The Latest Spin on “Believe IT to Be IT Dogma”

http://www.usatoday.com/money/books/reviews/2009-12-27-mind-over-money_N.htm?POE=click-refer


The article is a commentary on a new book out, “Mind Over Money”. I will spare you reading the article that critics the book’s stance. In a nutshell the book trumpets the dogma that those with financial trouble; lack of job, deep debt loads and other financial crisis are not suffering from the lack finances rather than a ‘money disorder’.

Ahhh yes a new disorder that is exactly what we do not need. It is bad enough you are facing calls from collection agencies, worried looks from family members now you have a disorder. Frankly the bottom line in finances is the bottom line. No matter how you got in your current financial mess, you need help getting out! Years of therapy, books and introspection will not change your reality.

Everyday finical tools implement by those who use them, with a free consultation will help you with your financial mess. Help that is now, attainable and tangible is the kind of response those in financial crisis need, and require.

If you have been living pay check to pay check with no savings a tapping out your credit cards to make up for being unemployed and or under employed you need help now.

Go to any page on this site and fill out the information request form. Get the help you need, and save the cost of a book telling all about your current psychosis.

Bankruptcy Fillings Are Up This Year

http://www.usatoday.com/money/perfi/general/2009-11-19-bankruptcy19_CV_N.htm?POE=click-refer

Great article on USA today about how educated and responsible middle class American's are filling for Bankruptcy.
It is so unfortunate that the belief that bankruptcy can solve your financial woes. It fact it often increases your financial stress and peramently damages your credit. In this article the person wanted to start a business and invested all of her capital in the process. New starts up businesses are known for sucking up capital. Now that she has declared bankruptcy in an attempt to protect herself from her creditors, she has poisoned her ability to receive future venture capital.
Many potential investors will not even read a business plan that has been presented by someone who has declared bankruptcy. The recent show on ABC's "Shark Tank" highlights this fact, as a capitalized investor with billions looks at a man presenting a business plan, which has declared bankruptcy and says “you’re toxic".

The best way to handle an unmanageable debt load is to seek professional help with an advisor that can give a number of recommendations.

Watch out buying online!

Three online companies according to a senate committee have been tricking consumers with false promises of a $10.00 cash back or other reward.

The three internet companies that were named, by the committee: Affinion, Vertrue and Webloyalty.

According to a committee report, the three companies enter into agreements with familiar Internet shopping sites that sell movie tickets, flowers and other items.
Just before a customer completes the sales confirmation process, the customer gets an offer that often promises $10 cash back or other rewards, and appears to be connected to the original transaction.
When the shopper clicks "continue," or "yes," the shopper — often without knowing — enters into a new financial contract with a membership club operated by Affinion, Vertrue or Webloyalty, the report says. The shopper's credit card information is sent to the membership club company, which charges monthly fees, by the website the shopper originally visited.
"Beware if you're a consumer," said committee's chairman Jay Rockefeller, D-W.Va. "I worry about this because the holiday shopping season is just beginning." He said while the companies insist they are not breaking any laws, "just because what you say you do is legal doesn't make it right."
It’s no wonder I prefer shopping in person with cash. When you pay with cash the transaction is clean and clear.

Never use a Payday Loan

This article is a re-post from National Public Radio Site.
It is a quick read and well worth the warning.

Payday Loans are not worth the risk or cost. It is better to not borrow then borrow with these.

The cycle of borrowing for crisis can be broken. If you are losing your savings, cut back and increase employment. Do these measures so that when a crisis hits; car repairs, medical bill or illness your crisis becomes an opportunity.

R.I.P. Payday Loans?

November 12, 2009


A new FDIC program aims to cut into the business of payday lenders.

By Daniel Costello
Payday loans, also known as payday cash advances, remain a hugely controversial and profitable business. In recent years, several states have imposed strict usury limits on the interest pay day loan companies take, some as high as 400 percent on an annual basis. People who resort to payday lending are typically low-income workers with few assets, and the loans often have the effect of depleting the assets of low-income communities.
Last year, the Federal Deposit Insurance Corp. began offering banks incentives to offer short-term, small-dollar loans of up to $2,500 to low-income Americans to help those with low or no credit scores get access to regular banking outside of the 23,000 pay day loan outlets nationwide.

According to an interim FDIC report, the pilot program appears to be a success and federal officials have announced they plan to expand the program next year. So far, 31 initial banks collectively have offered $28 million in loans up to $2,500. About 8 percent of customers were delinquent, roughly the industry average.

Price v. Value

What is the difference between price and value? A dry car. Can you imagine the call home? Honey I just lost $1.25 million dollars on the way home.

Man Distracted by Bird Drives Bugatti Into Marsh


LA MARQUE, Texas – A man blamed a low-flying pelican and a dropped cell phone for his veering his million-dollar sports car off a road and into a salt marsh near Galveston. The accident happened about 3 p.m. Wednesday on the frontage road of Interstate 45 northbound in La Marque, about 35 miles southeast of Houston.
The Lufkin, Texas, man told of driving his luxury, French-built Bugatti Veyron when the bird distracted him, said La Marque police Lt. Greg Gilchrist. The motorist dropped his cell phone, reached to pick it up and veered off the road and into the salt marsh. The car was half-submerged in the brine about 20 feet from the road when police arrived.
Gilchrist said he doesn't know if the car was salvageable, but in his words, "Salt water isn't good for anything." He says the man, whose identity hasn't been released, was not injured.
A 2006 Bugatti Veyron was recently offered for sale in Jonesboro, Ark., for $1.25 million.

Now for this driver that car might have been play money. For most of the rest of us, a car is a transportation, a tool a way to go from point a to b.
$1.25 million for a car might be an extreme example of how a car is not an investment. Right after you drive off the lot with a new car, it has lost 30%. In a used car the margins are thinner and the loss is less.
If you consider a car as a need, and not an idol your best bet is not go into debt in order to buy a car. There are many ways to avoid debt for a car. You can; use the bus, ride share, bike, live near work or school. All of these options are much less expensive than the debt of a car. Then when you have enough saved, to purchase a used car, through a private owner you will maintain a debt free life.
You may ask yourself "What is so bad about signing up for a car loan?" I see ads daily, some by the hour promoting quick, easy approval, with low loan interest rates.
The reality of owing a car is it will need repair and service. Instead of digging further into debt to repair and service your car, you will have the cash ready since you are not making car payments. Another consideration for purchasing a car without debt, is those monthly car payments. One thing in life that is certain is change. The job you have today will most likely not be the job you have during the life of your car loan. Cars can and do lose value suddenly via an accident, hail storm or theft. What remains in those examples is a greatly devalued car and the debt of the car loan.
The greatest gift you can give yourself with a major purchase is the knowledge that when you truly own something debt free, no one can take it from you.

There is no repo man for the ONE who has purchased with CASH.

New law requires credit cards to alert users to interest changes.

According to, The Washington Post there are a number of new changes regarding the use of your credit cards. These notices are to be sent out this year in the mail. These changes only affect those customers who are current with their credit card payments. Clients who have sought the services of a Debt Settlement firm have separate settlement agreements that empower and protect the debtor.

A few key Credit Card Act provisions, and when they will take effect:
Already in effect

• Companies must notify consumers 45 days before raising interest rates.
• Consumers may cancel their card and pay off the balance at the original rate. If they keep the card, the entire balance will still fall under the new rate.
• Consumers get 21 days, instead of 14, to make a payment after a bill is delivered.

Effective Feb. 22
• Credit cards cannot raise rates on existing balances. If your rate is increased, the new rate will only be applied to new charges.
• Issuers cannot raise your rates because you miss a payment or fall behind on a different account.
• Payments will be applied to the balance with the highest interest rate first.
• Penalty rates on existing balances can only be applied if your payment is 60 days late. If you then remain in good standing, your rate must go back down after six months.
• Promotional rates must last at least six months.

Effective Aug. 22
• Any penalty fees or rates must be 'reasonable and proportional,' as defined by the Federal Reserve.
• Card issuers must periodically review your account and potentially reduce your rates.

In remembrance of Veterans Day, let’s apply that same principle to our own personal financial freedom. The first step in financial freedom is to eliminate all unsecured debt.
May God Bless and Keep US.

Feds: Foreclosure relief plan helps 20% in Calif., Nev., Ariz.

http://www.usatoday.com/money/economy/housing/2009-11-10-foreclosure-relief_N.htm#Close

Come see how you can get help to modify your mortgage.