Proper Examination of Client’s Background

A reputable credit counseling agency will first and foremost assess the financial background of the client completely. The credit counselor will also try to get to the root of the problem before offering a solution, so as to help you overcome your debt in the fastest and least painful way possible.

While some people may be facing a problem with credit card debt, others may be caught in a bad financial situation owing to previous or pending loan payments. Some may have entered this precarious situation because of behavioral issues such as gambling or a spending addiction. Unforeseen emergencies such as illness, divorce, or loss of job can also drive people to get stuck in a bad debt situation.

You should do some research and choose the right credit counseling agency by staying clear of any that impose high interest rates and hidden charges. It pays to avoid any agencies that compel you to sign up for the agency’s debt management program without scrutinizing your credit report.

Assist With a Plan That Works

A reliable credit counseling agency will not only help the customer to manage his debt repayments and get out of bad debt, but will also help them manage their personal finances more effectively. Besides suggesting a suitable debt repayment plan, your credit counselor should also give good advice regarding responsible expenditures, saving money, budgeting, and other financial management skills.

Execution of Plan

Following a complete evaluation of your financial position, the credit counseling agency should be able to help you with the execution of the debt management plan until you are free of your debt. Customers should make an effort to attend all the credit counseling sessions without fail for maximum assistance and to help the counselor stay up-to-date on any progress that you have made.

Reputation and Credibility

As previously mentioned, it pays to do a bit of research before selecting a credit counseling service. You can check whether the agency you choose is a member of a renowned credit counseling organization like the National Foundation for Credit Counseling or the Association of Independent Credit Counseling Agencies. Finding the right agency to help you can allow you to settle your dues as quickly as possible and restart your life afresh.

The post Understanding Credit Counseling appeared first on Alliance Credit Counseling.

Is Credit Counseling Right for You?

A credit counselor can work with your creditors on your behalf to reduce both your interest rate and minimum payment on your credit card. In this way you will be able to settle your dues effectively and improve your credit score.

If your attempts to negotiate with your creditors have failed to give the desired results, then you can try and work out a payment plan before seeking the services of a third-party. But, even if this fails to yield the desired results, you can seek the help of a reputable credit counseling agency to help you overcome your financial issues as quickly as possible.

Even if you are thinking of filing for bankruptcy, the bankruptcy law has made it mandatory to receive credit counseling from a creditable credit counseling agency within 180 days of filing. Avoiding credit counseling will prevent you from going ahead with your bankruptcy filing.

Working With a Credit Counselor

You can use sites like www.nfcc.org and www.aiccca.org to find the best credit counseling agency to suit your needs. Your credit counselor will inform you about your negotiated monthly payment after speaking with your creditors. At this stage, you should be clear regarding the actual payment that will go to your creditors and the amount that will be retained by your credit counselor as a fee. You should also follow up with your lenders and creditors to know whether they are receiving payments from the credit counselor or not. If you miss more than two payments, your creditors can drop you from the program and your interest and payments may return to their original rates.

Credit counseling can help make your debt more manageable and gradually improve your credit score as your payments are reported on time. By staying with the same credit counselor for two to four years, you can enjoy debt recovery and an improved credit score. Credit counseling is the best way to overcome your financial crisis and start your life afresh. To find out more about the benefits of credit counseling, look online for agencies near you!

The post Do You Need Credit Counseling? appeared first on Alliance Credit Counseling.

What to Look For In a Consumer Credit Counseling Service

You should research and select a credit counseling agency that is trustworthy before disclosing your financial information. There are several factors that are crucial to the right agency. For instance, take care to select an agency that is affiliated with a national association, such as the National Foundation for Credit Counseling (NFCC). Also, figure out the details of the company before disclosing information about yourself. Important information like certifications, licenses, complaints and affiliations of the company should be cross-checked before trusting it you’re your finances and your future.

Additionally, find out about the services provided by the agency during the interview. Once you have reviewed all their terms fully, you can provide personal information like your social security number. It is also recommended that you sign the documents after going through the them carefully at home. The counselor you work with should be polite, easy to talk with and non-judgmental.

The fees pertaining to credit counseling varies widely from one agency to another. One option is to choose a non-profit agency that may be able to work out a debt consolidation plan for you entirely free of charge. If the cost of an agency is very high, consider searching for other affordable credit counseling agencies in your location or online.

What to Expect From a Counseling Service

You should be able to discuss all information pertaining to your debt and financial status within a private area, or discreetly with your counselor within the credit counseling office.  Obtaining your online credit scores and reports can go a long way to clearly understanding your financial position. Based on a scrutiny of your situation, your debt counselor should be able to draft out a budget plan that covers both your payments to creditors as well as living expenses. The counselor will then begin negotiating with your lender for forgiveness of fees and lower interest rates. If all of these things are not enough to yield the necessary results, you may be asked to go in for debt consolidation. The agency will start paying all of your creditors on a monthly basis following your debt consolidation. Your credit card will be closed if and when you opt for credit counseling. While a credit counselor cannot solve all of your problems overnight, he can surely help you to regain better control of your finances. While there is no easy way out of a sticky financial situation, credit counseling services are the surest way to enjoy financial stability after a period of hard work.

The post All About Consumer Credit Counseling Services appeared first on Alliance Credit Counseling.

For many people in America it has become a habit to spend overtly and get into debt. Intervention may be needed to help them emerge from the debt trap into which they have trapped themselves. Since overcoming debt can be a serious challenge, debtors can utilize the aid of reliable counseling services to set themselves free from their financial bind and start afresh.

People who already have a poor credit score should take care to get their finances in order by seeking the help of a credit counseling agency. Because continuous default on your credit card payments can lead to the denial of car loans or bank loans for mortgages, it is important to resolve this issue quickly. If your credit history has been damaged by unpaid debts, it can be extremely difficult to get ahead in business or life.

Debt management services can not only help you with debt recovery but can also offer assistance with debt restructuring. Some agencies can even negotiate loan payments for you by representing you with your creditors. Through credit counseling you can become more knowledgeable about your current financial position and the steps you need to take to improve your financial situation. It is stressful to deal with perpetual disturbing calls or letters from creditors, and this can take a toll on your health. Additionally, constant anxiety and stress can interfere with your performance in the workplace. By taking action to resolve your debt situation today, you can make a better future for yourself tomorrow.

Credit counseling is offered free of charge by a number of debt consolidation companies. You can regain control of your finances by taking advantage of this resource. Have your monthly budget reviewed by a financial expert. You can seek credit counseling help for:

• Reducing or eliminating interest charges from your credit cards.
• Saving money for the future.
• Preventing bankruptcy.
• Avoiding harassment from creditors.
• Repaying your debts with one simple monthly payment.

Do some simple research to find the best credit counseling agency for you. Most reputable credit counseling agencies do not charge a fee for the initial visit. By being transparent and revealing your exact financial position, you can be given better advice to deal with your financial crisis.

Seek credit counseling help today to set yourself free from the worry caused by debt. Credit counseling has millions to find peace of mind and financial security for their families. Repaying your loans and managing your debts can be a stressful endeavor on your own. With a credit counseling service, you can secure the best returns available for your future by learning to manage your finances and investments in a sustainable way.

The post Why Should You Choose Credit Counseling to Help Manage Your Financial Obligations appeared first on Alliance Credit Counseling.

Debt Help through Credit Counseling Services

By working as an intermediary between consumers and credit card companies, credit counseling agencies can help you recover from your debt by putting your finances in order. Credit counseling services can benefit you in a number of ways, including the following:

Review of Your Budget

On the basis of a review of your financial situation, your counselor can create an affordable monthly payment plan that can be agreed upon by both you and your creditor.

Time

Debt repayment can proceed for a period of 5 years, based on the size of your debt and how much you can afford to pay each month.

Cost

The fee for credit counseling services depends on your ability to pay. While some agencies may accept monthly payments, others expect an payment upfront. You should understand the terms and conditions completely before signing any credit counseling agreement. You can also come to a final decision after comparing various credit counseling services personally or online.

Debt Repayment Plan

Depending on the terms of your new repayment plan, your creditors will be paid a monthly amount. You should keep a regular running tab to monitor that promptness and regularity of the payments to your creditors.

Interacting with Creditors

Your credit counselor will communicate directly with your creditors on your behalf once your debt repayment plan has been finalized. This saves you the stress of threatening letters and frustrating phone calls from creditors.

Fee Waivers

While your credit card balances cannot be reduced through counseling services, your interest rates and credit card fees can be lowered with this type of debt help. This can enable you to clear the pending amounts within a shorter span of time. However, it is important to remember that any debt that cannot be repaid within five years may not be eligible for resolution through credit counseling.

Debt Settlement: to Avoid Bankruptcy

Debt settlement is the only option in the event that your credit balances are so high that you are planning to file for bankruptcy. In such a situation, a debt settlement company can negotiate a reduced amount on your behalf to pay off your debts. If this is agreeable to your creditors, you will then pay a smaller quantity than the actual amount borrowed to settle your debt. You should take care to pay for settlement service only after receiving an itemized cost statement and written documentation of the services provided. Debt settlement services advise clients to save money for paying the settlement amount instead of paying their creditors. While this can damage your credit, this is the only option if you are planning to file for bankruptcy.

The post Credit Counseling and Debt Settlement – Know the Difference appeared first on Alliance Credit Counseling.

With the help of this fund, qualified home owners can obtain an interest-free loan of up to $36,000 to pay their mortgage and allied expenses for up to three years. In addition to future payments, the loan can also be used to make all the mortgage payments current. You can bring down your monthly payments to an affordable level or refinance an expensive second mortgage by taking advantage of the second mortgage refinance program.

Who Can Apply?

Completing the eligibility questionnaire is mandatory before applying for the N.C Foreclosure Prevention Fund online or in person. To be eligible, home owners must:

1. Be a legal U.S. citizen.
2. Own a primary residence in North Carolina.
3. Be experiencing financial hardship through no fault of theirs, or an issue such as serious illness, divorce or death of a co-signor, and searching for employment.
4. Be able to make their mortgage payment once assistance ends.

In addition to the above, the home owner should have experienced this temporary financial hardship or loss of job after January 1, 2008, and their mortgage payment history record should have been in an acceptable condition prior to their income loss or recent unemployment. Other than those listed above, the agency will also consider certain other factors when approving applicants for the N.C. Foreclosure Prevention Fund.

How To Get Help?

If you are found eligible to receive funds under the N.C Foreclosure Prevention Fund should:

1. Get in touch with a housing counselor in a partner agency located near you.
2. Call 1-888-623-8631 (Monday to Thursday, 8:00 a.m. to 9:00 p.m.; Friday, 8:00 a.m. to 8:00 p.m.; and Saturday, 9:00 a.m. to 5:00 p.m.)

By working through HUD-approved counseling agencies across the State, the N.C. Foreclosure Prevention Fund helps struggling homeowners by offering:

• Free help with respect to foreclosure prevention
• Details pertaining to other housing help programs in case they are not eligible for a loan under the aforementioned fund.

Before contacting your local housing counselor for help, you can read through the complete eligibility questionnaire online. Before scheduling an appointment with the housing counselor, gather details regarding the types of documents that should be brought along with you. 

The post North Carolina Foreclosure Prevention Fund – Who is Eligible to Apply? appeared first on Alliance Credit Counseling.

The NC Foreclosure Prevention Fund offers interest-free loans to qualifying home owners in North Carolina to help save their homes from foreclosure.

The program offers various solutions to assist different categories of people—namely the unemployed, under employed and those seeking employment. Under this program, property owners can receive:

• Monthly mortgage payments even while availing unemployment compensation.
• Monthly mortgage payments while taking part in a retraining program.
• Up to $30,000 of a second mortgage.
• A vast portion of the pending mortgage amount.

The duration and extent of assistance under this program vary depending on the property owner’s needs and circumstances. The maximum loan amount is fixed at $36,000, or up to 3 years of assistance.

NC Foreclosure Prevention Fund – Program Benefits

• Pay off previous pending payments.
• Make mortgage payments promptly and easily.
• Pay off a current second mortgage (can enable property owners to pay their primary mortgage without hassle).
• Possible forgiveness of the loan.
• For second mortgages, repayment can be made in 30 years. The only exceptions to this rule lie under conditions of home sale, ceasing to be the principal residence, or refinancing. 
• Homeowners who qualify can stop foreclosure proceedings against them for a period of up to 120 days. The N.C. Housing Finance Agency is responsible for placing a temporary stay of foreclosure.

Eligibility Requirements

Homeowners must meet the following criteria to be eligible for this program:

• Should have been unemployed owing to economic conditions since January 1, 2008.
• Should be eligible for unemployment compensation benefits (some exceptions exist).
• Should have possessed stable employment and maintained a good credit history before losing their job.
• Should have a mortgage that is secured by real property.
• Should be a legal U.S. resident with their primary property in North Carolina.

How to Apply for the NC Foreclosure Prevention Fund?

You can approach any one of the reputable credit counseling agencies in your area or online about getting assistance under this program. The credit counselors may ask you to participate in a brief telephone interview to ascertain your eligibility for the loan. Once you are found to be eligible, you will be called for a more comprehensive interview. Offered by the North Carolina Housing Finance Agency, the North Carolina Foreclosure Prevention Fund is funded through the U.S. Department of Treasury’s Hardest Hit Fund®.

Conclusion

You can avoid foreclosure on your home by receiving assistance under the North Carolina Foreclosure Prevention Fund. To know more about the program and ways of getting assistance, contact your nearest housing counseling agency today! The NC Foreclosure Prevention Fund can come to your rescue!

The post NC Foreclosure Prevention Fund—Who Can Apply? appeared first on Alliance Credit Counseling.

Financed through the U.S. Department of Treasury’s Hardest Hit Fund, the NC Foreclosure Prevention Fund is a boon to home owners facing foreclosure of their properties to tide them over until their financial crisis blows over. The NC Housing Finance Agency offers this type of foreclosure help by partnering with all participating HUD approved housing counseling agencies. Property owners can know more about this type of foreclosure help or assistance by logging on to www.NCForeclosurePrevention.gov.

Home Protection Program and Loan Fund

The North Carolina Foreclosure Prevention Fund is based to a large extent on the successful, smaller Home Protection Program. The North Carolina Home Protection Program and Loan Fund is another type of NC foreclosure help, or assistance program, that enables workers who have lost their jobs (resulting from bad economic conditions) to avoid foreclosure of their homes. This program was designed by the General Assembly in 2004 and is operated by the North Carolina Housing Finance Agency. To qualify for a loan under this program, you must meet all of the following criteria:

• Should have had a stable job and a good credit history prior to your losing your employment.
• Should have lost your job owing to precarious economic conditions
• Should possess a mortgage that is secured by real property
• Should be able to repay your mortgage amount following the end of assistance

Assistance from this program is available on a first-come, first-serve basis. Homeowners can contact the Home Protection Program Counseling Agency in their area to seek assistance. The power to approve or deny loans is wholly vested with North Carolina Housing Finance Agency.

The temporary 120-day stay of foreclosure is the characteristic feature of the aforesaid program. The stay of foreclosure will be imposed once the property owner’s filled-in application is received by the Agency as under the North Carolina statute. While the stay can safeguard the homeowner from foreclosure, it cannot safeguard against late payments being mentioned on his credit report, collection, or payment of any mortgage-related obligations.

State Home Foreclosure Prevention Project

Created by recent legislation on August 17, 2008, the State Home Foreclosure Prevention Project (SHFPP) is now led by the Commissioner of Banks in partnership with other agencies. The Project works to bring down the number of subprime foreclosures in North Carolina. Project partners include legal assistance organizations, housing counselors, community organizations and mortgage services.

Conclusion

Out of many offers of assistance for foreclosure, the North Carolina Foreclosure Prevention Fund is the most effective, helping you to stall foreclosure proceedings on your property almost instantly. Through the NC Foreclosure Prevention Fund, you will be able to make affordable mortgage payments and avoid foreclosure.

The post NC Foreclosure Help appeared first on Alliance Credit Counseling.

Home Purchase

1. You can often negotiate a lower sale price by employing a buyer broker who works for you not the seller. If the buyer broker or the broker’s firm also lists properties, there may be a conflict of interest, so ask them to tell you if they are showing you a property that they have listed.
2. Do not purchase any house until it has been examined by a home inspector that you selected.

Renting a Place to Live

1. Do not limit your rental-housing search to classified ads or referrals from friends and acquaintances. Select buildings where you would like to live and contact their building manager or owner to see if anything is available.
2. Remember that signing a lease probably obligates you to make all monthly payments for the term of the agreement.

Home Improvement

1. Home repairs often cost thousands of dollars and are the subject of frequent complaints. Select from among several well-established, licensed contractors who have submitted written, fixed-price bids for the work.
2. Do not sign any contract that requires full payment before satisfactory completion of the work.

Major Appliances

1. Consult Consumer Reports, available in most public libraries, for information about specific brands and how to evaluate them, including energy use. There are often great price and quality differences among brands.
2. Once you’ve selected a brand, check the phone book to learn what stores carry this brand, then call at least four of these stores for the prices of specific models. After each store has given you a quote, ask if that’s the lowest price they can offer you. This comparison shopping can save you as much as $100 or more.

Utilities

Electricity

1. To save as much as hundreds of dollars a year on electricity, make certain that any new appliances you purchase, especially air conditioners and furnaces, are energy-efficient. Information on the energy efficiency of major appliances is found on Energy Guide Labels required by federal law.
2. Enrolling in load management programs and off-hour rate programs offered by your electric utility may save you up to $100 a year in electricity costs. Call your electric utility for information about these cost-saving programs.

Home Heating

1. A home energy audit can identify ways to save up to hundreds of dollars a year on home heating (and air conditioning). Ask your electric or gas utility if they can do this audit for free or for a reasonable charge. If they cannot, ask them to refer you to a qualified professional.

Telephone Service

1. At least once a year review your phone bills for the previous three months to see what local, local toll, long distance, and international calls you normally make. Call several phone companies, including wireless companies, to find an inexpensive calling plan that meets your needs.
2. If you make very few toll or long distance calls, avoid calling plans with monthly fees or minimums.
3. Check your phone bill to see if you have optional calling services you don’t use. Each option you drop could save you $40 or more each year.
4. Before making calls when away from home, compare per minute rates and surcharges for different prepaid phone cards and calling card plans to find the one that saves you the most money.
5. Dial your long distance calls directly. Using an operator to place the call can cost you up to $10 extra.
6. If you use a wireless phone, make sure your wireless calling plan covers the calls you typically make. Understand promotions, peak calling periods, area coverage and roaming, and long distance requirements to avoid paying for more than you will use.

Other

Food Purchased at Markets

1. You can save hundreds of dollars a year by shopping at the lower-priced food stores. Convenience stores often charge the highest prices.
2. You will spend less on food if you shop with a list.
3. You can save hundreds of dollars a year by comparing price-per-ounce or other unit prices on shelf labels. Stock up on those items with low per-unit costs.

Prescription Drugs

1. Since brand name drugs are usually much more expensive than their generic equivalents, ask your physician and pharmacist for generic drugs whenever appropriate.
2. Since pharmacies may charge widely different prices for the same medicine, call sever- al. When taking a drug for a long time, also consider calling mail-order pharmacies, which often charge lower prices.

Funeral Arrangements

1. Make your wishes known about your funeral, memorial, or burial arrangements in writing. Be cautious about prepaying because there may be risks involved.
2. For information about the least costly options, which could save you several thou- sand dollars, contact a local memorial society, which is usually listed in the Yellow Pages under funeral services.
3. Before selecting a funeral home, call several and ask for prices of specific goods and services, or visit them to obtain an itemized price list. You are entitled to this information by law and, by using it to comparison shop, you can save hundreds of dollars.

Revised 8/02

The Consumer Literacy Consortium is a working group of representatives from federal and state government agencies, consumer groups, business organizations, and educational institutions that seeks to develop and disseminate essential messages to inform and educate consumers. Membership in the Consumer Literacy Consortium does not imply endorsement of all its messages or the products and services of other members.

AARP

American Council of Life Insurers

American Council on Consumer Interests

American Express

AFSA Education Foundation

AT&T

Bank of America

Call For Action

Consumers’ CHECKBOOK/Center for the Study of Services Consumer Action

Consumer Federation of America

CUNA Mutual Insurance Group

Fannie Mae

Federal Consumer Information Center

Federal Reserve Board

Federal Trade Commission

Food Marketing Institute

MasterCard International

MCI Communications Corporation

National Association of Consumer Agency Administrators National Foundation for Credit Counseling

National Institute for Consumer Education

Providian Financial Corporation

Sprint

U.S. Army

U.S.D.A Cooperative State Research, Education,

and Extension Service

For an online version of this brochure with links to product- related sites with additional information, go to www.66waystosavemoney.org

Single copies of this brochure are available for $.50 each from Save Money, Pueblo, CO 81009. Make your check or money order payable to the Superintendent of Documents.

For information on bulk orders contact: Save Money, Consumer Federation of America, 1424 16th Street, NW, Suite 604, Washington, DC 20036.

Additional information for improving purchasing decisions is available at local libraries, which also provide access to Internet sites intended to help consumers.

www.66waystosavemoney.org

Airline Fares

1. You may lower the price of a round trip air fare by as much as two-thirds by making certain your trip includes a Saturday evening stay-over, and by purchasing the ticket in advance.
2. To make certain you have a cheap fare, even if you use a travel agent, contact all the air- lines that fly where you want to go and ask what the lowest fare to your destination is.
3. Be flexible, if possible. Consider using low fare carriers or alternative airports and keep an eye out for fare wars.

Car Rental

1. Since car rental rates can vary greatly, shop around for the best basic rates. Ask about any additional charges (extra driver, gas, drop-off fees) and special offers.
2. Rental car companies offer various insurance and waiver options. Check with your auto- mobile insurance agent and credit card company in advance to avoid duplicating any coverage you may already have.

New Cars

1. You can save thousands of dollars over the lifetime of a car by selecting a model that combines a low purchase price with low financing, insurance, gasoline, maintenance, and repair costs. Ask your local librarian for new car guides that contain this information.
2. Having selected a model, you can save hundreds of dollars by comparison shopping. Call at least five dealers for price quotes and let each know that you are calling others.
3. Remember there is no “cooling off” period on new car sales. Once you have signed a contract, you are obligated to buy the car.

Used Cars

1. Before buying any used car:
   • Compare the seller’s asking price with the average retail price in a “bluebook” or other guide to car prices found at many libraries, banks, and credit unions.
   • Have a mechanic you trust check the car, especially if the car is sold “as is.”
2. Consider purchasing a used car from an individual you know and trust. They are more like- ly than other sellers to charge a lower price and point out any problems with the car.

Auto Leasing

1. Don’t decide to lease a car just because the payments are lower than on a traditional auto loan. The leasing payments may be lower because you don’t own the car at the end of the lease.
2. Leasing a car is very complicated. When shopping, consider the price of the car (known as the capitalized cost), your trade-in allowance, any down payment, monthly payments, various fees (excess mileage, excess “wear and tear,” end-of-lease), and the cost of buying the car at the end of the lease. Keys to Vehicle Leasing: A Consumer Guide, published by the Federal Reserve Board and Federal Trade Commission, is a valuable source of information about auto leasing.

Gasoline

1. You can save hundreds of dollars a year by comparing prices at different stations, pumping gas yourself, and using the lowest-octane called for in your owner’s manual.
2. You can save up to $100 a year on gas by keeping your engine tuned and your tires inflated to their proper pressure.

Car Repairs

1. Consumers lose billions of dollars each year on unneeded or poorly done car repairs. The most important step that you can take to save money on these repairs is to find a skilled, honest mechanic. Before you need repairs, look for a mechanic who:

• is certified and well established;
• has done good work for someone you know; and
• communicates well about repair options and costs.

Auto Insurance

1. You can save several hundred dollars a year by purchasing auto insurance from a licensed, low-price insurer. Call your state insurance department for a publication showing typical prices charged by different companies. Then call at least four of the lowest- priced, licensed insurers to learn what they would charge you for the same coverage.
2. Talk to your agent or insurer about raising your deductibles on collision and comprehensive coverage to at least $500 or, if you have an old car, dropping this coverage altogether. Taking these steps can save you hundreds of dollars a year.
3. Make certain that your new policy is in effect before dropping your old one.

Homeowner/Renter Insurance

1. 1. You can save several hundred dollars a year on homeowner insurance and up to $50 a year on renter insurance by purchasing insurance from a low-price, licensed insurer. Ask your state insurance department for a publication showing typical prices charged by different licensed companies. Then call at least four of the lowest priced insurers to learn what they would charge you. If such a publication is not available, it is even more important to call at least four insurers for price quotes.
2. 2. Make certain you purchase enough coverage to replace the house and its contents.
3. “Replacement” on the house means rebuilding to its current condition.
4. 3. Make certain your new policy is in effect before dropping your old one.

Life Insurance

1. If you want insurance protection only, and not a savings and investment product, buy a term life insurance policy.
2. If you want to buy a whole life, universal life, or other cash value policy, plan to hold it for at least 15 years. Canceling these policies after only a few years can more than double your life insurance costs.
3. Check the National Association of Insurance Commissioners website (www.naic.org/ servlet/cis.Main) or your local library for information on the financial soundness of insurance companies.

Checking

1. You can save more than $100 a year in fees by selecting a checking account with a low (or no) minimum balance requirement that you can, and do, meet. Request a list of these and other fees (including ATM and debit card fees) that are charged on these accounts.
2. Banking institutions often will drop or lower checking fees if paychecks are directly deposited by your employer. Direct deposit offers the additional advantages of convenience, security, and immediate access to your money.

Savings and Investment Products

1. Before opening a savings or investment account with a bank or other financial institution, find out whether the account is insured by the federal government (FDIC or NCUA). An increasing number of products offered by these institutions, including mutual stock funds and annuities, are not insured.
2. To earn the highest return on savings (annual percentage yield) with little or no risk, con- sider certificates of deposit (CDs) or U.S. Savings Bonds (Series I or EE).
3. Once you select a type of savings or investment product, compare rates and fees offered by different institutions. These rates can vary a lot and, over time, can significantly affect interest earnings.

Credit Cards

1. If you carry large credit card debts, you can reduce your annual credit card interest payments by as much as $1000 or more by paying off your entire bill each month.
2. If you are unable to pay off a large balance, pay as much as you can and switch to a cred- it card with a low annual percentage rate (APR). You can find listings of credit card plans, rates, and terms on the Internet, in personal finance magazines, and in newspapers.
3. You can reduce credit card fees, which may add up to well over $100 a year, by getting rid of all but one or two cards, and by avoiding annual, late payment, and over-the-credit limit fees.

Auto Loans

1. If you have significant savings earning a low interest rate, consider making a large down payment or even paying for the car in cash. This could save you as much as several thou- sand dollars in finance charges.
2. You can save as much as hundreds of dollars in finance charges by shopping for the cheapest loan. Contact several banks, your credit union, and the auto manufacturer’s own finance company.

First Mortgage Loans

1. Although your monthly payment may be higher, you can save tens of thousands of dollars in interest charges by shopping for the shortest-term mortgage you can afford. On a $100,000 fixed-rate loan at 7% annual percentage rate (APR), for example, you will pay over $75,000 less in interest on a 15- year mortgage than on a 30-year mortgage.
2. You can save thousands of dollars in interest charges by shopping for the lowest-rate mortgage with the fewest points. On a 15- year $100,000 fixed-rate mortgage, just lowering the APR from 7% to 6.5% can save you more than $5,000 in interest charges, and paying two points instead of three would save you an additional $1,000.
3. Check your local newspaper for mortgage rate surveys, and call at least four lenders for information about their rates (APRs), points and fees. Compute precisely how much each mortgage option will cost and its tax implications.
4. Be aware that the interest rate on most adjustable rate mortgage loans (ARMs) can vary a great deal over the lifetime of the mortgage. An increase of several percentage points might raise payments by hundreds of dollars per month.

Mortgage Refinancing

1. Consider refinancing your mortgage if you can get a rate that is at least one percentage point lower than your existing mortgage rate and plan to keep the new mortgage for sever- al years or more. Calculate precisely how much your new mortgage (including points, fees and closing costs) will cost and whether, in the long run, it will cost less than your current mortgage.

Home Equity Loans

1. Be cautious in taking out home equity loans. The loans reduce or may even eliminate the equity that you have built up in your home. Equity is the cash you would have if you sold your house and paid off your mortgage loans. If you are unable to make payments, you could lose your home.

The post 66 Ways To Save Money appeared first on Alliance Credit Counseling.

Consider The Real Cost of Payday Loans. Borrow $100.You would payback that amount plus the fee-let’s say $115. If you had to extend the loan three times, you would payback $160! If you take two months to repay it, you would pay more in fees than you borrowed.

How People Get Hooked on Payday Loans. Desperation is the most common reason people bite the payday loan hook. The idea of quick cash is tempting to someone who doesn’t think they have any other choice. But the repayment due date frequently occurs before the cash to retire the loan is available, so the payday loan is extended or repeated.

Payday Loan Counseling Offers Options. Our Counselors can help you identify alternatives to Payday Loans, and help you know how to put a plan into place. Some of the more common options are listed below:

1. Ask for more time to pay your bills. 
2. Ask for a payroll advance from your employer. 
3. Ask family or friends for a small private loan. 
4. Look into a small loan from a credit union or small loan company.
5. Look into a cash advance on a credit card.
6. Look into overdraft protection on your checking account.
7. Make a realistic budget or spending plan.
8. Look into emergency assistance programs. 

Contact a Payday Loan Counselor. You can contact an Alliance Credit Counseling financial counselor by calling 888-995-7856 or contact us using the form to the right or using this form.

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