Debt Can Affect Your Health
September 14, 2011
So many people have debts these days that they are allowing it to affect their health. The cause of people’s ailments such as depression, ulcers and heart attacks a lot of the time is constantly worrying about how they are going to pay their debts. Throughout this decade and the last, debt-related stress has only been increasing.
Some major reasons that people fall into debt can be about what is going on in the economy, but others are just spending beyond their means. In recent years, people have been losing their jobs and their health insurance. When they are diagnosed with serious illnesses that need significant medical treatment, they are left with the last resort of paying these medical bills with credit cards.
A lot of people have also been unable to keep up with their mortgage payments after losing a job. They become severely delinquent in their payments and their lenders begin foreclosure proceedings. These homeowners do everything they can to prevent the foreclosure sale from happening, and during this time they are under a great deal of stress.
There’s also the group of people who are purchasing the new technologies every time something makes its debut. These people use their credit cards and build up debt beyond their ability to pay it back. The Federal Reserve has stated that Americans are currently carrying $957,000,000,000 in credit card debt.
The whole thing is a downward spiral that is taking everyone with it. As people have trouble paying their bills, their creditors begin to also have difficulties with their bills because they aren’t receiving any income either. What happens next is that these creditors can’t remain in business, they lay people off and eventually close their doors. This affects the entire economy and everyone begins to worry about where the country is headed.
The feelings that money give people are of strength, power and security, and when they lose their ability make money they lose those good feelings and begin to feel anxiety. It becomes difficult to pick up the pieces and move on, but worrying is not the answer. Worrying only keeps people from sleeping and eating properly and then their immune systems are less able to keep them from getting sick.
One thing people can do to help themselves out of debt is to determine the reasons that they fell into it. If they were spending too much, they must cut back on these purchases. They can set up a budget and stick to it until they have taken control of their finances and their health.
Advantage Advisor is Here to Help Your Finances
August 15, 2011
Advantage Credit Counseling Services has just launched the Advantage Advisor to help consumers struggling with their finances. For a small, one-time only fee of $10 consumers can get advice on how to improve their monthly budgets.
The Advantage Advisor is a new website that includes tools to help you evaluate your spending habits. First you’ll enter your income, expenses, assets, and liabilities into the advisor. Family information, healthcare costs, and future goals are also considered. From there the advisor will create an evaluation of your expenses and needs. Personalized suggestions are offered to improve your budget, along with tips to help you get out of debt. A customized action plan will then be generated to help you reach your goals. The Advisor also gives you the option to generate “what if” scenarios to help you find a budgeting strategy that works for you. It also includes money saving tips, tricks, and strategies from our experts.
See how the Advantage Advisor can help you by taking a free 1 minute video tour here:
http://onlinebudgetadvisor.com/
Are Credit Card Rewards Worth It?
July 11, 2011
You’ve probably been asked by an advertisement lately what type of rewards your credit card is giving you. It seems like the hottest new trend is what type of rewards program your credit card company is offering. Some give out points, others cash back, but which one is best?
There’s only one way to find out, read the fine print. And don’t just read it, scour it. Many companies and banks will throw loopholes into these programs designed to hit the consumer with fees or make it difficult to reap your rewards. You may be able to rack up 25,000 points, but it might cost you 20,000 points for a t-shirt. You may get 50,000 reward miles, but can only use them on certain dates. If you can’t make sense of the fine print, call customer service and ask questions.
You can save money by using rewards programs, just make sure you know what you’re signing up for first.
A New Debt Has Come To Power
June 24, 2011
Credit cards have long since been the biggest debt burden affecting Americans in this day and age. However, a new debt, popular among the younger population has taken over the number one spot. With the ever rising cost of education, and so much of the money outstanding, it was only a matter of time before student loans exceeded credit card debt
Back on September 10, 2010 the total student loan debt surpassed total credit card debt in this country with $850 billion outstanding according to according to Mark Kantrowitz, publisher of FinAid.org, a website that provides information about student aid and scholarships.
Despite a bachelor’s degree, college graduates still struggle finding gainful employment. Several arguments have been brought into the fold as to why that may be. Some blame the current condition of today’s economy. Others would argue that a college graduate might earn a degree for degree’s sake, not really having a true understanding or passion for what they graduated with.
Whatever the argument, the student’s incurred loan expenses remain. Each graduate finds themselves in a unique situation upon completion and has no choice but to push forward in terms of employment. Many have found that internships while in college can make all the difference in landing a job upon graduation.
Are you or do you know someone entrenched in college debt? Do they or you worry constantly about where the next loan payment will come from? Feel free to share your experience with us!
Personal Financial Warning Signs
June 15, 2011
Feeling the pinch lately? A lot of us are, and wondering if you’re just having a tough financial week or if you’re in serious money trouble can be tough to decipher. There are some warning signs if you know what to look out for.
If you’re buying groceries with credit, you’re probably not in a good financial situation. If you can’t afford the trip to the store without using your credit card, there’s probably too much of your income going towards credit payments. Food should obviously be a high priority and if there’s not enough cash for a high priority then there’s a problem.
If you’re having trouble making basic household expenses then you probably have a larger money issue. If the mortgage, rent, taxes, or utilities aren’t getting paid, then your housing may be too expensive, or you may have too much income going to other things.
If you’re unable to make minimum payments on your credit cards you’re definitely overextended. If credit card debt becomes large enough where minimum payments are unaffordable, you’re using too much credit.
If any of these problems sound familiar you may want to consider speaking to one of our counselors about your finances. No matter how bad you think you’re financial situation is, it can always get better.
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