086-07:00AICCCA Offers Tips to Keep the Red Tuesday™ Monster Away this Halloween
H<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;">alloween will be here soon,
followed very shortly by the winter holidays. The Association of Independent
Consumer Credit Counseling Agencies cautions consumers not to let the Halloween
ghosts and goblins trick you into spending more than you can afford on the
holidays or you could let in the holiday monster of debt known as AICCCA’s Red
Tuesday. A Red Tuesday is the result of overspending on Black Friday and Cyber
Monday when consumers buy with credit cards without a plan in place to pay them
off in a timely manner.<o:p></o:p></span><br />
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;"></span><br />
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;">“Halloween spending – in fact all holiday spending - falls under
the ‘want’ category of a spending plan,” said Dave Jones, president, AICCCA. “A
spending plan helps consumers take care of the needs of their family before
they commit money to the wants.”<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;">According to the National Retail Federation, a record 170 million
people are gearing up to spend more this year for Halloween. A survey conducted
by NRF says that consumers are planning to spend $79.82 on decorations,
costumes and candy, up from $72.31 last year. AICCCA offers these tips to make
your Halloween fun, but affordable:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;">Satisfy trick-or-treaters with the jingle of coins. </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;">Add pennies
to your candy bowl and you won’t have to buy as much candy and treats.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;">Reduce, reuse or recycle costumes. </span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;">Use this
mantra to look through your closets for ways to dress up without buying
anything new. Trade with neighbors or friends or brighten up an old costume
with new trim.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;">Go green with decorations, too.</span></b><span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;"> Inventory what you have
on hand before you buy anything new. Design a different layout from what you
have done in the past. If you really want to buy something, consider a pumpkin
or two late in the month that can do double duty at Thanksgiving. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0in 0in 0pt;">
<span style="color: black; font-family: "Arial","sans-serif"; font-size: 10pt;">If you need help planning your holiday spending to avoid the Red
Tuesday monster of holiday debt, an AICCCA member is just a phone call away at
866-703-TRUSTAICCCA (866-703-8787).<o:p></o:p></span></div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-35000845517664523672012-09-26T05:27:00.000-07:002012-09-26T05:27:58.195-07:00The CFPB Turns its Attention to Credit Scores: What Will This Mean for Consumers?
by Steve Trumble<br />
<br />
<span style="font-family: Calibri;">Your credit score is a critical element of your financial
profile. How you manage your budget and control your debt can make all the
difference in getting the best interest rates and credit terms.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">But not everything is in control of the consumer when it
comes to achieving and maintaining a good credit score. The heavy influence of
credit reporting bureaus on the financial lives of Americans means it is
critical that you closely monitor what those bureaus are telling creditors
about you.<o:p></o:p></span></div>
<span style="font-family: Calibri;">A recent survey of 152 budget-conscious consumers by
American Consumer Credit Counseling found more than 87 percent said their
credit reports have errors. The accuracy of information being compiled by the
major credit bureaus – Trans Union, Equifax and Experian – is constantly being
questioned. With such huge volumes of data to be processed for tens of millions
of people, it’s inevitable that mistakes – and sometimes very costly ones –
will find their way into your credit file.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">That’s why the Consumer Financial Protection Bureau has
stepped in to provide additional protections and resources for American
consumers as they manage their credit reports and scores. In July 2012, the
CFPB adopted new rules to establish the first-ever federal program to supervise
all consumer reporting agencies – including the three major credit bureaus.<o:p></o:p></span></div>
<span style="font-family: Calibri;">The program covers about 30 agencies altogether –
representing more than 90 percent of all annual revenue from consumer reporting
activities, including credit reporting. This new oversight establishes
benchmarks for compliance with federal consumer finance laws, and a process for
detecting and assessing additional risks to consumers.<span style="mso-spacerun: yes;"> </span>Credit bureaus and other reporting agencies
may be called upon to file regular reports and to comply with CFPB examinations
and monitoring.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">And the CFPB will not be toothless. Under the Dodd-Frank Act
and Fair Credit Reporting Act, the CFPB has the authority to write rules
impacting the consumer reporting industry and also to take enforcement actions.
New debt collection rules are already on the way this fall.<o:p></o:p></span></div>
<span style="font-family: Calibri;">This marks the first time consumer reporting agencies have
been subject to federal oversight and supervision, with the new rules taking
effect September 30, 2012.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">What does this mean for you?<o:p></o:p></span></div>
<span style="font-family: Calibri;">Above all it means the CFPB is committed to being a real
watchdog for consumers when it comes to credit bureau and other consumer
reporting activities. That’s important. The three major credit bureaus alone
maintain files on more than 200 million Americans: information they share with
banks, credit card companies, department stores, mortgage lenders, landlords,
employers and others. <o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Last year, close to 113 million new credit card, auto loan,
personal loan, mortgage and home equity credit accounts were originated. Nearly
every one of them used information from consumer reporting agencies to make
decisions on approval, interest rates and terms.<o:p></o:p></span></div>
<span style="font-family: Calibri;">That’s a tremendous amount of power and influence over our
financial lives.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">Finally, the CFPB is an important consumer resource for
education and information on credit reporting, credit scoring and the rights of
consumers under the law. The Bureau has already released an initial Consumer
Advisory on credit reports, and is creating an “Ask CFPB” database to answer
common consumer questions.<o:p></o:p></span></div>
<span style="font-family: Calibri;">Credit reporting is a necessary function to maintain
stability in the American economy. It allows creditors to make correct
decisions when underwriting mortgages, car loans, personal loans and other major
financial obligations. Proper underwriting prevents credit issuers from taking
on too much risk – a condition that, unfortunately, has been all too real as
evidenced by the mortgage crisis of the past half dozen years.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0in 0in 10pt;">
<span style="font-family: Calibri;">But consumers have a right to know their financial
histories, payment records and risk profiles are being represented accurately
and fairly. As a newly established federal agency with a charge to protect
American consumers, the CFPB has the chance to be an important ally for
Americans in this very critical area of their financial lives.<o:p></o:p></span></div>
<i style="mso-bidi-font-style: normal;"><span style="font-family: Calibri;">Steve Trumble is
President and CEO of <a href="http://www.consumercredit.com/" target="_blank">American Consumer Credit Counseling</a> in Newton, Mass. He is
a member of the AICCCA Board of Trustees.<o:p></o:p></span></i><br />
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-18874922061480789872012-09-21T12:08:00.000-07:002012-09-21T12:08:22.375-07:00What happens to a consumer’s credit report when he or she enters a Debt Management Plan?
The Credit Repair Organizations Act (CROA) requires that consumers not be misled about how their credit reports might be affected by a company’s actions on their behalf. This law was intended to apply to companies that promise to “repair” a consumer’s credit history for a fee. Non-profit credit counseling companies are specifically exempted by the language of the law itself. However, in a ruling by the 1st Circuit Court, credit counseling companies must prove that they are operating in an appropriate manner or be subject to the provisions of the CROA statute.<br />
<br />
This obviously creates a dilemma for credit counselors who are asked by consumers what impact entering a Debt Management Plan (DMP) might have on their credit reports. There is no attempt by the credit counseling organization to “repair” the consumer’s credit history yet, the 1st Circuit ruling introduces caution in responding to this question. On the other hand, consumers should be aware of the process.<br />
<br />
When a creditor reports to a credit bureau that one of their customers has entered a DMP, the bureau codes the consumer’s credit report accordingly. There is no impact on the consumer’s credit score strictly from the act of joining a DMP. However, it may well be that the consumer’s credit behavior that led to them needing DMP assistance could have impacted the score anyway.<br />
<br />
Creditors generally do not view the fact that a consumer is on a DMP as negative. Rather it is usually seen as an attempt to honor their obligations and is certainly seen as more positive than personal bankruptcy. Further, the education that is received as part of a DMP, along with the counseling, is intended to rehabilitate and produce a more credit-worthy consumer in the future. Creditors may also see this as positive.<br />
<br />
David C. Jones, Ph.D.<br />AICCCA President<br />
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-26395566590287697262012-08-16T07:19:00.000-07:002012-08-16T07:19:37.281-07:00Protect Your Credit ScorePart of every financial scenario is a healthy credit score.<span style="mso-spacerun: yes;"> </span>High scores make the difference between favorable interest rates and easy credit availability.<span style="mso-spacerun: yes;"> </span>Here are some tips to keep your score as healthy as possible.<br />
<br />
Don’t Miss Payments.<span style="mso-spacerun: yes;"> </span>This is the holy grail of credit score basics.<span style="mso-spacerun: yes;"> </span>Do your best to pay on time and try not to buy anything that could endanger your ability to meet this absolute requirement.<span style="mso-spacerun: yes;"> </span>If you have missed payments in the past, establish a new on-time record starting now.<br />
<br />
Don’t Charge Up To The Limit.<span style="mso-spacerun: yes;"> </span>Try to pay down card balances to no more than 30 percent of the account limit.<span style="mso-spacerun: yes;"> </span>In addition to paying the accounts down, you may be able to get some limits increased by talking to the card issuer.<span style="mso-spacerun: yes;"> </span>Either way, try to maintain no more than that 30 percent level.<br />
<br />
History is Important.<span style="mso-spacerun: yes;"> </span>One of the most important aspects of your credit score is the length of time you have with an account.<span style="mso-spacerun: yes;"> </span>That means it is probably not a good idea to close out old accounts even if you haven’t used them in a while.<span style="mso-spacerun: yes;"> </span>Keep those old accounts and use them now and then.<br />
<br />
Spread Things Out.<span style="mso-spacerun: yes;"> </span>Try to use credit wisely.<span style="mso-spacerun: yes;"> </span>Having different types of credit is important to a solid score.<span style="mso-spacerun: yes;"> </span><br />
<br />
Never apply for credit that you don’t need but be sure that you use appropriate types of accounts based on your financial planning.<span style="mso-spacerun: yes;"> </span>However, don’t apply for new credit in advance of a need for a new home loan or other large purchase and don’t change your spending habits too drastically or too quickly.<span style="mso-spacerun: yes;"> </span>Creditors are hypersensitive to risky situations these days.<br />
<br />
David C. Jones, Ph.D.<br />
AICCCA PresidentUnknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-20984021445563607422012-07-25T05:59:00.000-07:002012-07-25T05:59:13.194-07:00Counselors Often Can Help Save Thousands With Simple Spending TipsMany consumers develop spending habits that can lead to financial crisis; especially if a layoff, job loss, or other stress occurs in the family.<span style="mso-spacerun: yes;"> </span>Credit counselors can spot these spending patterns and suggest lifestyle changes that can make the difference between surviving a financial stress issue and folding under it.<br />
Some examples of wasteful habits that can make a big difference are:<br />
Buying coffee.<span style="mso-spacerun: yes;"> </span>Stopping for a cup every morning on the way to work or getting a special drink during a break can add up.<span style="mso-spacerun: yes;"> </span>It is easy to spend $60 or $70 a month on this habit alone.<span style="mso-spacerun: yes;"> </span>That could be $1000 a year saved if you just made the coffee at home and took a thermos.<br />
Bottled Water.<span style="mso-spacerun: yes;"> </span>Yes, it usually tastes better than tap water but $1 a bottle versus less than one cent a bottle is a big difference.<span style="mso-spacerun: yes;"> </span>At these prices, it’s a much better deal to buy a filter pitcher for $20 and make your own.<span style="mso-spacerun: yes;"> </span>That can save as much as $35 a month or more.<br />
Paying Checking Account Fees.<span style="mso-spacerun: yes;"> </span>Many banks are now charging fees for having your money in a checking account.<span style="mso-spacerun: yes;"> </span>It may be time to look into a local bank or credit union that offers free checking.<span style="mso-spacerun: yes;"> </span>And that goes of free use of ATMs as well.<br />
Cell phones.<span style="mso-spacerun: yes;"> </span>Look into low cost providers and hold a family meeting about curtailing texting and limiting phone usage iuntil things improve.<span style="mso-spacerun: yes;"> </span>This can save hundreds each month.<br />
Cable TV.<span style="mso-spacerun: yes;"> </span>It may be time to reduce the 300 channel service to basic cable and save $40 or $50 a month without too much sacrifice.<br />
Brown Bag It.<span style="mso-spacerun: yes;"> </span>Carry your lunch to work or school.<span style="mso-spacerun: yes;"> </span>And prepare dinner at home instead of going out or even ordering in.<span style="mso-spacerun: yes;"> </span>It’s a lot cheaper and can be better for you as well.<span style="mso-spacerun: yes;"> </span>A little extra work is worth it, especially when the savings can be huge.<br />
Use the Library.<span style="mso-spacerun: yes;"> </span>It’s free.<br />
A typical family can save $200 a month or more with some simple, common sense changes to spending habits.<span style="mso-spacerun: yes;"> </span>A counselor can help you make the adjustments and you will be surprised at the difference it can make.<br />
<br />
David C. Jones, Ph.D.<br />
AICCCA President<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-37293361382404843832012-07-05T07:49:00.003-07:002012-07-05T07:49:46.307-07:00The Consumer Financial Protection Bureau takes an unusual position on some credit card feesAccording to an article by the Tribune Newspapers, the CFPB has issued a proposal to reverse a Congressional fee limit on subprime credit cards.<span style="mso-spacerun: yes;"> </span>The cards in question are so-called “Fee Harvester” cards that are offered to consumers who can’t get other types of credit. These consumers typically have damaged credit and resultant low credit scores.<br />
The fee harvester cards have a low credit limit (a few hundred dollars) and very large fees (a processing fee of $95 and an annual fee of $75 on a $300 card for example).<span style="mso-spacerun: yes;"> </span>The net effect of having such a card is $225 in credit at a cost of $170.<span style="mso-spacerun: yes;"> </span>Major consumer advocacy groups oppose these cards and have come out against the CFPB’s proposal.<span style="mso-spacerun: yes;"> </span>However, a lawsuit brought by the card issuers in U.S. District Court has resulted in a ruling that blocks the law limiting the fees.<br />
Even though fee harvester cards are advertised as a way for people who have bad credit (or no credit) to build up or repair their credit histories, the likelihood is that they will just get into more trouble because of the high fees and penalties that the cards carry.<span style="mso-spacerun: yes;"> </span>This is the first time the CFPB has issued a proposal that defies a law passed by Congress and which has strong support among consumer advocacy groups.<span style="mso-spacerun: yes;"> </span>The CFPB has given lobbyists and the public until June 11 to file objections and comments before the CFPB makes its proposal final.<br />
The AICCCA advises consumers to be very careful before agreeing to one of these types of credit card offers.<span style="mso-spacerun: yes;"> </span>Read and understand every aspect of a prospective credit card contract before signing it.<span style="mso-spacerun: yes;"> </span>While these high fee cards may be appropriate for some consumers in some circumstances, they carry a huge price for the convenience they offer.<span style="mso-spacerun: yes;"> </span>Everyone should exercise caution, especially those with limited resources.<span style="mso-spacerun: yes;"> </span>A prepaid card or a debit card may be a much better option for many.<br />
<br />
David C. Jones, Ph.D.<br />
AICCCA President<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-87845549024746995822012-05-02T08:19:00.001-07:002012-05-02T08:19:48.054-07:00Not All Credit Card Problems are Due to OverspendingThere are many issues that can complicate how consumers use their credit lines.<span style="mso-spacerun: yes;"> </span>Here are some issues that should be dealt with promptly when they occur:<br />
<div style="margin-left: 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><i style="mso-bidi-font-style: normal;">What you should do if you believe that you have too many active credit cards.<span style="mso-spacerun: yes;"> </span></i>Consumers who have a number of credit cards may be at risk for a credit score downgrade even if those cards have low or even zero balance.<span style="mso-spacerun: yes;"> </span>Here’s why: The credit bureaus look at a consumers total ability to charge on unsecured credit lines and compare that to their ability to repay.<span style="mso-spacerun: yes;"> </span>If there is an imbalance (which there easily can be if the consumer has many open credit cards), it is highly possible that it will be seen as a risk and could lead to a reduction in the credit score.<span style="mso-spacerun: yes;"> </span>If you do have a number of credit cards and want to begin to reduce them, do it slowly; not all at once.<span style="mso-spacerun: yes;"> </span>Cancel one or two every two or three months.<span style="mso-spacerun: yes;"> </span>Cancelling more than that could also throw up a red flag and affect your score as well.<i style="mso-bidi-font-style: normal;"></i></div>
<div style="margin-left: 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><i style="mso-bidi-font-style: normal;">Do you share a credit line with others?</i><span style="mso-spacerun: yes;"> </span>Consumers who share the same credit card account with a spouse or family member could be in for trouble.<span style="mso-spacerun: yes;"> </span>Each card holder in such a joint account is liable for the actions of all of the other joint card holders.<span style="mso-spacerun: yes;"> </span>That can be an issue.<span style="mso-spacerun: yes;"> </span>If you hold a joint credit card account, you may want to change the situation so that each current joint holder gets their own personal account.<span style="mso-spacerun: yes;"> </span>That way each debtor is building their own credit history and the other aren’t liable for each other’s actions. And, don’t ever, under any circumstances, co-sign a loan with anyone, anywhere, anytime.<span style="mso-spacerun: yes;"> </span>That is a recipe for certain trouble and maybe worse. <i style="mso-bidi-font-style: normal;"></i></div>
<div style="margin-left: 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7pt "Times New Roman";"> </span></span></span><i style="mso-bidi-font-style: normal;">Are you contemplating making some changes in the way you use credit?</i><span style="mso-spacerun: yes;"> </span>It is entirely possible that many consumers are considering some spending pattern changes such as charging groceries when they have been using a debit card or cash, buying clothes and other hard goods at a cheaper outlet, or other changes that could be entirely appropriate to the family’s current circumstances.<span style="mso-spacerun: yes;"> </span>Be careful though.<span style="mso-spacerun: yes;"> </span>The credit bureaus, and many creditors, will see dramatic changes in spending patterns a a warning that trouble could be on the horizon.<span style="mso-spacerun: yes;"> </span>If the spending patterns are abrupt and severe, you credit worthiness could be at risk and you credit score could even be affected.<span style="mso-spacerun: yes;"> </span>That doesn’t mean you shouldn’t make appropriate changes to how you use credit, but it does mean that you should approach the changes you make gradually and carefully.</div>
<div style="margin-left: 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
<br /></div>
<div style="margin-left: 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
David C. Jones, Ph.D.</div>
<div style="margin-left: 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;">
AICCCA President</div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-90825685248827056592012-04-13T09:05:00.001-07:002012-04-13T09:07:00.568-07:00The Consumer Financial Protection Bureau Takes an Unusual Position on Some Credit Card Fees<div style="margin-left: 0.5in;">According to an article by the Tribune Newspapers, the CFPB has issued a proposal to reverse a Congressional fee limit on subprime credit cards.<span style="mso-spacerun: yes;"> </span>The cards in question are so-called “Fee Harvester” cards that are offered to consumers who can’t get other types of credit. These consumers typically have damaged credit and resultant low credit scores.</div><div style="margin-left: 0.5in;">The fee harvester cards have a low credit limit (a few hundred dollars) and very large fees (a processing fee of $95 and an annual fee of $75 on a $300 card for example).<span style="mso-spacerun: yes;"> </span>The net effect of having such a card is $225 in credit at a cost of $170.<span style="mso-spacerun: yes;"> </span>Major consumer advocacy groups oppose these cards and have come out against the CFPB’s proposal.<span style="mso-spacerun: yes;"> </span>However, a lawsuit brought by the card issuers in U.S. District Court has resulted in a ruling that blocks the law limiting the fees.</div><div style="margin-left: 0.5in;">Even though fee harvester cards are advertised as a way for people who have bad credit (or no credit) to build up or repair their credit histories, the likelihood is that they will just get into more trouble because of the high fees and penalties that the cards carry.<span style="mso-spacerun: yes;"> </span>This is the first time the CFPB has issued a proposal that defies a law passed by Congress and which has strong support among consumer advocacy groups.<span style="mso-spacerun: yes;"> </span>The CFPB has given lobbyists and the public until June 11 to file objections and comments before the CFPB makes its proposal final.</div><div style="margin-left: 0.5in;">The AICCCA advises consumers to be very careful before agreeing to one of these types of credit card offers.<span style="mso-spacerun: yes;"> </span>Read and understand every aspect of a prospective credit card contract before signing it.<span style="mso-spacerun: yes;"> </span>While these high fee cards may be appropriate for some consumers in some circumstances, they carry a huge price for the convenience they offer.<span style="mso-spacerun: yes;"> </span>Everyone should exercise caution, especially those with limited resources.<span style="mso-spacerun: yes;"> </span>A prepaid card or a debit card may be a much better option for many.<br />
<br />
David C. Jones, Ph.D.<br />
AICCCA President</div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-79892114172391007042012-03-06T08:53:00.001-08:002012-03-06T08:53:28.162-08:00Bankruptcy filings for February were up about 19 percent over JanuaryTotal bankruptcy filings in the United States increased 19 percent in February, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 104,418 in February, up from the 87,981 filings in January 2012.<br />
<br />
“The stagnant housing sector and high unemployment continue to stress the cash flow of consumers and businesses,” said ABI Executive Director <strong>Samuel J. Gerdano</strong>. “As consumers and businesses work to shed tremendous debt loads, there are times when bankruptcy is the only shelter to provide financial relief.”<br />
<br />
We have continued to warn that there is trouble on the horizon as consumers struggle on the brink of financial disaster.<span style="mso-spacerun: yes;"> </span>Hopefully, those consumers will turn to credit counselors for help before it is too late and their only option is bankruptcy.<span style="mso-spacerun: yes;"> </span>There are a number of options for many debtors if they seek help early enough.<span style="mso-spacerun: yes;"> Search for an AICCCA Member on our website. </span><br />
<br />
<span style="mso-spacerun: yes;">David C. Jones, Ph.D.</span><br />
<span style="mso-spacerun: yes;">AICCCA President</span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-78017728303381740612012-02-06T06:17:00.001-08:002012-02-06T06:17:51.241-08:00Bankruptcy Filings Were Down In January But Does That Mean Things Are Improving?The average nationwide per capita bankruptcy-filing rate for January was 3.41 (total filings per 1,000 per population), and the average total filings per day in January 2012 registered 4,397, a 14 percent decrease from the 5,109 total filings in January 2011. States with the highest per capita filing rate (total filings per 1,000 population) during January 2012 were:<br />
<div style="margin-left: 0.5in; mso-list: l0 level1 lfo1; text-indent: -0.25in;"><span style="mso-fareast-font-family: "Times New Roman";"><span style="mso-list: Ignore;">1.<span style="font: 7pt "Times New Roman";"> </span></span></span>Tennessee (6.38)<br />
2. Nevada (6.22)<br />
3. Georgia (5.44)<br />
4. Delaware (5.27)<br />
5. California (5.13)</div>These are also States with very serious unemployment issues.<span style="mso-spacerun: yes;"> </span>The American Bankruptcy Institute (ABI) predicts at least some stability for the remainder of 2012: “The continued decline in bankruptcies reflects the effort of consumers and businesses to shore up their debt loads in order to navigate through an uncertain economy,” said ABI Executive Director <strong>Samuel J. Gerdano</strong>. “We expect overall bankruptcy levels in 2012 to continue to trend downward until consumers increase household spending.”<br />
That may very well be so and we hope it is.<span style="mso-spacerun: yes;"> </span>However, there are still millions of consumers actually living on extended unemployment insurance payments and those will eventually end.<span style="mso-spacerun: yes;"> </span>There are also a large number of families still in trouble with home mortgages.<span style="mso-spacerun: yes;"> </span>We believe there is a “bubble” of potential personal bankruptcies on the horizon.<span style="mso-spacerun: yes;"> </span>As the federal government begins to deal with the national debt, out-of-control spending, and revenue shortfalls, expect to see more consumers in serious financial difficulty.<br />
<br />
David C. Jones, Ph.D.<br />
AICCCA PresidentUnknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-47365266481233694312011-12-29T06:34:00.000-08:002011-12-29T06:34:03.484-08:00Bankruptcy Filings Continue To FallU.S. consumer bankruptcy filings totaled 106,255 nationwide during October, a 19.6 percent decrease from the 132,173 total consumer filings recorded in October 2010, according to the American Bankruptcy Institute (ABI), relying on data from the National Bankruptcy Research Center (NBKRC). The October consumer filings also represented a 2 percent decrease from the 108,517 filings in September. Chapter 13 filings constituted 31.5 percent of all consumer cases in October, a slight increase from September.<br />
"The declining filings correlate to tightened consumer spending and the overall pull back in consumer credit associated with a stagnant economy," said ABI Executive Director <strong>Samuel J. Gerdano</strong>. "We expect total 2011 consumer filings to be less than 2010."<br />
<br />
David C. Jones, Ph.D.<br />
AICCCA PresidentUnknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-81151983224620188002011-12-14T07:13:00.001-08:002011-12-14T07:13:48.641-08:00Make The Best Of Your Rewards CardsEvery cardholder should be completely aware of the contract they sign when obtaining a credit card.<span style="mso-spacerun: yes;"> </span>That is especially true of Rewards Cards.<span style="mso-spacerun: yes;"> </span>These cards offer cash back, airline miles, or other rewards based on card usage.<span style="mso-spacerun: yes;"> </span>However, many of them now have an annual fee attached that very well could negate any reward that the card could bring.<br />
It is also wide to check on the exclusions, blackout dates, hidden taxes, service charges, or other fees that could be associated with the cashing-in of the promised reward.<span style="mso-spacerun: yes;"> </span>On everything except automatic cash-back cards, the best practice is to have a plan for how the potential reward will be used and work to make the plan a reality.<span style="mso-spacerun: yes;"> </span>And, the plan should not be “rack up as many miles as I can” either.<span style="mso-spacerun: yes;"> </span>Make the plan specific and be sure to know the card’s limitations, reward expirations, and what taxes and other charges may be due.<span style="mso-spacerun: yes;"> </span><br />
For those who carry a balance on their credit cards each month, it is usually better to shop around for a credit card that has a low interest rate.<span style="mso-spacerun: yes;"> </span>Rewards cards can lose most or all of the reward value just on the annual fee or on monthly interest charges.<span style="mso-spacerun: yes;"> </span>If so, a lower interest credit card (that doesn’t have a rewards program) could provide the ability to buy outright whatever the rewards card would have yielded at a big savings.<br />
<br />
David C. Jones, Ph.D.<br />
AICCCA PresidentUnknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-38259676297390201342011-12-07T08:33:00.000-08:002011-12-07T08:33:46.537-08:00What About Those On-The Spot Department Store Credit Cards Offers?<span style="background: yellow; mso-highlight: yellow;"><span style="background-color: white;">This holiday season, retailers at the mall will be waiting at the door with store credit card offers that promise 15% or more off of every purchase you make that day if you just sign up.<span style="mso-spacerun: yes;"> </span>Be careful.<span style="mso-spacerun: yes;"> </span>Even those seeking to establish a credit history can be in peril.</span></span><br />
<br />
<span style="background: yellow; mso-highlight: yellow;"><span style="background-color: white;">There are a lot of reasons why you should be wary.<span style="mso-spacerun: yes;"> </span>While getting an extra savings on purchases that you might have made anyway could seem like a great deal, there could be consequences.<span style="mso-spacerun: yes;"> </span>Many shoppers will buy more than they would have without the new card offer and the store knows that.<span style="mso-spacerun: yes;"> </span>That is precisely why they can afford to make the offer.</span></span><br />
<br />
<span style="background: yellow; mso-highlight: yellow;"><span style="background-color: white;">Also, the last thing many consumers need is one more credit card.<span style="mso-spacerun: yes;"> </span>There is a strong possibility that the card may be overused and the balance carried over from month to month.<span style="mso-spacerun: yes;"> </span>If so, every consumer should know that store cards typically carry a much higher interest rate charge than other charge cards.<span style="mso-spacerun: yes;"> </span>Any savings that could be realized on day one can be quickly erased if the card isn’t paid off each month.</span></span><br />
<br />
<span style="background: yellow; mso-highlight: yellow;"><span style="background-color: white;">There is also the danger of a possible negative impact on the consumer’s credit score.<span style="mso-spacerun: yes;"> </span>Score reductions can come from having too many open lines of credit compared to income or the result of late payments and the attendant late charges and over-the-limit charges.<span style="mso-spacerun: yes;"> </span>In general, it may be better to pass up the store card offer, stick to the budget, and pay cash this year.</span></span><br />
<br />
<span style="background: yellow; mso-highlight: yellow;"><span style="background-color: white;">David C. Jones, Ph.D.</span></span><br />
<span style="background: yellow; mso-highlight: yellow;"><span style="background-color: white;">AICCCA President</span></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-39098317707210141292011-11-16T07:54:00.001-08:002011-11-16T07:54:51.269-08:00The Uniform Debt Management Services Act Final Draft Was Issued on November 1<div class="MsoPlainText" style="margin: 0in 0in 0pt;"><span style="background: white; color: black; font-family: 'Times New Roman','serif'; font-size: 11pt;">The National Conference of Commissioners on Uniform State Laws (NCCUSL) issued its final version of the prototype Uniform Debt Management Services Act for adoption by the states.<span style="mso-spacerun: yes;"> </span>This is the final step in a process that began over six years ago and included input by a number of industry sources including the AICCCA.</span></div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><span style="background: white; color: black; font-family: 'Times New Roman','serif'; font-size: 11pt;">The final version of the proposed law covers both Credit Counseling entities offering education and Debt Management Programs and Debt Settlement companies offering to settle consumer debts at a reduced principal amount.<span style="mso-spacerun: yes;"> </span>If enacted by most or all of the states without changes, this law could benefit credit counseling companies, consumers, creditors, and even debt settlement companies by eliminating the overlapping, redundant, confusing and contradictory </span><span style="font-family: 'Times New Roman','serif'; font-size: 11pt;">patchwork of laws that have been enacted by various states over the past decade.</span></div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 11pt;">The law seeks to standardize bonding, insurance, fees, and other requirements.<span style="mso-spacerun: yes;"> </span>It also provides for restrictions and limits on various activities that credit counseling and debt settlement companies can engage in and offers a number of sound consumer protections.<span style="mso-spacerun: yes;"> </span>It is our sincere wish that every state adopt this law in the best interests of its citizens.</span></div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 11pt;">David C. Jones, Ph.D.</span></div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 11pt;">AICCCA President</span></div>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-33252608197084162342011-11-02T10:12:00.000-07:002011-11-02T10:12:25.999-07:00The Bankruptcy Code Makes Several Options Available<div class="MsoPlainText" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 11pt;">While there are many options available to consumers before considering bankruptcy, there are also many options for bankruptcy as well.<span style="mso-spacerun: yes;"> </span>AICCCA Counselors can provide a thorough review and recommend the best options available for a consumer facing serious debt issues.<span style="mso-spacerun: yes;"> </span>It is always advisable to consult an AICCCA Counselor before making a final decision about which option to take.</span></div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><span style="font-family: 'Times New Roman','serif'; font-size: 11pt;">Most consumers don’t really have a good knowledge about how the bankruptcy system works.<span style="mso-spacerun: yes;"> </span>Here are some basics:</span></div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><span style="background: white; color: black; font-family: 'Times New Roman','serif'; font-size: 11pt;">Chapter 7 of the Bankruptcy Code is available to both individual and business debtors. Its purpose is to achieve a fair distribution to creditors of the debtor’s available non-exempt property. Unsecured debts not reaffirmed are discharged, providing a fresh financial start.<br />
<br />
Chapter 11 of the Bankruptcy Code is available for both business and consumer debtors. Its purpose is to rehabilitate a business as a going concern or reorganize an individual’s finances through a court-approved reorganization plan.<br />
<br />
Chapter 12 of the Bankruptcy Code is designed to give special debt relief to a family farmer with regular income from farming.<br />
<br />
Chapter 13 of the Bankruptcy Code is available for an individual with regular income whose debts do not exceed specific amounts; it is typically used to budget some of the debtor’s future earnings under a plan through which unsecured creditors are paid in whole or in part. </span></div><div class="MsoPlainText" style="margin: 0in 0in 0pt;"><br />
</div><span style="background: white; color: black; font-family: 'Times New Roman','serif'; font-size: 11pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US;">Each of these Chapters of the Bankruptcy Code has its place but each situation is unique.<span style="mso-spacerun: yes;"> </span>A Certified Counselor can usually provide the best range of options available to a debtor.</span><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: 'Times New Roman','serif'; font-size: 11pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US;"><br style="mso-special-character: line-break;" /></span></u></b><br />
<span style="font-family: 'Times New Roman','serif'; font-size: 11pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US;">David C. Jones, Ph.D.<br />
AICCCA President</span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-6728647612931845245.post-91547695041475820782011-10-21T11:01:00.000-07:002011-10-21T11:01:28.133-07:00Report from AICCCA President's New York Press Tour<div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="color: #1f497d;"><span style="font-family: Calibri;">Early in October, President Dave Jones spent two days of intensive interviews and filming in New York City. The intent was to reinforce friendships with many of the financial and consumer affairs writers that he speaks to on a regular basis. And, there were also some new faces that he needed to meet in person so that the AICCCA message can continue to flourish in the media. New York City is home to the most influential and widely accessed media about consumer financial issues.</span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="color: #1f497d;"><span style="font-family: Calibri;">This tour of major news outlets (USA Today, Associated Press, CNN Television, Bloomberg Print, author Beth Kobliner, Credit Cards.com, and ABC Television to name just a few) is a follow-up to a similar Media tour undertaken in Washington, D.C earlier this year. Such meetings cement AICCCA’s relationships with important media personalities to ensure that the Association best represents the efforts of its members to provide world-class support to the Nation’s debt-burdened consumers. Both Washington, D.C. and New York City are major hubs for the financial and consumer services media.</span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="color: #1f497d;"><span style="font-family: Calibri;">Dave was accompanied on the New York City media Tour by AICCCA Public Relations Director Ken Scott who arranged the grueling two-day slate of interviews and videotaping sessions. Several stories quoting Dave from these meetings have already been published and many more are scheduled in the coming weeks. This exposure is essential to keep AICCCA members first in the minds of consumers who need credit counseling help and education. These meetings were particularly important as consumer financial issues due to the current economic turmoil are critical to the legislative process as well as the financial services media.</span></span></div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><br />
</div><div class="MsoNormal" style="margin: 0in 0in 0pt;"><span style="color: #1f497d;"><span style="font-family: Calibri;">(To see photos from the press tour, </span><a href="http://www.aiccca.org/Press_Tour.cfm"><span style="font-family: Calibri;">click here!</span></a><span style="font-family: Calibri;">).</span></span></div>Unknownnoreply@blogger.com