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Defeat Debt with Credit Advisors - March 2000

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What's in This Issue?

Important Numbers
Taxes Hurt but Year Round Action Helps
Banking Industry Might Add Fees to Debit Cards
Making Changes To Your EFT?


Please give your account manager enough time to change your EFT status because, when an electronic funds transfer (EFT) or bank account have the following challenges there are charges assessed by CA:

Account Closed $15
Authorization Revoke  $25
Change Date       $5
Frozen Accounts $15
Lower Payment    $5
NSF  $15
Skip a Pull Date  $10
Stop Payment      $15

Credit Report Repeat . . .

 Credit Advisors will pull credit reports through Credit Data for all active clients.  Reports will be pulled every quarter.  This will help us monitor your credit report for errors during the course of your consolidation program.

Important numbers:

To reach your account manager: 1-800-942-9027 (toll free)
Number you give creditors to call us: 1-402-393-3100
To Reach Mike in Lincoln: 475-1234 Opt. 2
To reach Michael for Colorado clients: 1-800-627-6925 Opt. 2
Automated Account Updates (for clients and creditors) 1-402-391-0000
If you need to find a Western Union Dealer: 1-800-325-6000

Your client # is listed on your statement.  If a creditor calls you, tell them you are now with a credit counseling agency.  Give them your client number and the name of your account manager.  Do not give creditors the toll free numbers!  Give them 402-393-3100.

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Taxes Hurt but Year Round Action Helps

Nobody likes paying taxes, but should you let the government have more use of your money?  If you get a sizeable refund every year, it’s costing you money.  You are really paying too much in taxes out of each paycheck, the government uses your money until you file a completed tax return and you could be earning interest on your own money all the while!    

Think the refund forces you to save?  Maybe, but you’re missing the chance to earn interest.  You could use automatic payroll deduction for savings options to force you to save.  Let the IRS deposit the refund to your savings account for quicker refund.  Contact your account manager and use that refund to pay down your debt even faster.

Make the most of your employee benefits program.  If you have a 401(k) program available it can help you protect part of your earnings.  Contribute as much as you can from every paycheck.  It gives you tax-free savings, reduces your taxable income and that may move you to a lower tax-bracket, saving you even more money.

Does your employer offer “flexible spending plans?  This plan allows you to set aside pre-tax money from your paycheck to pay for certain childcare of medical expenses not covered by insurance.  You use tax-free money to pay these expenses!

Talk to your tax prepare.  Taxes are now the single largest annual expense for the average American family, surpassing automobile, food and even housing costs.  Take control of as much as you can!


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Banking Industry Might Add Fees to Debt Cards

 debit card looks like a credit card.  When you use a debit card you are making a purchase, not buying on credit.  The creditor will take money directly out of your bank account.

 There are two kinds of debit card transactions:

--Offline transactions, your card is swiped through a machine and you sign a receipt.  This transaction is processed within a few days.

--Online transactions, your card is swiped through a machine and you punch in your PIN number.  Typically, the creditor gets funds that very day.

Every time you make a purchase with your debit card, the merchant pays your bank a fee.  The banks collect more when you shop offline.

Debit card use is growing at 30 percent to 40 percent a year.  So banks do not want to kill this growth area, but they may charge fees when this growth area matures.

 Some banks are already charging 50 cents per transaction if your balance is below a certain amount.  Make sure you read ALL the fine print when you sign up for a debit card. 

Washington Post Writers Group


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Send Statements 

We need to hear from you about creditor statement balances!  Please call or send  copies of ALL your creditor statements if you didn’t last month.  Thank you!



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