Cambridge Credit Counseling Corp., 67 Hunt St., Agawam, MA, 01001
FOR IMMEDIATE RELEASE
Contact: Thomas Fox
Cambridge Credit Counseling Corp.
413-821-6919
tfox@cambridgecredit.org
CAMBRIDGE CREDIT COUNSELING EXPANDS ITS MONEY AMERICA RADIO PROGRAM TO MEET COMMUNITY NEEDS
Weekly WAIC 91.9 FM radio program goes to an hour-long format to provide additional financial information to the local community.
Agawam, MA - Friday, February 05, 2010 – In April 2009, Cambridge Credit Counseling launched the Money America program which airs 7 p.m. Eastern Standard Time on American International College’s radio station, WAIC 91.9 FM. The show helps residents of Western Massachusetts, and beyond, by providing discussions of the oftentimes complex financial matters that impact their lives. Based on the success of the program, Cambridge and AIC have agreed to expand the half-hour show to a full hour format beginning February 7, 2009.
“We are thrilled the program has been so well received by the community,” remarked Christopher Viale, Cambridge’s president and CEO. “We know that more than 30,000 listeners are tuning in each week, and, based on their feedback, we’ve gotten a sense of the demand that exists for basic financial information. Our staff is looking forward to the additional opportunities that a longer format will make possible.”
Expanding the program to an hour will also allow the show’s hosts to interview other financial professionals and community leaders who are making an impact in the Pioneer Valley. The first scheduled guest is Jennifer A. Connolly, President of Junior Achievement of Western Massachusetts. Ms. Connolly will discuss how JA has evolved since its founding in the Pioneer Valley, and how their economic curriculum is changing the lives of local young people. Future guests will include representatives of mortgage and lending institutions, a representative from the State Treasurer’s Office, local student loan counselors and authors. Those who would like to appear as a guest on Money America should contact Thomas Fox, at (413) 241-2362, or via e-mail at tfox@cambridgecredit.org.
ABOUT CAMBRIDGE CREDIT COUNSELING CORP.
Cambridge Credit Counseling Corp. is a professional housing and debt counseling agency dedicated to educating young adults on the importance of sound financial management, and to providing financially distressed Americans with education, housing counseling and debt management services appropriate to their needs. For more information on this article or to schedule an interview, please call 413-821-6919.
Visit Cambridge Credit Counseling Corp. online at www.cambridgecredit.org. To learn more about Cambridge and the community, please visit www.youtube.com/CambridgeCredit or check out the Cambridge Credit Counseling Corp. financial literacy blog at http://www.cambridgecredit.blogspot.com.
ABOUT MONEY AMERICA
Money America, is hosted by Cambridge’s Community Outreach Director, Thomas Fox, and A.I.C. alum Lavalle Smith, a nationally certified credit counselor. Money America airs on WAIC 91.9 FM at 7 p.m. Eastern Standard Time each Sunday. Each week, the program focuses on important financial topics, including credit reports and scores, managing credit and debt more effectively, and a host of other timely issues.
Showing posts with label cambridge credit counseling corp. Show all posts
Showing posts with label cambridge credit counseling corp. Show all posts
Friday, February 5, 2010
Tuesday, October 14, 2008
CAMBRIDGE PRESIDENT URGES MORTGAGE RE-WRITES TO SAVE HOMEOWNERS
Cambridge Credit Counseling President Christopher Viale announces Home Sweet Home initiative to help avert foreclosures and restore market stability
With Wall Street focused on the details of last week’s bailout, millions of American homeowners continue to struggle to avoid foreclosure. Throughout Tuesday evening’s Presidential debates, both candidates acknowledged the need to keep those on the verge of foreclosure in their homes. It is also important to recognize the significant number of homeowners in need of reductions in their monthly mortgage payments who are not yet facing delinquency. These are families living one financial setback away from disaster. Homeowners in this predicament are barely meeting their mortgage obligations and, as a result, have little or no discretionary income, preventing them from full participation in our economy as healthy consumers.
A number of rescue plans have recently been circulated to save American homeowners, and while they are certainly a piece of the puzzle, program costs and eligibility limit the scope of their possible effectiveness on a nationwide scale. As time runs out for ordinary Americans looking to stay in their homes, and before the credit crisis derails more of our economy, Cambridge Credit Counseling Corp. President Christopher Viale is proposing common-sense solutions from a consumer perspective. The Home Sweet Home initiative is Viale’s plan to help struggling homeowners, and it ultimately provides a measure of stability to the economy. Both the private sector and the federal government would be required to take action and make reasonable concessions for the strategy to be effective, and, though it may not be appropriate for every situation, Viale believes his plan could be a lifeline for many of those currently drowning in mortgage debt.
“Everyone in a position to share their expertise - politicians, financial executives, economists and others, must come to the table to help contribute solutions to this crisis. Our agency hears from thousands of consumers every month, and we know the kind of relief they need. The federal government is providing massive amounts of aid to banks, and we need that kind of effort at the consumer level, as well. I’m confident that Home Sweet Home could be an important part of the solution,” notes Viale.
ABOUT CAMBRIDGE CREDIT COUNSELING CORP.
Cambridge Credit Counseling Corp. is a professional debt counseling agency dedicated to educating young adults on the importance of sound financial management and providing financially distressed Americans with education and debt management services appropriate to their needs. For more information on this article or to schedule an interview, please call 413-821-6919.
Visit Cambridge Credit Counseling Corp. online at http://www.cambridgecredit.org/. To learn more about Cambridge and the community, please visit www.youtube.com/CambridgeCredit. or check out the Cambridge Credit Counseling Corp. financial literacy blog at http://www.cambridgecredit.blogspot.com/.
###
With Wall Street focused on the details of last week’s bailout, millions of American homeowners continue to struggle to avoid foreclosure. Throughout Tuesday evening’s Presidential debates, both candidates acknowledged the need to keep those on the verge of foreclosure in their homes. It is also important to recognize the significant number of homeowners in need of reductions in their monthly mortgage payments who are not yet facing delinquency. These are families living one financial setback away from disaster. Homeowners in this predicament are barely meeting their mortgage obligations and, as a result, have little or no discretionary income, preventing them from full participation in our economy as healthy consumers.
A number of rescue plans have recently been circulated to save American homeowners, and while they are certainly a piece of the puzzle, program costs and eligibility limit the scope of their possible effectiveness on a nationwide scale. As time runs out for ordinary Americans looking to stay in their homes, and before the credit crisis derails more of our economy, Cambridge Credit Counseling Corp. President Christopher Viale is proposing common-sense solutions from a consumer perspective. The Home Sweet Home initiative is Viale’s plan to help struggling homeowners, and it ultimately provides a measure of stability to the economy. Both the private sector and the federal government would be required to take action and make reasonable concessions for the strategy to be effective, and, though it may not be appropriate for every situation, Viale believes his plan could be a lifeline for many of those currently drowning in mortgage debt.
“Everyone in a position to share their expertise - politicians, financial executives, economists and others, must come to the table to help contribute solutions to this crisis. Our agency hears from thousands of consumers every month, and we know the kind of relief they need. The federal government is providing massive amounts of aid to banks, and we need that kind of effort at the consumer level, as well. I’m confident that Home Sweet Home could be an important part of the solution,” notes Viale.
ABOUT CAMBRIDGE CREDIT COUNSELING CORP.
Cambridge Credit Counseling Corp. is a professional debt counseling agency dedicated to educating young adults on the importance of sound financial management and providing financially distressed Americans with education and debt management services appropriate to their needs. For more information on this article or to schedule an interview, please call 413-821-6919.
Visit Cambridge Credit Counseling Corp. online at http://www.cambridgecredit.org/. To learn more about Cambridge and the community, please visit www.youtube.com/CambridgeCredit. or check out the Cambridge Credit Counseling Corp. financial literacy blog at http://www.cambridgecredit.blogspot.com/.
###
Sunday, November 18, 2007
Don’t Get Stuck In The Cold-Plan Now For High Heating Costs!
As the price of crude oil approaches $100 per barrel, millions of Americans are facing the prospect of a difficult home heating season. The national average for a gallon of heating oil is currently $3.11, seventy-three cents higher than this time last year, and many analysts anticipate that the price will go much higher. As a result, many families may be forced to make some difficult last-minute decisions as they try to keep their homes warm this winter. According to budgeting experts, it doesn’t have to be that way – if consumers plan for increased prices now.
Monday, October 22, 2007
Saving: The Worst Thing an American Could Do?
by Thom Fox
Community Outreach Coordinator
Cambridge Credit Counseling Corp.
Many investors were excited in September by the news that the Federal Reserve had cut interest rates; however, average Americans may not fully realize the impact these cuts may have on their wallet. There will be some winners – some homeowners with adjustable rate mortgages, for example, but there will be losers as well - those with Certificates of Deposits and traditional savings accounts.
Interest rate cuts not only affect the amount a consumer is charged to borrow money, they also tempt people to go out and make additional charges, reducing any inclination they may have had to actually start saving money. Our national savings rate is negative 1%, meaning that we’re consuming more than we earn. In light of this fact, these cuts do little to promote the establishment of healthy savings.
Americans used to save nearly 10% of their income every year, but that mark fell into the negatives two years ago. Why? A major factor is the amount the average consumer spends servicing credit card debt, roughly 11% of their disposable income. In looking at the move the Federal Reserve has made, essentially soliciting consumers to get further into debt, one wonders - will a focus ever be put on savings?
When a person is committed to establishing savings, they become more disciplined with their money. That commitment promotes a realistic attitude toward finances that helps individuals live within their means and not beyond them.
At one time in America, a homebuyer couldn’t get a mortgage without a significant down payment, traditionally 20%. In recent years, however, mortgage companies began offering 100%, or even 110% financing. In the absence of the 20% requirement, prospective homebuyers quickly got out of the habit of saving, and now many struggle to save even a minimum down payment of 5%. For an average home worth $250,000, for example, a 5% down payment would require a deposit of $12,500. But even that modest figure would be beyond the reach of Americans whose savings mentality eroded during the years of easy credit.
Placing an emphasis on savings could have prevented the turmoil facing the American markets today. If consumers understood that building savings is a necessary component of the American Dream, more people would take it seriously, and they’d be able to avoid the predatory practices of disingenuous lenders looking to profit at their expense.
Community Outreach Coordinator
Cambridge Credit Counseling Corp.
Many investors were excited in September by the news that the Federal Reserve had cut interest rates; however, average Americans may not fully realize the impact these cuts may have on their wallet. There will be some winners – some homeowners with adjustable rate mortgages, for example, but there will be losers as well - those with Certificates of Deposits and traditional savings accounts.
Interest rate cuts not only affect the amount a consumer is charged to borrow money, they also tempt people to go out and make additional charges, reducing any inclination they may have had to actually start saving money. Our national savings rate is negative 1%, meaning that we’re consuming more than we earn. In light of this fact, these cuts do little to promote the establishment of healthy savings.
Americans used to save nearly 10% of their income every year, but that mark fell into the negatives two years ago. Why? A major factor is the amount the average consumer spends servicing credit card debt, roughly 11% of their disposable income. In looking at the move the Federal Reserve has made, essentially soliciting consumers to get further into debt, one wonders - will a focus ever be put on savings?
When a person is committed to establishing savings, they become more disciplined with their money. That commitment promotes a realistic attitude toward finances that helps individuals live within their means and not beyond them.
At one time in America, a homebuyer couldn’t get a mortgage without a significant down payment, traditionally 20%. In recent years, however, mortgage companies began offering 100%, or even 110% financing. In the absence of the 20% requirement, prospective homebuyers quickly got out of the habit of saving, and now many struggle to save even a minimum down payment of 5%. For an average home worth $250,000, for example, a 5% down payment would require a deposit of $12,500. But even that modest figure would be beyond the reach of Americans whose savings mentality eroded during the years of easy credit.
Placing an emphasis on savings could have prevented the turmoil facing the American markets today. If consumers understood that building savings is a necessary component of the American Dream, more people would take it seriously, and they’d be able to avoid the predatory practices of disingenuous lenders looking to profit at their expense.
Sunday, September 30, 2007
Reviewing Your Credit Profile
by Thom Fox
Community Outreach Coordinator
Cambridge Credit Counseling Corp.
It’s important to realize that if your credit score is poor, it won’t necessarily remain that way forever. Your current score is simply a snapshot of your credit profile at any given point in time. As long as they are accurate, negative credit notations that appear on your reports will only remain for seven years, and then they must be removed. Bankruptcy notations are treated differently. They stay on your report for ten years. In the meantime, it’s your responsibility to make sure that every new addition to your report shows evidence of better payment patterns.
Credit reports and scores are very time-sensitive items. Your score from three months ago is probably not the same score a lender would get from the credit reporting agencies today. If you do have negative notations on your report, even before the seven years have passed, if you’ve re-dedicated yourself to meeting your obligations on time, your credit score should begin to reflect these efforts. If you can be patient and make the necessary adjustments, it is possible to improve your overall credit profile and your credit score. The bottom line is, it’s up to you to improve your credit performance from this day forward.
To begin the process of improving your credit profile, order a copy of each of your credit reports from TransUnion, Experian, and Equifax, the country’s three major credit-reporting agencies. Many businesses and lenders report information to only one or two of the agencies, but rarely to all three. This causes the information in your reports to vary greatly. Reviewing each of your reports will provide you with a clearer picture of your overall credit profile.
During your check-up, be on the lookout for errors contained within your credit reports. It has been estimated that more than 40% of the reports on file contain mistakes. Do you have negative entries on your report that are incorrect, invalid or that have been in some way misrepresented? You should also look closely for unauthorized inquiries, incorrect mailing addresses and Social Security numbers, as these may indicate that you have been a victim of identity theft.
If you do find errors within your report or discover that you’re a victim of identity theft, there are steps you can take to correct the items in question. As stipulated in the Fair Credit Reporting Act (FCRA), both the credit reporting bureau and the information provider (the person, creditor or organization that provided information about you to the credit-reporting agency) are responsible for correcting inaccurate or incomplete information in your report. They won’t make these fixes on their own, however; it is up to you to notify them of any mistake.
Managing Credit Responsibly
The following are some additional strategies you may make use of when attempting to improve your credit profile.
Keep the balances as low as possible on your credit card accounts. High outstanding debt can have a negative effect on your score.
Don’t open a number of new credit cards that you don’t need. This approach could backfire and actually lower your score.
Don’t open a series of new accounts in a short period of time. If you have only been managing credit for a little while, don’t open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a negative effect on your score, especially if you don’t have a lot of other credit information.
Re-establish your credit history if you have had problems in the past. Opening new accounts responsibly and paying them off on time will help raise your score in the long term.
Add positive information whenever possible to show stability in your credit profile. If you have extremely poor credit or have even filed for bankruptcy, don't let your credit status go dormant. The faster you begin to re-establish positive credit, the faster you'll improve your credit profile. One way to achieve this is to get a secured credit card.
It’s okay to have credit cards, but you must manage them responsibly! In general, having credit cards and installment loans (and making timely payments) will raise your score. Someone with no credit cards, for example, tends to be a higher risk than someone who has managed credit cards responsibly.
Community Outreach Coordinator
Cambridge Credit Counseling Corp.
It’s important to realize that if your credit score is poor, it won’t necessarily remain that way forever. Your current score is simply a snapshot of your credit profile at any given point in time. As long as they are accurate, negative credit notations that appear on your reports will only remain for seven years, and then they must be removed. Bankruptcy notations are treated differently. They stay on your report for ten years. In the meantime, it’s your responsibility to make sure that every new addition to your report shows evidence of better payment patterns.
Credit reports and scores are very time-sensitive items. Your score from three months ago is probably not the same score a lender would get from the credit reporting agencies today. If you do have negative notations on your report, even before the seven years have passed, if you’ve re-dedicated yourself to meeting your obligations on time, your credit score should begin to reflect these efforts. If you can be patient and make the necessary adjustments, it is possible to improve your overall credit profile and your credit score. The bottom line is, it’s up to you to improve your credit performance from this day forward.
To begin the process of improving your credit profile, order a copy of each of your credit reports from TransUnion, Experian, and Equifax, the country’s three major credit-reporting agencies. Many businesses and lenders report information to only one or two of the agencies, but rarely to all three. This causes the information in your reports to vary greatly. Reviewing each of your reports will provide you with a clearer picture of your overall credit profile.
During your check-up, be on the lookout for errors contained within your credit reports. It has been estimated that more than 40% of the reports on file contain mistakes. Do you have negative entries on your report that are incorrect, invalid or that have been in some way misrepresented? You should also look closely for unauthorized inquiries, incorrect mailing addresses and Social Security numbers, as these may indicate that you have been a victim of identity theft.
If you do find errors within your report or discover that you’re a victim of identity theft, there are steps you can take to correct the items in question. As stipulated in the Fair Credit Reporting Act (FCRA), both the credit reporting bureau and the information provider (the person, creditor or organization that provided information about you to the credit-reporting agency) are responsible for correcting inaccurate or incomplete information in your report. They won’t make these fixes on their own, however; it is up to you to notify them of any mistake.
Managing Credit Responsibly
The following are some additional strategies you may make use of when attempting to improve your credit profile.
Keep the balances as low as possible on your credit card accounts. High outstanding debt can have a negative effect on your score.
Don’t open a number of new credit cards that you don’t need. This approach could backfire and actually lower your score.
Don’t open a series of new accounts in a short period of time. If you have only been managing credit for a little while, don’t open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a negative effect on your score, especially if you don’t have a lot of other credit information.
Re-establish your credit history if you have had problems in the past. Opening new accounts responsibly and paying them off on time will help raise your score in the long term.
Add positive information whenever possible to show stability in your credit profile. If you have extremely poor credit or have even filed for bankruptcy, don't let your credit status go dormant. The faster you begin to re-establish positive credit, the faster you'll improve your credit profile. One way to achieve this is to get a secured credit card.
It’s okay to have credit cards, but you must manage them responsibly! In general, having credit cards and installment loans (and making timely payments) will raise your score. Someone with no credit cards, for example, tends to be a higher risk than someone who has managed credit cards responsibly.
Improving you credit profile takes time. Unfortunately, negative items tend to affect your credit score much more quickly than positive items. Late payments can negatively affect your score in just a few months, whereas paying bills on time may take 6 to 12 months to generate a significant improvement in your score. The best course of action is to adopt healthy credit habits and maintain them.
Wednesday, September 19, 2007
Seniors Gamble Their Retirement on “Risky Business”
by Thom Fox
Community Outreach Coordinator
Cambridge Credit Counseling Corp.
Instead of playing shuffleboard or golfing in Florida, many recent retirees are engaging in a more dangerous activity - entrepreneurship. An increasing number of seniors are opting out of the traditional retiree lifestyle to become players in the 21st-century economy, choosing instead to start businesses ranging from dry cleaners to sandwich shops. Experts are worried, however, that they’re often using portions of their retirement funds to get things up and running.
While these authorities recognize the importance of a healthy and fulfilling lifestyle, starting a business is notoriously risky. Statistics show that two-thirds of all new businesses fail within the first few years. When retirement funds are used as seed money, the risk may outweigh the anticipated return.
If you are in your golden years and want to contribute to the economy, you should seek guidance from as many business experts and community sources as you can before investing in a new business. It’s recommended that individuals set aside 80% of their annual income for each year of retirement. With our rising life expectancy, people naturally need to increase the amount of their retirement savings. Using the money it has taken decades to save is quite chancy.
How can you ensure that your investment is worth the risk?
Write a business plan: Writing a business plan is a good way to see if your idea is realistic, and it will force you to conduct valuable research. If you discover that the local market is over-saturated or that businesses similar to yours have failed, it can save you a tremendous amount of money.
Immerse yourself in your chosen industry: You’ll need to become an expert within the industry you’ve chosen. Join related industry or professional associations before you start your business to get the edge you need.
Get professional help: Talk to your local Small Business Association (SBA), a personal Financial Planner, your Tax-Accountant, basically anyone who can offer the support you need in your venture.
Seek alternative financing: Your idea may be attractive to other investors. Consider applying for an SBA loan or bank loan before tapping into your valuable retirement savings.
As with any aspect of personal finance, it’s best to be prepared for every outcome. Starting your own business can be rewarding, but you don’t want to jeopardize your retirement savings by investing beyond your capacity for loss.
Community Outreach Coordinator
Cambridge Credit Counseling Corp.
Instead of playing shuffleboard or golfing in Florida, many recent retirees are engaging in a more dangerous activity - entrepreneurship. An increasing number of seniors are opting out of the traditional retiree lifestyle to become players in the 21st-century economy, choosing instead to start businesses ranging from dry cleaners to sandwich shops. Experts are worried, however, that they’re often using portions of their retirement funds to get things up and running.
While these authorities recognize the importance of a healthy and fulfilling lifestyle, starting a business is notoriously risky. Statistics show that two-thirds of all new businesses fail within the first few years. When retirement funds are used as seed money, the risk may outweigh the anticipated return.
If you are in your golden years and want to contribute to the economy, you should seek guidance from as many business experts and community sources as you can before investing in a new business. It’s recommended that individuals set aside 80% of their annual income for each year of retirement. With our rising life expectancy, people naturally need to increase the amount of their retirement savings. Using the money it has taken decades to save is quite chancy.
How can you ensure that your investment is worth the risk?
Write a business plan: Writing a business plan is a good way to see if your idea is realistic, and it will force you to conduct valuable research. If you discover that the local market is over-saturated or that businesses similar to yours have failed, it can save you a tremendous amount of money.
Immerse yourself in your chosen industry: You’ll need to become an expert within the industry you’ve chosen. Join related industry or professional associations before you start your business to get the edge you need.
Get professional help: Talk to your local Small Business Association (SBA), a personal Financial Planner, your Tax-Accountant, basically anyone who can offer the support you need in your venture.
Seek alternative financing: Your idea may be attractive to other investors. Consider applying for an SBA loan or bank loan before tapping into your valuable retirement savings.
As with any aspect of personal finance, it’s best to be prepared for every outcome. Starting your own business can be rewarding, but you don’t want to jeopardize your retirement savings by investing beyond your capacity for loss.
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