Faith Based Credit Repair Company

As a Faith Based Credit Repair Business, our mission is to honor God by operating the business in a manner consistent with Biblical principles. Our values and morals are based on our faith and we view each client with respect and dignity.

As founder of Conquest Credit and Debt Consulting, I created this business to help families get back on track financially. My hope is they will find the financial peace and freedom in rebuilding their credit and taking control of their financial future. I believe in earning my clients’ trust and take pride in providing the financial knowledge and tools to help them climb out of debt and stay away from it.

As a business Conquest Credit and Debt Consulting is committed to excellence, integrity and 100% satisfaction. Our hope is for our clients to be prosperous, secure and confident in knowing they can rebuild their credit and create more opportunities for their future.

Danny Ramirez

800 288 4833

Federal Study Reviews Credit Report Accuracy

BY DARREN WAGGONER

JAN 22, 2015 11:04am ET

A federal credit report accuracy study  found that most consumers who previously reported an unresolved error on one of their three major credit reports believe that at least one piece of disputed information is still inaccurate.

The congressionally mandated Federal Trade Commission study is the sixth and final review of credit report accuracy. It follows a studyissued by the FTC in 2013, which examined how many consumers had errors on one of the three credit reports.

The 2013 study found, among other things, that one in five consumers had an error that was corrected by a credit reporting agency after it was disputed on at least one of the three credit reports. The study also found about 20% of consumers who identified errors on one of the three credit reports experienced an increase in their score that resulted in a lower credit risk tier, making them more likely to be offered a lower auto loan interest rate.

The new study announced Wednesday focuses on 121 consumers who had at least one unresolved dispute from the 2012 study and participated in a follow-up survey. It found that 37 of the consumers (31%) stated that they now accepted the original disputed information on their reports as correct.
However, 84 of these consumers (nearly 70%) continue to believe that at least some of the disputed information is inaccurate. Of those 84 consumers, 38 of them (45%) said they plan to continue their dispute, and 42 (50%) plan to abandon their dispute, while four consumers are undecided.

The study also examined whether consumers from the 2013 study, who had their credit reports modified after disputing information on their credit reports, had any of the negative information that had been removed subsequently reappear on their reports. The study found two instances of this, representing about 1% of these consumers.

The study recommends that credit reporting agencies review and improve the process they use to notify consumers about the results of dispute investigations, and that credit reporting agencies continue to explore efforts to educate consumers regarding their rights to review their credit reports and dispute inaccurate information.

Other study results can be found in the executive summary of the report.

To read more blogs like this or if you would like any advise or help in any of these areas feel free to visit our website and sign up for our for our Newsletter. Like us onFacebook page and we will send you a free ebook on "Understanding Your Fico Score"

 No matter where you're at in the US we can help. 

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Danny Ramirez 
800 288 4833

Access to FICO Scores Expected to Soar

BY DARREN WAGGONER

JPMorgan Chase and Bank of America plan to start offering FICO scores they have on customers to them for free, according to a statement released Monday by the White House.

The moves likely will make a score once known in many cases only by lenders more readily available to millions of consumers. FICO scores, created by Fair Isaac Corp., are used in about 90% of consumer-lending decisions. 

Consumers have dozens of FICO scores but in many cases the scores they can purchase aren't the exact FICO scores a lender has on them.

Along with the two banks, auto-lending giant Ally Financial is expected to start offering FICO scores to its loan customers.

Lenders commonly review credit score and credit report changes for borrowers. This includes information such as how much credit card debt they owe compared to spending limits and whether they've fallen behind on payments to other lenders that would point to increased risk. 

Lenders are feeling more pressure from federal regulators and the news about the expanded credit score availability likely was influenced by the pressure. 

The Consumer Financial Protection Bureau called on large credit card lenders in February 2014 to make credit scores available to consumers.

FICO launched the "Open Access" partnership program in November 2013 and has added Discover Financial Services, Barclaycard, First National Bank of Omaha and Sallie Mae, among other lenders, to the program. The program shows consumers the two most important factors impacting their credit scores. Consumers can only access the program if their financial institution subscribes to it. The program is available to all servicers that use FICO scores to evaluate credit risk.

Bank of America will start providing credit card users with their FICO score later this year. Ally Financial will begin to offer car-loan customers their score next month in a pilot phase, according to a spokeswoman. Ally customers will be eligible to see their score, though they will need an account online, where the score will be made available.

Chase expects in the coming months to offer FICO scores free to its credit card users who use its "Slate" card. Chase has approximately 10 million Slate card holders.

Fair Isaac officials told The Wall Street Journal last month that it expects nearly 60 million consumers in the U.S. to soon have access to their FICO scores, up from an estimated 32 million in December and 8 million when the program first launched. The figures don't include Bank of America, Chase or Ally.

To read more blogs like this or if you would like any advise or help in any of these areas feel free to visit our website and sign up for our for our Newsletter. Like us onFacebook page and we will send you a free ebook on "Understanding Your Fico Score"

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Danny Ramirez 
800 288 4833

Best time of the year to start "Credit Repair"  Did you know that 79% of people have inaccurate accounts on their Credit Report?  This percentage is killing our consumers in having to pay high interest rates because of low credit scores. Banks love people with low credit scores.  Due to the fact that 80% of credit bureau employees, collection company employees and creditors take vacation from November to January, you have a huge advantage when you take action to restore your credit during this time of year. Under the federal Fair Credit Reporting Act, credit reporting agencies must reply within 30-45 days from the time we submit your investigation. Because there is a time frame that legally must be adhered to for both the credit bureaus and the lenders/creditors, who must verify any items you are disputing, November and December are the optimal times to work on repairing your credit and getting negative items removed. At CONQUEST CREDIT, our goal is the same as yours: to restore your credit profile in the fastest time frame possible. The best gift you could give yourself is excellent credit, so call us today to get started. If you take advantage of Credit Repair in the month of November and December we will take off $100. It will only cost you $99 for a set up/Credit Analysis to start. On top of that you will not have to pay for Credit Repair until the month of February. We understand that the holidays are approaching fast and if your like us we want to save our money for our loved ones, However if you act now, not only will you have a few months to start paying for Credit Repair but you will have better credit by February/March.You can start the new year with a bang! Then you can refinance any loans you have and start saving money in the year 2015!  To read more blogs like this or if you would like any advise or help in any of these areas feel free to visit our website and sign up, you can also sign up for our for our Newsletter. Like us on Facebook page and we will send you a free ebook on "Understanding Your Fico Score" No matter where you're at in the US we can help.  To Learn more about how we can help you. Give us a call, we can help you get out of the rat race and get your credit score over 700.  Danny Ramirez (800) 288 4833

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How to build Credit for college students. Credit Repair Los Angeles

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A Few Tips On Raising Your Credit Score

Your credit score is comprised of several components that make up the total score. That is why it is necessary to understand and know what you can do to help rebuild it.  There is no quick fix to rebuilding or repairing your credit, that is why you don’t want to procrastinate because it will take some time, patience and discipline.  Discipline because you need to monitor and change your spending habits and patience because it will take time for your credit score to start going back up. For example, if you are accustomed to eating out a lot or spending more than what you are making, it would be best to devise a plan and ask a friend to help you stay on track.  One of the ways you can begin raising your credit score is to use your credit card, but remember never go over 20%. 

2 Reasons why, 

1. You want to keep your credit utilization ratio low, meaning your balance needs to stay 20% or under your limit. 

2. You don't want to get into debt; we are anti debt and always advise to never be a slave to the borrower. Using credit responsibly shows the banks that you can be responsible and disciplined with your credit cards. For example, someone with bad credit would do best applying for a secured credit card.  A secured cards means you provide the funds to open the credit card account.  If you are weary of having a credit card due to past experiences with overspending, we recommend you create a zero-based budget and closely monitor your spending along with having a professional company to help monitor your credit. 

If you need help with adhering to your budget, find someone who can help you. Sometimes a partner, friend or professional can offer the support and knowledge to help you stay on track. In the beginning it can be challenging, and it may take from 6 months to a year or two, but if you stay disciplined and make your payments on time, it will show the banks that you are a responsible credit consumer. It takes hard work, sacrifice, self-control and discipline to take control of your financial future!! If you would like more tips or information on how to manipulate your score, manage your finances and have more control of your financial future, feel free give us a call at 1-800-288-4833. Or visit our website www.conquestcredit.org

To read more blogs like this or if you would like any advice or help in any of these areas feel free to visit our website and sign up for our Newsletter. Like us onFacebook page and we will 

send you a free eBook on "Understanding Your Fico Score"

 No matter where you're at in the US, we can help! 

4 Hacks To Quickly Boost Your Credit Score

Take a look at this interesting article on how you can boost your credit score, If you don't have time, find it too frustrating trying to dispute and get a hold of the credit bureau's or if you would like some free advise on how to boost your credit score, we can help! 800-288-4833  

http://www.businessinsider.com/how-to-quickly-boost-your-credit-score-2014-3

Checked Your Credit Score lately?

Checking, knowing, understanding and building your Credit is just as important as getting up to go to work! You know you have a job, and if you don’t wake up and show up, there will be some serious consequences! We all know we have a Credit Score, but how many of us actually know it, keep track or monitor one of the most important factors of our financial future!  

Yes, life can get busy with things to do, places to be and people to see, but If you avoid taking the steps towards building, protecting or ensuring you have good credit, the impact and consequences can affect every aspect of your life!  This might sound absurd or exaggerated, but if you think about it, your Credit can determine how much access to resources or control you have over your quality of life.  Not being able to get a loan, have access to credit or paying high interest rates = less money, more stress, no security, no stability, depression, relationship problems, divorce, anxiety and physical or mental health problems. 

Take control of your financial future, knowledge is power! Knowing, understanding and building your Credit can be one of the best decisions you can make for a brighter financial future!  Remember, avoiding a situation or waiting seven years for negative information to fall off your report will not make it better.  It takes hard work, sacrifice, self-control and discipline to take control of your financial future!!  If you would like some professional advice or assistance, call us at 1-800-288-4833 or visit our website www.conquestcredit.org

To read more blogs like this or if you would like any advise or help in any of these areas feel free to visit our website and sign up for our for our Newsletter. Like us onFacebook page and we will send you a free ebook on "Understanding Your Fico Score"

 No matter where you're at in the US we can help. 

“3 Common Mistakes Most People Make That Negatively Impact Their Finances and Credit Score”

Let’s say you decide you want to start working on your finances, and building or fixing your credit.  Like most Americans, you were never really taught the ins and outs of how Credit works. In fact, most people today make financial decisions based on what they have heard or learned from their parents, relatives, friends, the internet, television, etc., but how many of us have actually sat down with a professional financial consultant to learn how to have a zero based budget, manage expenses, save, or build and maintain good credit? 

Below are three common mistakes most people make that negatively impact their finances and credit score.  Always ask or research before you make any kind of financial decision, sometimes you may have good intentions and think you are making a wise decision, only to latter find out  you have made things worse. 

Mistake #1- CLOSING YOUR CREDIT CARD ACCOUNTS

Depending on your situation, you may need to look at your options first before making a haste decision to close an account.  Never close an account with a creditor because they did something to upset you. If you have missed a couple of payments or a payment got lost in the mail, try to work it out and get back on track rather than just ignoring the situation and letting it go.  Also, never close an account that is paid off, especially if you have had it for several years.  One of the components of the FICO score is the length of credit history and the credit to debt ratio.  Often times, it may seem logical to close a paid off account, but closing it could actually lower your credit score. 

Mistake #2- TRADING IN YOUR VEHICLE FOR A NEWER ONE

Car Dealerships are well known for their advertising strategies that draw in previous customers to trade in their current car for a newer one.  You have probably received these offers in the mail and thought about doing it yourself.  Well, depending on your situation, these deals can be detrimental to your finances.  For example, if you’re current car loan is NOT paid off and you have NO savings for a down payment (we typically recommend between $3000-$5000), it probably wouldn’t be wise to trade in your car. Also, if your credit score is below 700, we recommend you begin working on raising your credit score so you can benefit from lower interest rates as well. Our recommendation is to hold off trading in your vehicle until your car is paid off, you have a down payment, and your credit score is good.   

Mistake #3- APPLYING FOR MULTIPLE CREDIT CARDS OR LOANS WITHIN A SHORT PERIOD OF TIME

You decide you want to start building your credit, or that you need a loan to get something you need or want. You begin by applying in person or online to multiple banks or going to multiple retail stores in hopes of getting approved for a credit card or car loan.  Unfortunately, you were unaware that one of the components of your FICO credit score is the number of HARD inquiries on your credit report.  Whenever you apply for a loan or credit card, the creditors run a credit check to verify your credit worthiness, and how likely you will be able to pay them back.  These inquiries stay on your credit report for 2 years. On average you want to have no more than two inquiries within a 12 month period.

To read more blogs like this or if you would like any advise or help in any of these areas feel free to visit our website and sign up for our for our Newsletter. Like us onFacebook page and we will send you a free ebook on "Understanding Your Fico Score"

 No matter where you're at in the US we can help. 

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Make Fixing Your Credit and Finances Your New Year’s Resolution for 2014!

We have all heard the saying “Out with the Old, In with the New”.  Well, it’s time to say goodbye to 2013 and start the New Year with a fresh, new perspective on your Finances and Credit!  No more looking back and dwelling on the financial choices you made last year, now it’s time to take action, make some changes and start out the New Year on the right path!

Make a list of goals and dreams you want to reach this 2014, and figure out what you need to do to start making things happen!  Maybe it’s taking control of your finances, fixing your credit, building a savings, buying a home or car, paying off debt and student loans, or learning to budget.  Your financial future is extremely important, I would recommend to start off with a 3 month goal, if it means start fixing your credit so you can take advantage of great interest rates or start off with a zero based budget so you can save hundreds of dollars in 2014! 

We are here to help you achieve your goals, let us know how we can help! We wish you the best in 2014!

To read more blogs like this or if you would like any advise or help in any of these areas feel free to visit our website and sign up for our for our Newsletter. Like us onFacebook page and we will send you a free ebook on "Understanding Your Fico Score"

 No matter where you're at in the US we can help. 

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3 Reasons Why Most People Don’t Take Control of Their Finances and Credit

By Conquest Credit

Is your state of mind preventing you from taking control of your finances and rebuilding your credit?  Are you fearful, ashamed or feeling hopeless about your situation?  If yes, then you are not alone.  Finances and Credit can be a touchy subject, especially when there are thoughts and emotions attached to them.  These thoughts and emotions can paralyze you, and keep you from making the changes that are needed to improve your financial situation. 

Many of us at some point in our lives have made mistakes with managing our money and keeping good credit.  Our educational system has failed us, and It’s unfortunate that so many of us were not taught how to manage money, create a zero-based budget, save or about how credit works.  The educational system in our country does not place a high emphasis on teaching our youth the importance of managing money, budgeting, saving or how credit really works.  This lack of education in finances has caused many problems, and the consequences are hurting our county and our people in so many ways.  For example, many marriages have ended in divorce due to financial problems, and the cause of many suicides has been contributed to feelings of hopelessness or feeling there is no way out of their financial situation.

Every day we are bombarded with advertisements and commercials that use psychological messages aimed at convincing us to buy things we don’t necessarily need.  Our society runs and survives on consumption/consumerism, and our children learn at a very young age to spend, spend, and spend.  All this spending and a lack of education in money management and credit can leave many people feeling discouraged, hopeless, fearful, ashamed, and depressed.

At Conquest Credit and Debt Consulting, we have found a few reasons why some people don’t take control of their finances and credit.  We are sharing this information with you to let you know that we understand what you may be going through, and we are here to help you.  Please read below to find out some of the reasons why−

 1)    FEAR− is a powerful emotion that comes from thoughts or stories we create in our minds.  When we allow thoughts relating to failure, the unknown, exposure, judgment, loneliness and unhappiness to consume us, it can lead us to believe that the stories we create in our minds are real and factual.  Eventually this will create a lot of fear; it will paralyze you; and it will prevent you from taking the steps you need to improve your financial situation. 

For example, someone living off credit cards for years and living beyond their means can find it very scary to change their habits and lifestyle.  They have come to believe they will not be able to survive without their credit cards.  By letting go of the fear and seeking out help, this person can take control of their finances, and change how they view credit.  The only way to overcome your fear is to face it, change your negative thoughts to positive thoughts, take positive action or seek out help or information on how to take the necessary steps.

2)      SHAME− is another powerful emotion that comes from fear of being teased, mocked, scorned, rebuked, ridiculed, humiliated and rejected.  We all want to feel accepted, whether it’s by our family, friends, peers, colleagues or coworkers, and, for some of us that can mean “keeping up with the joneses”.  Getting that car, house, iPad or iPod, Android or video game can add up, leaving you with a huge amount of debt.  The debt can pile up and become a dark cloud hanging over you everywhere you go.  It may seem easier to ignore it or figure out ways to avoid defaulting, but in the end, if your habits and actions don’t change, your situation will get worse and worse.  Find someone you can trust that will not judge you for your past mistakes.  At Conquest Credit and Debt Consulting we can provide you with the financial knowledge and tools to help you start moving towards a brighter financial future, we are not here to judge or condemn, but to help you.     

3)      HOPELESSNESS− unmet dreams, expectations, and desires can leave us feeling hopeless, sad and alone.  It can also lead to feeling trapped, with no solution or way out, or like you have hit a brick wall.  At this point you have abandoned or given up on your dreams and aspirations and the future appears bleak and purposeless.  

In the past five years many of us have lost our job, home, or damaged our credit during the financial mortgage crisis.   Losing something of value that you have worked so hard for can be very devastating and upsetting.  Thoughts of failure and disappointment can overtake our mind and lead to feelings of depression, despair, and hopelessness.  If you allow these thoughts and feelings to control your actions, you will never take the steps you need to rebuild and start dreaming again.  Anything is possible if you set your mind to it!  Many families have had to start from scratch and rebuild their credit so they could have the home of their dreams again.  It may take time, but nothing is impossible and you are definitely not alone.  There are so many resources and support available to help you get back on track, start dreaming again, and taking the necessary steps to rebuild and reach your dreams and goals again. 

 To read more blogs like this or if you would like any advise or help in any of these areas feel free to visit our website and sign up for our for our Newsletter. Like us onFacebook page and we will send you a free ebook on "Understanding Your Fico Score"

 No matter where you're at in the US we can help. 

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Conquest Credit & Debt Consulting: Black Friday Beware of Department Credit Store Off...

Conquest Credit & Debt Consulting: Black Friday Beware of Department Credit Store Off...: Avoid Making This Mistake on Black Friday! Every year after Thanksgiving it can be so easy to get caught up in the Black Friday shopping ...

Black Friday Beware of Department Credit Store Offers!

Avoid Making This Mistake on Black Friday!

Every year after Thanksgiving it can be so easy to get caught up in the Black Friday shopping frenzy.  There are so many great deals and special offers available and companies are quick to let us know all about them.  We all want a great deal and it feels good to know you saved some money. Unfortunately, we can unknowingly make a huge mistake that can end up hurting our credit score and our bank account....

Signing up for retail store credit cards-
Eager to get that one-time discount that is sometimes offered with a brand new retail store credit card can be very tempting. Our advice? Don't ever agree to a retail store credit card. You won't save money in the long run, and you might hurt your credit score.

Let me explain...  

Imagine that you are doing some Christmas shopping, and you approach the cashier with a few nice tops for your sisters, toys for your kids, and a wallet for your husband. The total is about $163. The cashier immediately makes you an offer:

"Do you want to apply for a retail store credit card? You'll save 15 percent on today's purchases."

No matter how tempting it is to save that $25, don't say yes.

Think about it: The banks and the retail stores that promote these store-specific credit cards offer these promotional savings because they know they are going to recoup the discount... and then some.

Consider all the ways the banks and the retail stores can make money off you:

1) First, you will pay interest on whatever you buy on the day you open the card. Most retail store credit cards have a high interest rate-usually in the range of 20 to 30 percent. So unless you pay your balance in full right away, you are going to pay more than you saved.

2) Have you ever bought something just to take advantage of a coupon? A lot of people have. By signing up for that retail store credit card, you will be put on the store's mailing list, and you will receive coupons that are just for cardholders. They are intended to entice you to the store.

3) In the future, you will be more likely to engage in a little "retail therapy" if you have store-specific credit cards in your wallet. Using credit cards is always easier than using cash; it's also an easy way to get into debt.

4) If you are given a one-time offer to save on today's purchase, you just might pile a few more items into your shopping cart.

Suddenly, that $25 savings doesn't seem worth it, does it?

Keep in mind, your credit score could also suffer if you use retail store credit cards. Here are three reasons...

1) Keeping these cards active can be tough. Credit-scoring bureaus want to know that you can responsibly manage your credit cards. If you let your credit cards go inactive, the bureaus have no idea whether you are able to manage balances and debt. In other words, inactive credit cards do nothing for your credit score.

But keeping a retail store credit card active can be tough. Are you going to buy a dishwasher from Sears each and every month just to keep your Sears card active? Are you sure you need a new pair of jeans from the Gap twelve times a year?

Most likely, you will either keep the card active by making unnecessary purchases (which costs you money), or the card will go inactive. Either way, it's bad news.

2) Let's talk about the second reason I'm opposed to retail store credit cards: You might end up with too many credit cards. The credit-scoring bureaus are the happiest if you have the right number of credit cards (between three and five). If you do not have at least three credit cards, they don't have the information they need to make a judgment about whether you are responsible. If you have more than five credit cards, they know that you are in danger of getting in over your head.

Three to five is the sweet spot. So if you are limited to just three to five credit cards, why waste one on a card that will only be accepted by one merchant? You cannot reserve a car using your Macy's card, but you can purchase a suit from Macy's using a Visa.

Too often, people apply for retail cards each time they are offered a discount. These people must also carry American Express, MasterCard, and Visas for everyday expenses, traveling, and business needs. And they quickly find themselves carrying a lot more than five cards.

3) Finally, let's talk about the third reason a retail card could hurt your credit score: You will definitely add a credit inquiry to your score. Ten percent of your credit score is based on the number of credit inquiries you have on your credit report in the past year. If you apply for a retail store credit card, your score could drop a few points, and this could cost you a lot of money in interest on future loans and credit cards.

So come Black Friday when the holiday-shopping-season officially starts, be a smart shopper and SAY NO to retail store credit cards. 

To learn more about your Credit or how to create and maintain a solid budget, feel free to email or call us anytime.

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Staggering Statistics Reveal a Huge Lack of Financial Literacy and Consumer Credit Education in the United States.

Staggering Statistics Reveal a Huge Lack of Financial Literacy and Consumer Credit Education in the United States.

Financial Literacy and Education:

        93 percent want Financial Literacy taught in high school, but currently only FOUR states require high school students to take a semester-long course in personal finance.

(Visa, Back to School Survey Shows Americans Want Personal Finance Taught in the Classroom, July 20, 2010,http://www.practicalmoneyskills.com/about/press/releases_2010/0720.php)

         41 percent of U.S. adults, or more than 92 million people living in America, gave themselves a grade of C, D, or F on their knowledge of personal finance, suggesting there is considerable room for improvement. This number is highest among Gen Y adults at 47 percent. 80 percent of adults agree that they would benefit from advice and answers to everyday financial questions from a professional, and more than one-third (35 percent) strongly agree.

(The 2009 Consumer Financial Literacy Survey Topline Report and Data Sheet, The National Foundation For Credit Counseling, http://www.nfcc.org/NewsRoom/FinancialLiteracy/files/2009FinancialLiteracySurvey.pdf)

·         Almost one-third of college students, when reflecting back on their freshman year, admit that they were not very well prepared for personal money management on campus.

(KeyBank and conducted by Harris Interactive)

·         41 percent of the young adults in Generation Y (ages eighteen to twenty-none) do not pay their bills on time every month.

 (2008 Financial Literacy Survey National Foundation for Credit Counseling, Inc. and MSN Money)

·         A poll from Gallup shows that 32 percent of Americans put together a budget each month to track income and expenditures, and just 30 percent have a long-term financial plan laying out savings and investment goals.

http://www.gallup.com/poll/162872/one-three-americans-prepare-detailed-household-budget.aspx

Credit Score:

·         In spite of it being free, nearly two-thirds (64 percent), or 144 million people have not ordered a copy of their credit report in the past year, this number grows to three quarters (72 percent) among Hispanic Americans. Additionally, more than one-third (37 percent) admit that they do not know their Credit Score.

(The 2009 Consumer Financial Literacy Survey Topline Report and Data Sheet, The National Foundation For Credit Counseling)

Housing:

·         42 percent of adults, or more than 94 million people, currently have a home mortgage and, of those, 28 percent say that the terms of their mortgage somehow turned out to be different than they expected, including: either payment or terms of loan were different than expected, the interest rate or its duration were different, or they had no knowledge of PMI.

·

(The 2009 Consumer Financial Literacy Survey Topline Report and Data Sheet, The National Foundation For Credit Counseling)

Debt and Credit Cards:

·         26 percent, or more than 58 million adults, admit to not paying all of their bills on time. Among African-Americans, this number is at 51 percent. In the last 12 months, 15 percent of adults, or nearly 34 million people, have been late making a credit card payment and 8 percent (18 million people) have missed a payment entirely. More than 13 million adults (6 percent) report that their household carries credit card debt of $10,000 or more from month to month, and the same number have debts in collection, are seriously considering filing for bankruptcy, or have already done so within the past three years.

(The 2009 Consumer Financial Literacy Survey Topline Report and Data Sheet, The National Foundation For Credit Counseling, http://www.nfcc.org/NewsRoom/FinancialLiteracy/files/2009FinancialLiteracySurvey.pdf)

Budgeting:

·         Only 42 percent of adults keep close track of their spending. Nearly 16 million adults (7 percent) don’t know how much they spend on food, housing, and entertainment, do not monitor their spending.

(The 2009 Consumer Financial Literacy Survey Topline Report and Data Sheet, The National Foundation For Credit Counseling)

Savings:

·         One-third of adults (32 percent), or 72 million people, report that they have no savings. Nearly half (48 percent) of Gen Y adults- more than any other age group- report having no savings. Of those with no savings, more than one in four report that, if faced with an emergency, they would charge that expense to a credit card (29 percent) or take out a loan (26 percent), thus adding to their debt load.

(The 2009 Consumer Financial Literacy Survey Topline Report and Data Sheet, The National Foundation For Credit Counseling)

Retirement:

·         One-third of adults (33 percent), or more than 74 million people, do not put any part of their annual household income toward retirement.

(The 2009 Consumer Financial Literacy Survey Topline Report and Data Sheet, The National Foundation For Credit Counseling)

AVOID HURTING YOUR CREDIT SCORE THIS HOLIDAY SEASON

3 Strategies To Control Emotional Spending 

Holidays come and go, but the damage done to your credit can last long after the season is over. Are you still trying to pay down high balances on your credit cards? Are you willing to break the cycle this year?  

Right now is the right time to prevent further damage to your credit and finances! 

The holidays are right around the corner, which means- preparing for delicious dinners, buying and giving gifts, holiday parties, and family gatherings- BUT it can also be that time of year when we are most vulnerable to our emotions, allowing them to take over and control our spending.  The damage done when we give into our emotions leaves us feeling sad, frustrated, lonely, embarrassed, anxious, disappointed and hopeless.

We are all victims of emotional spending at some point in our lives.  Yes, you know you don’t need it, but you can’t stop yourself from buying it.  Emotions can have a strong effect on our logic and reasoning, leading us to do things or buy things we later regret.  During the holidays it can be even harder to be strong and not let sentimentality get the best of us.

Here are 3 strageties that can help you control Emotional Spending.

  Strategy #1  Be Aware of Your Emotions- It’s important to be connected and aware of how you are feeling before you decide you need to go out and buy something.  Sometimes our emotions can lead us to think we need something of material value to feel complete, but that need isn’t really a material need, but a lack or void of something missing in our lives. During the holiday season, it can be even harder to control emotional spending because we want to buy presents for our loved ones.  This year try to spend %50 less than you did last year, try to think of creative ideas to show you care.  For example, a picture frame with a memorable picture and a $25 gift card can be creative, thoughtful and within a reasonable budget.

 Strategy #2  Be Aware of Your Weaknesses-Entering a department or electronic store can be like walking into a battlefield of emotions.  Our eyes visualize how that outfit would make us look, or our ears imagine how that surround sound system would sound in our living room.  Our senses can trigger all kinds of thoughts and emotions.  When we are aware of our weaknesses, it gives us a head start because we are able to prepare and develop a strategy to help us avoid emotional spending.  For example, if you need to purchase an item from the store, and you know you might be tempted to buy things you don’t need, then your first strategy should be to not use a shopping cart.  Often times, we can end up filling up the cart with things we think we need.  If your original plan was to shop for a few things, then take a shopping basket, that way you can avoid excessive shopping.

 Strategy #3  Shop Around, Invest Time and Be Patient- You work hard for your money, so why not work hard to save it!  Many times we immediately go to the first store we think of to get something we need, only to later find it for less or on sale at another store.  You can end up paying full price or more because it’s convenient and quick.  If you need something, instead of going straight to the mall and overpaying, shop around and compare prices and brands.   For example, we found a laptop at Best Buy for $1,299, plus $350 if you get the warranty.  After some research, we found the same laptop at Costco for $999, plus $99 for the warranty, that’s more than a $500 difference.  It takes time to earn a paycheck, so why not take the time to shop around and do some research before spending it.  It will take some time, self-control and self-discipline, but if you are patient and shop around, you will find something worth your time and money.  Remember, impulse shopping gets you what you need right away, but at a price.  Give value to your hard earned money and start implementing strategies that can help  you save hundreds, if not thousands over a lifetime.

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