Helping people and families avoid debt and get out of debt is our mission and passion. This economy has brought unprecedented financial hardship on a generation of Americans who are fighting just like you to manage your way to a better financial future.
We need your Help! ACCI is a non-profit, IRS approved 501(c)(3) educational and counseling organization and our expenses and operations are supported through generous contributions from corporations and individuals like you.
Will you please consider providing some 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.
YES, I'd like to help fund ACCI's Debt Relief and Education efforts with a contribution of: ( ) $25 ( ) $50
( ) Other $________. Please mail your donation to: ACCI
Education Development
23123 S.R. 7
Suite 210
Boca Raton, FL 33428
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Our Mission
American Credit Counselors is a national, non-profit 501(c) (3), Credit Counseling Education organization dedicated to assisting clients improve their personal finances with professional money management services and financial education. ACCI is committed to providing the highest level of customer service and financial accountability and is dedicated to client satisfaction.
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Greetings!
We are officially into the Holiday Season which is, traditionally, a stressful time of year. And, depending on your financial situation, this year may be more stressful than ever.
According to leading Psychological studies, lack of money is the top cause of family tensions, holiday blues and depression. We also feel tension from the pressure of gift-giving, the perceived or real shortage of time to get things done, and, of course, the stress of dealing with debts that may be growing with the season's expenses. While credit card debt has been declining during this year, we usually see an increase in credit card usage, especially among people who don't have enough cash flow but, who feel they must buy gifts and celebrate the holidays, whether they can afford it or not.
Navigating the Holiday Season without going deeper into debt takes extra careful planning and discipline because emotions run high at this time of the year and it's very easy to succumb to the feeling that, because it is a special time of year, "it's OK if we spend money that we don't have." Many people still feel they don't have a choice because they don't want to let their kids down or look like they are having money problems to friends and relatives.
We are here to tell you that you are not alone in your situation. You have a choice about how you spend the money that you have and we are also here to lend you some support and assistance if you need it.
The entire ACCI staff wishes you and your family a very Happy Thanksgiving!
Take Action! On a sheet of paper write down all of your holiday expenses...every one that you anticipate coming up during the next few weeks. Include food for parties or special events or meals while you are out shopping as well as money spent on actual gifts. Make sure to mark next to each expense whether you spent cash or charged the purchase on a credit card. Next to each credit card purchase write down the interest rate of the credit card you used. Be sure to compare these expenses to your budget to make sure you are not over spending or over borrowing. This exercise, if done accurately, will be a big eye opener for you and an great financial tool!.
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10 Ways to avoid Holiday Over-Spending!
There are lots of tips being offered at this time of year but you must implement the strategies if you want to get the results. Knowledge is not useful without action so we urge you to implement as many of these ideas as possible to get the maximum, positive impact.
1. Decide how much money you can afford to spend (if any) and make it part of your spending plan (budget). This is the point where you should seriously consider if you can afford to buy gifts this year. Many people feel an obligation to spend money during the holidays but it simply may be something you cannot and should not do based on your financial circumstances. If you find that you don't have the ability to spend money, we have some alternative suggestions coming up.
2. Pay cash, and avoid using your credit cards or borrowing money.
3. Make a plan to buy only one gift per person. Focus on quality over quantity even with children. Buying quality items for children has actually gotten easier to do each year as electronic toys, games, and computers have become more popular with kids. You can justify fewer gifts because each gift, like a computer, can deliver so much more these days...even for adults.
4. Make a shorter list! First of all, make sure you are using a list. Then consider if you are buying on auto-pilot without giving much thought to who is on the list. When was the last time you reviewed that gift list. There is nothing wrong with paring down your list, especially in tougher financial years. If you must keep a long list , think of lowering the amount you spend on each person.
5. Watch for sales. It seems the holiday sales start earlier each year and this year is no exception as retailers try to drive traffic into stores. Many people think waiting to the very last minute will garner the best savings but that is not always the best strategy. Often, to get sales moving, retailers like Walmart will start the season with a round of big, special discounts. Also, waiting until the last minute often leads to increased stress and impulse buying which can lead to over spending. The exact opposite of what we are trying to accomplish.
6. Make presents. Can you bake or do crafts? Can you write well or take great photographs? Are you musically talented? With today's computer technology, anyone can record and create CD's. How special would it be if someone wrote and recorded a song just for you? Give needlework, ceramics, framed photographs or craft items.
7. Donate your time as a present. Again, your talents and time are valuable and they might make a better gift than a store bought sweater. Do new parents need a night off from a new baby? Does an elderly relative or friend need rides to the doctor or help cleaning their house? Can you change oil or do other car maintenance? How about giving golf, swimming, or music lessons as a present?
8. Make homemade cards either by hand or with the computer and avoid expensive, fancy wrapping paper. Use bulk postal wrap from the office supply or art supply store. It can be much cheaper and you and the kids can decorate it yourself. As a bonus, it is more environmentally friendly.
9. Cash in bonus points which have accumulated by your using credit cards. Most "points" programs offer redemption for gift cards that can be used at major retailers. You've earned these cards and they make great gifts. Some people build up enough points during the year to get all of their gifts at no extra cost. Far too many people forget all about using these programs and miss a great chance to save lots of money.
10. Carefully plan and shop at post-holiday sales and be sure the prices you are paying are truly discounts. Don't use the lower prices as an excuse to over shop either. Many people buy first and think of something to do with the item later. If you don't have a need right now either personally or as a gift, avoid making the purchase. By the way it is ok to stock up on cards and wrapping paper for next year if you are getting 60%-80% discounts and can afford the purchase.
For more tips, information, and resources on budgeting, saving strategies, ways to combat debt and use credit responsibly, call an ACCI Certified Credit Counselor toll-free at 1-877-969-3328.
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Get the most of your
Debt Management Program!
To get the most out of a Debt Management Program you must continue to be part of the process. Here are some smart things you should do to make sure that you are getting the maximum benefits from each and every monthly payment you make.
Stay Involved!
Read your statement each month to be sure your creditor is giving you credit for your payments. It is very important to continue to pay close attention to your statements and other correspondence from Creditors and on behalf of creditors and lenders. Enrolling in a DMP is not an excuse to ignore communication from Creditors. On the contrary, it is a time when reviewing and understanding statements is extremely important.
Check for continuing late fees and if interest rates have risen. These are signs that there may be a problem with the account and you should alert an ACCI Customer Service Specialist immediately.
Do not open any new credit card accounts while on the Debt Management Program. Remember, your goal is to get out of debt not go deeper into debt with new credit. The time to reestablish credit is after you have graduated "debt-free" from the DMP.
If you have the desire and the ability to make extra payments towards your DMP, contact ACCI Customer Service to coordinate making the extra payment. Since your DMP is set up to pay a certain amount each month changes must be handled carefully and properly to make sure your account doesn't get removed from the Creditor's Program.
ACCI Customer Service 1-800-708-1335
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Give Yourself Credit
What happens once you send in information to correct your credit report?
If you submit your dispute through a credit bureau or directly to the company or person that provided the incorrect information to the credit bureau, your dispute must be investigated, usually within thirty days. If you provide additional information during the thirty-day investigation, that investigation period may be extended in some circumstances.
When the investigation is completed, either the credit bureau or the company or person that provided the incorrect information to the credit bureau must give you the written results of its investigation.
If the information provider finds the disputed information is inaccurate, it must notify all three nationwide credit bureaus so they can correct the information in your credit report. You can get a free copy of your report if the dispute results in a change. This free report is in addition to your annual free report. If an item is changed or deleted, a credit bureau cannot put the disputed information back in your credit report unless the company or person that provided the incorrect information to the credit bureau verifies that the information is, indeed, accurate and complete.
You can request that the credit bureau 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.
Remember... www.annualcreditreport.com is the only Web site, mandated by Federal Law, where you can get a truly free copy of your "Big 3" credit reports once every 12 months. Other web sites offering free credit reports are usually selling some type of membership or monitoring service in return for giving you a credit report. These services can cost as much as $200 a year.
Under the Free File Disclosure Rule of the Fair and Accurate Credit Transactions Act (FACT Act), each of the nationwide consumer reporting agencies is required to provide you with a free copy of your credit report once every 12 months, if you request it. To access your free report visit www.annualcreditreport.com, or call 1-877-322-8228.
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Diets are like Budgets
Many people exit the holiday season a few pounds heavier. Good health ultimately saves you medical expenses and other costs so saving calories during this time of year is a good idea.
The following tips can help save you from gaining a few extra inches and with a little effort and discipline you can start the New Year without a big weight gain.
Keep moving and exercising all through the Holidays. You might have a few days off from work but don't take a vacation from exercise. It will help you reduce stress also. this is also a great time to start exercising if you have not been doing so. (Be sure to check with your doctor before starting any vigorous exercise regimens especially if you've had any health issues).
Set a good example by bringing low fat dishes to potluck parties. At least you'll know you will have one healthy option.
Eat a snack before you go to parties. If you arrive hungry you will be more likely to overeat and eat the wrong things.
Avoid before dinner appetizers full of salt and fat. Relax; it's ok to nibble in moderation.
Replace sweets with fruit and nuts. They are healthier and will fill you up.
Try cooking more simply. Try serving raw vegetables with a dip for an appetizer vs. high fat, high calorie fried items.
"Less is More" when it comes to the main course. Prepare a low-fat main course and one or two vegetables to accompany it. There are thousands of options for low fat, low calorie desserts. Not only will you save calories but you'll spend less time on cleanup and more time with loved ones.
Eat smaller portions, drink less alcohol, and have only half a slice of pie.
Skipping meals before a big holiday meal is a mistake. Many don't eat all day in preparation for the big family meal only to arrive starving and then overeating.
Think about calories and plan for them. It's ok to eat a high-fat dessert if you take it easy on what you eat during the rest of the day. Just like when you have to plan to spend extra money and cut back later in the month, if you plan to eat more calories today, you should plan to cut back on calories tomorrow.
Drink lots of water. It's always a good idea to stay hydrated.
Attend fewer parties. You'll save a lot of calories, time and money spent on gifts. Sure you want to be popular and get invited to as many parties as possible but all those events give you a reason to spend more on gifts and to overeat. It can actually do you good, physically and financially, to miss a party or two.
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Money $aving TIPs
Some Hotels are repaying airline Bag check fees
InterContinental Hotels says it will pay the fees on any airline to any destination for weekend stays through Dec. 30 (including holidays). You can get reimbursed up to $50 per party, per stay. Customers must book two consecutive weekend nights at any IHG hotel worldwide and pay for the stay with a Visa credit card. All its chains are participating, including the flagship Hotel Indigo, Crowne Plaza, Holiday Inn, Staybridge Suites and Candlewood Suites.Go GenericConsider buying more generic brands. According to a recent Harris Poll, nearly two-thirds of U.S. (65%) adults say they are purchasing more generic brands to save money.Have a money saving tip that you'd like to share? Send it to us for possible publication in this newsletter at education@acchelp.org |
 American Credit Counselors is reaching out
As a non-profit Credit Counseling and Financial Education organization, ACCI is dedicated to reaching out to the community. ACCI provides free financial education seminars and workshops at community centers, local organizations, and companies.
Ask about customized seminars for your group, staff, congregation, team, or club! Call 1-800-708-1335 or email education@acchelp.org.
Popular Topics Include:
Managing Money in Tough Times
Creating and Using a Spending Plan
Managing Debt and dealing with Creditors
Fighting Identity Theft and Financial Fraud
Give Yourself Credit! - Understanding Your Credit Report and Boosting Your Credit Score
Creative Ways to Teach Kids About Money
How to Get Out of Debt
Information on choosing and using credit cards wisely, Federal Trade Commission:
Understanding taxes, Internal Revenue Service:
www.irs.gov
Get a free copy of your credit reports:
www.annualcreditreport.com
Your Credit Rights:
Fair Credit Reporting Act
Fair Debt Collection Practices Act
Get Smart Consumer Tips:
www.consumeraction.gov
Mortgage assistance:
Homeowners Hope Hotline 1-888-995-4673 |
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Thank you for choosing American Credit Counselors, Inc. (ACCI) as
your credit counseling
organization. We welcome your
comments and suggestions for future issues. Please email us at education@acchelp.org with your
ideas.
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Until next month,
American 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 ACCI 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 American Credit Counselors,
Inc. 2010. All Rights Reserved.
Use of all or part of this newsletter
allowed with proper attribution and link: Source: American Credit Counselors, Inc. www.acchelp.org
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