Archive for category Credit Counseling
Prepare for Black Friday and Cyber Monday: Consolidated Credit Counseling Services, Inc. Offers 10 Tips to Curb Overspending
Posted by admin in Credit Counseling on January 7, 2012
Prepare for Black Friday and Cyber Monday: Consolidated Credit Counseling Services, Inc. Offers 10 Tips to Curb Overspending
Ft. Lauderdale, FL (PRWEB) November 16, 2011
Black Friday and Cyber Monday shopping are expected to soar as 225 million consumers flock to retailers and websites to try to land the best deals. With the average person spending about $ 700 on holiday gifts this year, the money experts at Consolidated Credit Counseling Services, Inc. offer 10 tips to curb overspending this holiday season.
“Consumers must remember they may end up in worse shape in the hanker-run, by overspending this holiday season,” warns Howard Dvorkin author and founder of Consolidated Credit Counseling Services, Inc., a fiscal literacy provider that has helped more than 5 million Americans pay forth their credit card debt. “The retail industry spends billions of dollars every year to influence Americans to think they need certain corporeal things to be happy. When people buy into manipulative marketing tactics, they aren’t as conscious of their spending and how large their debt will be,” says Dvorkin.
Consolidated Credit offers 10 tips to curb overspending:
1. Make a plan – Consumers are advised to make a list of who they are shopping for and what items they plan to buy for people on their name. Planning helps individuals from getting distracted by “bargain” ploys.
2. Create a budget – Use Consolidated Credit’s holiday spending planner worksheets to intend holiday spending. Know ahead of time exactly how much is in the budget. As items pile up in shopping carts, shoppers should keep a running total. For vacationing shoppers with children, aid them set a budget for gifts and prioritize their buying within that budget.
3. Check return policies – Stores are cracking down on their return policies this vacation. Even with a receipt, shoppers may find it difficult to make an exchange or get a refund. Read and inquire about a store’s return/exchange policy before purchasing anything duplicate check if the online policy is the same as in-binning. Shoppers are also advised to know the ins-and-outs of their credit card provider’s fraud protection in the case of theft.
4. Mobile apps – Mobile apps can save significant time and money. Free mobile shopping apps this holiday season are: Shopkick (Android and iPhone), RedLaser (Android and iPhone), Google Shopper (Android), ShopSavvy (Android and iPhone), Points Inside (Android and iPhone) and Key Ring Rewards (Android and iPhone).
5. Beware of shipping costs – Cyber Monday deals may seem sweeter than they actually are if you forget to consider shipping costs. Many retailers may levelling ship multiple items – individually incurring separate send fees. Try purchasing from sites such as Overstock.com where only one shipping fee applies or BestBuy.com which offers loose shipping done the holiday flavour.
6. Pay with credit – Credit cards are good when used responsibly. Shopping with plastic offers greater security protection. If there are problems with purchases, consumers may be able to get their credit card companies help in obtaining a refund. Plus, if they have a credit card reward program, they could rack up points while shopping.
7. Know sizes and measurements – Shopping for clothes or shoes online can be tricky, it is important to know exact measurements and sizes. We recommend shoppers buy brands that they are familiar with.
8. Shop reputable websites – Shop familiar online retailers. When shopping on a website that is not good-known, we advise to search the place and be cautious. Online shoppers must understand that when they give their credit card information there is always an amount of venturing. Never shop online without a secure and private Internet connection. Shopping via WIFI connections at public places is a no-no when it comes to online buying. Look at the URL of the website — if it starts with https:// you’re on an unafraid page, without the s the connection is unlatched.
9. Shop the day before Black Friday – Many retailers prove out a sale to see if it will be successful. For example, Target stores across the country will be open Thanksgiving from 8 a.m. to 2 p.m. testing out shopping intentions. Always ask in advance about any possible pilot sales, especially when shop for big ticket items.
10. Safety first – Take safety precautions and watch your personal belongings at all times. Mentally locate the nearest security office or officers in case an emergency occurs. For distaff shoppers, carry cross-body purses that cannot be easily snatched by thieves. Stores are not responsible for lost or stolen items — it’s up to the individual to be aware of his/her surroundings.
For more holiday tips, visit Consolidated Credit’s personal seed blog Miss Money Bee.
About: Consolidated Credit Counseling Services, Inc., founded in 1993, is one of the nation’s largest credit counseling organizations in the country and has helped over 5 million people with financial issues. Their mission is to help families throughout the United States in ending financial crisis and solving money management problems through education and professional counseling.
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National Foundation for Credit Counseling Adds New Member
Posted by admin in Credit Counseling on December 31, 2011
National Foundation for Credit Counseling Adds New Member
Washington, DC (PRWEB) November 11, 2011
The National Foundation for Credit Counseling (NFCC) is proud to welcome Novadebt to the NFCC network of nonprofit credit counseling agencies.
“We are delighted to welcome Novadebt as the newest member of the NFCC,” said Susan C. Keating, president and CEO of the NFCC. “Novadebt has for years demonstrated its commitment to quality credit counseling and will be a strong asset to the NFCC. Given the challenging fiscal circumstances of so many Americans, it will be our shared goal to expand the solutions for clients to achieve greater financial stability.”
Novadebt, founded in 1991, assisted more than 130,000 consumers over the last year through counseling, educational workshops and community outreach programs, helping to move them from financial distress into financial wellness. During the same timeframe, more than 340,000 pieces of free fiscal education materials were distributed.
Novadebt is a non-profit fiscal management societal service organization, providing costless fiscal and housing counselling services through their 160 certified counselors. Counseling is provided in-person or by phone, with the consumer taking the delivery channel that better meets their needs.
Enjoying an A+ rating from the Better Business Bureau, the company demonstrates a customer-focussed, unrelenting commitment to quality and customer satisfaction. The primary mission of the organization is to assist families and individuals in need by providing gratuitous financial education, community outreach and housing and assigning counseling services.
Novadebt is a HUD-sanctioning housing counseling agency, is certified by the Council on Accreditation, and is an Executive Office of the United States Trustee (EOUST) approved provider of the mandated bankruptcy pre-filing counseling and pre-discharge education.
“Through our membership in the NFCC, Novadebt expects to broaden our reach providing empathetic, and highly skilled service to individuals and families who face financial crisis,” said Joel Greenberg, President and CEO of Novadebt. “In these times of historic need, the NFCC has played an important role in the delivery of these necessary services. Novadebt looks forward to our new partnership with such a well-respected organization.”
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s large and long serving home non-profit-making credit counselling organization. The NFCC’s mission is to further the home agenda for financially creditworthy behavior, and make capacity for its members to present the high-quality fiscal education and reding services. NFCC Members yearly assist more than three million consumers through near to 800 community-established offices countrywide. For gratis and low-priced secret advice through a reputable NFCC Member, name (800) 388-2227, (en Español (800) 682-9832) or visit http://www.nfcc.org. Visit us on Facebook: http://www.facebook.com/NFCCDebtAdvice, on Twitter: twitter.com/NFCCDebtAdvice, on YouTube: http://www.YouTube.com/NFCC09 and our blog: http://financialeducation.nfcc.org/.
Gail Cunningham
(202) 677-4355 – unmediated
(240) 672-2700 – cell
gcunningham(at)nfcc(dot)org
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Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Lake Trust Credit Union Provides Michigan Educators with Unique Opportunity
Posted by admin in Credit Counseling on December 29, 2011
Lake Trust Credit Union Provides Michigan Educators with Unique Opportunity
Eaton County, MI (PRWEB) November 10, 2011
Lake Trust Credit Union has awarded Michigan Educator Jamie Hess, high school teacher at Eaton Intermediate School District, funding through the organization’s Professional Development Award Program.
The Professional Development Award Program, established by Lake Trust in 2010, provides financial assistance to Michigan educators for out of classroom/school professional development opportunities such as workshops, association conferences, and training.
Since 2010, Lake Trust has supported 21 counselors and teachers in receiving the specialty training like that provided at the All Michigan Counselors Conference, which Hess attended in Kalamazoo, MI on November 6-7th.
Hess has been working as a student services coordinator/counselor for two years. Prior to counseling, she was a classroom teacher.
“I am still very new to the counseling handle and eager to learn as much as I can to enhance my services to the students I serve,” says Hess. “My goal as a school counselor is to provide each student I serve with the best possible service, so they are prepare to enter post-secondary education and the workforce; I desire to give them the opportunities necessary to be successful.”
Nicole Piche, Student Program Specialist at Lake Trust Credit Union, appreciates the opportunity to help provide this resource for today’s educators.
“Jamie is very deserving of this award and we’re very excited to be able to help to provide this unique opportunity to her and other Michigan educators,” says Piche. “Lake Trust is committed to supporting financial education and college access efforts in Michigan schools.”
Funding for next year’s Professional Development Award Program begins February 1, 2012. Interested educators may email npiche(at)laketrust(dot)org and request an application.
Lake Trust strongly believes in supporting education in the communities it serves. Earlier this year, the Credit Union awarded $ 11,000 in scholarships to area high school students in the 21 branch communities around the state. In addition, the Credit Union conducted several seminars to help parents and students prepare for college and understand their award letters.
Lake Trust Credit Union is headquartered in Lansing, MI, and serves about 153,000 members from Lake Michigan to Lake Erie and Lake Huron, with branches in more than 20 communities throughout the state.
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Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
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What Credit Counseling company is the best?
Posted by admin in Credit Counseling on December 27, 2011
Question by Alaina: What Credit Counseling company is the best?
My debt is under control after a year-long struggle. Now I’m looking for an attributing counseling service to help me improve my credit score. Can anyone recommend one?
Best answer:
Answer by bdancer222
Credit counseling companion don’t improve your score. They work on helping you pay off your debt. Check here for a NFCC credit counseling member: http://www.nfcc.org/. These are legit, non-gain companies that offer debt management plans for a nominal fee.There are all sorts of credit repair companies out there. Almost all of them are pure scam. There is no way to fix badly credit. You just have to wait for the negative item to age off.If you are carrying balances on credit cards, pay them off. Carrying balances of more than 30% hurt your score. Pay off the balances and your score will get a boost. Otherwise, it’s a matter of paying everything on time. You need at least 24 months of consistent, on-time payment history to improve your score.
Know better? Leave your own answer in the comments!
San Diego Bankruptcy Lawyers Offering Consultations to Growing Number of Consumers Unable to Pay Monthly Obligations
Posted by admin in Credit Counseling on December 23, 2011
San Diego Bankruptcy Lawyers Offering Consultations to Growing Number of Consumers Unable to Pay Monthly Obligations
San Diego, CA (PRWEB) November 10, 2011
The San Diego bankruptcy attorneys at the law firm known as the Golden State Law Group hereby announce that the firm is providing free initial consultations for the growing number of American consumers who are unable to pay their monthly obligations according to a recent survey that was published by the National Foundation for Credit Counseling. Troubled consumers are advised to contact the San Diego bankruptcy lawyers at the firm as soon as possible to have their financial situation reviewed.
According to the survey that was released by the National Foundation for Credit Counseling, 28 percent of American consumers who were surveyed regarding several different financial questions admitted that they do not always pay their monthly obligations on time. Several reasons were offered by the consumers who answered this question in the affirmative, and the most common reason was that they simply lacked the funds to make these payments in a timely fashion.
The San Diego bankruptcy attorneys at the Golden State Law Group additionally advise consumers who are having trouble paying their monthly obligations that a regular failure to make these payments in a timely fashion could result in derogatory entries on their credit reports, lower credit scores and relentless collection efforts by the creditors who are not being paid on time. These developments could harm a consumer’s ability to obtain a loan in the future or perhaps to be hired for a job, which is why the firm is offering a free initial consultation to review possible strategies to avoid these results.
About the Golden State Law Group
The Golden State Law Group is a law firm that’s comprised of San Diego bankruptcy lawyers who have helped consumers in financial trouble deal with bankruptcy issues that include Chapter 7 bankruptcy cases, Chapter 13 bankruptcy cases, tax debt issues, mortgage issues and San Diego car accident cases.
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Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
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A New Horizon to Integrate Relief in Debt Management Plans
Posted by admin in Credit Counseling on December 20, 2011
A New Horizon to Integrate Relief in Debt Management Plans
Fort Lauderdale, FL (PRWEB) November 07, 2011
Addressing a crowd of 4000 at the University of Colorado, President Obama announced last week that, “We can’t wait for Congress to do its job, so where they won’t act, I will”. His message continues his present initiative to circumvent Congress through executive actions with the purpose of improving the economic health of the country. The university setting was selected to introduce a new plan to ease the burden of student debt on graduates unable to manage the ever-increasing cost of education.
Stephen Marcus, President of A New Horizon Credit Counseling Services comments, “Federal and private student loans now exceed US credit card debt. There are 23 million borrowers with $ 490 billion in loans under the Federal Family Education Loan Program alone. Repaying this, without relief or assistance from the government or a credit counseling agency, at a time of high unemployment is nearly impossible.”
The plan announced will allow approximately 1.6 million students to cap their loan payments at 10% of their discretionary income starting in 2012 rather than the current cap of 15%. It also permits the balance to be forgiven after 20 years of payments rather than the current 25 years of payments.
Marcus adds, “With graduates entering the toughest job markets in decades, this program will provide some relief, but not nearly enough. We also recommend that graduates examine their entire debt repayment plan with a certified credit counselor and develop a debt management plan that will give further relief on credit card, medical, and a wide assortment of unsecured debt.”
Student loans can not be eliminated through bankruptcy proceedings, unlike other unsecured debt. Add to that the prospect that a college education is not yielding the high paid jobbing to justify their inflated cost and you have a real challenge for graduates.
“Steps like these won’t take the place of the bold action we need from Congress to boost our economy and create jobs, but they will make a difference,” announced President Obama.
A New Horizon Credit Counseling Services is a nonprofit debt management organization that has been helping consumers since 1978. For more information about their programs, contact 1-800-556-1548. They can also be found on the web at http://www.anewhorizon.org, or reached via email at slieberman(at)anewhorizon(dot)org
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Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
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CBE Group?s Leadership Members Present at Financial Conference
Posted by admin in Credit Counseling on December 18, 2011
CBE Group’s Leadership Members Present at Financial Conference
Cedar Falls, Iowa (PRWEB) November 02, 2011
CBE Group (CBE), a leader in the debt collection industry, denoted that two of its leadership team members will present at the 19th Annual Financial Services Collections & Credit Risk Conference. The conference is scheduled for November 2 – November 4, 2011 at The Cosmopolitan of Las Vegas.
Mr. Charlie Allen, CBE’s Managing Vice President of Operations, will see on a panel of industry experts to discourse the topic of “Assessing the Financial, Operational and Regulatory Health of Collection Agencies and Debt Buyers” during a session on November 3 at 2:45 p.m. Allen will be joined by panelists Irwin Bernsteing, CEO of Allgate, Al Brothers, CEO of Calvary, and Ken Muldowney, Vice President of Regions Bank.
“Today, more than ever, it is vitally important to make wise decisions in partnering with collection agencies and debt purchasers,” said Allen. “Beyond the high investment to retain and select agency partners, the potential risk to an organization can vary from one partner to another based on its culture, approach, security and compliance standards,” he continued.
Allen and session panelists will talk about ways to assess and validate financial stability, operational processes, internal controls, compliance and auditing standards.
Mr. Michal Frost, CBE’s Senior Vice President and General Counsel, will co-present with Mr. Tim Collins, Associate Director of Compliance at Hyundai Capital America. Together, they will deliver a session entitled “Deep Dive: Debt Collection Litigation Trends & Statistics,” which also takes place on November 3 at 2:45 p.m.
“Tim and I have had a very watchful eye on litigation trends and it is important to really understand the truth behind the numbers,” Frost said. “Once you have, it is easier to be proactive in your own organization to mitigate litigation.”
Frost and Collins will discuss the surprising developments amidst the discouraging trends in debt collection lawsuits. Attendees will understand the numbers behind the growth in litigation, identify opportunities to reduce exposure and prevent lawsuits with tested methods.
The Financial Services Collections and Credit Risk Conference is designed to provide real replied to tough challenges facing lenders/creditors, collection agencies and debt buyers. With a focus on finding real opportunities for future growth, the conference features networking opportunities, an information-rich agenda and expertise in presenters and attendees.
Allen has full responsibility for managing CBE’s Financial Services, HVC, Education and Government Divisions, including approval of business strategies and managing profitability and compliance. He joined CBE in 2010 as Vice President of Financial Services with more than 16 years in the call center industry, 11 of which were in debt collection. In 2008, Mr. Allen was selected by Collection Advisor Magazine as one of the Top 50 most influential collection professionals in the U.S.
Frost joined CBE in 2004 and oversees CBE’s Regulatory Compliance Department and provides continual oversight, guidance, and direction regarding all legal matters arising within the company. Frost obtained a BA from the University of Northern Iowa and a Juris Doctor from Drake University Law School. He focuses his legal practice primarily in the areas of consumer collection practices and defense, contract law and employment law. Frost is an active member of the ACA International Member Attorney Program (MAP), is the MAP committee liaison to the Board of Directors and Iowa Stair Chair. Frost is also the Vice President of the Iowa Association of Credit and Collection Professionals and a member of the American Bar Association, Iowa State Bar Association, Black Hawk County Bar Association and National Association of Retail Collection Attorneys. Frost is a frequent guest speaker at various debt collection conferences and meetings and also serves on the board of local non-profit organizations.
CBE will continue to announce other proactive, corporate debt collection initiatives that support the company’s mission of Defining the future of debt collection™ in the months ahead.
About CBE Group
CBE has been in the accounts receivable management business since 1933 and presently employs about 1,000 people in four locations countrywide. Its incarnate headquarters is located in Cedar Falls, Iowa, with extra facilities in West Des Moines, Iowa; Overland Park, Kansas; and Atlanta, Georgia. CBE was called Greater Cedar Valley Business of the Year in 2011 and one of the better places to work in the Waterloo/Cedar Falls metropolitan area the last seven years. CBE represents many of the nation’s most famous and prised organizations in a variety of industries including healthcare, utilities, satellite, telecommunications, fiscal services, education and government. For more information, visit http://www.cbegroup.com.
CBE’s online press kit.
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, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
Is it customary for a Credit Counseling Agency to charge a small fee for a debt management plan?
Posted by admin in Credit Counseling on December 14, 2011
Question by John: Is it customary for a Credit Counseling Agency to charge a small fee for a debt management plan?
If you enroll in a debt management plan (the kind where the Credit Counseling Agency negotiates with your creditors to lower your interest rate and enable you to make a smaller lump payment each month, and so forth), is it usual and/or customary for them to take some of that payment you make each pay period and keep it as a fee?
Best answer:
Answer by Infiniti
If the credit counseling agency is legit, the fee should be paid by your creditors. For example, if you agree to pay $ 50.00 towards the debt through the agency, the agency will charge your creditor a 10 to 15% fee. That is not an addition to your debt.
Add your own answer in the comments!
Maryland Attorney Uses Collaborative Skills To Successfully Reunite Her Own Family Torn Apart For Decades
Posted by admin in Credit Counseling on December 12, 2011
Maryland Attorney Uses Collaborative Skills To Successfully Reunite Her Own Family Torn Apart For Decades
Washington, DC (PRWEB) November 01, 2011
Bethesda Magazine’s November 2011 issue details the behind-the-scenes story that led Regina DeMeo to open her own family law firm in DC this October. DeMeo is well-known in the DC Area as divorce attorney, who is frequently mentioned in the top ratings by local magazines and enjoys lecturing and writing about Collaborative Law. Less well known, is her personal journey the past 39 years to find her rightful family.
DeMeo admits in this very personal interview that she was raised believing that her father was dead, with no other living relatives. In 1992, while DeMeo was undergoing a FBI background check for an internship, her mother confessed that her father, Jose Vila, was in fact living in Florida. DeMeo tried to reach out to Mr. Vila, but he was not able to handle the situation at that time. Another 19 years passed before DeMeo found the courage, utilizing all her conflict resolution skills, to reach out again in search of answers. Seeking to understand the past, without passing judgment, Ms. DeMeo was able to connect with Mr. Vila, whose paternity was confirmed this spring through a DNA test.
Once Mr. Vila had the DNA test results, he notified his son, Christopher Vila, who is a 28 year old freelance television producer in London. He emailed his sister the next day, and the two spoke for 3 hours during in their first telephone call. Since then, they have stayed in regular communication, and in June 2011 Mr. Vila flew to DC to meet Ms. DeMeo and his nephew, who is now 8. In August, Ms. DeMeo took her son to Florida to meet the rest of the Vila family, who have all warmly accepted the new additions to the family.
As a child, DeMeo admits that she became a huge overachiever to fill this huge void in her life, such that by age 14 she had become an U.S. national rhythmic gymnast and earned a scholarship to Phillips Academy in Andover, Massachusetts. She moved to DC in 1990 to attend Georgetown University, and in 1998 obtained her law degree from The George Washington University. She immediately focused her legal career in family law, but it was only after her own divorce in 2005 that she became trained in mediation, the collaborative process and child counsel appointments in high conflict divorces. Little did she realize until this year that her professional endeavors would help her uncover the biggest mystery in her personal life.
Going through some old boxes after the 2010 holidays, DeMeo found a card with her uncle’s contact information. Manuel Vila, who is the maitre d’ at Casa Juancho in Miami, encouraged his brother to contact DeMeo, and ever since the two have been working on their father-daughter bond. DeMeo says, “I have finally found what I’ve been craving my entire life. My family is like a sundae, and Chris is the cherry on top.” Chris admits the two have developed a strong bond, although he says, “she’s very different from me… but we look so similar, it’s weird. And it’s a bit melancholy realizing you can’t go back and recapture lost time.”
DeMeo fully credits her professional skills for helping her piece together this puzzle that took her 38 years to solve. Finally, she has the answers to so many previously unanswered questions, and she has incorporated her family’s story into her powerpoint presentations on Collaborative Law using her own experience to explain the paradigm shift from litigator to collaborator. She is also working on a book that captures her family’s story with the hope that it will inspire others in their own lives.
She recently opened her own family law firm in DC to help families with custody and divorce matters resolve their disputes, preferably outside of court. Those interested in learning more about Regina DeMeo’s services as an attorney, mediator or lecturer in the DC Area should visit her website: http://www.reginademeo.com or contact her via telephone: 240-621-0559; email: rad(at)reginademeo(dot)com; or mail to 1666 Connecticut Avenue, NW, Suite 250, Washington, DC 20009.
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Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.
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Overwhelming Majority of Consumers Would Change Financial Institutions to Avoid Paying Debit Card Fee
Posted by admin in Credit Counseling on December 9, 2011
Overwhelming Majority of Consumers Would Change Financial Institutions to Avoid Paying Debit Card Fee
Washington, DC (PRWEB) November 01, 2011
The October online poll conducted by the National Foundation for Credit Counseling (NFCC) revealed that only three percent of more than 2,400 respondents would continue using their current debit card as usual if a fee were imposed.
“People have become identical aware of how they spend their money, fifty-fifty small amounts, and that’s a good thing,” said Gail Cunningham, spokesperson for the NFCC. “The poll results send a strong message, but at this point that message remains a sentiment. Only time will tell if people will follow through and actually change long-deep-seated habited.”
As financial institutions evaluate their options, consumers should do the same and be prepared for any changes that might impact their accounts. The NFCC offers the following pros and cons of financial decisions based on the poll results:
Find a bank that doesn’t charge debit card fees = 62 percent
o Pro – Keeps the availability of a debit card while avoiding fees.
o Con – Changing financial institutions is difficult, particularly if you have direct deposits or drafts associated with your checking account. If you elect to change, don’t close the old account until three months after you open the new one, thus allowing time for all transfers to be in place. Check out the convenience of that bank’s ATM machines and usage fees, along with the cost of new checks.
Begin paying with cash = 22 percent
o Pro – Controls spending, as you can’t spend beyond what you have.
o Con – Carrying large amounts of cash can be dangerous and inconvenient.
Begin paying for purchases by check = 8 percent
o Pro – Maximizes the use of the existing checking account which may already have a fee associated with it.
o Con – Using checks can be inconvenient, with some places not accepting that form of payment. Additionally, there is the chance of over-drafting the account and incurring penalties.
Begin charging purchases = 5 percent
o Pro – Charging creates a credit file and resulting credit score. If handled responsibly, this can work in a person’s favor for future financial needs.
o Con – Credit do overspending easy. If not handled properly, charging goods and services can ensuing in financial disaster.
Keep using my debit teased as usual = 3 percent
o Pro – Avoids the potential hassle of changing banks.
o Con – Adds a new fee per the terms of the financial institution.
“As with any financial decision, consumers need to do their homework and evaluate all options to determine which is best for their lifestyle,” continued Cunningham. “The bottom line is that banks have the right to assess fees, and consumers have the right to choose who they do business with. Before leaving, however, consumers should ask the bank to waive the fee, citing how long they’ve been a customer, how many bank products they are using, and associated balances. No one wants to lose a valuable customer, so be sure to talk before you walk.”
For professional assistance regarding your financial questions, consider an appointment with a certified consumer credit counselor at a NFCC Member Agency. To be automatically connected to the Agency closest to you, dial (800) 388-2227, or to locate a counselor online go to http://www.DebtAdvice.org. For assistance in Spanish, dial (800) 682-9832.
The October poll question and results are as follows:
If my bank were to impose a fee related to debit card use, I would…
A .Keep using my debit card as usual = 3%
B. Find a bank that doesn’t charge debit card fees = 62%
C. Begin paying for purchases with cash = 22%
D. Begin paying for purchases by check = 8%
E. Begin charging my purchases = 5%
Note: The NFCC’s October Financial Literacy Opinion Index was conducted via the homepage of the NFCC Web site (http://www.DebtAdvice.org) from October 1 – 31, 2011 and was answered by 2,404 individuals.
The National Foundation for Credit Counseling (NFCC), founded in 1951, is the nation’s largest and longest serving national non-profit-making credit counseling organization. The NFCC’s mission is to promote the national agenda for financially responsible behavior, and build capacity for its members to presented the highest-quality financial education and counseling services. NFCC Members annually help more than three million consumers through close to 800 community-based offices nationwide. For free and affordable confidential advice through a reputable NFCC Member, call (800) 388-2227, (en Español (800) 682-9832) or visit http://www.nfcc.org. Visit us on Facebook: http://www.facebook.com/NFCCDebtAdvice, on Twitter: twitter.com/NFCCDebtAdvice, on YouTube: http://www.YouTube.com/NFCC09 and our blog: http://financialeducation.nfcc.org/.
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©Copyright 1997-
, Vocus PRW Holdings, LLC.
Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.