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Getting into credit card debt is all too easy - in fact, it seems to be the new American way. Credit card debt is soaring and the average family’s burden increases every year. And even worse - credit card delinquency is up, rising from 3.5% in 2016 to 4.4% in 2017. Delinquency rates are seen as a key indicator of consumer stress and rates indicate a very stressful time for families! In fact, overall revolving credit debt, commonly referred to as credit card debt, is at the highest level ever seen.  Not good for consumers trying to achieve a balanced financial life.

Jordan Goodman talks with Christopher Viale, President and CEO of Cambridge Credit Counseling, a nonprofit licensed credit counseling agency, about credit card debt and some of the options people have for getting out of debt.

  • Credit counseling agencies can help consumers save money and hardship when the fit is right.

    • Unsecured debts are consolidated into one simple payment.

    • You make one payment per month to the agency.

    • The agency disburses payments to your creditors, on time, electronically.

    • The agency follows established creditor guidelines. Satisfying these can earn account benefits and concessions for the consumer.
       

  • Possible benefits include significantly reduced interest rates, the waiver of late or over-limit fees, the re-aging of accounts, and the convenience of one easy payment.

  • Peace of mind, knowing that you’re working with your creditors’ approval, not settling debts or risking legal action at any time.

  • You won’t be rushed. The program is set up so that you can pay off your debt in a 4- to 5-year time frame.

  • Very affordable! If the program is right for you, the monthly fee is usually between $20-30 per month with a $40-50 start-up fee. These can be waived in cases of hardship.

  • Consumers may save hundreds of dollars each month in interest.

 

For more information, Cambridge Credit Counseling’s website is  www.cambridge-credit.org. Their e-mail address is info@cambridgecredit.org, or you can call them toll free at 800-897-2200.

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On this episode of Money Answers TV, Jordan Goodman talks with Oleg Eydelman of Life Insurance Settlements, a life insurance settlement broker agency.

 

  • Selling unwanted or no longer needed life insurance policies can yield significant cash

    • ALL types of life insurance can be sold, even term

    • True value of policy is often much different than what the insurance company would like you to believe

  • Many life insurance policies become unnecessary over time

    • Families - kids grow up, become independent, finish college, get married

    • Business - owners retire, business is sold or closed

    • Estates - estate size changes, needs change

    • Estate tax planning - tax laws change

  • Determining Factors for Valuation of Your Life Insurance

    • Age of the insured

      • Can be mid-60’s or younger with severe health conditions

    • Insured’s health and health issues

    • Cost to maintain policy going forward

  • What’s involved in order to sell your Life Insurance Policy?

    • Owner fills out an app

    • Medical records are ordered

    • Bidding process begun

    • 3-4 month average turnaround

 

For more information you can reach  Life Insurance Settlements by 877-485-6681, or by visiting their website, www.fundinglife.com.

As a personal finance expert, Jordan recognizes quality solutions, forming affiliate relationships to help improve people's financial lives.

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