CAMBRIDGE CREDIT COUNSELING EMPLOYEES VOLUNTEER TO HELP EDUCATE SPRINGFIELD HIGH SCHOOL STUDENTS

Cambridge welcomes students participating in Junior Achievement’s Groundhog Job Shadow Day.

Cambridge Credit Counseling Corp. will serve as host to students from the Springfield, MA, public school system on February 3rd as part of the Groundhog Job Shadow Initiative. Job Shadow Day is the result of a collaborative effort by Junior Achievement and local businesses that is designed to introduce young people to a wide variety of professions, helping students prepare to join the workforce of the 21st century. Students “shadow” mentors through a normal workday – experiencing firsthand how skills learned in the classroom relate to the modern workplace.

Because Cambridge Credit Counseling’s core mission is to provide financial literacy, the agency’s Education Department will conduct its Keeping Money on Your Mind: Entering the American Economy seminar for all students in attendance, educating them on the importance of personal money management. In addition to discussing the nuances of personal finance, the seminar also address the mechanics of the job search, including successful interviewing strategies. The PowerPoint presentation used, complete with speaker notes, is available on Cambridge’s website for download by families, community groups and educational institutions. Please click here to download http://www.cambridge-credit.org/keepingmoneyonyourmind.ppt

“Cambridge is honored to be hosting yet another Job Shadow Day, and we’re happy to help educate students about the workforce,” remarked Christopher Viale, president of Cambridge Credit Counseling Corp. “Junior Achievement does wonderful work, and they deserve the support of everyone in our local business community. We welcome the opportunity to share our experience and expertise on their behalf.”

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 to 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 www.cambridgecredit.org. To learn more about Cambridge in the community, please visit http://www.cambridgecredit.org..

CAMBRIDGE CREDIT COUNSELING CORP. ANNOUNCES SEMINAR SERIES, LEARNING TO RUN THE BUSINESS CALLED YOUR LIFE

New financial literacy seminars focus on preparing for economic challenges in 2009.

The year 2008 will likely go down in history as one of the most financially trying in generations. Over the last twelve months, Americans have seen dramatic increases in foreclosure and jobless rates, the erosion of pension plans and retirement savings, and a government opting for unprecedented remedies to prevent further damage. Unfortunately, 2009 looks as if it will be just as challenging. In an effort to provide critical financial education on both the local and national scale, Cambridge Credit Counseling Corp. will hold a series of seminars to help people better prepare themselves and their families to meet the difficulties they may face in the coming year.

On January 15, 2009, Cambridge will hold the first installment in this year's series -- Learning to Run the Business Called Your Life. Part one will focus on developing strategic plans to ensure long-term financial success. Among the topics discussed will be creating a practical spending plan, establishing an adequate emergency savings fund, and eliminating debt.

“Decreased access to credit, a struggling job market and the prospect of a worsening economy means that we all have to develop a more aggressive strategy toward our finances,” warns Christopher Viale, President of Cambridge Credit Counseling Corp. “If we’ve learned anything from 2008, it’s that a lifestyle built on credit, and not savings, can be disastrous. We owe it to ourselves and our families to adopt a new philosophy in 2009.”

All seminars are offered for free to the public and will be held at Cambridge’s offices, located at 67 Hunt Street, Agawam, MA. Each session is scheduled to run from 5:30 - 7:00 PM, and a full listing of dates is available on Cambridge’s website, www.goodpayer.com. The organization understands that it may be geographically impossible for everyone interested to attend, so a PowerPoint presentation, complete with speaker notes, will also be available for download the day after each seminar. Families, community groups, and educational institutions are encouraged to use the information provided. For more information about Cambridge's seminars, please call the agency’s Director of Education, Martin Lynch, at 413-241-2401.

Money stresses are devastating American families.

by Thom Fox
Community Outreach Coordinator
Cambridge Credit Counseling Corp.

Every day in this country, an army of non-profit agencies works diligently to provide support and bring much-needed services to millions of Americans. These organizations address a wide range of important social conditions, from housing to healthcare, but referral networks between social service non-profits and credit counseling agencies are inconsistent. To eliminate one common omission, Cambridge Credit Counseling is encouraging non-profit organizations to establish relationships with credit counseling agencies that can address their clients’ financial concerns.

Studies indicate an increasing correlation between many common social problems and indebtedness. Findings suggest that the inability to pay debts, combined with demands from creditors, often exposes debtors and their families to harmful levels of stress, contributing to insomnia, anxiety, depression, increased marital tension and, most startling, the deterioration of parent-child relationships[1].

More troubling are the studies that focus on debtors receiving harassing phone calls and letters from creditors and collections agents. These individuals were much more likely to suffer mental and physical complications than debtors who were not the subject of aggressive debt collection. Such studies reinforce the belief that money problems undermine both individual health and family structure. The conclusion of one researcher summed up what health professionals had theorized for years, “Findings would suggest that the current system of resolving disputes between creditors and debtors is far too costly, both to the debtors and to society at large[2].”

As the financial pressures of our society increase, the family and social bonds that keep us together become strained. It’s difficult enough to raise a family these days, adding the burden of debt produces a volatile situation. Cambridge Credit is urging non-profit organizations to reach out to credit counseling agencies to help their financially distressed clients. As a national organization, Cambridge offers its assistance to every community service agency in America. Those interested in learning more about the services offered by Cambridge can contact Thomas Fox, the organization’s Community Outreach Coordinator, at 413-241-2362.

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[1] Ryan, M. (1996). Social Work and Debt Problems. New York: Little Brown & Co.

[2] Caplovitz, D. (1974). Consumers in Trouble: A study of debtors in default. The Free Press.

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.