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Beginning Financial Literacy
As the saying goes “It’s too late to shut the barn door after the horse has run out.” Do you have credit card debt that you feel has gotten out of control?
This is an all-too-obvious question when you have creditors already calling you and threatening lawsuits. But… What if you are not at that point and feeling only a little pinch??
Using credit and debt can be a powerful tool that allows you to buy a home, a car, finance your business operation, and even provide leverage for other purchases, but when you accumulate too much debt, it can be a major problem.
What no one seems to be discussing is “How do you know when you are starting to get into trouble with your credit cards and debt commitments?”
If you are starting to feel pressure on covering your debts, Then it is the time to talk to your financial planner, a debt negotiator, accountant or just have a plain old family meeting and talk through how your debt can be reduced and cutbacks made.
I know this from my own personal experience. Several years ago I had a business that provided services to the aerospace industry. We had gotten two major contracts and everything was going great. Then in early 1992, there began payment delays and the California economy was also starting to take a beating.
One day my accountant pulled me aside and asked a few very good questions. He noticed that I was borrowing against a line of credit for payroll and our client was already 60-90 days behind in payments. This client was a huge, gi-normous company that should never be this far behind.
He suggested that I make sure the client paid our company in a more timely manner or totally stop services. The awkward part was to call up the large company and demand payment. At that time, they made up 40% of our revenue, and they always paid but their late payments were costing our company a lot in credit. I did make the call and I am glad that I did because
we were able to negotiate a more timely payment.
The timing of this was great - Ask anyone who was in the aerospace industry in California in 1992. By the end of the year many projects were cancelled or put on hold and we were deep in a recession by the end of that year. Timely advice helped us to transition and continue operations.
During that time, here are some things that I learned. There are always warning sign. Here are some early warning signs that may help.
- Always be aware of how much debt you have, if you don’t know – find out.
- If you are using credit to pay for credit (i.e. using credit cards to pay loan installments, etc.) then you have a problem in the beginning stages.
- If you are lying to friends and relatives about your spending then you need to get honest, if only with yourself
- If you are not saving any money then you need to make a saving plan and adjust your spending accordingly.
Sometimes it is difficult to realize there is a problem, but taking steps early is far better than later.
Consumer Credit Rose by $7.7 Billion October
Consumer Credit Rose by $7.7 Billion October
Total consumer credit expanded by +3.7% in October following a rise of +3.4% (revised) in September. By dollar volume, total consumer borrowing was up by +$7.7 billion in October (seasonally adjusted and annualized) following September’s increase of +$6.8 billion. Total consumer borrowing is now at its highest level in two years.
Revolving debt, including balances owed on store charge accounts and bank credit cards ticked up by +0.6% for the second month in a row. Over the past twelve months, revolving debt has contracted by -1.2% or by -$9.9 billion. We may see a bump in credit card usage during the next few months as consumers break out the plastic to purchase holiday gifts.
Non-revolving debt, which includes auto loans and student loans (the fastest growing segment of consumer credit), jumped by +5.3% in October after rising by +4.7% in September. Over the year, the level of non-revolving debt was up by +4.1% or by +$65.9 billion. Last month, non-revolving credit accounted for most of the increase in consumer borrowing in October.
Total consumer credit moved up by +$55.9 billion (+2.3%) over the year to October. Still, consumer credit is down by -$124.4 billion from the July 2008 peak. (Kimberly Ritter-Martinez)
Source: http://www.federalreserve.gov/releases/g19/Current/
California’s Budget Position in November
The State Controller recently released the November financial report for the California General Fund. Five months into the new fiscal year, total receipts ($31.2 billion) declined by -5.6% compared with last year. Total disbursements over the same period, however, were up by +1.5% to $44.4 billion. As of November 30, 2011, the state’s cash balance stood at -$21.5 billion.
Total revenues were down by -8.7% to $28.9 billion (compared with July-November 2010). Looking at the largest revenue sources, corporate tax receipts were down by -11.4% to $1.8 billion, while personal income taxes were up by +4.8% to $17.1 billion. Revenue from sales and use taxes plunged by -26.7% to $8.2 billion. Part of the decline in sales tax revenue this year is attributable to the one percentage point reduction in the state sales tax rate that went into effect in July 2010. Collectively, revenues from the state’s “big three” revenue sources declined by -8.2% compared with last year. For the period July to November, total General Fund receipts were behind budget projections by -$1.1 billion.
A more detailed look at expenditures shows Local K-12 Education received $15.5 billion during the first five months of the fiscal year, which was up by +1.1% from the previous year. Disbursements to Community Colleges were down by -2.1% to $2.5 billion. Funds received by the UC and CSU systems tumbled by -20.2% to $1.5 billion. Contributions to CALSTRS (the state teachers’ pension fund) posted an increase of +1.8% to $668.8 million.
Spending for the Department of Corrections increased by +2.9% to $3.7 billion, while outlays for Health and Human Services jumped by +30.7% to $1.4 billion. Payments to General Government were flat at $807.2 million. The amount the state paid to service its debt obligation ticked up by +1.6% to $2.2 billion. Fiscal year-to-date, total disbursements have outpaced budget projections by nearly $2 billion.
As of November 30, the state General Fund had $24.8 billion in borrowable resources against $21.5 billion in outstanding loans, leaving $3.4 billion in unused borrowable resources. The current loan balance is comprised of $8.2 billion carried over from the previous fiscal year and $13.3 billion in new borrowing during the current fiscal year. The outstanding loan balance was covered by $16.1 billion of internal borrowing and $5.4 billion of external borrowing. (Kimberly Ritter-Martinez)
Source: http://www.sco.ca.gov/eo_pressrel.html
A shorter, readable credit card agreement
On Tuesday, President Obama traveled to Osawatomie, Kansas, to lay out his vision for America — where everyone from Wall Street to Main Street plays by the same rules and all Americans have a fair shot at success. Check out his speech here.
The Consumer Financial Protection Bureau (CFPB) is a key part of achieving that vision. Unfortunately, some Republicans in Congress are trying to dismantle this important consumer watchdog, even before it gets fully off the ground by blocking the nomination of Richard Cordray, the President’s nominee to be the director of CFPB. In his weekly address, President Obama calls on Congress to stop playing politics with important protections for American families.
Despite not having a director, the CFPB is doing everything they can to fight for consumers. In fact, this week, they kicked off a pilot program to simplify credit card agreements, and we wanted to make sure you saw it. Read their email below.
| Millions of times every year, financial institutions issue a new credit card agreement to their customers. And every year, millions of consumers receive new agreements and do not read them.We have an idea that we think can make things better: a simplified credit card agreement.
Check it out, and tell us what you think. www.consumerfinance.gov/credit-cards/knowbeforeyouowe/
Credit cards are simple to use, but consumers have a lot of choice in exactly how they use them. Differences between cards provide even more choices to consumers. Credit card agreements describe the terms and features of a particular card. They spell out the rights and obligations of both parties, and provide legal protections for the issuer. This can result in a dense and complicated document that can be difficult for consumers to understand. The thought-starter we’ve developed reduces this complexity. We’ve separated the key terms from the legalese, leaving a clear, readable document. We think it makes sense to give consumers a short, understandable document with the key terms they need to know. And we think it makes sense to give issuers the option to use our definitions, freely available on our website. We think this could reduce the costs of compliance and printing. But as credit card users and issuers, you’re the people who need these agreements to work for you, so we want to know what you think. Would consumers be more likely to read this? Could issuers use this approach for their own products? Take a look at what we’ve come up with. Weigh in with your thoughts to help us make credit card agreements better. www.consumerfinance.gov/credit-cards/knowbeforeyouowe/ Thank you, Marla Blow |
Preventing Credit Card Chargebacks
They say the customer is always right, and that’s a good philosophy for running a successful business, but when you find that too many customers are reversing the charges on their credit card (chargebacks), you have to do your part to reduce them. Luckily, there are many things you can do. For each chargeback, you pay a fee, plus if you get too many, your processing account could be closed. There are several reasons transactions can be disputed and returned but most chargebacks occur as a result of fraud. If you can reduce fraudulent transactions, you’ll have fewer chargebacks.
When the card is presented to you, check the expiration date and signature panel. If there’s no signature, check the customer’s ID and ask the customer to sign the card. If the customer refuses, don’t accept the card. Always get an authorization of every transaction by swiping the card through your terminal. If the card won’t swipe, follow manual key procedures and get a card imprint. Be sure to match the name on the account number of the card to the information on the receipt and match the printed four-digit number to the embossed number on the card. And of course, always get a signature. Finally, look for the hologram. It will be on the front or back of the card and should reflect light and appear to move.
Are you feeling overwhelmed with credit card payments?
Overwhelming credit card payments can be hard to keep up with, especially in this economy. Continually missing credit card payments will reflect upon your credit score as will bankruptcy—filing for bankruptcy can mar your financial history for up to 10 years.
If you need to be free of credit card debt now, there are options. An experienced debt settlement company can work to reduce your current payments. With debt settlement, the creditor and debtor both agree to reduce the balance of credit card debt. This benefits both parties because most creditors are willing to settle after credit card payments have stopped. Instead of potentially receiving no money from debtors, credit card companies would rather settle and get a portion of that money.
The alternatives for creditors aren’t too favorable: They must either take time to harass a debtor with phone calls or hire a collections agency to try and get their money back. A collections agency can’t necessarily guarantee a return and creditors have to pay for their services. This is why creditors can be willing to settle debt.
Consider a debt settlement company to help with settling your credit card balance. Debt settlement companies are likely to have a history with credit card companies—it’s likely that they’ve worked with them before, and know the ins and outs of negotiating a good deal with them.
The debtor should have a lump sum of cash available for the best scenario, or should be building up funds for the negotiation process or to add to a package settlement. Debt settlement companies have the ability to package settlements into large bulk settlements, which means that a balance can be reduced more than if it was done individually.
If your credit card balance is too overwhelming and it’s only getting worse from nonpayment, consider debt settlement to achieve your goal of being credit card payment free. Select a knowledgeable debt settlement service or law firm that can reduce your balance.
Truth about Teen Credit Card Debt
Truth about Teen Credit Card Debt
You may be surprised to hear that teen credit card debt is on the rise and has become a widespread problem all over the United States today. As a parent, you must know the facts about teen credit card debt and should protect your child from it.
First of all, you need to know that credit card companies target teenagers, which often leads to teen credit card debt. You have to keep your child from being another one of their target. You might think that teens under the age of 18 cannot apply for a credit card without you being a co-signatory, but that is wrong. According to statistics, more than 54% of college freshmen carry a credit card. In the sophomore year, this percentage increases to as high as 92%.
Teen Credit Card Debt Statistics
A few quick stats show that on an average, 82% of college students carry a monthly debt of under $1,000 and over 59% of these students are able to pay off their balance each month.
Another shocking statistic shows that 10% of college students carry a balance of over $7,800 and the average student has a debt of $3,200 and only 40% of the students are actually able to pay their debt off each month, while the remaining 60% of those students have unpaid credit card debts, which keep accumulating with interest.
As a parent, you should know that you are not teaching your teenage kid to spend responsibly if you allow them to have a credit card. The truth is that a credit card is actually an excellent way to teach your child to be financially irresponsible.
Consequences of Teen Credit Card Debt
When teens go for a credit card, they do not realize the trouble they are getting themselves into. They also do not realize the excessive interest rates and fees they will have to pay. For some young people, spending on credit card may lead to a life of unfortunate circumstances. Students who are unable to pay off their credit card debts may lose out on admission to graduate school, getting an apartment, not to mention a damaged credit history.
Estimates show that for 7% to 10% of teens, the debt may become so much of a burden that they have to drop out of school. Some students who are embarrassed to admit to their parents about their credit debt prefer to go and get a job to pay off the debt, which in turn affects their grades and with increasing work hours, they are unable to cope with their class schedules.
Consolidating Teen Credit Debt
Teens and young people usually find themselves in situations where their debt keeps on mounting because they try to pay one balance off with another, like through banks or other sources. So the first step at preventing this habit is consolidating all teen credit card debts into one low monthly payment. This gives the teen an option to make their payments attainable, lowering the monthly payment by as much as 40-70%.
The best way to do this is to have the teenagers sit down with their parents to actively involve them along with the student. They should fill out an application for debt consolidation together. If you help your child get out of teen credit card debts, you will help them in the long run, instead of punishing him or her and leaving them helpless.
Author Bio
Richard Jacobs is a chief editor since early 2007, and he currently works for MyDUIattorney. A website that helps you to find the right DUI lawyer, you can search for Orlando DUI Lawyer or Philadelphia DUI Lawyer online, anytime!
How to cut down on Credit Card Debt
According to several surveys carried out, an average credit card holder ends up paying $1500 every year in the form of interest on credit card debt. This can all be save and used more productively if you are a bit more careful charging your credit card. The best way to avoid interest on your credit card bill is to charge your credit card only when extremely necessary. This way you will be able to control your debt and also grow your savings by banking the extra money you would have paid in the form of interest.
What is the Debt Dilemma?
To be able to understand how to cut down on your credit card debt, it is important that you first understand what the Debt Dilemma is. As a credit card holder, you should know that banks and credit card companies have a habit of generating a steady stream of income. They do this by charging interest on debt, and asking the customer to pay back in minimum amounts. Due to this reason, if you owe $5000 on your credit cards, and are paying an average of 18% interest on credit card debt, you can end up paying approximately $2000 in interest over a period of 3 years if you pay a fixed $150 minimum amount per month.
So, if you are a credit card holder, make sure you do not get yourself deep in debt, and also try to pay back more than the minimum payment every month so you get out of debt quickly.
Move from Debt to Savings
Once you understand the Debt Dilemma, you will not be surprised to hear what debt experts say; you can easily convert your debt into a savings opportunity by eliminating all your credit card debts. As soon as you get rid of your credit card debts, you will have an opportunity to save that 18% which you were paying in the form of interest.
Pay off your credit card debts
The first step in moving your debt to savings is to get rid of your credit card debts as soon as possible. Of course, the process will take a while, but make sure you take every possible step to make it happen. First of all, categorize your debts according to the interest rates. You will want to pay off the debts which have the highest interest rates first or shift them to a lower interest rate credit card. Plan out your monthly budget and make a realistic estimate about how and when you will pay back.
Two important steps you can take to make this happen are to find a part-time job to pay the debt and to join a debt relief program to pay your credit card bills. Also, try to make micro payments on a regular basis to reduce the average balance on your account during any given month.
You may not actually be aware or even concerned by the small amount you pay in the form of interest to your credit card company every month, but this money can make a big difference in the form of savings at the end of the year. So eliminate your credit card debts and build your savings and investments for the years to come.
Author Bio
Richard Jacobs is a chief editor since early 2007, and he currently works for dwiduidefenselaw. A webiste that helps you to find the right DUI lawyer, you can search for a New Jersey DWI Attorney online, anytime!
Bankruptcies Jump
In Orange County, California, 1,752 individuals and businesses filed for bankruptcy protection in September, 87.2 percent more than a year earlier, according to the federal bankruptcy court.
Credit Card Debt Options
Written by Charlotte Gordon
Before rotating credit card debt or stopping credit card payments altogether, consider seeking debt counseling to help with credit card payments. Other, more beneficial credit card debt options are available and can include debt reduction or a debt settlement program. If your credit score has a chance of being spared, why not explore the options to help do so?
A ruined credit score can destroy your credit worthiness, which means that you will be regarded as a potential risk to lenders and banks in the future. This can lead to high interest rates and determine your credit limit, which will probably be unfavorable. You want to protect your credit score number any way that you can, because it can take years to repair it and get new credit card offers again.
You want to pay credit cards on time and learn about the credit card rules and regulations in your state and understand credit card language. The more you know, the better. In today’s economy, the former option may not be plausible because of financial hardship. If you’re mired in credit card debt and have interest and penalties that you need to pay off, maybe it’s time to get help from a debt counseling agency that can empower you with the knowledge and tools that you need to conquer debt.
If you’re late on payments, it’s possible for your interest rate to increase, even with creditors you don’t have late payments with. This is called universal default and means more money that will be due. Combined with high late fees and a high APR, how do consumers even stand a chance against credit card debt?
There are solutions. One way to reduce credit card debt is to have a reduction in your annual percentage rate (APR). This means that your interest rate for a whole year can be lowered. If you do declare bankruptcy, credit card companies can forgive much or all of your credit card debt. Though, with this option, creditors can challenge bankruptcy and it can be blocked. You’ll want someone experienced on your side to help with either of these options to help make the best decisions for your unique credit situation.