Credit Card Alert!

January is scheduled to be the month that credit card companies are to raise minimum payments from 2% to 4%. This could be the straw that breaks the camel's back for many consumers.

I just heard results from a survey that said 74% of American consumers feel they are having a hard time handling their monthly payments. If that truly is the case, I think this event will have some serious backlash.

For those of you that are concerned about this, there are some steps you can take. First, you need to sit down and gather all of your monthly bills. Next, take the time to create a monthly expense budget. Then, you need to compare that to your paycheck and see how it compares. Do you still have money left over? Do you forsee problems when the credit card payments go up? The one thing you cannot do is ignore it.

I have sat down with a number of people of late and have worked out debt reduction plans to eliminate the potential concern. In fact the results have been great. One couple will see themselves out of debt in less than four years and only have 16 years left on their mortgage. Compared to not seeing their credit card balances go down and still having a 30 year mortgage. It was exciting. All it took was for them to TAKE ACTION!

If you don't know where to start or how to figure it out, don't hesitate to give me a call. I have all of the tools and worksheets for you to use to make it happen. I can even sit down with you and work on it together if you think you will get more dramatic results. Remember that I can be a great resource for you. Remember, TAKE ACTION!