You want proof, go to USDebtClock.com (http://www.usdebtclock.org/). This is really shocking! Debt is going to kill us all!
Entries categorized as ‘Debt and Credit’
National Debt Growing Faster Than Personal Debt!
August 20, 2009 · Leave a Comment
Categories: Debt and Credit · Uncategorized
Financial Stimulus Impacts My Wallet
February 16, 2009 · Leave a Comment
Well, no point discussing whether a stimulus package is the right thing to do, it passed and now we live with it. I agree with Senator Bob Corker, TN, who was vocal about reasons why this was bad for America. The stimulus package impact on future generations will be harsh and the repayment schedule will take it’s toll on our children and grandchildren.
Below are the highlights of the stimulus package and how it will directly impact individuals and families in the immediate future. You can read a full account and explanation of stimulus package benefits at CNN Money in an article entitled:
Stimulus: How it may affect your wallet
Congress has finalized the economic recovery plan. Here’s a look at some of the provisions geared at financial relief for individuals.
NEW YORK (CNNMoney.com) — Key lawmakers in the Senate and House have reached a compromise on a final economic recovery package.
The new stated topline price tag: $789.5 billion. That’s below both the $820 billion House-passed version and the $838 billion Senate-passed version.
Here’s a look at some of the provisions that will have a direct effect on individuals in their paychecks, on their tax returns, and with regard to their unemployment benefits and health insurance if they’ve lost a job:
- Making Work Pay Credit
- One-time payments to those who don’t work
- Break for higher income families
- Temporary deduction for car buyers
- Temporary credit for home buyers
- New temporary college credit
- Temporary Pell Grant increase
- Temporary expansion of child tax credit
- Temporary increase in earned income tax credit
- Direct lifeline benefits
- Health insurance help for the jobless
- Unemployment benefits
- Food stamp payments
- Other help for needy families
What do we do now? Well if you actually find any of the stimulus package money coming your way, spend it wisely…better yet, save it for your kids and grandkids, they are going to need it!
Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.
Categories: Borrowing · Debt and Credit
Tagged: Ashley Clayton, Financial Stimulus package, New York Times, Senator Bob Corker
Foreclosure Statistics Are In For 2008!
February 10, 2009 · Leave a Comment
The numbers don’t lie, at least in the case of the growing number of foreclosures in America.
RealtyTrac® , the online marketplace for foreclosure properties, has released its annual U.S. Foreclosure Market Report for 2008, indicating that 2,330,483 properties nationwide entered some stage of foreclosure, an 81 percent increase from 2007 and 225 percent higher than the total number in 2006.
The total number of U.S. households yielded a ratio of one foreclosure filing of some type for every 54 U.S. households during 2008. James J. Saccacio, chief executive officer of RealtyTrac.
Saccacio added, “Clearly the foreclosure prevention programs implemented to-date have not had any real success in slowing down this foreclosure tsunami. And the recent California law (required 30-day notice by lenders), much like its predecessors in Massachusetts and Maryland, appears to have done little more than delay the inevitable foreclosure proceedings for thousands of homeowners.”
In an article on the Crown Financial Ministries website, you will find a list of the 10 worst cities affected by foreclosure and the 10 best cities, meaning the least hit by foreclosure. Well, if you have the chance, talk to a professional and see if refinancing your mortgage is in your best interest. If you are able to reduce your mortgage payment by several hundred dollars, it might be worth the fees and related costs of refinancing.
Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.
Categories: Debt and Credit
Tagged: Ashley Clayton, Crown Financial Min, foreclosures, RealtyTrac
“Eight Things That Will Keep You From Financial Freedom!”
February 7, 2009 · 1 Comment
Confessions of a Poor Money Manager
“Eight Things That Will Keep You From Financial Freedom!”
If you have never walked into one of those avant-guard pricey mid-slope restaurants you are likely to find at most premier ski resorts around the world with your family without enough money to purchase hamburgers and drinks for yourself and your family for three more days and buy gas for the drive back home, too, you may be a little shocked by these confessions.
Or, if you have never owned a really nice blue and white ski boat but had to keep it parked in your driveway for two years because neither of your cars was in good enough condition to pull it to the lake, you may find these confessions incredulous on some level.
If, however, like so many families you simply consistently and persistently struggle to make ends meet and more often than not find yourself at the end of the month without enough money to pay your bills, even though you may have what is considered to be a good income, then the following confessions are a must read for you.
Jesus had more to say about money and our relationship to it than any other subject. This was by design. He understood that how we relate to money affects every other aspect and relationship of our lives. They are inseparable. A key ingredient to getting life right is getting our relationship with money right.
It is important for you to know that many financial decisions we made over the years were right. Unfortunately, the toxic effect of the poor ones often overshadowed those good decisions we made. With each poor financial choice and often disproportionate negative consequence, we learned the importance of making good financial decisions every time… Not just some of the time.
In the next few weeks (10 weeks actually) I will give you my confessions. One at a time, I will confess the basic
and underlying issues that tripped me up over a long period of time. In a few cases the confession(s) will not be my
own, but all of them are real life experiences. I promise to take ownership to the ones that are mine and in the
process share a life journey that you will be able to relate to or at least learn from.
Coming Next … Confession One: I Had A Secret!
Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.
Categories: Confessions · Debt and Credit
Debt and Retirement, On The Mind of Retirees!
February 4, 2009 · Leave a Comment
The American Dream is in trouble! What happened to gracefully gliding into retirement after an extended and productive career? How many of us in our 50’s and 60’s are now faced with many more years of work, rebuilding our 401K’s and making new plans for the future.
There is a great video journal posted on CNN Money, talking about the devastating impact our national economy is having on the American Dream. The video journal features David Gergen, among other financial and economic specialists, spelling out the immediate and long term effect of the current economic downturn.
The journal features a chart on the wall that shows how our national debt has risen from 30 billion to over 10 trillion dollars in a relatively short, 30 year span of time! Oh by the way, it used to be we borrowed from ourselves, not now, we owe the majority of our national debt to other countries, with China as our largest lender. Do you think this will pose any diplomacy problems for Hillary Clinton in the days ahead?
Says one of the panel “experts”, “…we are going to have to endure a number of years of sacrifice, if we are going to salvage a part of the American Dream for our children.” Great video journal, 5 minutes in length.
Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.
Categories: Debt and Credit
Tagged: CNN Money, David Gergen, Debt, retirees
What To Do When Debt Collectors Call During Dinner!
February 3, 2009 · Leave a Comment
What goes through your mind when a debt collector name shows up in the display screen of your house phone or cell phone? What emotions are you feeling? You will either be angry or confused, or maybe both. Compound these emotions by continually mounting stress in your life, due to over commitment and late payments, and this phone call can ruin your night!
Take a look at the Washington Post article to discover some facts and tips about how to handle these “tough” calls!
Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.
Categories: Debt and Credit
Basic Primer on Paying Off Credit Cards!
February 2, 2009 · Leave a Comment
It is amazing what we do not know about credit card companies and it is no wonder we have such a hard time getting them paid off!
Let me ask you a question, “Which credit card should you pay off first – the smallest balance or the highest interest?” Dave Ramsey, millionaire-gone-bankrupt-turned-millionaire, suggests paying off smaller debts first regardless of interest rate. He argues that when small debts are paid off sooner, you remain motivated to pay off the next debt and the next, until you’re debt free. LaToya Irby, About.com answers the question “Why should I pay off high interest rate credit cards first?” In Irby’s article is a discussion of the following FAQs on paying off Credit Card debt.
FAQs on Paying Credit Card Debt
- How Do I Start Paying Credit Card Debt?
- What Order Should I Pay My Credit Cards?
- What’s the Fastest Way to Pay Off My Credit Cards?
- Why Should I Pay Highest Interest Rate Debt First?
- What’s a Credit Card Debt Snowball?
- How Do I Negotiate a Lower Interest Rate
- Would a Balance Transfer Save Money?
The jury is probably out on the question, which credit card to pay first, but, everybody agrees PICK ONE! Pick one and stay the course. You will be out of debt sooner than you imagined!
Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.
Categories: Debt and Credit
Tagged: Ashley Clayton, Dave Ramsey, Debt, LaToya Irby
Barriers To Paying Off Debt!
January 30, 2009 · Leave a Comment
Once again here is a reminder of the evils of credit card balances. Chris Farrell, Marketplace Money personal finance guru, reveals the true evils not only of debt itself, but also the evils of credit card companies who are scrambling now to get all they can before new Federal Government guidelines are implemented which will hamper their ability to indiscriminately raise interest rates and engage the truly evil practice of “universal default” assessments. Read the full article at Marketplace Money
In the end, Chris Farrell raps up by saying, “Continue to pay down your debt. Ignore the increase in your credit limit. You don’t want to carry debt on your credit card. Period. If you use a credit card for convenience–which is the reason to have one and use it–pay off your bill in full every month, as soon as the tab comes in. This way, there’s nothing the credit card companies can do to you. You have a high credit score. And a pristine balance sheet!”
Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.
Categories: Debt and Credit
Tagged: Ashley Clayton, Chris Farrell, Credit card, Debt, Marketplace Money
What Does A ThirtySomething Do With Money?
January 26, 2009 · Leave a Comment
You’ve seen the commercial on TV, “Life Comes At You Fast!” You think you have all the time in the world, then suddenly your twenties are over and you’re, like, a real adult. You’re wondering to yourself, how am I doing with money? Or, you might be saying to yourself, I’m too young to be in this much trouble! Erin Burt, Contributing Editor, Kiplinger.com, lists 10 Financial Commandments for Your 30s
Erin Burt writes, “Welcome to your thirties. The past decade was all about life’s changes and getting to know yourself — and your finances, see 10 Financial Commandments for Your 20sYou know the basics for managing your money. Now it’s time to build on that foundation and secure your financial future.” If you are in your thirties,I suggest you read the article at Kiplinger.com.
Here are ten principles that should be carved in stone for every thirtysomething:
1. Pay off your nonmortgage debt. Your thirties bring financial responsibilities you may not have had in your twenties, such as a mortgage or a family. Nothing frees up cash to meet those obligations like getting rid of your debt.
2. Kick the debt cycle altogether. What good is it to pay off your loans only to take out another one and rack up more debt?
3. Get serious about retirement. Your twenties were the time to start investing. No matter how little money you had to spare, it gave you a great head start. Now it’s time to look at your goals and set a plan in motion to reach them.
4. Diversify your investments. You want to make sure your money is spread among different types of investments to protect yourself in case one sector of the market tanks.
5. Continue to learn. Don’t stop investing in yourself once you land a job. “Keep your earning power growing through continuous education, training and personal development,” advises Knight Kiplinger, editor in chief of Kiplinger.com.
6. Protect your assets. Even the best-laid financial plans can be derailed by an unexpected cost. So it pays to be prepared for the “what ifs” in life. It also means having an ample emergency fund.
7. Live simply. Deferred gratification may not be fun, but adopting a simple lifestyle is one of the surest ways to meet today’s needs and still reach your long-term goals.
8. Make your will known. A will ensures your wishes are carried out should the unthinkable happen. Many assume that wills are for people who are old, rich, married or have kids. But everyone needs a will to spell out their wishes in case they die or can’t make medical decisions for themselves.
9. Get a life … insurance policy. If you have children (or someone else who depends on you financially), life insurance is a must. If you were to die, you’d want to make sure they were secure. When you’re in your thirties, you can get a great deal on term life insurance.
10. Be charitable. As you become more established in life and in your finances, take the opportunity to give something back. Again, as in Erin Burt’s article for twentysomethings, I agree with the 10 Tips for thirtysomethings. I would certainly expand the tip about being generous, following a biblical guideline for giving.You’ve seen the commercial on TV, “Life Comes At You Fast!” You think you have all the time in the world, then suddenly your twenties are over and you’re, like, a real adult. You’re wondering to yourself, how am I doing with money? Or, you might be saying to yourself, I’m too young to be in this much trouble! Erin Burt, Contributing Editor, Kiplinger.com, lists 10 Financial Commandments for Your 30s
Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.
Categories: Debt and Credit · Family Finances
Tagged: Ashley Clayton, Kiplinger.com, Knight Kiplinger
50 Tips for a Better Life
January 8, 2009 · Leave a Comment
- Image by д§mд via Flickr
This post was passed on to me by a friend. The original author is unknown but is excellent. I thought I’d share them with you today. Think about it: If you practiced just one of these tips each day, I’d guarantee that the world outlook, our economy wouldn’t appear so bad and perhaps even more manageable. I hope you enjoy!
- Take a 10-30 minute walk every day. And while you walk, smile. It is the ultimate anti-depressant.
- Sit in silence for at least 10 minutes each day.
- Buy a DVR and tape your late night shows and get more sleep.
- When you wake up in the morning complete the following statement, ‘My purpose is to__________ today.’
- Live with the 3 E’s — Energy, Enthusiasm, and Empathy.
- Play more games and read more books than you did in 2008.
- Make time for prayer and Bible study. They provide us with daily fuel for our busy lives.
- Spend time with people over the age of 70 and under the age of 6.
- Dream more while you are awake.
- Eat more foods that grow on trees and plants, and eat less food that is manufactured in plants.
- Drink green tea and plenty of water. Eat blueberries, wild Alaskan salmon, broccoli, almonds & walnuts.
- Try to make at least three people smile each day.
- Clear clutter from your house, your car, your desk, and let new and flowing energy into your life.
- Waste your precious energy on gossip, issues of the past, OR negative thoughts or things you can not control. Instead invest your energy in the positive present moment.
- Realize that life is a school and you are here to learn. Problems are simply part of the curriculum that appear and fade away like algebra class, but the lessons you learn will last a lifetime.
- Eat breakfast like a king, lunch like a prince and dinner like a college kid with a maxed out charge card. (I don’t quite understand this one. Must be my blonde hair!)
- Smile and laugh more. It will keep the NEGATIVE BLUES away.
- Life isn’t fair, but it’s still good.
- Life is too short to waste time hating anyone.
- Don’t take yourself so seriously. No one else does.
- You don’t have to win every argument. Agree to disagree.
- Make peace with your past so it won’t spoil the present.
- Don’t compare your life to others’. You have no idea what their journey is all about.
- No one is in charge of your happiness except you.
- Frame every so-called disaster with these words: ‘In five years, will this matter?’
- Forgive everyone for everything.
- What other people think of you is none of your business.
- REMEMBER GOD heals everything.
- However good or bad a situation is, it will change.
- Your job won’t take care of you when you are sick. Your friends will. Stay in touch.
- Get rid of anything that isn’t useful, beautiful or joyful.
- Envy is a waste of time. You already have all you need.
- The best is yet to come.
- No matter how you feel, get up, dress up and show up.
- Do the right thing!
- Call your family often. (Or email them to death!)
- Each night before you go to bed complete the following statements: I am thankful for__________. Today I accomplished_________.
- Remember that you are too blessed to be stressed.
- Enjoy the ride. Remember this is not Disney World and you certainly don’t want a fast pass. You only have one ride through life so make the most of it and enjoy the ride.
- May your troubles be less, May your blessings be more, May nothing but happiness come through your door!
Author unkown.
I’ve added my 10 Tips
- God owns it all! Every dollar in your pocket, bank accounts, stock portfolio and 401K belongs to Him! Go ahead and acknowledge it!
- Implement a spending plan (www.crown.org), which, of course, used to be called a budget.
- Stop borrowing! Now!
- Get out of debt now. Implement the debt snowball.
- Establish an “emergency ” fund. Most household and everyday emergencies are less than $1,000.
- Spend less than you make. The average American spends $1.26 for every $1.00 earned.
- Save money. Every day look for ways to save money. Once these dollars are gone, they are gone!
- Give. Be generous. The Bible teaches us to be generous givers. God promises to “open the windows of heaven and give us a blessing that we cannot believe!” (Mal 3:10).
- Avoid Greed. Jesus said, “…beware of all kinds of greed…for a man is not defined by what he has.” (Luke 12:15 ff)
- Take a step in the right direction. The first steps of any journey are always the hardest. Start a personal journey of financial freedom today!
Be sure and add your own through the comment box below.
Ashley Clayton, money management expert, providing support and guidance to pastor’s financial management ministry to their congregations.
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Categories: Debt and Credit · Economy · Family Finances
Tagged: Ashley Clayton, Bible, Evangelism, Family Finances, life, money, Religion and Spirituality, spending
