credit cards

Americans are Now Paying A Lot More in Credit Card Fees

Written by adminJuly 23, 2018

When the economy starts to surge, Americans begin having confidence in their spending habits. But rather than paying cash for these things, we’re turning to our credit cards more than ever.

43% of Americans have been carrying around a card balance for longer than two years. The average credit card debt per household has spike to over $16,000 and pays over $1,200 in interest each year!

Collectively, that totals to $104 billion in interest payments per year. That’s a lot of money! The bad news is, it’s up 35% from 2013. That says that most people didn’t learn their lesson from the Great Recession and continued to pile on more debt than ever.

As the economy continues to rebound, it means interest rates are only going to spike higher. My March of 2019, they rates are expected to climb by 10%, so those already high interest payments will exceed $110 billion. These rates are soaring faster than mortgage rates, and yet, it doesn’t seem to bother Americans.

In the first quarter of this year alone, household debt rose $63 billion to a new record of $13.21 trillion. This is getting to epidemic proportions and could lead to a new recession in the near future. Economists are startled, to say the least.

With personal debts slated to get much more expensive in the coming years, you have several options now to help settle your debts and pay a lower interest rate. It will require you to be proactive and to stop accumulating more debt.

One of your options involves consolidating and refinancing your debts with Financial Helpers. All it takes is a single phone call to see what your options are and we’ll help create a plan that works FOR YOU. If you can refinance your debts, it will lower your overall interest payments, saving you thousands of dollars. Give us a call at the number below:

Call Now 1-844-332-2079

Other options include cutting back on your spending so you can afford the higher interest. Yes, the economy might be soaring, and you might be on tract financially, but you have to ask yourself where you’ll be if you lose your job or if the economy hits the toilet.

You can choose to tackle the debt with the highest interest rates first, but it’s not going to help you if you keep borrowing money for things.

Overall, you’re going to have to take your budget seriously. We’ve revealed how a lot of Americans simply aren’t as financially literate as they should be regarding how they make and spend money. Because of that, they often find themselves in trouble, fail to save for emergencies, and often have to work well past retirement age because they couldn’t save.

Don’t put yourself in that position. Give Financial Helpers a call and we’ll help you get out from underneath this heavy burden once and for all.

Written by adminJanuary 16, 2018

It happens in a blink of an eye. We spend our childhood getting just about everything we could ask for. Our parents worked very hard to give us a good life and to make us smile. If you were like me, you had a room packed full of toys, most of which you didn’t even play with. No matter what toy I had, my mind was always on the next thing. Then one day, it all changes.

Kids have virtually no concept of money. If they want or need something, it’s often provided for us. As we get older, we start to pick up a little more responsibility. Whether it’s your job to clean up after dinner, take out the trash, or vacuum the floors, we start to learn about work for the very first time.

A lot of parents will teach their kids that if they want that new toy, then they must earn it. But often, the biggest lessons of all are rarely taught. We all know as we get older that we must work for our money, but the concept of saving is seemingly lost on younger generations. Whatever they get in, they must spend immediately.

Spending Less than You Earn

According to Forbes, most 20-year-olds aren’t saving their money. They live right at where they can afford, opting for the more expensive car or apartment rather than living under their means and saving that money for later. Forbes also suggests, in their article 20 Things 20-Year-Olds Don’t Get, that young adults should learn how to spend 25% less than they make.

This is especially important when you consider that teens and young adults hop from job to job. They don’t have a steady work or credit history, yet they are at risk of making their financial life much more difficult if they don’t get spending under control earlier in life.

Here are several ways to help your child prepare for adult by teaching them financial responsibility.

1) When they’re younger, buy them a piggy bank.

A lot of kids already do have a piggy bank, but not a lot of parents use it as a method of teaching about savings. Once they start being able to help out with chores around the house, having them earn an allowance. When it’s time to get paid, it would be beneficial for you to sit down with your kid and go over their ‘budget’.

Yes, give your kids a budget! Do they want that new toy? Find out how much it costs and create a goal for them to save at least half of its value. When it’s ‘payday’, show them the money they earned. Discuss with them about how much they want to use right now (let’s say, for the ice cream truck? To get a dessert after dinner?), and how much to put in the piggy bank for the toy.

2) Offer a bonus for extra work.

The idea isn’t just to teach them how to save money, but how to have a good work ethic. Reward them for doing extra work around the house. If their only job is taking out the trash and keeping their room clean, but they start helping do the dishes and taking initiative, don’t be afraid to give extra.

In the real world, they’re going to have to hit the ground running. There will be no laziness on the job or slacking off. Once they know the value of hard work, they will be prepared to go to the extra mile for what they want in the future.

3) Show them how to budget for expenses,

A lot of kids love to go shopping with their parents. You can use this to your advantage by getting them involved in the shopping process. Disclose to them what the budget will be for that particular shopping trip. Sit down and go over what you need to buy. Show them how to clip coupons and find the better deal on items.

4) Teach them how to balance a checkbook.

This is one lesson that rarely gets taught to children. It can be a good way help them understand the importance of having good math skills. When they decide what they want to do with their allowance money, teach them how to keep track of the amount of money they have in their piggy bank and how much they’ve spent on junk.

It can be quite eye-opening for them to see how much money they wasted on things that could’ve gone to better uses. Not to mention learning a basic skill everyone will need to know.

5) Don’t forget about credit.

At every college around the country, credit card companies line up ready to get your kid to sign up. In fact, one of my closest friends told me about how he got into major credit card debt. It started the same way it does for a lot of students. His first year in college, they had tables everywhere for students to sign up.

Of course, he didn’t know a thing about credit cards, minimum payments, interest rates, or building credit. He was young and all he knew was he had a card with a certain limit on it. Before he knew it, he was thousands of dollars in debt and now in his 40s still trying to pay that off. It’s a warning to every parent who sends their kid off without knowing how credit works.

Written by adminJanuary 10, 2018

Credit & Debt Settlement

The invention of credit has been both a blessing and a curse for millions of people throughout its existence. Without credit, most average people couldn’t afford the things in life we often take for granted, like cars, college, and even your home.

The problem is, sometimes the temptation is too much. We all enjoy buying things and making purchases that make us feel good, but the use of credit often has numerous drawbacks. The biggest drawback to having a credit card is its cost.

According to the National Foundation for Credit Counseling, seven out of 10 adults used their credit cards for everyday purchases. This is a major issue with a lot of people who can’t even afford to buy the things they’re using credit to buy.

The banks don’t make it easy…or cheap. Fees, interest, charges, overdraft, and so much more can suck the dollars and sense out of your bank account and your peace of mind. This is where the Catch-22 comes into play.

We NEED credit. Without it, most of us are just out of luck. But if you’re one of many Americans who are currently searching for ways to get out of debt while improving their credit, here are several credit cards you should stay away from:

1) The Visa Black Card

One of the more popular cards on the market, the Visa Black Card will cost you $500 per year just to use it. That’s not bad enough, you be sucked dry with 14.99% APR. While it’s quite an expensive card to own, it also doesn’t really come with any benefits either. If you have debt, the last thing you want to do is pay this kind of money use a card with little benefit.

2) Wells Fargo Business Platinum Credit Card

Here’s another card was very little reward. You must pay an extra annual fee is to receive any benefit at all. Not to mention, this card has zero protection on it comes to arbitrary interest rates being increased. If you’re in debt, you shouldn’t be willing to subject yourself to higher and higher levels of interest.

3) First Premier Bank Platinum MasterCard

This card is another dozy. No wonder people are in a lot of debt! But if you don’t mind paying a $223 annual fee PLUS 36% APR, I’m sure you will be in line to get this one.

4) Centennial Classic Credit Card

This is another card issues by the same bank as #3. Just to open an account, you’ll need to dish out nearly $100. Fees will total around $120 per year with the same wonderful 35% APR.

5) Best Buy Reward Zone Credit Card

Sometimes people like to ‘invest’ in credit cards that offer a lot of rewards. For example, if you’re a fan of technology, games, and entertainment, then it would only be natural to have a credit card that offers you those rewards.

The problem is, the card is exceptionally expensive to own. Not only are you paying nearly 30% APR, but any interest fees you didn’t manage to pay will roll over into the next year, adding to your debt. Is that really worth the rewards you can only use at their store? This is why most themed reward cards are never good investments.

Written by adminOctober 16, 2017

Saving

Your budget is bulging at the seams. You know there’s got to be a better way to budget, leave some room for an indulgence or two and save money. There is a way. Take the reins of your financial situation, treat yourself and potentially pocket $500 a month in savings.

1. Consolidate Unsecured Debt into One Lower Monthly Payment

Credit cards are an example of unsecured debt, and quite often, the most frequently cited reason for overwhelming monthly debt expense. If your monthly credit card payments are straining your budget to the bursting point, explore consolidation. The average household carries two to five cards and spends approximately $650 per month making payments. Consolidate those cards and reduce your monthly expense by $225-$325.

2. Refinance Auto Loans

A monthly car payment follows as a close second to your monthly rent or mortgage payment. It can be one of your biggest budget busters! Financing options for automobiles range between 48 to 72 months. Examine your current loan. It might be possible to refinance from a 48-month term to a longer period of 72 months and reduce the payment up to 50 percent! You could potentially save yourself several hundred dollars each month.

3. Re-Evaluate Auto (and Other) Insurance Needs

Life today is filled with all sorts of insurance requirements and needs. Medical, auto, life, home – and insurance is one of the most neglected areas of our lives when it comes to assessing for savings. As a general rule, we should evaluate our insurance needs on a yearly basis because of life changes that occur over time, e.g. marriage, divorce, etc.. That yearly review could net you 25-percent savings on insurance expense. So, if you’re currently spending $2,000 a year on all your insurance coverages, it could mean an extra $500 in your pocket each and every month.

4. Opt-In for Student Loan Consolidation

Student loans are big business. The average college graduate is carrying $30,000 in debt. Quite often, the debt is spread over three to five loans, with payments totaling more than 35 percent of the borrower’s monthly income. If you are one of the more than 1.3 million graduates struggling with monthly student loan payments, you should consider loan consolidation. There are federal as well as private options that allow you to consolidate into a single loan option with one monthly payment. Federal programs will also allow you to choose an option based on your monthly income; if you’re just starting your career and your monthly income is at a lifetime low, this option could reduce your payment to a much lower level. With three to five loans, you could be paying as much as $400 each month; consolidated, the monthly payment would be closer to $250 per month. You could realize a monthly savings of over $150!

Did you know that there are actually companies out there that specialize in consolidating your loans insanely quickly and efficiently? Used by millions…Click here to find out more.

5. Explore a Credit Repair Option

Quite often, bulging (or completely busted) budgets lead us down the dangerous path of poor credit. Missed payments, late payments and loans that are in default contribute to declining credit scores. As a result, obtaining new credit becomes more difficult, and if approved, it comes with a higher interest rate. Proactively working to repair your credit file really does save you money, it’s just that it doesn’t happen overnight. However, if you realized any savings from the options presented above, you can, with persistence, improve your credit score. Begin to make payments that are more than the minimum, make payments early and strive to reduce the amount of debt that you carry. All of these steps work to improve your credit score, and an improved credit score opens doors to better credit options.
So what are you waiting on? Get up off the couch, explore all the options in this article and watch the expenses shrink, the budget improve and your savings grow! All while you sip that special latte!

Written by adminFebruary 23, 2017

Credit & Debt Settlement

*This is an advertorial*

Most of us think that love will conquer all… we might not say it out loud, but inside we do things that we know are not in our best interest for the sake of love and happily-ever-after… In other words, we put ourselves at risk and go all in for love.

That’s exactly what Britney did when she and her ex got an apartment together and he asked her to put all the bills in her name.

“I was crushed. I never thought he’d leave me for someone new, especially not with all HIS bills and bad credit… I thought he loved me, and that we were in this together… for the long haul.”

“I have a great job that I love, and I work really hard. My credit has always been excellent, and when I got with John, I never even thought about his credit.

Our relationship was fun and he was so sweet… After a year, we decided to get a small apartment together, so we could start saving money to get married.

Of course when he said the bills should go in my name because my credit is better than his, I thought nothing of it.

We shared the bills and were supposed to share in the wedding savings too, but he had to pay some other things off before he could start putting money toward the wedding fund – he said this would give us a clean, debt free slate to start off with.

I worked and saved, and worked and saved, and things just kept coming up… His car broke down, and he even had a couple really old bills that creditors began hounding him about.

One day he asked me if I’d open a new credit card to pay them off, and then he could just pay me. It seemed perfect… until he lost his job.

Not only was I paying for all of our living expenses, but now I had racked up more credit card bills too. Eventually I had to start making arrangements with creditors so that I could keep the lights on and make sure we had food…

That’s when the fighting began…

I guess we were both just really stressed. Late payments started getting marked on my credit: 30, 60 and 90 days late and one even went to collections.

I got a second job, and got caught up… Things seemed to be getting better, and he finally got a great job. The only problem was, I now had all these late payments and collections on my credit report so my score had dropped to 457!

Then one day I came home from work and he was gone. He sent me a text that said he thinks it’s best for him to stay with a friend so that he doesn’t cost me any more money and that we “clearly needed space”.

Well, I’m sure you know, my best friend found out that his “friend” was more than a friend, and that he’d been seeing her for a few months. I was devastated.

…And furious, but I was stuck.

Because of my crappy credit, I could no longer qualify for an apartment on my own, so I ended up moving back home with my parents. They were remodeling my room, so I had to sleep on the couch.

I was so embarrassed. While my ex-fiancé was livin’ it up with his new girlfriend, I was sleeping on a couch at my parents, with horrible credit. Who in their right mind would even want to date me?

I knew I had to do something about my credit, so I did what I always do, and started googling for advice. That was a can of worms! I found so many ads and tips and “instructions”… it was overwhelming, but I was determined to get my credit back so I tried whatever I could find.

As you can probably guess, my credit score still wasn’t budging. One day when I wasn’t expecting it, this quiz showed up on my Facebook newsfeed (of all places). It said I should find out what my #2 credit killer was and why my score won’t raise. I didn’t even know I had a #2 credit killer! So I checked it out.

It talked about how this lady named Ali made this quiz to help her clients…. I was skeptical at first, but nothing else had worked, and it was a FREE quiz, so I basically had nothing to lose, and took it.

That’s when everything changed…

It was the best decision ever. I seriously thought I had tried everything, but it turns out that I was doing the wrong things to raise my score all along. Some weird thing I had never even considered was what was actually keeping it low!

The quiz gave me some pretty simple steps to follow, and sure enough, my score skyrocketed! It’s been 5 ½ months now, and my score has already risen by 237 points. I wish that I found the quiz sooner; it would have saved me months of doing the wrong things and tons of stress.

And, guess what? I just signed for my own apartment. I feel like I’m on top of the world again!

Looking back, there are a lot of things that made this experience horrible, and the salt in my wound was being left with no options because of my bad credit score.

After all these months of struggle, trying to get back on feet, I’m on a mission to help keep others from experiencing this nightmare and spread the word.

I looked it up, and according to research over 68% of Americans are stuck with bad credit. Most of them struggle for years trying to figure out how to fix it while it costs them thousands in dollars and missed opportunities!

Don’t let yourself be a victim to this.

Take this quick quiz and find out what your #2 Credit Killer is. You’ll be surprised at what’s really affecting your score and at how quickly you can raise it.

We all need and deserve good credit. So, don’t miss your opportunity to get this info for FREE! You owe it to yourself to take the quiz and see what’s really causing your score to be lower than it should be.

P.S. My best friend Sarah, the one I told you about above, took the quiz too. She raised her score by 181 and bought herself a BMW lol! Click here to discover what is your #2 credit killer.

Written by adminJanuary 4, 2017

Credit & Debt Settlement

*This is an advertorial*

You see it coming. Every time you look at yet another of your credit card statements and can only afford to make the minimum payments, you are aware that it is time. Balances are mounting and with that the awareness that it is essential to get control of additional spending and increasing debt due to minimum payments and compounding interest. Do you want to start making late payments, incur late fees and negatively impact credit scores? Climb out of the hole and make headway on outstanding balances with a feasible debt management plan.

What Happens When You Consolidate?

A debt management plan, or DMP, reduces high interest rates and creates a more suitable monthly payment schedule for your situation. It is a voluntary agreement between individuals, counselors and creditors. Individuals can begin to make headway on principal balances and gain control over their finances.

Unsecured debt is consolidated, regardless of credit score, in a debt management plan. Types of unsecured debt that are eligible for inclusion are:

Credit cards;
Gas cards;
Department or specialty cards; and instances of
Payday loans; and
Unpaid medical bills.

Secured loans such as mortgages, home equity loans, auto loans and general student loans cannot be applied. Collection debt may be able to be included in certain instances. While on the plan, all credit cards will be closed and no new credit lines may be opened.

How Do Credit Counselors Work For You?

A credit counselor will spend time (45-90 minutes), to review your situation, including your finances and budget. They will offer advice on managing sending and reducing debt, and a new budget will be created for the client that takes their unique situation into account. When individuals continue with a debt management plan, credit counselors take additional steps to intervene with creditors for clients.

A new payment schedule will be agreed upon by all parties. Payments are based on the total amount of debt and your budget. Counselors contact creditors on your behalf to agree on reduced interest rates and an adjusted payment schedule. These changes to payment expectations make a significant difference to how quickly and how easy balances are paid off while reducing the amount necessary from individual budgets to meet acceptable payments.

A credit counseling team transforms how individuals think about and handle their finances. Signing up for a debt management plan provides a means of:

Ongoing support. Support staff are always available to help current client with any concerns or questions.
Housing counseling. Clients that are homeowners can speak with HUD-certified housing counselors for additional guidance.
Regular progress reports. Credit counselors prepare monthly progress reports to demonstrate payment distribution and remaining balances.
Continuing education. There are a number of free courses and seminars available on a range of subjects, such as understanding credit scores and reports, managing credit, financial planning, avoiding foreclosure and more.
Payment processing. Counselors accept deposits electronically and disburse them according on a fixed schedule for timely payments.
An intermediary with creditors. Credit counselors make communication easier and speak with either clients or creditors for either party.
Budgeting assistance. We partner with clients to establish a workable budget and help them during the life of the plan. Additional budgeting courses help clients fine-tune their budgets to changing needs.

Get the support you need to manage your finances today.

Is There a Negative Impact on Your Credit Score?

A debt management plan can actually improve your credit score. Individuals that make regular payments on time and complete the program, see their credit scores remain neutral or increase. How does this happen when you are paying less overall? Each creditor has accepted the new payment schedule and rates, therefore no negative impact will be seen on your credit scores when the terms are fulfilled. During this process, you eliminate your unsecured debt and build a positive track record of payments. These are two major factors when credit scores are calculated.

How Does a Debt Management Plan Quickly Pay Down Debt?

There are a number of benefits derived from a debt management plan. Individuals that enroll in the program:

Make a single monthly payment with a reduced interest rate.
Have a larger percentage of each payment applied to the principal of the balance.
Can see a savings of 30 to 50 percent of what would be paid on balances before consolidation with high interest rates.

Experts tailor a program that meets your needs and make it possible for you to pay off outstanding balances faster than without consolidation. More money also stays in your wallet or is used towards the principal with a debt management program, as interest rates are significantly lower.

Turn to experts to help you resolve escalating debt and develop a debt management plan with practical steps that reduce the amount owed on credit cards. Pay off your debt without lowering your credit score and gain financial literacy with a debt management plan.

SEE IF YOU QUALIFY NOW »

1. Consolidate Unsecured Debt into One Lower Monthly Payment

2. Refinance Auto Loans

3. Re-Evaluate Auto (and Other) Insurance Needs

4. Opt-In for Student Loan Consolidation

5. Explore a Credit Repair Option

I was so embarrassed. While my ex-fiancé was livin’ it up with his new girlfriend, I was sleeping on a couch at my parents, with horrible credit. Who in their right mind would even want to date me?

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