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The Money Answers Blog
Did you overspend this holiday season?

The holiday season can be a stressful time, but the post-holiday stress can be even worse. Most Americans use credit cards to buy their gifts every year, knowing that paying those bills later on won't be easy. But did you know that making just the minimum payments on those credit card bills could mean it will take decades to pay them off?

If you're near the limits on your credit card accounts or you miss a payment every now and then, your FICO score is already suffering.

One of my trusted and recommended resources on debt management is Cambridge Credit Counseling who specializes in helping people pay down their debts, safely and responsibly.

You can contact them by visiting their website: www.cambridge-credit.org or by calling them Toll Free at: 800.897.2200.
One of the most frequently asked questions I often get on my radio shows is:

"Is there a way I can sell my existing life insurance policy for more than I would receive by cashing it with my insurance company?"

Until recently, if you had an unneeded or unwanted policy, you had two options - surrender the policy back to the insurance company that issued it for its cash-surrender value (if any) or allow the policy to lapse (and receive nothing at all). These two options may not be appropriate for every one. And luckily, there is a third option, I often recommend:

You can potentially realize an amount greater than either of the two choices described above if:

You are over the age of 65.
You have significant health challenges.
You no longer have the original need for the policy.
You are considering surrendering or lapsing your policy.
The premiums to keep it in force have become too much of a financial burden.

One of my trusted and recommended resources and someone who has helped many people with this situation is Oleg from List Settlements (LIS). He can help you learn how you can benefit by allowing LIS to provide a free non-binding appraisal of your life insurance policies and make a recommendation.


LIS is a life insurance settlement broker. As such, it serves as an intermediary that brings together policy owners who wish to sell a policy and providers seeking to purchase them. Brokers will shop a policy to multiple providers, much as a real estate broker solicits multiple offers for one's home. Not all buyers are alike; LIS will help ensure that your policy is sold to a reputable buyer. This can give you peace of mind and the money that you need now to enjoy life.

You can contact them by visiting the website: www.fundinglife.com or calling them Toll Free at: 877.485.6681 or you can email Oleg directly at: OLEG@LISETTLEMENTS.COM

The penalty for not having compliant health insurance for 2015 goes up to 2% of your income! You need to act now to prevent this from happening. Open enrollment runs from November 15th, 2014 to February 15, 2015. After February 15th, 2015, you cannot purchase health insurance unless you have a qualifying event, so you very easily could get stuck paying the penalty!

As most of you know, health insurance has become the largest investment people make, with the possible exception of their home. Since such a large portion of family outlays go for this area, it is very important to get it right. Here are a few items you need to be on top of at this time:

As stated above the penalty for not having a compliant health plan goes up in 2015 to 2% of your income! That’s $2,000 for my average listener.

In most cases, you will not be able to correct the situation after February 15, 2015. Last year, many people who waited to the end had the clock run out on them in the crush at the end of open enrollment.

Most markets have new carriers this year which means more competition and the rates for many of last year’s plans have increased by double digits which demands a need to re-look at the carrier and plan.

One of the brightest spots is in NY where we have new plans and new carriers that can really give you some new options.

While my average listener may not be eligible for a tax credit, some of you are. And more than that, people around you, employees, children, grandchildren, and other family members, may need a tax credit to pay the high premium costs this year. We can help them with this.

Again this year’s plans cannot reject you or have a waiting period for any pre-existing conditions you may have, so you can feel free to take advantage of different benefits and lower premiums regardless of your health status.

A great resource I recommend on my radio shows is Medical Repricing. This service can help you with health insurance questions and options. Visit the website or call 877-642-5657 to get help finding the best solution for you or those you care about.