Taken from Adbusters Magazine, www.adbusters.org
from Adbusters Magazine:
Breaking the Consumer Habit: Living the Buy Nothing Life
April 20, 2007
San Francisco, 1951.
A living room fills with warm laughter and the aroma of fresh-baked
goodies. Suburban housewives walk around the room exchanging smiles,
telling stories. It's like any other casual gathering, except for one
twist: this is a Tupperware party, everyone is here to shop.
Painting over gray decades of war and depression with bright pastels,
products like Tupperware ushered in a new era of prosperity, renewal
and superabundance. Consumer goods like the television set and the
Cadillac became more than just necessities for life: for millions of
consumers, they were the essence of life itself.
Fast forward to 2005. A group of friends in the San Francisco Bay Area
are meeting over a potluck dinner. Disillusioned by the endless
consumer rat race, they are here to discuss how to not shop, to put an
end to needless consumption. Taking the concept of Buy Nothing Day to
the extreme, they have decided to attempt a full year without buying
new products. Dubbing themselves "The Compact" after the Mayflower
pledge at Plymouth Rock, the group vowed to limit their shopping to
food, medicine and basic hygiene products, buying used wherever they
could. Since the local news began covering them, their story has
exploded, appearing everywhere from the Today Show to The Times of
London. Today, with 8,000 new members and 55 subgroups worldwide –
from regions as varied as Singapore and Iceland – the Compact are
finding themselves at the forefront of the turning tide against
consumer culture.
What the Compacters are doing is neither radical nor revolutionary;
millions of people around the world live this way, and have lived this
way for generations. Yet the Compact threatens and challenges
everything that people have come to believe about "the good life" in
the industrialized world. Reactions to the movement have been
passionate, ranging from applause to outrage. Compact members have
been accused of being "self-congratulator y braggarts" who are
"destroying America's economy." One Compacter in Chilliwack, Canada,
recalls friends reacting as if she had joined a Satanic cult. Love it
or hate it, the Compact has made people question and the real motives
behind their daily purchases.
"I used to shop to entertain myself," confesses Lori Wyndham Jolly, an
American expat and Compacter living in Berkshire, UK. "I'd go into a
record store and buy a whole load of discount CDs, or into a chemist
and get a lot of cheap cosmetics . . . I didn't do this because I
needed any of that stuff, but just to fill the emptiness. I read a
throwaway line in paperback once, but it's stuck with me: People shop
because they're lonely."
"We're constantly on the drive to consume more stuff," says Rachel
Kesel, a Bay Area Compacter who keeps a closely followed blog about
her experiences. "It becomes a habit and not necessity."
The reasons why people join the Compact are varied. Some join to cut
back on spending, others to reduce waste, still others to escape
materialism and focus on spiritual values. One thing they all
recognize is that shopping is not the solution to their problems – in
fact, it may very well be the cause to many of them.
"Money and debts seem to be ruling our life," observes Rúna Björg
Gartharsdóttir, a Compacter in Iceland. She explains to Adbusters that
she joined the Compact to escape what she calls the "vicious cycle" of
consumerism – the chronic overwork to be able to spend more; the
social disintegration resulting from overwork; the environmental
damage caused by consumer waste; conflict over resources to supply
consumer demand. In other words, a myriad of problems loosely bound by
the innocent desire for an iPod or a luxury car collection.
It is no coincidence that the emergence of the Compact coincides with
the rising popularity of the down-shifting and environmental
movements. People throughout the developed world have realized that,
unlike our psychological desires – which are infinite – our physiology
and environmental resources have limits. Our body can't handle 80-hour
workweeks on a 6,000-calorie- per-day diet, no more than our earth can
handle cities like New York producing 12,000 tons of solid waste every
single day, or the hundreds of millions of discarded cell phones that
release cancer-causing toxins into the air. Something, someday, will
have to give.
For now, most Compacters defensively state that their choice is a
strictly "personal" one and that they have no political agenda. Yet
they continue to stir up discontent by turning their back on a sacred
ideal, the belief shared by billions around the world that "more" is
better than "just enough." Marketers are hoping this is a fringe
movement. The signs point elsewhere. According to recent surveys by
sociologist Juliet Schor, 81 percent of Americans believe their
country is too focused on shopping, while nearly 90 percent believe it
is too materialistic. Newspapers such as USA Today received record
reader responses when columnist Craig Wilson swore off shopping for a
full year. Radical anti-consumers such as the Freegans (people who
survive on discarded food and products) are proving that people can
survive off the waste of affluent consumers.
Gartharsdóttir, for her part, speaks with some pride when people tell
her that her refusal to shop will shake her country's economy. "It
shows clearly the strong influence the marketing forces currently have
on the nation," she says. "We should rule our lives and decide what
comes first."
by Jenny Uechi
Saturday, May 19, 2007
Wednesday, May 16, 2007
Bill in Congress May Reduce Credit Card Costs
There are several credit card fees that are associated with a credit card such as:
1. Over the limit fees
2. Cash advance fees
3. Late payment fees
4. Finance charges
5. Annual fees
6. Rate increase after a promotion
These fees can make paying off a credit card difficult. It can seem like you will never be able to pay off the debt. Purchasing an item with a credit card results in 112% the original cost of the item.
Congress has heard our cries. A new bill has been introduced that will outlaw some credit card billing practices.
If you have questions about any information in this article send me an email at hfreeman@hefreemanenterprises.com.
See the article below or clink on title to access the article link for future reference.
Bill Would Ban Some Credit Card Actions
By MARCY GORDON
The Associated Press
Tuesday, May 15, 2007; 6:29 PM
WASHINGTON -- Legislation proposed Tuesday would outlaw some credit-card billing and interest-rate practices that critics say confuse consumers and can push them deeper into debt.
The bill authored by Sens. Carl Levin, D-Mich., chairman of the Homeland Security and Governmental Affairs Committee's investigative panel, and Claire McCaskill, D-Mo., would ban interest from being charged on any portion of a credit card debt that the consumer paid on time during a grace period.
It also would limit so-called penalty increases in interest rates, which are imposed when a payment is made after the due date, to a maximum 7 percentage points above the current rate.
The legislation was heralded by consumer groups. Many lawmakers, however, have expressed reluctance to impose mandates on how banks do business.
Sen. Christopher Dodd, D-Conn., who heads the Senate Banking Committee, which has jurisdiction on the issue, said he will examine the proposal "in a careful and thoughtful fashion."
The banking industry opposes such legislation. "We worry about micro-managing the pricing of financial products in a way that may ultimately hurt consumers," said Ken Clayton, managing director of credit card policy at the American Bankers Association.
Heightened scrutiny of credit card practices has come from the new Democratic-controlled Congress, which has put a number of consumer issues on its legislative agenda. With Americans weighed down by some $850 billion in consumer debt, the practices of the robustly profitable credit card industry are a compelling subject for scrutiny.
Amid the congressional focus, several major banks recently began to eliminate or temper some of the practices.
An investigation by Levin's subcommittee found abusive and confusing practices, and repeated penalties imposed by credit card issuers that are said to amplify the financial woes of many Americans while bringing in tens of millions of dollars for the companies.
The bill also would:
_Require increased interest rates to apply only to future debt on a credit card account, not to debt incurred prior to the increase.
_Prohibit charging of interest on credit card account fees, such as late payment fees and fees for going over the credit limit.
_Prohibit charging of repeated over-limit fees for a single instance of exceeding a credit limit, and allow the fees to be charged only when the consumer's action, rather than a penalty, causes the limit to be exceeded.
_Ban so-called "pay-to-pay" fees, often charged when consumers make payments on their accounts by telephone. Such fees would be prohibited for any form of payment, including mail or electronic transfer.
_Require payments to be applied first to the portion of the account balance with the highest interest rate.
_Ban the practice known as "universal default," in which credit card issuers raise interest rates for customers because they're late on payments to other creditors separate from the account in question.
1. Over the limit fees
2. Cash advance fees
3. Late payment fees
4. Finance charges
5. Annual fees
6. Rate increase after a promotion
These fees can make paying off a credit card difficult. It can seem like you will never be able to pay off the debt. Purchasing an item with a credit card results in 112% the original cost of the item.
Congress has heard our cries. A new bill has been introduced that will outlaw some credit card billing practices.
If you have questions about any information in this article send me an email at hfreeman@hefreemanenterprises.com.
See the article below or clink on title to access the article link for future reference.
Bill Would Ban Some Credit Card Actions
By MARCY GORDON
The Associated Press
Tuesday, May 15, 2007; 6:29 PM
WASHINGTON -- Legislation proposed Tuesday would outlaw some credit-card billing and interest-rate practices that critics say confuse consumers and can push them deeper into debt.
The bill authored by Sens. Carl Levin, D-Mich., chairman of the Homeland Security and Governmental Affairs Committee's investigative panel, and Claire McCaskill, D-Mo., would ban interest from being charged on any portion of a credit card debt that the consumer paid on time during a grace period.
It also would limit so-called penalty increases in interest rates, which are imposed when a payment is made after the due date, to a maximum 7 percentage points above the current rate.
The legislation was heralded by consumer groups. Many lawmakers, however, have expressed reluctance to impose mandates on how banks do business.
Sen. Christopher Dodd, D-Conn., who heads the Senate Banking Committee, which has jurisdiction on the issue, said he will examine the proposal "in a careful and thoughtful fashion."
The banking industry opposes such legislation. "We worry about micro-managing the pricing of financial products in a way that may ultimately hurt consumers," said Ken Clayton, managing director of credit card policy at the American Bankers Association.
Heightened scrutiny of credit card practices has come from the new Democratic-controlled Congress, which has put a number of consumer issues on its legislative agenda. With Americans weighed down by some $850 billion in consumer debt, the practices of the robustly profitable credit card industry are a compelling subject for scrutiny.
Amid the congressional focus, several major banks recently began to eliminate or temper some of the practices.
An investigation by Levin's subcommittee found abusive and confusing practices, and repeated penalties imposed by credit card issuers that are said to amplify the financial woes of many Americans while bringing in tens of millions of dollars for the companies.
The bill also would:
_Require increased interest rates to apply only to future debt on a credit card account, not to debt incurred prior to the increase.
_Prohibit charging of interest on credit card account fees, such as late payment fees and fees for going over the credit limit.
_Prohibit charging of repeated over-limit fees for a single instance of exceeding a credit limit, and allow the fees to be charged only when the consumer's action, rather than a penalty, causes the limit to be exceeded.
_Ban so-called "pay-to-pay" fees, often charged when consumers make payments on their accounts by telephone. Such fees would be prohibited for any form of payment, including mail or electronic transfer.
_Require payments to be applied first to the portion of the account balance with the highest interest rate.
_Ban the practice known as "universal default," in which credit card issuers raise interest rates for customers because they're late on payments to other creditors separate from the account in question.
Thursday, April 19, 2007
8 Simple Ways to Pay Off Student Loans Debt
I had student loan debt but luckily only ended owing $5,000 after I completed college thanks to family and scholarships. It took me forever just to pay that $5,000 due to all the interest on my loan. A recent study by the National Center for Education Statistics shows that 50% of recent college graduate have student loans, with an average student loan debt of $10,000. The average cost of college increases at twice the rate of inflation. Here are 8 tips to help with paying off student loan debt:
1. Develop a plan. Develop a plan to pay off your student loan debt before you graduate.
2. Save your money. Each summer throughout your college education, get a job or internship. Save half the money in a high interest savings account such as www.emigrantdirect.com (5.05%) or www.ing.com (4.5%). After a few months, consult a financial advisor to earn the highest possible return on your money. After college, you can use the money saved during all 4 years to pay down your college debt.
3. Use caution with consolidation. Consolidating student loans combines your loans into one payment but may or may not provide you with a lower interest rate. Do extensive research before consolidating your student loans. In addition, you may not be eligible for various student loan forgiveness programs if you consolidate your student loans.
4. Exchange work to reduce debt. Perform volunteer work or work for the following in exchange for reducing student loan debt: teaching in certain locations with low-income students or areas with shortage of teachers, providing legal and medical services in low-income areas or working for Americorps or the Peace Corps.
5. Get a work-study job. To help pay for the costs of college get a work-study job on campus to help defray the cost of college. Go to your campus employee office to ask about their work-study program. Work study Jobs pay at least the minimum wage for that state.
6. Apply for lots of scholarships. In recent years, money has been reduced from the budget for college scholarships so it is harder to get a scholarship to go to college. You can increase your changes of getting a scholarship by completing as many scholarship applications as you can. If you complete at least 50 you should receive at least 5 scholarships. Also, go to your campus financial aid office and ask about financial aid programs that the schools provides to students. Become friendly with the financial aid office employees who will alert you to financial aid programs when they become available. You can also search the internet for scholarships. Some scholarship websites are www.fastweb.com, www.scholarships.com, www.finaid.org, www.college-scholarships.com or www.scholarshiphelp.org.
7. Apply for grants. Apply for as many grants as possible. You can also apply for federal grants such as the Federal Pell Grant (Pell Grant), the Federal Supplemental Educational Opportunity Grant (FSEOG) Program, Leveraging Educational Assistance Partnership (LEAP), and National Science Scholars Program. Some grant websites are www.scholarships-ar-us.org/grants/, www.scholarships-ar-us.org/grants/women.htm, www.careersandcolleges.com.
8. Protect your credit. Try to avoid making late payments on your student loans, if you do this will be reported on your credit report and can remain for up to seven years. If you are having financial hardship call the student loan company and inform them of your situation, ask for a hardship or loan deferment to ensure your credit is not damaged until you are able to start making payments again.
For more information visit https://www.brokescholar.com/index.cfm/fuseaction/article.loanForgiveness/loanForgiveness.html or http://www.finaid.org/loans/forgiveness.phtml.
Harrine Freeman
CEO, H.E. Freeman Enterprises
www.hefreemanenterprises.com
Copyright © 2007 H.E. Freeman Enterprises
1. Develop a plan. Develop a plan to pay off your student loan debt before you graduate.
2. Save your money. Each summer throughout your college education, get a job or internship. Save half the money in a high interest savings account such as www.emigrantdirect.com (5.05%) or www.ing.com (4.5%). After a few months, consult a financial advisor to earn the highest possible return on your money. After college, you can use the money saved during all 4 years to pay down your college debt.
3. Use caution with consolidation. Consolidating student loans combines your loans into one payment but may or may not provide you with a lower interest rate. Do extensive research before consolidating your student loans. In addition, you may not be eligible for various student loan forgiveness programs if you consolidate your student loans.
4. Exchange work to reduce debt. Perform volunteer work or work for the following in exchange for reducing student loan debt: teaching in certain locations with low-income students or areas with shortage of teachers, providing legal and medical services in low-income areas or working for Americorps or the Peace Corps.
5. Get a work-study job. To help pay for the costs of college get a work-study job on campus to help defray the cost of college. Go to your campus employee office to ask about their work-study program. Work study Jobs pay at least the minimum wage for that state.
6. Apply for lots of scholarships. In recent years, money has been reduced from the budget for college scholarships so it is harder to get a scholarship to go to college. You can increase your changes of getting a scholarship by completing as many scholarship applications as you can. If you complete at least 50 you should receive at least 5 scholarships. Also, go to your campus financial aid office and ask about financial aid programs that the schools provides to students. Become friendly with the financial aid office employees who will alert you to financial aid programs when they become available. You can also search the internet for scholarships. Some scholarship websites are www.fastweb.com, www.scholarships.com, www.finaid.org, www.college-scholarships.com or www.scholarshiphelp.org.
7. Apply for grants. Apply for as many grants as possible. You can also apply for federal grants such as the Federal Pell Grant (Pell Grant), the Federal Supplemental Educational Opportunity Grant (FSEOG) Program, Leveraging Educational Assistance Partnership (LEAP), and National Science Scholars Program. Some grant websites are www.scholarships-ar-us.org/grants/, www.scholarships-ar-us.org/grants/women.htm, www.careersandcolleges.com.
8. Protect your credit. Try to avoid making late payments on your student loans, if you do this will be reported on your credit report and can remain for up to seven years. If you are having financial hardship call the student loan company and inform them of your situation, ask for a hardship or loan deferment to ensure your credit is not damaged until you are able to start making payments again.
For more information visit https://www.brokescholar.com/index.cfm/fuseaction/article.loanForgiveness/loanForgiveness.html or http://www.finaid.org/loans/forgiveness.phtml.
Harrine Freeman
CEO, H.E. Freeman Enterprises
www.hefreemanenterprises.com
Copyright © 2007 H.E. Freeman Enterprises
Saturday, April 07, 2007
5 Ways to Become Financially Empowered
Wealth is defined as the value of everyone you own minus any debts. A wealthy person is described as someone who can live comfortably for a least 5 years without working. Not everyone during his or her lifetime may become wealthy but you can become financially empowered. Financially empowered is being in control of your finances, spending your money responsibly, buy needs more often than buying wants, and setting goals for your future.
Here are 5 ways to become financially empowered:
1. Become a homeowner. Becoming a homeowner increases your credit score, proves that your are a responsible spender, provides a tax write-off, increases your financial worth, provides you with an asset that will appreciate over time which will provide you with equity.
2. Buy insurance. Buy health, life and disability insurance. Many people get in debt from medical costs because they do not have life insurance. Life insurance is critical because medical costs increase by 10 to 20% each year. Disability insurance (short-term and long-term) will help you in the event you become seriously ill and have to be off work for an extended period of time. This will help you to recover because you will not have to worry about how your bills will be paid during this time.
3. Start a business. Find out what your passion is, what you love to do more than anything else. You will not become financially empowered by working for someone else unless you were one of the lucky people who bought tons of stock while working at Target, Wal-Mart of AOL. Do your research before starting your business and take baby steps. Start your business in your home; there are many tax write-offs for home based businesses. Once you generate enough income then get a loan to open your own office. Get the book Rich Dad, Poor Dad by Robert Kiyosaki.
4. Purchase investment property. All of the financial experts and millionaires and billionaires have talked about this. They all have the same thing in common. They all own investment property. If you are not sure how to begin, do your research, buy two or books on buying investment property, join a real estate group, listen to financial investment shows and find out the best way to get started. Investment property generates cash flow that can be used to generate wealth and allows more opportunities to become available to you.
5. Plan for your retirement. Many Americans today have to work past retirement age because they have no savings or retirement. When a person looks at their life to see what they have accomplished, it is sad to say that they have nothing to show for it. Many still owe money on their homes, don't have any savings and have little or no money in a retirement account. You worked all of your life for what, to pay bills. That is not how life is supposed to be. You should work hard, enjoy life, retire, and then really enjoy life.
April is financial literacy month. Starting this month and each month for the rest of the year do one thing to improve your financial situation. Send your success stories or questions to hfreeman@hefreemanenterprises.com. Good luck to you!
Copyright © 2007 H.E. Freeman Enterprises
Here are 5 ways to become financially empowered:
1. Become a homeowner. Becoming a homeowner increases your credit score, proves that your are a responsible spender, provides a tax write-off, increases your financial worth, provides you with an asset that will appreciate over time which will provide you with equity.
2. Buy insurance. Buy health, life and disability insurance. Many people get in debt from medical costs because they do not have life insurance. Life insurance is critical because medical costs increase by 10 to 20% each year. Disability insurance (short-term and long-term) will help you in the event you become seriously ill and have to be off work for an extended period of time. This will help you to recover because you will not have to worry about how your bills will be paid during this time.
3. Start a business. Find out what your passion is, what you love to do more than anything else. You will not become financially empowered by working for someone else unless you were one of the lucky people who bought tons of stock while working at Target, Wal-Mart of AOL. Do your research before starting your business and take baby steps. Start your business in your home; there are many tax write-offs for home based businesses. Once you generate enough income then get a loan to open your own office. Get the book Rich Dad, Poor Dad by Robert Kiyosaki.
4. Purchase investment property. All of the financial experts and millionaires and billionaires have talked about this. They all have the same thing in common. They all own investment property. If you are not sure how to begin, do your research, buy two or books on buying investment property, join a real estate group, listen to financial investment shows and find out the best way to get started. Investment property generates cash flow that can be used to generate wealth and allows more opportunities to become available to you.
5. Plan for your retirement. Many Americans today have to work past retirement age because they have no savings or retirement. When a person looks at their life to see what they have accomplished, it is sad to say that they have nothing to show for it. Many still owe money on their homes, don't have any savings and have little or no money in a retirement account. You worked all of your life for what, to pay bills. That is not how life is supposed to be. You should work hard, enjoy life, retire, and then really enjoy life.
April is financial literacy month. Starting this month and each month for the rest of the year do one thing to improve your financial situation. Send your success stories or questions to hfreeman@hefreemanenterprises.com. Good luck to you!
Copyright © 2007 H.E. Freeman Enterprises
Wednesday, April 04, 2007
Do You Know Why You Are In Debt?
In the past few weeks, I have had several conversations with clients and other experts in the personal finance industry. I have come to some conclusions about debt: 1) many people do not know how they got into debt; 2) many people are in denial that they are in debt; 3) many people do not know how to get out of debt; 4) many people believe that it is normal to be in debt or that you are supposed to be in debt for the rest of your life.
Unfortunately only 3% or Americans live debt free. First, let me say you don't have to be in debt no matter what some company or creditor tells you. Many people are living debt free lives with good credit, some people have even paid off their mortgage before the 30-year loan date! The only bill I have is my mortgage. The balance on my mortgage decreases each month because I send additional money towards my principal.
Now, the first step to getting out of debt is admitting that you have poor spending habits or that you are in financial trouble. This may be hard to do, but you can do it. If you believe that you can be debt free you will be. Next, develop a plan to take action and take action immediately. Do this by creating a budget for yourself. If you get a steady paycheck this will be easier to accomplish. However, if you do not earn the same amount of money each pay period then you can still create a budget. You create a budget by listing all of your monthly expenses (everything you spend money on during the course of a month) and list your net monthly income (after taxes), then subtract the two figures, if you have any money left over use that money to start paying off your debts and look for other ways to reduce expenses. If you have no money left over, find ways to reduce expenses, make sacrifices and think of creative ways to save money. Some good websites to use to find ways to creative ways to save money are Budgetdial and The Dollar Stretcher.
For large expenses that do not occur monthly you can spread the payment over a period of time, i.e. six months or a year. For example, if you pay $1200 in car insurance and you do not get a steady pay check, put aside $100 a month towards you car insurance so that when you quarterly or bi-yearly bill arrives you will have the money to pay for it and won't feel overwhelmed about paying the bill.
Remember if you are in debt, you don't have to stay that way, you can be debt free. I was once $19,000 in debt and was able to get myself out of debt without filing for bankruptcy. I had to make huge sacrifices such as catching public transportation, I stopped eating and going out, didn't buy any new clothes or shoes, didn't go to hairdresser appointments, etc. Nevertheless, it was worth it. I now have excellent credit, can go to any bank, and get approved for a loan.
If you have questions on how to create a budget or any other personal finance issues send me an email at hfreeman@hefreemanenterprises.com. Good luck to you!
Unfortunately only 3% or Americans live debt free. First, let me say you don't have to be in debt no matter what some company or creditor tells you. Many people are living debt free lives with good credit, some people have even paid off their mortgage before the 30-year loan date! The only bill I have is my mortgage. The balance on my mortgage decreases each month because I send additional money towards my principal.
Now, the first step to getting out of debt is admitting that you have poor spending habits or that you are in financial trouble. This may be hard to do, but you can do it. If you believe that you can be debt free you will be. Next, develop a plan to take action and take action immediately. Do this by creating a budget for yourself. If you get a steady paycheck this will be easier to accomplish. However, if you do not earn the same amount of money each pay period then you can still create a budget. You create a budget by listing all of your monthly expenses (everything you spend money on during the course of a month) and list your net monthly income (after taxes), then subtract the two figures, if you have any money left over use that money to start paying off your debts and look for other ways to reduce expenses. If you have no money left over, find ways to reduce expenses, make sacrifices and think of creative ways to save money. Some good websites to use to find ways to creative ways to save money are Budgetdial and The Dollar Stretcher.
For large expenses that do not occur monthly you can spread the payment over a period of time, i.e. six months or a year. For example, if you pay $1200 in car insurance and you do not get a steady pay check, put aside $100 a month towards you car insurance so that when you quarterly or bi-yearly bill arrives you will have the money to pay for it and won't feel overwhelmed about paying the bill.
Remember if you are in debt, you don't have to stay that way, you can be debt free. I was once $19,000 in debt and was able to get myself out of debt without filing for bankruptcy. I had to make huge sacrifices such as catching public transportation, I stopped eating and going out, didn't buy any new clothes or shoes, didn't go to hairdresser appointments, etc. Nevertheless, it was worth it. I now have excellent credit, can go to any bank, and get approved for a loan.
If you have questions on how to create a budget or any other personal finance issues send me an email at hfreeman@hefreemanenterprises.com. Good luck to you!
Sunday, March 25, 2007
Make this Your Year to Become Financially Free
Yesterday I was a panelist at the 2007 Tour for Success Conference. I was delighted to be amongst many entrepreneurs and would be entrepreneurs.
One thing that you should start applying to your life, which one of my co-panelists spoke about, is you should have at least 2 people in your inner circle who are doing better financially than you are. If you are the friend who is doing better financially than all of your friends or family stop paying the bill all the time and stop loaning everyone money.
Don't get rid of your current friends, just get new ones who can provide valuable advice on how to reach your financial goals or who can help you reach goals you would never have imagined.
If you are struggling with deciding how to invest you money or what to do with your money, even if it is a small amount consultant a financial advisor like Charles Schwab or Smith Barney who are experts in the field.
Make 2007 your year to become financially free by reducing your expenses, eliminating your debts, becoming a homeowner, or starting that business you always dreamed of. Good luck to you.
One thing that you should start applying to your life, which one of my co-panelists spoke about, is you should have at least 2 people in your inner circle who are doing better financially than you are. If you are the friend who is doing better financially than all of your friends or family stop paying the bill all the time and stop loaning everyone money.
Don't get rid of your current friends, just get new ones who can provide valuable advice on how to reach your financial goals or who can help you reach goals you would never have imagined.
If you are struggling with deciding how to invest you money or what to do with your money, even if it is a small amount consultant a financial advisor like Charles Schwab or Smith Barney who are experts in the field.
Make 2007 your year to become financially free by reducing your expenses, eliminating your debts, becoming a homeowner, or starting that business you always dreamed of. Good luck to you.
Saturday, March 03, 2007
Why You Shouldn't Get a ContactLess Credit Card
There is a new type of credit card that is available developed last year called a contact less credit cards that allows consumers to charge items using their credit card but without actually signing a credit card receipt. The technology called RFID or Radio Frequency Identification allows scanners to use radio signals at various distances to read personal information regarding your credit card on a computer chip. The new credit cards can transmit your name, credit card number and expiration date to anyone that is located relatively close to you with a scanner.
The RFID technology has been used for years for tracking shipments and storing inventory. The contactless credit cards can be scanned without having to remove them from your wallet or pocket. The Visa contactless credit cards use an encrypted security code to verify a transaction that is supposed to protect against certain types of fraud but doesn't protect against someone getting your name and credit card number.
New versions of the Visa contactless credit cards do not transmit the consumers name during the transaction. Contactless credit cards either have a visible microchip or vertical wave bands on the front or the back of the card.
I won't be signing up for a contactless credit card. I still pay for everything with cash. I only use my credit card to make travel arrangements. Do you research before signing up for any new type of technology.
Good luck!
The RFID technology has been used for years for tracking shipments and storing inventory. The contactless credit cards can be scanned without having to remove them from your wallet or pocket. The Visa contactless credit cards use an encrypted security code to verify a transaction that is supposed to protect against certain types of fraud but doesn't protect against someone getting your name and credit card number.
New versions of the Visa contactless credit cards do not transmit the consumers name during the transaction. Contactless credit cards either have a visible microchip or vertical wave bands on the front or the back of the card.
I won't be signing up for a contactless credit card. I still pay for everything with cash. I only use my credit card to make travel arrangements. Do you research before signing up for any new type of technology.
Good luck!
Tuesday, February 27, 2007
Cush City 2007 New Author Awards Please Vote for Me
2007 Cush City New Author Award - Please Vote For Me
Hi All, please vote for me for the Cush City 2007 New AuthorAwards. Thanks.
Nominations: January 8-February 28, 2007
Send an email to: nominations@cushcity.com.
In the SUBJECT OF THE E-MAILMESSAGE, PUT THE NAME OF THE AUTHOR YOU WISH TO NOMINATE PLUS "BESTNEW AUTHOR AWARD." (EXAMPLE: John Doe - Best New Author Award).All nominations must be submitted via e-mail. DO NOT send anyattachments with your nomination.
To see the list of current nominees, Visit the Cushcity.com website.
Harrine Freeman
Ezine Article Expert
CEO, H.E. Freeman Enterprises
Author of How to Get Out of Debt: Get an "A" Credit Rating For FreeUsing the System I've Used Successfully With Thousands of Clients
ISBN 1933949430
Hi All, please vote for me for the Cush City 2007 New AuthorAwards. Thanks.
Nominations: January 8-February 28, 2007
Send an email to: nominations@cushcity.com.
In the SUBJECT OF THE E-MAILMESSAGE, PUT THE NAME OF THE AUTHOR YOU WISH TO NOMINATE PLUS "BESTNEW AUTHOR AWARD." (EXAMPLE: John Doe - Best New Author Award).All nominations must be submitted via e-mail. DO NOT send anyattachments with your nomination.
To see the list of current nominees, Visit the Cushcity.com website.
Harrine Freeman
Ezine Article Expert
CEO, H.E. Freeman Enterprises
Author of How to Get Out of Debt: Get an "A" Credit Rating For FreeUsing the System I've Used Successfully With Thousands of Clients
ISBN 1933949430
Monday, February 19, 2007
Why Items Stay On Your Credit Report for 7 Years
Did you ever wonder why a negative item has to stay on your credit report for 7 years. This question has been circulated for many years and no one was able to give an answer other than that is what is stated in the Fair Credit Reporting Act (FCRA). I always wondered what the answer was myself but was never satisfied just knowing that someone just decided to use the magic number 7.
Well upon research I think I found out why creditors, banks and other companies you do business with keep an item an your credit report for 7 years . This is taken from the bible:
Prior to modern bankruptcy law, if a merchant in Italy could not pay his debts, his creditors would seek him out and break his work bench, so that he could not continue in business. They would take whatever assets he had and leave him destitute. From “break the bench” arose the word “bankrupt”.
Source: Iowa Bankruptcy Guide
Well upon research I think I found out why creditors, banks and other companies you do business with keep an item an your credit report for 7 years . This is taken from the bible:
[ The Year for Canceling Debts ] At the end of every seven years you must cancel debts. Deuteronomy 15:1 (This law was put into effect to help the poor)
This is how it is to be done: Every creditor shall cancel the loan he has made to his fellow Israelite. He shall not require payment from his fellow Israelite or brother, because the LORD's time for canceling debts has been proclaimed.
Deuteronomy 15:2
In the year of our forefathers, company principles were based on biblical principles. The lobbies of all government buildings and commercial building have either a biblical symbol of biblical quotes throughout the buildings.
--------------------------------------------------------------
Source: Cruz Law, Based on an article by O. Max Gardner, III, Esquire
The Bible makes it clear that people are generally expected to pay their debts. Leviticus 25:39. No one will—or should—advance any argument against this general proposition.
Both Ezekiel 22:12 and Nehemiah 5:0-11 condemn lending money with interest, especially to the poor. And Ezekiel 18:13 list the taking of interest among sins worthy of death.
The current bankruptcy law passed by Congress and signed into law by the President in 2005 lacks any compassion for the poor, makes no redress to the modern day money changers who shamelessly peddle plastic at rates that would draw the Holy wrath of God himself, provides no relief but only additional misery to the families saddled with thousands of dollars in medical bills, and most importantly severely undermines the economic and social stability of the average American family. These Americans are like the farmers of the Old Testament who proclaimed to King Nehemiah, “We have had to borrow money to pay the king’s tax on our fields and vineyards. Although we are of the same flesh and blood as our countrymen and though our sons are as good as theirs, yet we have to subject our sons and daughters to slavery. Some of our daughters have already been enslaved, but we are powerless, because our fields and our vineyards belong to others”. Nehemiah 5:3-5. Nehemiah responded to his people and ordered to “let the extracting of usury stop! Give back to them immediately their fields, vineyards, olive groves, and houses and also the usury you are charging them…”. Nehemiah 5:11.
---------------------------------
Religion played an important role in the establishment of the United States. Many of the first colonists came to America in search of religious freedom. The Declaration of Independence states that certain unalienable human rights originate from God. The First Amendment to the Constitution establishes the separation of church and state and protects the freedom of religious expression. In the centuries since our nation's founding, religious institutions have been at the forefront of many political movements. Religious groups created and sustained movements to promote the abolition of slavery, women's rights, prison reform, child welfare, worker protections, alcohol prohibition, civil rights, nuclear disarmament, and international peace.
During the 1960s and 1970s, the political landscape of American religion shifted. Several mainline Protestant denominations moved to the left and issued statements that resembled liberal political party platforms. But most evangelicals moved in the opposite direction. Their conservative political activism, led by the Moral Majority and the Christian Coalition, was sparked by the social changes in American life and the Roe vs. Wade decision legalizing abortion.
Source:Wilsoncenter.org
Prior to modern bankruptcy law, if a merchant in Italy could not pay his debts, his creditors would seek him out and break his work bench, so that he could not continue in business. They would take whatever assets he had and leave him destitute. From “break the bench” arose the word “bankrupt”.
Source: Iowa Bankruptcy Guide
Sunday, February 18, 2007
Harrine Freeman to do Book Signing at Borders Books in Silver Spring MD
If you live in the DC/MD/VA area please come out to my book signing at Borders Books in Downtown Silver Spring, MD on February 24, 2007 from 1-5pm located at 8518 Fenton Street, Silver Spring, MD 20910.
Hope to see you there!
Harrine
Hope to see you there!
Harrine
Saturday, February 17, 2007
Credit Report Scams
From Dave Ramsey's website.
Credit Report Scam
By Erica in Texas
A couple of years ago my husband and I were finally able to start paying off some bad credit that both of us created before we met. So I saw a TV ad for the Free Credit Report website. I thought how wonderful, I could check to see who we needed to contact for our credit issues, and we could mend some old, bad habits.
I went to the website to sign up for the "free" credit report. I read all the fine print - or so I thought. About 20 days later when I went to pay for some groceries, my debit card was denied. So embarrassing. I went home and called our bank. Come to find out there were charges from a company in California that exceeded $250!
I was shocked and asked the bank for the company's information. I contacted them and found out that when I gave them my bank information, they signed me up for a credit watch. I was furious and demanded that they send me a contract showing I allowed them to do this. Several phone calls later, they still couldn't tell me where I had agreed to this service, so they said they would refund the money and stop the service. I stupidly believed them. A month later, no refund, and this time I was charged twice for this service. I tried to get a hold of the company but no answer.
Finally I just cancelled my bank account, so no further charges...but no refund either. $750 later, I have no more dealings with this company. I later told my sister in-law about the story, and she told me she too had dealt with them and lost money as well.
Now I know I can get a REAL free credit report on the internet from the credit bureaus. Get this now. I don't purchase anything on the internet unless I call the company first and get the real story.
Credit Report Scam
By Erica in Texas
A couple of years ago my husband and I were finally able to start paying off some bad credit that both of us created before we met. So I saw a TV ad for the Free Credit Report website. I thought how wonderful, I could check to see who we needed to contact for our credit issues, and we could mend some old, bad habits.
I went to the website to sign up for the "free" credit report. I read all the fine print - or so I thought. About 20 days later when I went to pay for some groceries, my debit card was denied. So embarrassing. I went home and called our bank. Come to find out there were charges from a company in California that exceeded $250!
I was shocked and asked the bank for the company's information. I contacted them and found out that when I gave them my bank information, they signed me up for a credit watch. I was furious and demanded that they send me a contract showing I allowed them to do this. Several phone calls later, they still couldn't tell me where I had agreed to this service, so they said they would refund the money and stop the service. I stupidly believed them. A month later, no refund, and this time I was charged twice for this service. I tried to get a hold of the company but no answer.
Finally I just cancelled my bank account, so no further charges...but no refund either. $750 later, I have no more dealings with this company. I later told my sister in-law about the story, and she told me she too had dealt with them and lost money as well.
Now I know I can get a REAL free credit report on the internet from the credit bureaus. Get this now. I don't purchase anything on the internet unless I call the company first and get the real story.
Wednesday, February 07, 2007
Beware of Advance Fee Loan Scams
BBB Warns that Advance Fee Loan Scams are Proliferating
[Arlington, VA, January 25, 2007] – The Better Business Bureau system today warned of a recent surge in advance fee loan scams.
Consumers across the U.S. and Canada are losing substantial sums of money, sometimes more than $1,000 per victim, responding to TV, newspaper or Web site advertisements that “guarantee” loans to people with poor credit.
“People with the poorest finances are being victimized. They don’t think they have any other option,” said Steve Cole, president and CEO of the Council of Better Business Bureaus.
Here’s how the scam works. The consumer calls a toll-free phone number listed in the ad. The person who answers “takes” their credit application over the phone or says they’ll send paperwork to complete. They are told they have been approved for a loan (from $5,000 to $100,000), and will receive the money once they pay a fee.
The “fee” is allegedly needed to cover the first loan payment or for “security and/or insurance”; some scammers call it a “premium” fee or a “processing fee;” others label it a “finder’s fee.”
The loan applicant is instructed to wire the money or send a money order. They never receive the loan and cannot recover their money. They also risk having their identity stolen if they provided their Social Security number or bank account number to a con artist.
Advance fee schemers commonly use a U.S. address (a P.O. Box or a mail drop), but direct consumers to send the “fee” to a location in Canada. The U.S. address turns out to be phony or non-existent.
Recent BBB investigations reveal an increase in bogus loan brokers who are impersonating legitimate lenders. They make illegal use of the names, logos and/or addresses of reputable financial institutions or organizations that have no affiliation or connection with the fraudulent operation.
“It is best to double-check any and all loan offers with the BBB to find out if the business can be trusted. We can tell you if other consumers have filed complaints and BBB staff can visit the place of business, check to see if it’s licensed and conduct other research to verify its legitimacy,” Cole said.
Remember, advance fee loan scams are illegal in the U.S. and Canada. The BBB advises people who need a loan to search locally for a reputable lender. Although legitimate lenders may charge application, appraisal or credit report fees, the fees generally are deducted from the loan amount.
In addition, there are nonprofit organizations in every state with trained credit counselors who can assist individuals with debt problems. Contact your local BBB for tips on selecting a trustworthy credit counseling organization.
Signs that the “Lender” is a Scammer
1. Pressures you to act immediately.
2. “Guaranteed” loans, even if you have bad credit, no credit or a bankruptcy.
3. Refuses to provide its street address location.
4. Demands that you wire or send money before you have a loan offer confirmed in writing.
5. Written communications contain typos and grammatical errors.
6. When you telephone, no one is ever “in”; your calls are not returned, or the voicemail box is always “full.”
7. Victims of bogus loan brokers are encouraged to file a complaint with the BBB (www.bbb.org). While the chance of recovering the payment fee is minimal, victims can provide information to help BBBs warn consumers and assist government investigations.
Taken from the Better Business Bureau website
[Arlington, VA, January 25, 2007] – The Better Business Bureau system today warned of a recent surge in advance fee loan scams.
Consumers across the U.S. and Canada are losing substantial sums of money, sometimes more than $1,000 per victim, responding to TV, newspaper or Web site advertisements that “guarantee” loans to people with poor credit.
“People with the poorest finances are being victimized. They don’t think they have any other option,” said Steve Cole, president and CEO of the Council of Better Business Bureaus.
Here’s how the scam works. The consumer calls a toll-free phone number listed in the ad. The person who answers “takes” their credit application over the phone or says they’ll send paperwork to complete. They are told they have been approved for a loan (from $5,000 to $100,000), and will receive the money once they pay a fee.
The “fee” is allegedly needed to cover the first loan payment or for “security and/or insurance”; some scammers call it a “premium” fee or a “processing fee;” others label it a “finder’s fee.”
The loan applicant is instructed to wire the money or send a money order. They never receive the loan and cannot recover their money. They also risk having their identity stolen if they provided their Social Security number or bank account number to a con artist.
Advance fee schemers commonly use a U.S. address (a P.O. Box or a mail drop), but direct consumers to send the “fee” to a location in Canada. The U.S. address turns out to be phony or non-existent.
Recent BBB investigations reveal an increase in bogus loan brokers who are impersonating legitimate lenders. They make illegal use of the names, logos and/or addresses of reputable financial institutions or organizations that have no affiliation or connection with the fraudulent operation.
“It is best to double-check any and all loan offers with the BBB to find out if the business can be trusted. We can tell you if other consumers have filed complaints and BBB staff can visit the place of business, check to see if it’s licensed and conduct other research to verify its legitimacy,” Cole said.
Remember, advance fee loan scams are illegal in the U.S. and Canada. The BBB advises people who need a loan to search locally for a reputable lender. Although legitimate lenders may charge application, appraisal or credit report fees, the fees generally are deducted from the loan amount.
In addition, there are nonprofit organizations in every state with trained credit counselors who can assist individuals with debt problems. Contact your local BBB for tips on selecting a trustworthy credit counseling organization.
Signs that the “Lender” is a Scammer
1. Pressures you to act immediately.
2. “Guaranteed” loans, even if you have bad credit, no credit or a bankruptcy.
3. Refuses to provide its street address location.
4. Demands that you wire or send money before you have a loan offer confirmed in writing.
5. Written communications contain typos and grammatical errors.
6. When you telephone, no one is ever “in”; your calls are not returned, or the voicemail box is always “full.”
7. Victims of bogus loan brokers are encouraged to file a complaint with the BBB (www.bbb.org). While the chance of recovering the payment fee is minimal, victims can provide information to help BBBs warn consumers and assist government investigations.
Taken from the Better Business Bureau website
Saturday, February 03, 2007
What Shall We Read For the Month of January
My book is featured on the What Shall We Read Segment. See below.
What Shall We Read? Part 1 on Vimeo
What Shall We Read? Part 1 on Vimeo
Thursday, February 01, 2007
Free Credit Repair Seminar on 2/7/07
If you live in DC/MD/VA, I will giving a Free Credit Repair Seminar at Martin Luther King Jr. Library at 901 G Street NW, Washington DC on February 7 from noon-1pm. Hope to see you there. Thanks.
Harrine Freeman
CEO H.E. Freeman Enterprises
www.hefreemanenterprises.com
Author of How to Get Out of Debt: Get an "A" Credit Rating For Free (ISBN 1933949430)
Available at Borders, Barnes & Noble, Walden Books, Books a Million, Walmart, Target, amazon.com, booksamillion, ecampus.com, overstock.com
Harrine Freeman
CEO H.E. Freeman Enterprises
www.hefreemanenterprises.com
Author of How to Get Out of Debt: Get an "A" Credit Rating For Free (ISBN 1933949430)
Available at Borders, Barnes & Noble, Walden Books, Books a Million, Walmart, Target, amazon.com, booksamillion, ecampus.com, overstock.com
Monday, January 29, 2007
2007 Cush City New Author Award - Please Vote For Me
Hi All, please vote for me for the Cush City 2007 New Author
Awards. Thanks.
Harrine Freeman
Ezine Article Expert
CEO, H.E. Freeman Enterprises
Author of How to Get Out of Debt: Get an "A" Credit Rating For Free
Using the System I've Used Successfully With Thousands of Clients
ISBN 1933949430
Nominations: January 8-February 28, 2007
mailto:nominations@.... IN THE SUBJECT OF THE E-MAIL
MESSAGE, PUT THE NAME OF THE AUTHOR YOU WISH TO NOMINATE PLUS "BEST
NEW AUTHOR AWARD." (EXAMPLE: John Doe - Best New Author Award).
All nominations must be submitted via e-mail. DO NOT send any
attachments with your nomination.
http://www.cushcity.com/displaypages/2007bestnewauthor.htm (website
details)
To see the list of current nominees, click here:
http://www.cushcity.com/displaypages/nominees.htm
Awards. Thanks.
Harrine Freeman
Ezine Article Expert
CEO, H.E. Freeman Enterprises
Author of How to Get Out of Debt: Get an "A" Credit Rating For Free
Using the System I've Used Successfully With Thousands of Clients
ISBN 1933949430
Nominations: January 8-February 28, 2007
mailto:nominations@.... IN THE SUBJECT OF THE E-MAIL
MESSAGE, PUT THE NAME OF THE AUTHOR YOU WISH TO NOMINATE PLUS "BEST
NEW AUTHOR AWARD." (EXAMPLE: John Doe - Best New Author Award).
All nominations must be submitted via e-mail. DO NOT send any
attachments with your nomination.
http://www.cushcity.com/displaypages/2007bestnewauthor.htm (website
details)
To see the list of current nominees, click here:
http://www.cushcity.com/displaypages/nominees.htm
Saturday, January 27, 2007
Encouragement For Those In Debt
I have heard many stories over the years of how people got in debt or are currently in debt and can't see how they will ever get out. My heart goes out to people who can't even seem to make ends meet. I know all too well about being in debt. I was $11,000 in debt and lost my job. I only had a roof over my head, I had no money, no savings, no food to eat, no job and no prospects. As a result I filed for unemployment but it was only enough to buy food. I was so embarrassed and ashamed to tell anyone about my situation, not enough my mother, family or friends knew about my situation.
Luckily one day when I was trying to figure out how I was going to eat my godmother happened to call and I broke down and told her I didn't have any food. She came right over and brought me some groceries. Then I still had the problem of being out of work and trying to figure out how to pay my bills.
Luckily God stepped in, my aunt found out that I was out of work and hired me for a job. Then I was able to get a part-time job. Also during this time I was trying to finish up my last class for my college degree. I had to sit out a semester while I was unemployed. Luckily after I started working again I was able to register and complete my last course for my college degree. After that things started turning around, I was slowly able to pay my bills and get out of debt.
I sacrificed buying new clothes and new shoes (at one point I wore the same pair of red shoes for six month because I couldn't afford to buy a new pair), hanging out with friends, going out to eat, etc. but it was worth it. Now I am a homeowner, my car is paid for. It is six years old. I have been debt free for ten years (credit card debt). I have savings accounts, retirement accounts, life insurance, disability, health insurance and my own business.
It takes time to get out of debt (it took me 4 years) but you have to be billing to make sacrifices and you have to change your mindset. Don't focus on how am I going to get out of debt, focus on what can I do to get out of debt. Here are two get websites to help reduces expenses. www.thestretcher.com, www.budgetdial.com.
Please write me if you need advice on how to get out of debt at hfreeman@hefreemanenterprises.com.
H. Freeman, CEO
www.hefreemanenterprises.com
Author of How to Get Out of Debt: Get an "A" Credit Rating For Free
Luckily one day when I was trying to figure out how I was going to eat my godmother happened to call and I broke down and told her I didn't have any food. She came right over and brought me some groceries. Then I still had the problem of being out of work and trying to figure out how to pay my bills.
Luckily God stepped in, my aunt found out that I was out of work and hired me for a job. Then I was able to get a part-time job. Also during this time I was trying to finish up my last class for my college degree. I had to sit out a semester while I was unemployed. Luckily after I started working again I was able to register and complete my last course for my college degree. After that things started turning around, I was slowly able to pay my bills and get out of debt.
I sacrificed buying new clothes and new shoes (at one point I wore the same pair of red shoes for six month because I couldn't afford to buy a new pair), hanging out with friends, going out to eat, etc. but it was worth it. Now I am a homeowner, my car is paid for. It is six years old. I have been debt free for ten years (credit card debt). I have savings accounts, retirement accounts, life insurance, disability, health insurance and my own business.
It takes time to get out of debt (it took me 4 years) but you have to be billing to make sacrifices and you have to change your mindset. Don't focus on how am I going to get out of debt, focus on what can I do to get out of debt. Here are two get websites to help reduces expenses. www.thestretcher.com, www.budgetdial.com.
Please write me if you need advice on how to get out of debt at hfreeman@hefreemanenterprises.com.
H. Freeman, CEO
www.hefreemanenterprises.com
Author of How to Get Out of Debt: Get an "A" Credit Rating For Free
Friday, January 19, 2007
Tips to Prepare For Filing Your 2006 Taxes
It's that time again. The dreaded tax year. A lot of the laws from last year have changed so please be sure to read the instructions when filing your 2006 taxes. Also here are 7 tips to help you get organized to file your taxes. Thanks.
1. Gather all receipts, monthly/quarterly statements, medical bills, student loans, credit card debt, etc.
2. Use a software package like Quicken or Quick Books to record all of your deductions. If you don't have this software then you can use an Excel spreadsheet with these basic column headings, Item, Date Purchased or Sold, Cost, Quantity, Total Cost. If you don't have the Excel software program just use plain old pencil and paper.
3. Identify all items that can be used as itemized deductions and put them in one pile. Determine if the standard deduction for your tax bracket is greater than your itemized deductions. (The list of items you gathered in step 2 and verified against the tax form instruction manual as items that can be itemized). If your standard deduction is greater than use the standard deduction, if not, use the worksheet included with your taxes to calculate your itemized deductions.
4. To save money file your taxes electronically. You will receive your refund in approximately two weeks from the date of filing.
5. Don't get a tax refund loan or refund anticipation loan. This is a waste of time and of money. You usually have to pay a fee to get the refund loan which usually have high interest rates and associated fees. See the article discussing this issue.
6. If you salary is less than $52,000 or less you can file your taxes electronically for free.
7. Be cautious when purchasing a tax preparation software. Research the credibility of the company and verify if the software provides automatic updates to tax laws contained in the software. Go to Better Business Bureau website to check out a company's history. Click on the Business Link under the Check It Out section.
Bonus Tip. File your taxes on time. If you are owed taxes this year and are unable to pay your taxes by April 15, 2007, file an extension no later than April 15, 2007 or setup a payment plan. If is never wise to owe taxes because the interest and penalties fees that accrue each day will put you further into debt.
Your goal for this year is to get out of debt and be on your way to be debt free life. Good luck!
For more tips and information purchase my book, How to Get Out of Debt: Get an "A" Credit Rating For Free, ISBN 1933949430 at Walden Books, Borders, Barnes & Noble, Amazon.com, Books A Million, Overstock.com, Target and Walmart.
1. Gather all receipts, monthly/quarterly statements, medical bills, student loans, credit card debt, etc.
2. Use a software package like Quicken or Quick Books to record all of your deductions. If you don't have this software then you can use an Excel spreadsheet with these basic column headings, Item, Date Purchased or Sold, Cost, Quantity, Total Cost. If you don't have the Excel software program just use plain old pencil and paper.
3. Identify all items that can be used as itemized deductions and put them in one pile. Determine if the standard deduction for your tax bracket is greater than your itemized deductions. (The list of items you gathered in step 2 and verified against the tax form instruction manual as items that can be itemized). If your standard deduction is greater than use the standard deduction, if not, use the worksheet included with your taxes to calculate your itemized deductions.
4. To save money file your taxes electronically. You will receive your refund in approximately two weeks from the date of filing.
5. Don't get a tax refund loan or refund anticipation loan. This is a waste of time and of money. You usually have to pay a fee to get the refund loan which usually have high interest rates and associated fees. See the article discussing this issue.
6. If you salary is less than $52,000 or less you can file your taxes electronically for free.
7. Be cautious when purchasing a tax preparation software. Research the credibility of the company and verify if the software provides automatic updates to tax laws contained in the software. Go to Better Business Bureau website to check out a company's history. Click on the Business Link under the Check It Out section.
Bonus Tip. File your taxes on time. If you are owed taxes this year and are unable to pay your taxes by April 15, 2007, file an extension no later than April 15, 2007 or setup a payment plan. If is never wise to owe taxes because the interest and penalties fees that accrue each day will put you further into debt.
Your goal for this year is to get out of debt and be on your way to be debt free life. Good luck!
For more tips and information purchase my book, How to Get Out of Debt: Get an "A" Credit Rating For Free, ISBN 1933949430 at Walden Books, Borders, Barnes & Noble, Amazon.com, Books A Million, Overstock.com, Target and Walmart.
Wednesday, January 17, 2007
Appearance on WOLB 1010AM on 1/19/2007
Hi All, if you live in the DC/MD/VA area I could use your support by calling in to WOLB 1010AM in Baltimore MD to the Women's Expo Forum Radio Show on 1/19/07 (this Friday) at 2:00 pm. The show is from 2-2:30 pm.
I will be on the show giving free tips on how to repair your credit and discussing my book, How to Get Out of Debt: Get an "A" Credit Rating For Free. Thanks.
Harrine Freeman
www.hefreemanenterprises.com
I will be on the show giving free tips on how to repair your credit and discussing my book, How to Get Out of Debt: Get an "A" Credit Rating For Free. Thanks.
Harrine Freeman
www.hefreemanenterprises.com
Saturday, January 13, 2007
Bankruptcy Doesn't Help As Much As You Think
One of the biggest myths is that if you file for bankruptcy you will be financially free and no longer have debt problems. Wrong! Bankruptcy is not the cure-all for getting out of debt. Over a million Americans file for bankruptcy every year. One in every 73 households files for bankruptcy. In 2005, 2 million Americans filed for personal bankruptcies. Millions of Americans are in debt and get in debt every year. Many people think that filing for bankruptcy will solve all of their debt problems. On the surface it seems that if you file for bankruptcy all of your debt will be eliminated and you can start with a clean slate. Actually it is not that simple.
To file for personal bankruptcy you must reside in a state for 90 days prior to filing and have a total unsecured debt less than $290,525 or secured debt less than $871,550. The new bankruptcy law that went into effect in October 2005 states that debtors (consumers) who earn less than the median income in their state about 80 percent of those who file for bankruptcy still would be entitled to file under Chapter 7. But those who earn more than that and who have the ability to repay at least $6,000 over five years would have to file under Chapter 13, which requires a repayment plan.
Although it is true that after you file for bankruptcy you can purchase a house or a car, what people don’t realize it that the interest rate that you will be given will be very high. Also, based on the new bankruptcy law implemented in October 2005, it is harder to file for bankruptcy and depending on the type of bankruptcy granted it will remain on your credit report for seven to ten years. This greatly lowers your credit score and it will probably take about 3 to 5 years before you score increases due to the bankruptcy filed and provided that you don’t get into any further debt.
Consider what would happen if you neglect to make a payment on the repayment plan which is created by your local court house. If you miss a payment on your repayment plan your case will be dismissed and you will have to find a way to pay your debts on your end.
When you have financial problems and can’t see any way out bankruptcy looks like the best option but there are many other options available to you. If you have a house you can take out an equity loan to pay your debts, you can reduce your expenses and create a budget for yourself, you can get a part-time job, go to school and further your education and get additional training related to your particular job, setup payment plans with your creditors or sell some of your assets if you have any. Use If you do not receive a steady paycheck or have your own business one month or for several months you may not earn enough money to pay your monthly chapter 13 reorganization payment. Only use bankruptcy as an absolute last resort any only if you have a steady job. You need to have steady employment for the Chapter 13 reorganization plan. Good luck!
Please write me to tell me about your credit repair and financial crisis stories. The best story received will be published in my February newsletter. Send stories to info@hefreemanenterprises and put in the Subject Line "Blog Financial Crisis Story Contest".
To file for personal bankruptcy you must reside in a state for 90 days prior to filing and have a total unsecured debt less than $290,525 or secured debt less than $871,550. The new bankruptcy law that went into effect in October 2005 states that debtors (consumers) who earn less than the median income in their state about 80 percent of those who file for bankruptcy still would be entitled to file under Chapter 7. But those who earn more than that and who have the ability to repay at least $6,000 over five years would have to file under Chapter 13, which requires a repayment plan.
Although it is true that after you file for bankruptcy you can purchase a house or a car, what people don’t realize it that the interest rate that you will be given will be very high. Also, based on the new bankruptcy law implemented in October 2005, it is harder to file for bankruptcy and depending on the type of bankruptcy granted it will remain on your credit report for seven to ten years. This greatly lowers your credit score and it will probably take about 3 to 5 years before you score increases due to the bankruptcy filed and provided that you don’t get into any further debt.
Consider what would happen if you neglect to make a payment on the repayment plan which is created by your local court house. If you miss a payment on your repayment plan your case will be dismissed and you will have to find a way to pay your debts on your end.
When you have financial problems and can’t see any way out bankruptcy looks like the best option but there are many other options available to you. If you have a house you can take out an equity loan to pay your debts, you can reduce your expenses and create a budget for yourself, you can get a part-time job, go to school and further your education and get additional training related to your particular job, setup payment plans with your creditors or sell some of your assets if you have any. Use If you do not receive a steady paycheck or have your own business one month or for several months you may not earn enough money to pay your monthly chapter 13 reorganization payment. Only use bankruptcy as an absolute last resort any only if you have a steady job. You need to have steady employment for the Chapter 13 reorganization plan. Good luck!
Please write me to tell me about your credit repair and financial crisis stories. The best story received will be published in my February newsletter. Send stories to info@hefreemanenterprises and put in the Subject Line "Blog Financial Crisis Story Contest".
Monday, January 01, 2007
Happy New Year
Happy New Year! I know many people did not accomplish all the things they wanted to this past year. Today is the day to start thinking about ways to change old habits. One old habit many of us have is getting into debt.
Today is the first day on the road to financial freedom.
Don't dwell on the financial mistakes you made last year. Think about how you can change your spending habits, eliminate debt, create a spending plan for yourself and avoid the Christmas Shopping blues your felt from overspending last month. Here are 5 ways to have a prosperous New Year:
1. Stop spending. Don't spend money you don't have. This will only put you further in debt.
2. Take inventory. Write a list of all of your monthly expenses and debt and write down you monthly income (take home). If you have any money left over use that to pay down your debts. If not, find other ways to reduce your expenses and gain extra money to pay down your debts.
3. Reduce expenses. Find ways to reduce expenses to help pay down your debts. Catch public transportation or carpool to work. Use coupons or shop at wholesales stores. Have a yard sale or donate unused items to charity and write the amount off on your taxes.
4. Credit Card Usage. Use your credit card for emergencies only. Don't use your credit card to purchase gas, food, clothing, etc. When using a credit card instead of cash you end up paying 112% more than the item is worth after finance charges and other fees associated with credit card.
5. Educate yourself. Educate yourself about credit and your credit rights. Read as much information as you can about credit cards. Start by reading the credit card agreement or disclosure that was sent to you when you first received your credit card in the mail. If you can't find it call you credit card company and ask them to send you one. Read the agreement carefully to find out what fees you could be charged, the grace period and other important information. You can also buy books such as my self-help book on credit repair entitled, "How to Get Out of Debt: Get an "A" Credit Rating For Free" by Harrine Freeman at Amazon.com, Barnesandnoble.com, Waldenbooks.com and Booksamillion.com to help you repair your credit and get out of debt.
Good luck to you. Make this year your year to become debt free!
Today is the first day on the road to financial freedom.
Don't dwell on the financial mistakes you made last year. Think about how you can change your spending habits, eliminate debt, create a spending plan for yourself and avoid the Christmas Shopping blues your felt from overspending last month. Here are 5 ways to have a prosperous New Year:
1. Stop spending. Don't spend money you don't have. This will only put you further in debt.
2. Take inventory. Write a list of all of your monthly expenses and debt and write down you monthly income (take home). If you have any money left over use that to pay down your debts. If not, find other ways to reduce your expenses and gain extra money to pay down your debts.
3. Reduce expenses. Find ways to reduce expenses to help pay down your debts. Catch public transportation or carpool to work. Use coupons or shop at wholesales stores. Have a yard sale or donate unused items to charity and write the amount off on your taxes.
4. Credit Card Usage. Use your credit card for emergencies only. Don't use your credit card to purchase gas, food, clothing, etc. When using a credit card instead of cash you end up paying 112% more than the item is worth after finance charges and other fees associated with credit card.
5. Educate yourself. Educate yourself about credit and your credit rights. Read as much information as you can about credit cards. Start by reading the credit card agreement or disclosure that was sent to you when you first received your credit card in the mail. If you can't find it call you credit card company and ask them to send you one. Read the agreement carefully to find out what fees you could be charged, the grace period and other important information. You can also buy books such as my self-help book on credit repair entitled, "How to Get Out of Debt: Get an "A" Credit Rating For Free" by Harrine Freeman at Amazon.com, Barnesandnoble.com, Waldenbooks.com and Booksamillion.com to help you repair your credit and get out of debt.
Good luck to you. Make this year your year to become debt free!
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