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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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Jordan Goodman talks with Bill Westrom, CEO of Truth in Equity, about ways to pay your mortgage off years faster than expected using the strategy of mortgage equity optimization on this episode of Money Answers TV. ● Conventional banking and borrowing system works best for banks but not for consumers. ○ Banks make money off of your assets ● Mortgage equity optimization uses your assets like a bank would ○ Your money works for you 24/7 ○ Mortgage equity optimization means you can pay off your loan much faster ○ Leverage the equity you have in your house through a HELOC ○ On average, most people pay off their 30 yr mortgages in 5-7 years ○ Save anywhere from an average $75,000 to $150,000 in mortgage interest ● What financial criteria does someone need? ○ Credit score needs to be 680 or higher ○ Positive cash flow is critical ○ Financial discipline and responsibility ● How does paying your mortgage faster help you prepare for other major expenses like cars or tuition? ○ You accumulate equity in your home when you pay down your mortgage ○ Equity is accessible to use through your HELOC ● Will the program work for me? ○ Complimentary ‘stress test’ will help show whether program is a good fit ■ You’ll see how program will work over the duration of payoff ○ Truth in Equity only accepts people who meet criteria ● Why isn’t this program better known? ○ Not mainstream, not advertised by banks or mortgage companies ○ Tens of thousands of homeowners have successfully used mortgage equity optimization ● What services does Truth in Equity offer to help people implement program? ○ Implementation and execution specialists in mortgage equity optimization ○ Help consumers get the right line of credit ○ Implement program with optimal safety and efficiency throughout program For more information, visit Truth In Equity.com. Complete the personal profile (basic budget numbers: income, expenses, cash flow). If your profile shows the program could be a good fit, one of our specialists will contact you to arrange an online or phone meeting. As a personal finance expert Jordan recognizes quality solutions, forming affiliate relationships to help improve people's financial lives.

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