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4 Tips to Help you Get Out of Debt

Wrestling with credit card debt can be overwhelming.  People in the U.S. are carrying huge balances including credit card debt.  There are changes people need to make with their spending in order to get out of debt.  Here are 4 tips to help you get out of debt.

1.    Get a reality check.  Most people when trying to get out of debt put blinders on by not looking at the actual dollars they are spending.  Go back 12 months and review your bank and credit card statements.  Total the amount of every dollar you charge and spend from your statements.  Divide the number by 12.  That will show you what you are accustomed to spending.

2.    Set a monthly budget.  Sound easy?  You have to have a workable monthly budget in order to see how much you have in excess to apply towards your debt.  Total your monthly income and expenses separately.  Subtract your expenses from your income?  Do you have excess money or are you negative each month?

3.    Do a monthly spending journal.  You can plug money leaks by writing down every nickel, dime and quarter you spend each day.  Divide into columns and categories.  Total each column at the end of the month.  Are you shocked?  How much did you spend monthly for your coffee, soda and fast food runs?  Just those three stops can ruin a budget.  Cut back your runs and apply the extra money to your get out of debt plan.

4.    Consult with an experienced credit expert.  By being accountable to an experienced credit expert, you will be able to not only devise a plan on how to get out of debt, but also have a nationally known credit expert review your budget and keep you on track.  An experienced credit expert can give you tips on improving your current financial situation and showing you how you can get out of debt and handle your money.

Our credit and budget counseling program can help individuals who are struggling to get their budget in order and out of debt.  Having a nationally recognized credit expert and team can help you make the process go smoother and be someone you can trust.

Contact Deborah McNaughton a national credit expert, author and President of Professional Credit Counselors, Inc., and her team to help you on the road of financial success.  Visit: www.financialvictory.com or call: 888-838-4768

Missing Pieces to Start a Credit Repair and Credit Consulting Business

With the economy in such a disastrous state and unemployment so high, more and more people have to reinvent themselves.  Their finances are being depleted, credit reports are getting ruined and jobs are scarce.  Given this combination of problems, it is not unusual that more and more people are starting credit repair businesses as well as starting credit consulting businesses.

Many of the people starting credit repair businesses are adding to the business they already have.  Mortgage companies, real estate companies, insurance companies, financial planning companies and other related finance companies are starting credit consulting businesses and credit repair businesses.  A credit repair and credit consulting business can provide more revenue to their current business.  It makes the business more diversified and not having to put all their eggs in one basket in case their business is off.

Not only are businesses adding credit repair and credit consulting businesses, but many individuals are independently starting a credit repair and credit consulting business on their own.

The missing pieces with most credit repair and credit counseling businesses are additional services that consumers need.  Most credit repair and credit counseling businesses are only focused on repairing credit reports, but not educating the consumer with their current situation such as budgeting, getting out of debt, and other financial needs.

Interesting enough, people who are having credit and financial problems and needing to repair their own credit reports are the one’s who are starting credit repair and credit consulting businesses.  Why?  It’s simple.  They are learning how to repair their own credit reports as well as how to help themselves first before helping others.  Who is a better mentor to others than someone who has learned the hard way on how to solve a problem?

Our Credit and Financial Strategies programs are perfect for individuals who want to start a Credit Repair and Credit Counseling business opportunity.  Thousands of people need your help.

Deborah McNaughton a nationally known credit expert, author and President of Professional Credit Counselors, Inc., will help you get started.  Visit: www.financialvictory.com or call: 888-838-4768

The Mystery of FICO Credit Scores: 5 Ways to Improve Your Credit Score

FICO credit scores are not a new thing.  To some people it may be a new term, but it is simply an abbreviation for Fair Isaac Corporation the company who developed the credit score system.

Your FICO credit score is nothing to be afraid of.  It is a numeric number that credit reporting agencies such as TransUnion, Experian and Equifax calculate based on the information in your credit report.  Each of the credit reporting agencies have different scores that can range from 300-850 points. The higher the credit score is, the better your chances are of getting a better deal.  For example if you are purchasing a house or car you may be able to get a lower interest rate by having a higher credit score.

The creditors who subscribe to the credit reporting agencies report your payment activity and history to these agencies. Not all of your creditors subsribe to all three credit reporting agencies and that is why each reporting agency may have a different credit score.  Some of the creditors report your activity monthly while other subscribers report less frequently.

The FICO credit score is broken into 5 scoring factors.  By knowing what these factors are you can improve your credit score or contact a credit expert to help analyize your credit reports.

  1. Payment History:  35 percent of your credit score is based on how you pay your accounts.  Paying your accounts on time will increase your credit score. 
  2. Amount Owed:  30 percent of your FICO score is based on how much you owe on each account.  To increase your score, keep your balances below 30 percent of what your credit limit is.
  3. Length of Time:   15 percent of your score is based on how long you have had your accounts.  Older accounts will improve your FICO score.  If you decide to close any accounts, close the most recent accounts that have been opened.
  4. Types of Credit:  10 percent of your credit score is based on the mix of credit you have.  For example, credit cards, installment loans, etc. 
  5. New Credit:  10 percent of your FICO score is based on the amount of new accounts you have.  It is not a good idea to open a lot of new credit at one time.

     

For help increasing your FICO score, contact a nationally recognized credit expert in Southern California at Professional Credit Counselors at 888-838-4768 or http://www.financialvictory.com/.

6 Reasons to Start Your Own Business Doing Credit Counseling and Credit Repair

Let’s face it.  With millions of people losing their jobs and others who have had a drop in income, many people will have to re-invent themselves to make more money.  Many new business opportunities are springing up to help you start your own business.

Credit Counseling business opportunities and Credit Repair business opportunities are predicted to be in demand as people seek more help in getting their finances back on track.  More and more people need help with their credit reports and are seeking help from credit repair companies. Working with someone to help remove negative inaccurate information from a credit report may only be a temporary fix if old habits have not changed.

Being able to offer Credit Counseling in your business in addition to Credit Repair will set you aside from your competition.

There are Six Reasons why you should consider Starting Your Own Business in Credit Counseling and Credit Repair.

  1. The demand is huge.  People who have had foreclosures, bankruptcies, charge offs, collection accounts and slow payments, that are being reported on their credit report inaccurately, need your help.
  2. People who have not been able to manage their finances are looking for guidance from professionals to help them get on track with their finances, such as budgeting and ways to get out of debt.
  3. Many people need help when dealing with their creditors.
  4. Starting your own credit counseling business and credit repair business will allow you to make money while helping others.
  5. If you already have a job or business, adding a Credit Counseling Business and Credit Repair Business to what you are currently doing will help add to your client base and add more revenue to your income.
  6. Knowing that you are able to help others with their finances will not only make you money, but it also gives you an instant gratification knowing you are making a difference in someone’s life.

Our Credit and Financial Strategies programs is the perfect Credit Counseling and Credit Repair business opportunity for someone looking to start their own Credit Counseling and Credit Repair business.  Thousands of people need your help.

Deborah McNaughton a nationally renowned credit expert, author and President of Professional Credit Counselors will help you get started.  Visit: www.financialvictory.com or call: 888-838-4768.

7 Ways to Lower Your Property Taxes

Most homes in the U.S. are overassessed, as the decline in home values were brought on fast and the assessment cycles haven’t caught back up in most cities. Wouldn’t you like to save money by lowering your property taxes? If your homes assessed value is more than the market value, you can request your County Tax Assessor’s office to re-assess your home value. Learn how to lower your property taxes with these helpful tips:

  1. Look up comparable home values in your neighborhood.  Make sure to get three comparable listings that have sold within one mile of your property and are not more than six months old (the newer the sales are the better).  This would include similar square footage, number of rooms and bathrooms etc. You can find this information online through many different websites or you can talk to your realtor or mortgage professional to obtain this information.
  2. Get a new appraisal of your home. But, before you pay for that expense, ask your county assessor’s office if they have requirements surrounding appraisals.
  3. Make sure you are taking advantage of any discounts like a senior or veteran’s reduction or even a homestead exemption.
  4. Read your county’s instructions on how to submit your request. 
  5. Make sure to complete the correct forms and send them along with your letter.  You can access your specific county’s forms on their website or by calling the assessor’s office.
  6. Write a letter to your County Tax Assessor’s office with a request that the county re-assess your home value.  Include your name, address, and parcel number of your property. 
  7. Send the letter as certified mail along with the correct forms and recent sales comparables, and/or appraisal.

If your County Tax Assessor’s office denies your request, you can file for an appeal. Read the appeal instructions carefully as there is probably a time deadline that you have to make this appeal.  

For help lowering your other household bills or for a budget consultation, contact National credit expert and financial author Deborah McNaughton at Professional Credit Counselors at 714-993-1171 or http://www.financialvictory.com/.

 Also, for more information please see my recent article in the OC Register here.

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Testimonials

"The Credit and Financial Strategies Program was a great purchase. Credit consulting is such a needed service. I have gotten a lot of positive feedback from bankers, real estate agents, mortgage brokers and so on, who know the importance of credit and financial education."
Diane S.

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