2016 Archives - Consumer Credit

ACCC Provides A Guide On How To Recover From Identity Theft

Brian Frye — Sat, 31 Dec 2016 04:29:28 +0000

Every year millions of consumers have their identity stolen. It is more important than ever that consumers know the necessary steps to take should they fall victim to identity theft. American Consumer Credit Counseling has provided consumers with a helpful guide on how to recover from identity theft.

“Although there has not been a substantial increase over the past year, identity theft is still a major concern among American consumers,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “If consumers fall victim to identity theft, it is important that they are aware of the necessary steps it takes to recover and secure their finances again.”

According to the 2015 Javelin Study, the number of fraud victims hit 13.1 million, increasing from 12.7 million in 2014. The total fraud amount fell slightly to $15 billion compared to $16 billion in 2014. Although 2015 had the second highest number of victims, the amount stolen was the lowest in the last six years. Over the past six years a total of $112 billion has been stolen, which is equivalent to $35,600 per minute.

American Consumer Credit Counseling offers consumers a guide on how to recover from identify theft.

Contact credit reporting agencies – Be sure to contact Equifax, Experian and TransUnion and ask to place an identity theft or fraud alert on all reports.
Contact banks and creditors – Consumers are able to report stolen/missing credit cards and any fraudulent activity on statements. Accounts that have been tampered with can be closed or frozen.
Contact the Federal Trade Commission – By filing a complaint with the FTC, consumers will receive a document verifying that they are a victim. Be sure to fill out the Identity Theft Affidavit.
Contact the local police department – File a report with the local police. A consumer’s identity should be treated like any other stolen property. Document and report the theft to begin the investigation. Get a copy of the report as evidence for re-securing identity and removing fraudulent charges.

ACCC is a 501(c)3 organization that provides free credit counseling, bankruptcy counseling, and housing counseling to consumers nationwide in need of financial literacy education and money management. For more information, contact ACCC:

For credit counseling, call 800-769-3571
For bankruptcy counseling, call 866-826-6924
For housing counseling, call 866-826-7180
Or visit us online at ConsumerCredit.com

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education concerning debt solutions. In order to help consumers reach their goal of debt relief, ACCC provides a range of free consumer personal finance resources on a variety of topics including budgeting, credit and debt management, student loan assistance, youth and money, homeownership, identity theft, senior living and retirement. Consumers can use ACCC’s worksheets, videos, calculators, and blog articles to make the best possible decisions regarding their financial future. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free financial education resources, log on to ConsumerCredit.com or visit https://www.consumercredit.com/debt-resources-tools/

ACCC Explains the Potential Cost of New Year’s Resolutions

Brian Frye — Fri, 30 Dec 2016 17:12:59 +0000

As 2016 comes to a close many consumers start thinking about their New Year’s resolutions for 2017. Although making a resolution sounds like a great idea, not keeping certain resolutions can be quite costly. American Consumer Credit Counseling helps explain to consumers the potential costs of making or breaking their New Year’s resolution.

“If done correctly, New Year’s resolutions can lead to a healthy financial future,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “On the other hand, they can also lead to unwanted increased costs, especially if consumers are unable to follow through with their resolutions.”

According to CreditDonkey, 45 percent of American Consumers make at least one New Year’s resolution. Of those that make a resolution, only 8 percent are committed by the end of the year. About one in three consumers don’t even last 31 days and 40 percent completely forget about their resolution by March.

American Consumer Credit Counseling explains to consumers the potential costs of making or breaking some New Year’s resolution:

Paying down debt – Paying down debt may cost money now but it will save money in the future by eliminating interest rates.
Spend more time with friends and family – Spending more time with the ones you care about is always a great goal but can be costly if it involves added trips or extravagant activities. Consider walking trails or museums as a fun, budget-friendly alternative.
Get in shape – Fitness-related resolutions usually involve an expensive gym membership or purchasing equipment. On average a gym membership costs $55 per month, broken down to $2.54 per workout if the person goes five times a week per year. If the consumer breaks this habit they would end up wasting a large sum of money each month. The value of a person’s fitness routine can be seen in ACCC’s Cost of Fitness infographic (https://www.consumercredit.com/wp-content/uploads/2020/06/cost-of-fitness-infographic.pdf). Consumers should consider other options such as riding their bike to work or hitting the outdoors for a walk or run to get fit.
Live a healthier lifestyle – Many consumers opt to quit smoking in order to lead a healthier lifestyle. The average cost of a pack of cigarettes in the United States is $6.36, which could cost someone who smokes a pack a day $2,321.40 a year. Successfully completing this resolution would save a lot of money in the long run, but breaking it can be expensive if consumers have to purchase gums or patches to assist with cessation efforts. Vowing to lose weight or trying a new diet can also be far from cost effective when it includes expensive juice diets or purchasing portioned meals from a meal planning service. Consider switching to a healthier diet consisting of more fruits and vegetable and smaller portions.

For credit counseling, call 800-769-3571
For bankruptcy counseling, call 866-826-6924
For housing counseling, call 866-826-7180
Or visit us online at ConsumerCredit.com

About American Consumer Credit Counseling

ACCC Offers Important Financial Must-Dos Before 2017

Brian Frye — Tue, 20 Dec 2016 02:21:32 +0000

While 2017 is quickly approaching, it is important that consumers take a minute and review their current finances and consider their goals for the New Year. Although 2016 is coming to a close, it is not too late to tie up loose ends and achieve end of the year financial goals. To help with this process, American Consumer Credit Counseling offers consumers five financial must-do’s before the end of the year.

“The new year often brings inspiration to either recommit to past financial resolutions or set new ones based on successes and challenges experienced during the previous year,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “By planning ahead consumers have the ability to start putting their new financial resolutions to practice before 2017 begins.”

According to the Financial Resolutions Survey & Report 2017 by LendEDU, more than half of the respondents (52 percent) say that saving more money is their most important financial resolution in 2017. Of the respondents, 53 percent said their biggest financial concern going into 2017 is unexpected expenses followed by healthcare costs (24 percent), higher interest rates (10 percent), the labor market (8 percent) and stock market fluctuations (5 percent). Compared to 2016, 78 percent of respondents believe they will be better off financially in 2017.

American Consumer Credit Counseling offers consumers five financial must-do’s before the end of the year:

Utilize benefits – There are some employee benefits that expire by the end of the year, such as vacation, sick time and medical flexible-spending accounts. Now is the time to sign up or renew any of the benefits that are offered by your employer, such as retirement, wellness savings or healthcare plans. If you have not enrolled in a 401K, now is the time to do so. If you are already enrolled, consider increasing your contributions.
Check credit reports – Although there is no deadline, it is best to check on these reports, especially if they have not been accessed in a while. Be sure to check for any errors or omissions that need to be corrected. Equifax, Experian and TransUnion each offer one free credit report every 12 months.
Start a budget for 2017 – Be sure to track all expenses over a 12-month period to get a full grasp on your annual spending. Once you are able to identify your monthly spending, it is easy to detect areas where you can cut back. ACCC offers a budgeting worksheet to help consumers compute their monthly expenses to set a realistic budget for the year.
Donate to a charity – The holiday season is the perfect time for consumers to give back to their favorite charity. Not only are you able to make a charitable contribution, but it will also be deducted on your 2016 tax return. The donation must be itemized in order to have it be deductible on federal returns.
Review debt – Consumers should review their outstanding debt and pay off what they can. It is important that all credit cards are paid off or balances are reduced as 2016 comes to a close.

For credit counseling, call 800-769-3571
For bankruptcy counseling, call 866-826-6924
For housing counseling, call 866-826-7180
Or visit us online at ConsumerCredit.com

About American Consumer Credit Counseling

New Survey: Just 38 Percent of Consumers Say They Go the Extra Mile to Save Every Penny They Can on Expenses

Brian Frye — Thu, 15 Dec 2016 01:13:10 +0000

Just 38 percent of consumers are savvy savers and say they save every penny possible on expenses, according to a recent survey by American Consumer Credit Counseling. Thirty-seven percent of respondents save if the savings is significant, while almost 25 percent either feel saving isn’t worth the effort or they are not willing to live without certain luxuries.

About 77 percent of respondents say that they track their monthly expenses. Of those respondents, 47 percent say they track their spending regularly and 30 percent admit to only sometimes tracking their monthly spending.

“Saving is difficult, particularly in today’s economy, and it’s not surprising that consumers have differing views about how far they are willing to go to save on expenses,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “While it’s sometimes difficult to believe that every penny counts, it really does. Saving where you can and prioritizing important and necessary items can help consumers avoid living paycheck to paycheck and instead achieve healthy financial futures.”

While philosophies to saving differ, consumers generally understand the difference between financial needs and financial wants. According to the survey, 60 percent of consumers understand that a financial ‘need’ is defined as basic necessities such as food, clothing and shelter.

Of the survey respondents, 30 percent consider a ‘want’ something that a consumer requires to go on living a happy life whereas 70 percent believe this statement is false. Almost 55 percent of respondents believe that a little extra purchase from time to time does not hurt, while 22 percent say impulse buys are “fun and spontaneous.”

Consumers also have strong ideas about what they are willing – and aren’t willing to give up – to save money. When consumers were asked what they would be willing to give up to save for important things, 43 percent of respondents say eating out, followed by cable TV (25 percent) and clothes shopping (24 percent). In an NFCC survey, 53 percent said they would never get rid of their cellphones. According to Smart About Money, 80 percent of Americans ranked internet as a nonnegotiable ‘must have’ that they would not be willing to give up.

The online poll of 113 budget conscious consumers was conducted by American Consumer Credit Counseling on the organization’s website, www.consumercredit.com. You can view an infographic illustrating the poll results here: https://www.consumercredit.com/debt-resources-tools/infographics/money-management-infographic/needs-vs-wants/

For credit counseling, call 800-769-3571
For bankruptcy counseling, call 866-826-6924
For housing counseling, call 866-826-7180
Or visit us online at https://www.consumercredit.com

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt counseling, bankruptcy counseling, housing counseling, student loan counseling and financial education. Each month, ACCC invites consumers to participate in a poll focused on personal finance issues. The results are conveyed in the form of infographics that act as tools to educate the community on everyday consumer debt issues and problems. By learning more about financial management topics such as credit and debt management, consumers are empowered to make the best possible financial decisions to reach debt relief. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help determine the best possible debt solutions for them. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). To participate in this month’s poll, visit ConsumerCredit.com and for more financial management resources visit https://www.consumercredit.com/debt-help/.

6 Ways To Make This Week’s Paycheck Go Further

Brian Frye — Thu, 08 Dec 2016 21:19:57 +0000

Whether you’re making seven figures or just starting out, one thing tends to be universal: how quickly your paycheck disappears. Here are some practical, doable and even fun ways to stretch your next paycheck further.

1. Break Out the Coupons

Thanks to sites like Coupon Sherpa, Coupons.com and others, using coupons has never been easier. And you’d be surprised by how much coupons can save you — immediately.

“Whether it’s retail, restaurant or grocery purchases, you can find a coupon for pretty much anything,” said Kendal Perez, a savings expert with Coupon Sherpa.

Coupon Sherpa even has an app for your smartphone. “You’ll get instant access to savings like an extra 20 percent off with a Macy’s coupon, or $10 off oil changes, car batteries and preventative maintenance services with a Goodyear coupon,” said Perez.

She said grocery coupons can also be found online now, as well as weekly ads for stores like Target, Walmart and others. The age of scissors is gone. You can now print the ads yourself, give a coupon code or sometimes just show your phone at checkout, said Perez.

And if you’re still not sure about the power of coupons, consider that a Syracuse University Online Business School study found that coupons saved consumers $3.6 billion in 2014. That’s a lot of oil changes.

2. Make Staying in the Main Event

Whether it’s the movies, a dinner date or go-kart racing with friends, leaving the house for entertainment or food can decimate a paycheck faster than Uncle Sam’s taxman. So, here are a few ideas for how to stay in and still have fun.

Find an excellent TV series to binge. “When you’re really into a series, you actually want to stay in, rather than blowing money out at restaurants, bars, movie theaters, etcetera,” said Brian Davis, a finance blogger and real estate expert with Spark Rental. Invite friends over for the show — the popcorn will be a fraction of the cost of the theater.

Tackle that to-do list. “Pick three items or projects from your to-do list that you’ve been procrastinating on and commit to accomplishing them before you allow yourself the next evening out,” said Davis. Just make sure they’re not expensive projects.

Commit to two weeks of “spend-free dates,” which means that whatever you do with your significant other or friends, you spend no money. It’s something that has saved a lot of money quickly for Kelsey Goeres, social media and PR associate at MyCorporation, a startup consulting business.

“My boyfriend and I do a lot of cooking at home, playing card games or sports, going on hikes, picnics, checking out free art galleries and museums and more. Whenever we do this for a month, I always come out on top. It’s amazing how much we tend to spend on dates,” she said.

3. Do It Yourself (Seriously)

Chances are that you pay good money for many things that you could (fairly) easily do yourself.

“Whether it’s grabbing a morning latte, dining out or getting your nails done regularly, everyone has a vice. Once you identify your spending weakness and figure out a way to do the service yourself, however, your paycheck will thank you,” said Perez.

Her first suggestion is to put a check on your daily coffee habit. A Starbucks Caffè Latte Grande (medium) will run you about $3.65. But, with the average cost of a pound of coffee coming in at $4.30 and milk at $3.23 per gallon (in the Midwest, according to the Department of Labor), you’ll use about 20 cents worth of milk and 5 cents worth of coffee per cup, if you make your own drink. You just saved about $3 a cup.

Perez admits that you might not make a latte that’s as good as the ones at Starbucks, but you’re going to love your bank account at the end of two weeks, especially if you throw in some brown bag lunches, do your own nails and wash your own car.

“Ultimately, doing as much as you can yourself, and avoiding paying others for services, will make you feel richer every month. Plus, when you do splurge, it will be more special, since it’s not a regular occurrence,” said Perez.

4. Shock Yourself

Debit card, credit card, Apple Pay — in this cash-hating world, it’s easy to swipe away your paycheck without realizing exactly how much you’re spending. That’s why tracking your spending is on top of most money-saving experts’ lists.

Whether you use Mint, FlexScore or another money-managing app, or just study your bank and card statements, the first step in cutting back is to shock yourself at what you’re spending your paycheck on. And you will definitely be shocked, said Adam Vega, a certified financial planner and wealth manager with United Capital Financial Life Management.

“When you know where your money is going, you are better equipped to modify your behavior, so that you are spending your hard-earned money on the things that are truly important to you,” he said.

Ideally, Vega added, you would track every penny spent for a month or more. But this shock-and-save approach will work in the short term by forcing you to look back through your spending history for the previous month. Add up the amounts you spent on everything from coffee to carwashes and decide if it was really worth it.

“You can only spend every dollar once, and knowing what you want most out of your financial life starts with knowing where you are in your financial life,” said Vega.

5. Turn Saving Into a Game

Philadelphia accountant Anthony Copeman promotes a fun strategy based on a challenge: save every $5 bill you get as change. For instance, he said, when you go to the movies and buy a $12 ticket with a $20 and receive $8 back, you would save the $5. Pay cash as often as you can and always save the $5 bills.

“This is a great game to play with your friends and family to see who can stretch their money further without spending all of their paycheck,” said Copeman, who notes that the trick will help you understand the value of saving. “It shows that every dollar earned doesn’t have to be spent.”

And, if you want to put a new twist on your budgeting efforts, try a method promoted by entrepreneur and GreenPal founder Gene Caballero. To save, he forced himself to pay cash as much as possible and then convert all the ones and fives he got as change into change — quarters, nickels, dimes — which he would deposit in a jug at home.

The result was instant savings, because it forced him to avoid breaking a $20.

“No one wants 23 quarters in their pockets,” he said. “Just a fun little way I would trick myself to be more frugal and also save.”

6. Put the Brakes on Online Shopping

These days, it’s all too easy to click your paycheck away at online retailers, especially ones for which you already have a credit card or bank account on file. One click, and there goes another day’s take-home pay.

That’s why Katie Ross, education and development manager with national financial education nonprofit American Consumer Credit Counseling, said that one of her strongest suggestions for making a paycheck stretch further is to pause every time you are about to click that “Buy” button.

“If you find something online that you want but might not need, put it in your cart and leave it there without finalizing the purchase for a couple days,” she said. This will give you time to consider if you can really afford the item or if it’s truly worth the cost.

The move might even save you money if you ultimately decide to purchase.

“Many online retailers will email a 10 percent to 15 percent off coupon to registered users who leave items in their carts for 48 hours in order to entice them to complete the sales,” she said.

American Consumer Credit Counseling Expands and Opens New Offices in Houston, Dallas and San Diegons

Brian Frye — Tue, 06 Dec 2016 01:57:05 +0000

American Consumer Credit Counseling (ACCC) announced today that it is expanding and opening new offices in Houston, Dallas and San Diego to provide financial education and credit counseling services to additional consumers. ACCC’s new offices have certified counselors available Monday through Friday by appointment only to meet with consumers and provide a wide range of financial resources and services.

“With the number of clients continuing to grow in Texas and California, ACCC’s new offices will allow us to better address the needs of consumers by providing onsite financial education and credit counseling services to the community,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “At these three new locations, consumers will have the ability to sit down with a certified counselor who will help them take control of their finances and work towards a healthy, debt-free financial future.”

American Consumer Credit Counseling has assisted more than 12,000 Texas residents and over 18,500 California residents since its inception. At ACCC’s new locations, consumers will be able to take advantage of resources and services, such as credit counseling, debt management, and financial education. “Expanding our services in Texas and California allows us to continue to fulfill our mission of developing financially strong consumers and communities,” said Trumble. “Most important, the addition of these new offices increases the ability of consumers to access certified credit counselors and other financial resources to help achieve a healthy financial future.”

The American Consumer Credit Counseling office in Houston is located at 1001 Texas Ave, Suite 1400, Houston, TX 77002, the Dallas office is located at 1717 McKinney Ave, Suite 700, Dallas, TX 75202 and the San Diego office is located at 350 10^th Ave, Suite 1000, San Diego, CA 92101.

For credit counseling, call 800-769-3571
For bankruptcy counseling, call 866-826-6924
For housing counseling, call 866-826-7180
Or visit us online at ConsumerCredit.com

About American Consumer Credit Counseling

How To Budget for the Holidays: Cash Only Holiday Spending

Brian Frye — Thu, 01 Dec 2016 04:34:08 +0000

The holidays are a special time when families and friends are able to come together and celebrate. Even though the holidays often bring people happiness and cheer, they can also create financial stress. Creating a budget for the holidays and implementing cost-saving practices, such as cash only spending, will help financially strapped consumers enjoy the season without worrying too much about finances.

In order to help consumers with their holiday spending, national nonprofit American Consumer Credit Counseling is providing five reasons why consumers should consider making cash purchases during the holidays.

“Keeping to a single form of payment will help consumers stay within their budget during the holiday season,” says Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “If consumers withdraw cash in the amount they want to spend for the holidays they will be more conscientious of their purchases.”

According to the National Retail Federation American consumers are projected to spend an average of $936 during the 2016 holiday season. Personal spending is also projected to increase this year with six out of 10 consumers planning on spending an average of $140 on themselves. Sales in November and December are expected to increase 3.6 percent with retailers bringing in a combined $655.8 billion.

American Consumer Credit Counseling provides consumers with examples of why using a cash only approach to the holidays will help with budgeting:

More Mindful Spending – Start by making a budget for all of your holiday expenses and decide where you will make the purchases. Before each shopping trip withdraw the amount of money that you planned on spending to prevent unnecessary purchases.
Less Promotional Mail – When you use credit cards for purchases stores typically save that information and are able to send out promotional mailers and emails about current specials or sales. These promotional materials can tempt consumers to make extra purchases.
No Risk of Identity Theft – Millions of consumers make purchases with credit cards throughout the holiday season and sometimes online hackers are able to access consumer credit card information. By using cash you won’t have to worry about your information getting into unwanted hands.
Helps Small Businesses – Smaller retailers and restaurants have to pay processing fees on all credit card purchases, by using cash you not only help yourself stay on budget but you are also helping out smaller local businesses.
Cash Discounts – Some retailers offer discounts if you pay with cash rather than using your credit card.

For credit counseling, call 800-769-3571
For bankruptcy counseling, call 866-826-6924
For housing counseling, call 866-826-7180
Or visit us online at http://www.ConsumerCredit.com

About American Consumer Credit Counseling

10 Signs You’re Not Ready To Retire

Brian Frye — Tue, 29 Nov 2016 19:02:12 +0000

If any sound familiar, you may want to rethink your plans.

For a long time, you might have been asking yourself, “When can I retire?” But now, retirement is almost here, and you find yourself wondering, “Am I really ready to retire?”

A lot of people underestimate what they need to do financially, mentally and emotionally to prepare for retirement. But that doesn’t have to be your story. Make sure you’re prepared, so you can enjoy your retirement.

If your only friends are people you work with or all your friends are still working elsewhere, you need to decide what you’re going to do with your time.

Here are 10 signs that suggest you might not be ready to retire and need to rethink your retirement strategy plan

1. You Haven’t Outlined a Financial Plan

A successful retirement requires a well thought-out plan, but thorough retirement planning is something many people haven’t done.

Financial professionals, including Michael Foguth of Foguth Financial Group, see it all the time. “I have people who will come in, and when I ask them how much income they need every month to live on, they just look at me with a blank stare,” he said.

You can’t expect to retire comfortably until you’ve determined your costs. You should start with your needs, like food, electricity and mortgage and then factor in the costs for your wants. Once you’ve done that, you need to determine your retirement income. A lot of people plan to retire without estimating their Social Security payments, pension or other sources of income.

2. You’re Struggling Now

In one survey, almost a quarter of boomers admitted they had difficulty paying their rent or mortgage within the past 12 months. But all too often, people who are already struggling are determined to retire. They feel like they can find a way to get by. Once they’re out of work, in many cases, things get worse, however. According to the National Council of Aging, one-third of senior households don’t have any money left after paying their expenses.

If you’re currently struggling to cover your living expenses, this is not the time to retire and try to live on less income. “You should probably re-examine your budget and identify areas to cut down to save more for your retirement,” said Katie Ross, manager of education and development for American Consumer Credit Counseling.

And don’t place your faith in schemes that you think will allow you to retire now but come up with the money later. “If it looks like you have to take drastic measures, such as selling your property or getting a reverse mortgage, then it’s time to reconsider your retirement,” said Ross. “Make changes to your savings strategy or your career now so that your retirement will be comfortable.”

3. You Still Have a Lot of Debt

Many people don’t even know how much they owe. All they know is their bills are at a comfortable level and they assume they can continue to pay them even once they stop working. But you need to take some time to thoroughly look at, and understand, how much money you owe overall so you can become debt-free in retirement.

If you have a lot of debts, you should keep working until you whittle them down. Credit card balances, auto loans, hefty mortgages and other monthly obligations aren’t headaches you want to drag into retirement with you. Those expenses are definitely going to put a strain on your funds, said Ross — especially if you’re living on a fixed income. And, debt reduces your ability to handle financial shocks and deal with inflation.

4. You Need to Work, But Haven’t Found a Part-Time Job

According to the Federal Reserve, about 12 percent of people plan to retire and then find a different part-time job while roughly 3 percent plan to find a full-time job after retiring. But if you haven’t lined up another job, you might want to stick with your current employer a little longer.

Don’t assume that because of your years of experience and stellar references companies will jump at the opportunity to bring you on board.

5. You Haven’t Reassessed Your Portfolio

Your portfolio will become a crucial part of your financial well-being when you’re retired, and reassessing it is an important part of retirement planning.

“It’s not uncommon for me to sit down with clients, in their early-to-mid-60s, who have never adjusted their portfolio to reduce risk as they approach retirement, and this can be extremely risky,” said Kevin Schwarz, a financial advisor at Concord Wealth Management.

A lot of people have portfolios that have taken a major hit along the way. But since they’ve taken a passive approach to investing, they don’t know until they’re ready to retire — or worse, after they’ve retired. Then, they want to liquidate some assets.

Before you retire, you need to know how much you have and your options for accessing it. And the closer you get to retirement, the more you need to shift your investing strategy toward income-producing assets and wealth protection.

6. You Haven’t Decided What You’ll Do With Your Time

If your only friends are people you work with or all your friends are still working elsewhere, you need to decide what you’re going to do with your time.

Lonely retirees are common, and that sometimes leads to depression. “It’s important to develop social networks before taking the plunge,” said Julia Chung, the Certified Financial Planner behind JYC Financial.

People think they have a lot of interests and hobbies until they’re confronted with a future full of free time. When you’re retired, every day is like a Saturday. And if you get bored and don’t have enough hobbies, you’re at risk of overspending, said Schwarz.

7. Work is Still Important to You

If you’re currently aiming for promotions and raises, you shouldn’t rush into retirement. Stay in your field as long as you feel motivated and driven to achieve. Retiring before you reach your professional goals can result in regret. Besides, “the resulting pay hikes and other earnings can also be a good way to build up some extra savings,” said Ross.

8. You Haven’t Thought About Your Retirement Identity

Right now, you might be a business owner or you might have a lot of authority at your current job. But who will you be when you retire?

Another question: People might need you and value your contributions now, but where will you get your sense of purpose and fulfillment when you stop working? The fact is, a person’s position in the world generally changes once they stop working.

“Emotional preparedness is key,” said Chung. “If the ‘Who am I?’ question is readily answered by a description of the work you do, you may not be ready to retire. Identity is a huge part of retirement readiness, and many people suffer depression after retirement because they haven’t adjusted their sense of self to fit a retired version.”

9. You’re Caring for Children or Elderly Parents

A lot of people who want to retire are either responsible for their elderly parents or they’re still caring for a child. And according to the Pew Research Center, 15 percent of people age 40 to 59 are “sandwiched” and providing care to both children and parents. You cannot realistically ignore those demands when you plan for retirement.

And in many cases, it’s best to continue working longer than planned until you have fewer obligations.

Caring for aging parents and children can deplete your nest egg faster than you think, said Schwarz. “These costs are variable as well,” he added. “On average, education costs are increasing at about 3 percent per year, and nursing home care is increasing around 4 percent. If you haven’t set aside the appropriate assets to cover these expenses, you may come up short in retirement.”

10. You’re Not on the Same Page With Your Spouse

Retirement is a major life change, and it’s a household decision. Too many people think solely about themselves and their retirement plans. But when you plan to retire, you need to be on the same page with your spouse.

Your spouse might not plan to retire for many years, and being retired alone might not be as fulfilling as you expect. Also, the reduction in income could also cause financial problems and place more strain on your partner than you realize.

“Your spouse might not be ready to retire with you or might still need your income to pay for current expenses,” said Schwarz. Without it, your household debt might rise, or your spouse might have to work longer than intended.

Success At ACCC’s Operation Money Wise At Worcester State University

Brian Frye — Mon, 28 Nov 2016 17:06:17 +0000

National nonprofit American Consumer Credit Counseling hosted a successful Operation Money Wise, a free, one-day financial education conference for the Military, Veteran, Family and Survivor Community on Saturday, October 29, 2016 at Worcester State University. This project was funded in part by the Massachusetts Economic Empowerment Trust Fund through the Massachusetts State Treasurer’s Office of Economic Development.

“We are so happy with how successful our Operation Money Wise event was,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “With workshops such as budget and credit, financial planning and one on one counseling, attendees left the event feeling much more confident about dealing with their finances.”

The event featured financial workshops including budget and credit, first time home buyer, financial planning, and VA benefits. In addition, the participants were given the opportunity to attend one on one counseling sessions and engage with, an abundance of resources. As a result of the budget and credit workshop, 84 percent of attendees stated they will think differently about their budgeting habits in the future and felt it was the most helpful workshop. Of the attendees, 71 percent stated that they have a better understanding of financial information and nearly 70 percent stated that their confidence level has changed because of the techniques presented.

Through vendor resource networking more than $17,000 was returned through the Treasurer’s unclaimed property division.

For credit counseling, call 800-769-3571
For bankruptcy counseling, call 866-826-6924
For housing counseling, call 866-826-7180
Or visit us online at http://www.ConsumerCredit.com

About American Consumer Credit Counseling

American Consumer Credit Counseling (ACCC) is a nonprofit credit counseling 501(c)(3) organization dedicated to empowering consumers to achieve financial management through credit counseling, debt management, bankruptcy counseling, housing counseling, student loan counseling and financial education. As experts in debt and credit management, ACCC is well equipped to assist our US military service members and veterans with the unique financial challenges they face. ACCC provides veterans and current military personnel with the personal finance tools needed to evaluate their financial situation and determine the best possible debt solutions to ease their transition before, after, and during deployment. As one of the nation’s leading providers of personal finance education and credit counseling services, ACCC’s certified credit advisors work with consumers to help them determine the best plan of action to get out of debt and regain financial stability. ACCC holds an A+ rating with the Better Business Bureau and is a member of the National Foundation for Credit Counseling® (NFCC®). For more information or to access free personal finance resources, log on to ConsumerCredit.com

Black Friday Vs. Cyber Monday – The Pros And Cons

Brian Frye — Tue, 22 Nov 2016 04:09:51 +0000

Thanksgiving weekend marks the biggest holiday shopping event of the year with offers on both Black Friday and Cyber Monday. The key to a successful Black Friday or Cyber Monday is to research and find the best deals. In order to help consumers navigate Black Friday and Cyber Monday, national nonprofit American Consumer Credit Counseling has created a list of the pros and cons of both mega deal days.

“If consumers do their research they can benefit immensely by finding the best deals on Black Friday and Cyber Monday,” said Steve Trumble, President and CEO of American Consumer Credit Counseling, which is based in Newton, MA. “Consumers need to be aware of the positives and negatives of both days in order to decide how and where to get the most bang for their buck this holiday season.”

According to CNBC, last year’s Thanksgiving weekend sales reached $11.11 billion, which was 2.4 percent more than the expected $10.9 billion and 17 percent more than total sales in 2014. Last year, a National Retail Federation survey found that 151 million people shopped in stores and online during Thanksgiving weekend. The survey also found the average consumer spent almost $300 with 77 percent of the total purchase going towards gifts for others.

American Consumer Credit Counseling provides consumers with a list of pros and cons of Black Friday and Cyber Monday:

BLACK FRIDAY

PROS:

The thrill and adventure – Black Friday shopping provides an experience like no other — from the early start to get a good spot in line, to racing through the stores to find the deal you’ve been waiting all year for.
Unannounced surprise sales – some stores will offer a surprise sale when consumers walk through the door that was not advertised beforehand. These in store only deals are a pleasant surprise for the shoppers
Sensory experience – going to the store allows the consumers to touch, feel, see and try on the products before making the purchase.
No shipping costs or cancelled orders – by going to the store consumers save money on shipping costs and don’t run the risk of their order being cancelled.

CONS:

Chaotic crowds and aggressive atmosphere – Black Friday shoppers will likely experience an aggressive, every-man-for-themselves type of atmosphere.
Possibility of overspending – with the fast paced atmosphere of Black Friday, there is a good chance consumers will overspend by not taking the time to think each purchase through. The unannounced surprise sales and door buster deals can be very tempting.
Items selling out – often times there are limited quantities, which means the chances of items selling out could be very high depending on their popularity.
Limited time – sometimes the greatest deals are only offered through a small two to three hour window of time, usually early in the morning.
Early morning – Black Friday shopping always means early mornings. Expect consumers to start lining up before the sun rises.

CYBER MONDAY

PROS:

Price comparison – with the click of a button to different websites, price comparison is made easy.
Time – consumers have all the time in the world on Cyber Monday, which allows them the ability to make rational decisions before purchasing.
Store-wide – More often than not Cyber Monday offers store-wide deals instead of just product specific savings.
No crowds – consumers have the ability to avoid the crowds and shop remotely using PCs, smartphones, or tablets.

CONS:

No door buster deals – consumers on Cyber Monday will not have access to the door buster deals shoppers on Black Friday can experience.
In store only offers – by not going to the store, consumers will miss out on the in-store only deals.
Shipping costs – more often than not shopping online comes with shipping costs and the agonizing four to seven day wait for the product.
Disappointment upon arrival – Sometimes items look different online than they do in person, which can lead to dissatisfaction and return costs. Online shopping makes it difficult to evaluate the quality of the items.
Sizing – Purchasing online means there could be sizing issues. The product may not run true to size and be either too large or too small.

For credit counseling, call 800-769-3571
For bankruptcy counseling, call 866-826-6924
For housing counseling, call 866-826-7180
Or visit us online at http://www.ConsumerCredit.com