Cambridge Credit: Financial Goals скачать в хорошем качестве

Cambridge Credit: Financial Goals

Learn Now or Pay Later is a weekly personal finance series produced by Cambridge Credit Counseling Corp. The goal of this educational series is to better prepare the public to deal with matters pertaining to credit, debt and money management. This week's webisode features Cambridge's president, Christopher Viale, discussing the importance of establishing financial goals and developing a plan to reach them. Transcription: Welcome to the Learn Now or Pay Later financial wellness series, brought to you by Cambridge Credit Counseling. We're hoping to provide you with a better understanding of the financial challenges that confront you each day. Through education and advice you can build a strong financial future, Cambridge can help. Donnie Moorhouse with Chris Viale. The topic, debt settlement and Chris, I have heard that you can settle your debt with creditors, what does that mean? Basically, what it means Donnie, is if you've run into a financial circumstance where you haven't been able to pay your debts for a long time due to job loss or sickness, whatever it might be and out of nowhere now you're back on your feet and you've got a large sum of money that comes in from a settlement or something and you're six months behind in you owe 10,000 on your credit cards you can contact your creditors and try and negotiate a settlement for less than what you owe. That's basically how it works and it's only advisable for consumers in that exact circumstance I just explained. So, it's only available for certain consumers? Without a doubt, now on the advertising and the internet you'll see that this is being offered to everyone, it doesn't fit most circumstances because there are a lot of downfalls to trying to settle the debts for less than what you owe. Some of those downfalls would be tax liability, so if you do save any money you're going to be taxed on that. Anytime you pay less than what you owe, obviously it's not going to be positive on your credit for the future and basically the harassing type of calls that come in and the creditors have a right to try and collect their money. So, generally these things aren't good for consumers only in certain circumstances do they work. So, there are some drawbacks like negative credit? Without a doubt, and what that does for your future sure you may save a little money today, but now your credits been deteriorated to such a low level that when you want to get a car loan you might get approved but you're going to pay twenty one percent interest on a car loan and it's going to cost you twice as much as it should to drive that same car. Very good, thank you Chris and thank you for watching. To learn more about this topic or to receive personalized advice from a certified credit counselor Cambridge today.