Summer heat continues. We hope you are having a good summer. As we look ahead to
September, Credit Advisors will be closed on Monday, September 6 to celebrate Labor
Bee Debt Free with Credit Advisors!!
If a creditor calls you, tell them you are now with a credit counseling agency and
they should call 402-393-3100. Give them your client number and the name of your
Payday Loans can be Too Hot to Handle
Payday loan outlets are becoming as common as convenience stores. These loan companies
typically charge fees every two weeks for the service. The service can end up costing
an annual interest rate of 300%, 700% or even 1,000% according to the Cincinnati
People who do not have a savings account, credit card or good credit history might
try this type of loan. But because of the very high fees many people will get deeper
into debt and it may be almost impossible for some to pay off the principal.
A consumer gives the lending company a postdated check for say, $100 plus a fee
of maybe $15. At the end of two weeks, the borrower has three options: 1) pay back
the amount in cash, 2) let the lender cash the check, or 3) get a loan from a second
company to pay down the first debt.
A better plan is never to start with these kinds of loans. Reality says, “If you
don’t have the money today you’re not likely to have the money tomorrow.” Pay for
things in cash and don’t borrow against your future!
Source: Associated Press
Would you think of a having a second mortgage?
Real Estate Auction!!!
Same thing! So read on and think again!!
Some consumers thought it was a good plan to take out a home equity loan. They planned
to pay off credit card balances. However, they didn’t have the discipline to stop
using their plastic. An Atlanta-based research firm, Britain Associates, found 4.2
million households used equity loans to pay off credit card debt during a two-year
period. Of those households, two out of three loaded their credit card balances
So, not only do these people have to pay the equity loan, they have crushing credit
card debt again. Fail to pay your equity line and you can lose your house! Don’t
let this be a sign in your yard.
A study by Georgetown University sociologist, Robert Manning found that 70% of students
at four-year colleges have at least one credit card. The debt on the card averages
more than $2,000 causing some students to cut back on courses or spend more time
working to pay their credit card debts.
Check out our bookstore for more great reading on how to save money.
Bee Debt Free!!