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Credit Card useage rose after a 27 month decline in balances.
Consumers beware the increase in your balances will affect your credit score. Credit Useage accounts for 30% of your credit score. When balances increase so do your monthly payments. This may affect your debt to income ratio when you go to qualify for a home.
If you are in the process of purchasing a home, do not increase your credit card debt. You would be surprised how as little as a $5 charge can affect your score and make the difference between the better interest rate or even qualifying for your loan.
for all your credit needs visit http://www.UtahCreditCoach.com
Since gas prices continue to rise, I thought I would put together some helpful tips on how to save money on other areas of your budget. Food/Groceries. While some of these tips may seem obvious, they are all good reminders to help us stay focused.
Eat at home this includes making your own coffee
Plan your meals for the week
Shop with a plan, prepare a list and stick to it
Shop the perimeter of the store while marking your items off the list. Anything left on your list? Now you can briefly step inside the isles to grab the remaining items.
Eat before you shop, never go when you are hungry
Avoid all the “prepared meals” while they may be easy to buy, they cost a lot more than planning ahead and doing it yourself.
No bottled water, invest in a water filter if you dislike tap water
Avoid distractions, shop without your kids. Every extra minute you are in the store the likelyhood of you purchasing impulse items increases.
Buy in bulk only when the per-unit cost is lower than small package sizes. Beware of having to store bulk items and bulk produce going bad before you’ve had a chance to consume your groceries
Use store cards/rewards cards if they offer you discounts
Use coupons make sure to check the paper and online for manufactureers coupons and store coupons
Buy Locally: check out the farmers market
Look down: most expensive items are normally placed at eye-level, end caps and checkout lines
Take some time to compare prices and stores, shop for sales
Be creative and substitute recipe items for cheaper alternatives. A great place to check out substitutions “The Cooking Thesaurus.”
Keep your kitchen well stocked which means you keep the “staple items” on hand so you don’t have to shop spur of the moment. Which reduces your number of shoping trips
Consumer Debt rose for the first time since 2008. Credit card offers are starting to arrive in the mail, consumer confidence is up and credit card charge-off’s are down.
Increased credit card debt will change your credit score and may effect your ability to qualify for a home loan. Consumer beware, don’t fall back into your old habits.
With income tax returns arriving, make sure you’re making the correct choices on what to pay down. Visit http://UtahCreditCoach.com for more information. Interested in improving your credit score and what steps you need to take? Request a free consultation. Hope to hear from you soon.
Are you getting a tax refund? Are you in the market to purchase a home this year? Before you start putting your own plan together, call us first. We utilitze a software program that will tell you exactly what you should do and the points gained by sticking to our plan. Make sure you check us out at UtahCreditCoach.com
Settled a debt? You may have to count it as income
Have you recently settled on a credit card debt?
Did the creditor not mention the tax notice you’ll be receiving for the cancellation of debt? Did you know that the U.S. Internal Revenue Service considers forgiven or canceled debt as an additional source of income?
Debt collectors and creditors who agree to accept at least $600 less than the original balance are required by law to file a 1099-c form with the IRS. Tax payers have to report the “income” on their federal income tax returns. While consumers may say “but they never told me,” the collectors and creditors will say they are not lawyers or accountants and that is not their job to notify you of tax ramifications.
One good note is that a small percentage of the taxpayers who receive a 1099-c may qualify for one of several exclusions that will allow them to reduce the amount of taxable income from the settled debts. Homeowners who default on mortgage loans may also receive a 1099-c form. Make sure you consult an attorney and tax advisor/accountant before you go into a settlement or cancellation agreement. Make sure you open all your mail and if you don’t know what something is, call and ask. This is one piece of paper you do not want to throw away.
For more credit help or to see if you qualify for a home please contact us at http://UtahCreditCoach.com
Credit card debt, left unchecked, can pile up quickly. Especially for debtors making minimum payments.
According to the Federal Reserve, a credit card balance of $5,000 at 23.99 percent APR won’t pay off for 16,127 years. That’s one reason why it’s important to manage your credit card rates, and renegotiate them whenever possible.
In this 4-minute piece from NBC’s The Today Show, you’ll learn the tested tactics that can cut a credit card rate, and get monthly payments to a more manageable range. And it’s do-it-yourself — no debt management firms required.
Some of the tips in the video include:
Compare your current rate to the rate offered to new customers. Ask the lender for “new customer rate” if it’s lower.
If your credit score has improved since application, ask for an interest rate more reflective of your current credit score.
Be nice to the customer service representative. Kindness helps.
Managing debt is an important part of household budgeting so if you’re finding your credit card payments and/or rates too high for your liking, try following the instructions as described in the video. And, above all else, be persistent. The credit card companies won’t likely approve your first request.
Did you charge all your holiday spending on your credit cards? Are your cards maxed out? Are you cringing at the thought of opening up your January Credit Card statements? If you are currently in the process of buying a home or want to buy a home in 2011 we need to get your credit score in order, check us out, UtahCreditCoach.com
