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A National 501(c)(3) Non-Profit Organization
call: 1.800.763.1874 |
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CACC Moneywise Monthly
Budgeting & Savings News You Can Bank On
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September 2011
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Living a Richer Lifestyle!
Are you headed toward your version of a richer lifestyle?
If you asked people to define their idea of a richer lifestyle, it would be defined in a million different ways by a million different people. To some people it means having more money with which to buy material things. To others, it means having more things of higher quality or an improved social status. To many, a richer lifestyle simply means more time to spend with family and less time spent working to earn money.
A richer lifestyle may be just a few credit card payments away for you. If you are living under the burden of a huge debt load, you may feel richer once you get the debt paid down to a manageable size. For most, a richer lifestyle would be a life free from the worry and stress of struggling to pay the bills. Others might define a richer lifestyle as one full of creative or charitable pursuits. And, for some, a richer lifestyle means nothing less than living the life of a multi-millionaire.
In whatever way you envision a richer lifestyle, the key thing to know is that you can have that lifestyle virtually right away. No, you won't be a multimillionaire overnight. But you can greatly improve your enjoyment of life starting today. If anything, our message is take responsibility for improving your financial life. There really is no magic to it. It takes some work. In a lot of cases, it will be hard work because most people have never gone to the trouble of stretching beyond their comfort zone in order to get the things they really want in life.
The world is full of plenty of examples of people who overcame incredible hardship and disadvantage to build wonderful, fulfilling, and, what many would call rich lives. These people did not luck into success. They earned it. They worked for it. Somewhere along the line, they learned the important lesson that setting clear financial goals, taking action, and persevering through the difficult times will get you where you want to go. We are lucky enough to be living in the greatest country in the world where financial opportunity surrounds us. People come to the United States from everywhere in the world to participate in our system. It is easy for us to take our good fortune for granted and become complacent. There are people around you that would try to convince you that someone owes you a free lunch; perhaps that our government should take care of us. You and I know that this thinking couldn't be further from the truth. However, you may feel victimized by the financial system or your current financial status. It is easy to blame the system for being unfair. You might blame fate or others for your financial problems. Our current economic environment doesn't make positive thinking any easier: High levels of unemployment, record personal bankruptcies, high consumer debt, corporate scandal on Wall Street, and an uncertain economic outlook for the near future.
No matter how bleak things may seem, there is still opportunity for you to financially do better tomorrow than you are doing today.
Take Action!
Start envisioning your "Richer Lifestyle." Clearly see yourself in the financial situation you have only dreamed about up until now. That vision will be your spark to take the beginning steps needed to get you moving toward making your dreams a reality.
Have you checked out the Money Smart program developed by the FDIC? It is a smart way to improve your fiscal fitness!
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Give yourself credit
The Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of the nation's credit reporting companies. The FTC enforces the FCRA with respect to these companies. Recent amendments to the FCRA expand consumer rights and place additional requirements on credit reporting companies. Businesses that provide information about consumers to credit reporting companies and businesses that use credit reports also have new responsibilities under the law.
Under the FCRA, both the credit reporting company and the information provider (the person, company, or organization that provides information about you to a credit reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under the FCRA, contact the credit reporting company and the information provider if you see inaccurate or incomplete information.
1. Tell the credit reporting company, in writing, what information you think is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report that you dispute, state the facts and explain why you dispute the information, and request that the information be deleted or corrected. You may want to enclose a copy of your report with the items in question circled. Send your letter by certified mail, return receipt requested, so you can document what the credit reporting company received. Keep copies of your dispute letter and enclosures.
Credit reporting companies must investigate the items in question - usually within 30 days - unless they consider your dispute frivolous. They also must forward all the relevant data you provide about the inaccuracy to the organization that provided the information. After the information provider receives notice of a dispute from the credit reporting company, it must investigate, review the relevant information, and report the results back to the credit reporting company. If the information provider finds the disputed information is inaccurate, it must notify all three nationwide credit reporting companies so they can correct the information in your file.
When the investigation is complete, the credit reporting company must give you the written results and a free copy of your report if the dispute results in a change. (This free report does not count as your annual free report under the FACT Act.) If an item is changed or deleted, the credit reporting company cannot put the disputed information back in your file unless the information provider verifies that the information is, indeed, accurate and complete. The credit reporting company also must send you written notice that includes the name, address, and phone number of the information provider.
If you request, the credit reporting company must send notices of any correction to anyone who received your report in the past six months. A corrected copy of your report can be sent to anyone who received a copy during the past two years for employment purposes.
If an investigation doesn't resolve your dispute with the credit reporting company, you can ask that a statement of the dispute be included in your file and in future reports. You also can ask the credit reporting company to provide your statement to anyone who received a copy of your report in the recent past. Expect to pay a fee for this service.
2. Tell the creditor or other information provider, in writing, that you dispute an item. Be sure to include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If the provider reports the item to a credit reporting company, it must include a notice of your dispute. And if you are correct - that is, if the information is found to be inaccurate - the information provider may not report it again.
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Save money everyday!
Everyone can use a little guidance on how to save more money. Here are some suggestions for simple things you can do starting today.
Set goals
"Saving money now for use in the future gets easier if you know what you want and how much you'll need," says Janet Kincaid, FDIC Senior Consumer Affairs Officer. It helps to set savings goals you can easily achieve. If you want to buy a $500 item within the next year, plan to save $50 a month for 10 months, which is just $12.50 a week. (not including any "interest" you could earn on your savings.)
Make saving money a habit
Every time you receive money-from any source try to automatically put some of it into savings instead of spending it. That approach to saving money is known as "paying yourself first."
Try this: Put 25 percent ($1 out of every $4) or more into savings that you intend to let build for a few years, perhaps for a down payment on your first car. Separately you can save a similar amount of money for clothes, video games, electronics or other items you might want to buy within the next few months. With what's left, keep some handy for spending money (maybe for snacks or a movie) and also consider donating some of your money to charity.
Cut back, not out
Are you spending $5 a week on snacks? If you save $2 by cutting back, after a year you'll have $104 to put in a savings or investment account that earns interest. Who wouldn't choose to have one hundred dollars in the bank?
Have a money saving idea that you'd like to share?
Send it to us for possible publication in this newsletter!
education@caccdebt.org
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Cost saving tips when choosing Group Health Insurance coverage
For many companies, open enrollment is around the corner for group health insurance plans. This is the time that employees can change their current plans and try to save money or get more coverage for the following year.
Here are some tips from GoHealth.com for employees looking to save on group health insurance costs in 2012:
- Compare PPOs and HMOs. Individuals with a Preferred Provider Organization (PPO) should compare the cost of a PPO to a Health Maintenance Organization (HMO). HMOs typically offer lower monthly premiums because there is a more restricted network of health care providers. Yet these plans won't cover out-of-network costs and require referrals to see specialists.
- Consider a High Deductible Plan. Employees that don't want to change from a PPO to HMO plan should consider a higher deductible. Increasing the deductible will lower monthly payments and can be combined with a Health Savings Account (HSA). Remember to pick a deductible that can be met in case of an emergency or illness.
- Evaluate HSA Options. Instead of sticking with a medical savings account with an employer, consider opening a Health Savings Account (HAS) with a bank. HSAs allow consumers to take advantage of tax-free savings and the funds never expire.
- Research Individual Plans. Compare group plans to individual health insurance plans on the private market. Group health plans aren't always the best choice for certain consumers.
- Get Proactive with Wellness. Take advantage of wellness and preventive programs that employers offer. Some companies now offer premium reductions or other incentives for employees to start working out and quit smoking.
- Go Generic. At the pharmacy ask for generic prescriptions instead of brand-name drugs.
- Shop for Lower Cost Health Services. Compare the cost of health care services before receiving care - especially when co-insurance rates will have to be paid.
Before you drop any current medical insurance coverage, or any insurance coverage for that matter, be sure you have been approved for the new coverage. Never drop coverage until you have a replacement policy in place!
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Millions of people are suffering with Debt stress!
They need your Help! CACC is a non-profit, IRS approved 501(c)3 educational and counseling organization. Our expenses and operations are supported through generous contributions from corporations and individuals like you. Will you please consider providing some financial support so that we can continue our mission? The donation you make today will help fund debt relief programs, education and client services while providing help and hope to thousands. Won't you help us give the gift of Debt Relief?
YES, I'd like to help fund CACC's Debt Relief and Education efforts with a contribution of:
( ) $25 ( ) $50 ( ) Other $___________.
Please Mail your Donation to:
CACC Education Development
23123 U.S. 441, Suite 107
Boca Raton, FL 33428
Thank you for your generosity! ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Support CACC while you save up to 85% on your favorite Magazines! Now that's a Win-Win!
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Free Workshops and Seminars 
As a non-profit Credit Counseling and Financial Education organization, CACC is dedicated to reaching out to the community. CACC provides financial education seminars and workshops at community centers, local organizations, and companies.
Popular Topics Include:
- Managing Money in Tough Times
- Creating and Using a Spending Plan
- Managing Debt
- Fighting Identity Theft and Financial Fraud
- Understanding Your Credit Report and Boosting Your Credit Score
- Creative Ways to Teach Kids About Money
- How to Get Out of Debt
Ask about customized seminars for your group, staff, congregation, organization, or club!
Call 1-800-763-1874 or e-Mail: education@caccdebt.org
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Consumer Advocates Credit Counselors, Inc. is a 501 (c)3 non-profit credit counseling organization providing credit counseling, financial education, and debt management services. Please visit our website at: www.caccdebt.org
Additional consumer resources:
Stay Safe On-Line
US General Services Administration Federal Citizen Information Center
National Drug Abuse Hotline 1-800-622-HELP
National Domestic Violence Hotline 1-800-799-SAFE
Suicide & Depression Hotline 1-800-999-9999
National Council on Problem Gambling 1-800-522-4700
Fair Debt Collection Practices Act
Fair Credit Reporting Act
Homeowners Hope Hotline for Mortgage Counseling and Assistance 1-888-995-4673
Benefits.gov
Learn about a variety of Government Benefits, how to qualify and how to apply.
Supplemental Nutrition Assistance Program (SNAP)
SNAP is the new name for the federal Food Stamp Program.
Temporary Assistance for Needy Families (TANF)
TANF is designed to help needy families achieve self-sufficiency. States receive a block grant to design and operate their programs to accomplish the purposes of TANF. These are:
-assist needy families so that children can be cared for in their own homes
-reduce dependency of needy parents by promoting job preparation, work and marriage
-preventing out-of-wedlock pregnancies
-encouraging the formation and maintenance of two-parent families.
Medicaid
Medicaid is health insurance that helps many people who can't afford medical care pay for some or all of their medical bills.
Good health is important to everyone. If you can't afford to pay for medical care right now, Medicaid can make it possible for you to get the care that you need so that you can get healthy and stay healthy.
Supplemental Security Income (SSI)
is a Federal income supplement program designed to help aged, blind, and disabled people, who have little or no income.
It provides cash to meet basic needs for food, clothing, and shelter.
Low Income Home Energy Assistance Program (LIHEAP)
If you can't afford to pay your home energy bill, your home may not be safe, and you may be at risk of serious illness or injury. The LIHEAP may be able to help keep you and your family safe and healthy.
National School Lunch Free Lunch Program (NSLP)
Established in 1946, The National School Lunch Program (NSLP) is a federally assisted meal program operating in public and nonprofit private schools and residential child care institutions. It provides nutritionally balanced, low-cost or free lunches to children each school day.
Federal Housing Assistance/Section 8 (FPHA)
Public housing assistance was established to provide decent and safe rental housing for eligible low-income families, the elderly, and persons with disabilities. Public housing comes in all sizes and types, from scattered single family houses to high rise apartments for elderly families.
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Contact Us:
phone: 1.800.763.1874
CACC Money Wise Monthly Editor in Chief:
Mike Schiano, "The DebtBuster"
'Til Next Month, Consumer Advocates Credit Counselors, Inc.
This newsletter is designed to provide accurate and authoritative information with regard to the subject matter covered. This information is given with the understanding that neither CACC nor the Editor and Writers are engaged in rendering legal, accounting, or other professional advice. Since the details of your situation are fact dependent you should always seek the services of a competent professional before making any financial decisions.
Copyright©Consumer Advocates Credit Counselors, Inc. 2011. All Rights Reserved.
Use of all or part of this newsletter is allowed with proper attribution and link: Source: Consumer Advocates Credit Counselors, Inc. www.caccdebt.org |
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