"The C.A.R.D. Act Is Coming"

You don’t want to be pinched by credit, creditors or extenders of credit in an economy working to recover. The credit problems of recent years have been addressed in new regulations and rules in the coming C.A.R.D. Act (Credit, Accountability, Responsibility and Disclosure Act) that will affect you. Aspects of credit will change under the new rules as of January 2010 including fees, credit reports, terms, minimum payment, who will and who won’t get credit and on what terms !

You can ignore changes or you can learn how to effectively and efficiently face the challenges, issues and toxic habits found inside yourself that keep you a hunted prey by the credit card companies. They feed on your ignorance. Yes, by law, you will receive notices and inserts in your billing envelope, however, they don’t include a magnifying glass for you to read the tiny and confusing language.

You can work with a trained counselor who stays abreast of the changes by staying plugged into the credit industry. You can learn what to do and most importantly, what not to do. Not to long ago, seeking advice of a debt counselor was seen as a ‘very personal problem’. Now it's seen as smart to seek out the advice of a trained credit risk assessment planner to help you make informed decisions. And who can see objectively your underlying issues preventing you from reaching your goals !

You can learn your consumer rights in the C.A.R. D. law and how to exercise them. There are good points such as the credit card companies must provide at least 45 days notice of interest rate increases on future purchases. And your existing balances will generally be protected from interest rate increases. IF the interest rate goes up because you have not made the minimum payment within 60 days after the due date, the rate must go back to the original LOWER rate IF you make on-time minimum payments for six months. They will count on you NOT keeping count of your on-time payments.

To help those who have not figured out how to live INSIDE their income, the C.A.R.D. Act will require issuers to review your ability to pay BEFORE raising your rate limits or issuing you a new card. This will help those who can’t help themselves. The new law carries many new changes, however it is ultimately up to the consumer to understand what the terms are BEFORE agreeing to them, and most importantly, know how to live within those terms, seek professional advice.

Call Spectrum Resources (863) 967-0660 or email SpectrumResources@tampabay.rr.com and visit our blogs, they all have different bits of wisdom for your benefit. http://financialeducationandoptions.blogspot.com/ and http://moneysavingtips.polkvoice.com/ & http://spectrumresources.wordpress.com/ Help us help others with financial literacy. Please mail your tax exempt donation to: S.R.D.C. 2014 Brentwood Drive, Auburndale, FL. 33823

"One Man's Trash Is Another's Treasure"

You may have seen the national TV show recently where well known financial advisors were giving advice to a unemployed couple on how to survive this recession. What I really found interesting is how by going through this family’s home they were able to turn their excess ‘stuff’ into over a $4000.00 treasure !

Hence, the title of this lesson, “One Man’s Trash Is Another’s Treasure” for each and everyone of us could hold a sale of household and personal items that we have purchased and no longer are using. We are surrounded by treasure and simply not accessing it.

They first went to their closet and thinned it out considerably. Next to the shoes and were told to select only five pair from the stack of many. After that they thinned out furniture, knick knacks, and decorative items that ‘cluttered’ the house from years of accumulation, gifts, and souvenirs. From there to the children’s room where floors were littered with an abundance of toys, corners were stacked with toys and collectibles they had out grown or lost interest. The kitchen had gadgets, odd collection of dishes and rarely used items. And the garage was stacked to the brim many unfinished projects, tools and saved ‘stuff’.

We are a society of ‘stuff’. Blessed, spoilt, over indulged, whatever words you wish to use. Most of us have money tied up in things that we no longer need, or want but because of whatever psychological reason we hold onto it. Few of us have the discipline to purchase and keep ONLY the necessities. The counselor helped the family organize with large bins. Things that were in excellent shape and perhaps unique such as clothing, jewelry, household items, tools, etc to be sold on eBay or Craig’s List. A bin for things to sold at a yard sale, used but still good and would sell such as furniture, decorative items, bikes, and everyday clothing. Then a bin for items to be donated which included ANYTHING left over after the yard sale. And last, the damaged or broken items that someone was going to fix someday, but that day never came.

$4000.00 was raised from inside their house to be put into an emergency fund. Not to be used as ‘found money’ for a dinner out, but to sustain the family during a period of emergency. My suggestion would be that you too look around the house at all the ‘treasures’ that you have stored that could be turned into money. Isn’t it better to sell things now while you have the leisure to do it out of want instead of need ? I promise you, having an emergency fund will bring you more emotional satisfaction than having a bulging closet, a over stacked garage, and a living room cluttered with years of collectibles. 470

Contact Spectrum Resources (863)967-0660 or email SpectrumResources@tampabay.rr.com to learn how you can live INSIDE your income. Please come back to this blog and visit our others as well: http://moneysavingtips.polkvoice.com/ & http://spectrumresources.wordpress.com/If you appreciate our efforts, please help us help others with financial education by mail your TAX EXEMPT donation to: SRDC 2014 Brentwood Dr . Auburndale, F

"Financial Literacy -VS- Employer's ROI"

If you are an employer, you may have used the saying, “What Goes Around Comes Around”. Please think about how those words may apply to you and your business. Helping your employees learn how to live within the paycheck you are providing can actually help your profitability.

Today’s economic situation has caused everyone to re-evaluate their priorities, to re-think their long term plans and sharpen the focus on daily living and the decisions provide secure passage through the month. More employees are looking to the employer to solve their problems. Now is the time to work together, bring real meaning to 'extended family' and the word 'team'. "Through Sharing We All Grow !"

Employers are beginning to realize that by investing more in the employee it does impact overall performance, and productivity and profits. Financial literacy in the workplace brings a very high ROI. The damaging effect WITHOUT personal money management skills in employees show:
· Absenteeism
· Tardiness
· Garnishee
· Diminished customer service levels
· Loss of revenue from sales not closed
· Increased risk taking
· Increased request for pay advancement / raises
· Theft
· Increased health care costs
· Employee turnover

Without financial literacy in the workplace, employees bring their frustrations into their work environment and it spreads like a virus. One in four Americans (30 million in all )are in serious financial distress according to a study done by Dr. Thomas Garman. This domino effects not only the employee, their co-workers, their family life, but also the employer.

It’s smart business to provide employees with education, resources, and options. This empowers them to make better decisions with less stress and less cost to the company. In addition to the regular education on investments, there is a need for daily money management in the workplace. Employers providing basic personal money management education have shown a return with $450 in positive job outcomes, $300 in lower health care cost, and those who are offering flexible benefits accounts might even realize an additional savings of $1,274.

Causes of financial stress is the workplace is seen in four main categories: the most common is life events and emergencies that deplete personal savings and the ability to generate sufficient income. The second is primarily skill-based and involves a lack of understanding about how to manage, save, and invest money wisely. Americans have not been taught basic money management skills. The third is psychological factors that include impulse buying and responding to advertising and marketing tactics. The fourth is income stagnation due to inflation-adjusted real income of the vast majority of workers. Actual take home pay hasn’t increased much since year 2000. What incomes did rise, inflation ate.

Spectrum Resources offers education, resources and options. Spectrum Resources educators goes into the workplace for 'Lunch and Learns', or prior or after work hours. Call (863)967-0660 or email: SpectrumResources@tampabay.rr.com and visit often all our blogs each one with new and different lessons. http://moneysavingtips.polkvoice.com/, http://spectrumresources.wordpress.com/ and of course keep this one in your favorites: http://financialeducationandoptions.blogspot.com/

"WHY Does My Credit Score Go Up And Down ?"

Your credit score seems to be changing for no reason. Don't go crazy wondering WHY your credit score bounces like a ball. Your score will always go up and down as a reaction to your actions. Your credit score is a mathematical reflection of your daily money management decisions.

You get up in the morning, head out for work, stop for gas, pick up a sandwich for your lunch, drop by the dry cleaners, drive through at the pharmacy to pickup a prescription, drop your child off at the daycare and pay for this week's child care. All of these transactions just in the morning before you go to work. Once at the office you pay your personal bills; paying online and some by regular mail, again transactions that creates changes in your credit score.

Yes, your credit score is like a bouncing ball, each action is given a mathematical point that creates your score.! You can now see how fragile your credit score is, how easily it can drop, think of it as being liquid, ever changing, never permanent, and at the same time, understand the credit scores can be raised through certain actions as well.

A charge on a credit card, is an action equates to “activity” which triggers an alert in your history, and may lower your score. A FICO credit score could go down just because there are changes and those changes are NOT reported as an alert. Then it could go down just because there are multiple changes on the credit report in the same day, even though some of the changes are good.

As you can see satisfying the whims of the credit bureaus’ computer system is tricky. You could actually pay off a debt and lower your credit score at the same time. You never want to close an account and do want to keep all accounts active. If accounts are inactive then the creditors will close it and that really lowers your score.

A balance increase on any one of your accounts may lower a FICO score. Or maxing out a card, going over the debt to credit ratio limit, which is usually determined by any amount of debt over 40% of the credit limit. The lowered score can be raised by simply applying payment to reduce the debt back down, changing your debt to credit ratio, especially if you bring it under that 40% limit. Bottom line, credit is not carved in stone, and with professional guidance you can learn the skills to maintain your score from bouncing out of control.

Contact Spectrum Resources, (863) 967-0660, a seven year old organization dedicated to assisting people in learning how to live inside their income. One of the resources Spectrum Resources has is a program where the client works directly with a paralegal and our certified counselors to navigate through the ever changing rules of building good credit scores. Your score will go up in 75 Days - Guaranteed ! Visit: www.CreditJusticeServices.com/?ccc=1242




To learn more visit our other blogs: http://moneysavingtips.polkvoice.com/ or visit often: http://financialeducationandoptions.blogspot.com/ and put into your favorites:
http://spectrumresources.wordpress.com/ .Or email us with any questions or concerns as SpectrumResources@tampabay.rr.com If you find value in the education we offer in our blogs, please feel free to make a tax exempt donations to our educational fund, to help us continue to help others. Your donation is greatly appreciated. Please mail to: SRDC 2014 Brentwood Dr. Auburndale, FL. 33823

"Knowing What 4th, 8th and 12th Graders Know"

You have a challenge as a parent to instill financial competency, but what should they know at what grade level ? As a parent, it is scary because you know many adults are having trouble maintaining credit worthiness. The good news is there are goal lines for the average fourth, eighth and twelfth grader that will tell you if your child have achieved the basic competency skills to ensure future success in managing money.

A fourth graders should know that credit is a basic financial tool. That using a credit card is borrowing money and you will pay more than if you purchased something with cash. And with credit comes trust, responsible borrowers repay as promised proving they are credit worthy and maybe able to borrow in the future.

An eighth grader should be able to compare cost and benefits especially when using credit. They should also realize that usually the longer the loan period, the smaller the payment, but the larger the debt, again because credit is involved.

Eight graders should know there are different kinds of credit sources and be aware of the functions of credit bureaus. Just like in school, debtors have a report card. But the most important lesson to get through is the consequences of their actions such as repossession and garnishment.

Twelfth graders of course should have surrounded the knowledge of a fourth and eighth grader, plus more. Twelfth graders should know of the entrapment and cost of leasing, and rent-to-own, contracts, terms and contracts. They should understand how making minimum payments increases cost, and to know credit card disclosures hold few points to their benefit. They should know there are always options, but to learn what questions to ask and understanding the differences prior to making a final decision. Also know that bankruptcy is the very last result and has serious negative consequences, plus carries a long term negativity result on credit history .

Twelfth graders are old enough to understand there are laws and regulations that offer specific protection for borrowers. And for self preservation and future growth, they really should learn what their rights are and how to effectively and efficiently exercise them.

Spectrum Resources offers individual and family counseling in debt, credit and home ownership issues that assist in making the grade easier. Call (863-967-0660 or email: SpectrumResources@tampabay.rr.com Remember to put our blogs in your favorites:
http://moneysavingtips.polkvoice.com/ and http://spectrumresources.wordpress.com/ and this site: http://financialeducationandoptions.blogspot.com/

"Is Your Bank Ripping You Off ?"

The entire globe is in a tail spin economically due to fraud involved in American bank mortgages. The government, controlled by those who have the most to spend is providing the golden parachutes to those who committed crimes against the American home owner. Yet consumers are left with only the new awareness of all the unsuspecting frauds, and the ability to exercise extreme caution. Financial literacy does pay !

Banks will not offer anything that will benefit you unless prompted, no matter how high your credit score. The best customers with clean credit ratings, ongoing relationship with the lender and adequate collateral still have to ask for the loan rate to be lowered by one-half to one percentage point. It is your financial life, it is up to you to be prepared to go in fighting for the best deal you can get. And you must be prepared with knowledge and options to negotiate any terms to your benefit.

When taking out a loan, tell the loan officer you don’t want ‘Credit Life and Disability Insurance’ on your loan. This insurance cover’s the bank’s interest – not yours. While not required, such insurance is often slipped into the loan, increasing its cost, without the customer knowing or understanding that it is a charge that can be refused. This added premium is then subject to hidden finance charges over the entire life of your loan. Check with your own personal insurance man for his opinion of what will cover your needs.

Bank’s marketing strategy is to collect as many fees as possible. Overdraft checking fees is their favorite! They will allow you to even over charge on your debit card, of course, you find out later when you receive the notice of the fee. Ask your bank to ‘red flag’ your account, usually a no cost service. With the account red flagged they should call you to notify of the overdraft. IF you can cover the overdraft that day, the bank normally waives any overdraft fees.

Shop and compare banking fees and options when considering opening up a checking account. One I found even charged you to close the account. Please be aware of the small print, ask and compare before signing anything.

Please contact your personal credit risk assessment planner at SPECTRUM RESOURCES to learn more ways to live inside your income. Call 863-967-0660 or email: SpectrumResources@tampabay.rr.com and visit all our blogs to learn more: http://moneysavingtips.polkvoice.com/ and http://spectrumresources.wordpress.com/ and come back to: http://financialeducationandoptions.blogspot.com/

Tax exempt donations are always welcomed to help us help others with financial education. Mail to: SRDC 2014 Brentwood Dr. Auburndale, FL. 33823

"Special Served Today - A Buffet Of Savings"

Are you hungry for new saving tips ? What I have to serve is a buffet filled with a variety of tasty savings that provide food for thought. Wow ! That was a mouth full in itself. Saving money could include practically every product and/or service known. So I can only serve you appetizers covering a few topics at a time, leaving you hopefully with a taste on your pallet to learn more and return.

There are absolutely amazing ways to save money, and you can save money on everything, you must observe and ask !

If your air conditioning is eating up your energy bill and your budget, ask for a FREE energy audit from your local utilities company. Some even offer FREE energy saving gifts or coupons for greater savings when they come out to the house.

IF you own a business in the states of NY, NJ, DE, MD, CT, NH, ME, IL, DC, RI, MA, MI, and now PA then you will like the 10-35% savings from WHOLESALE INDEX RATES never before offered to small or mid size businesses. IF you are in Texas, then you will really like the 50% savings experienced by residential and commercial electric customers. Check out: http://NewAgePowerBrokers.com/Saves to learn more.

To save on your water bill, ask your utility company for a FREE water restricter for your shower. It saves thousands of gallons of water a year and saves you money.

Don’t throw away the subscription invitations. Most publications will send out a FREE issue of your favorite magazine then send you a bill. When it arrives, write “CANCEL’ on it, make a copy for your file and mail it back.

Watch manufacturers of food products for FREE cookbooks, utensils, etc. Many other manufacturers of products you enjoy or would like to learn more about offer free booklets as well.

Cell phone companies are always running specials. You sign up and the following week or month they run an even better deal and you feel stuck with the ‘old deal’. Contact them and ask the better plan especially if you are a person who consistently runs over your current allotment of minutes.

They say, “If the disease doesn’t kill you the hospital bill will !” . ALWAYS ask for a itemized bill because hospital bills are error-ridden with at least 30% of your bill with incorrect information. IF your insurance will not pay, dispute it, because the items they are refusing could be items that should not have been on the bill to start with.

Please contact your personal credit risk assessment planner SPECTRUM RESOURCES to learn more ways to live inside your income. Call 863-967-0660 or email: SpectrumResources@tampabay.rr.com and visit all our blogs to learn more: http://moneysavingtips.polkvoice.com/ and http://spectrumresources.wordpress.com/ and come back to: http://financialeducationandoptions.blogspot.com/