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Economic Forecast Predicts Tough Times |
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Written by Gil Michel, MBA
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This is a quick recap of some things that people should be aware of as we head into the remainder of November as it pertains to our nation's fiscal health.
1. The Auto industry is reeling right now. They state that if there is no fresh infusion of cash before the end of the year, they don't think that they will be able to make it until the end of the year.
2. The Unemployment situation is becoming serious. The rate has hit a 14-year high recently at 6.5%. Analysts are predicting that that number could hit 9% in a matter of months, with a loss of 300,000 jobs in November 2008 alone.
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Read more...
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Written by Gil Michel, MBA
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Get your finances together and start building wealth now. When you sign up for the Black Money Matters Newsletter, you will be available to tons of tips and sound financial advice. You will also receive a copy of our FREE report- "Seven Ways To Put Your Debt On A Diet".
This report reveals seven ways to keep your financially fit, while building up your money muscle.
Joomla Popin Window by DART Creations BlackMoneyMaters.com wishes to extend its best wishes to President-Elect Barack Obama. Many of us watched this hard-fought campaign with great interest (has it really been almost two years!?) We watched a somewhat obscure, young senator come through the ranks as a person who refused to sink to low levels in name calling, and mud slinging. We watched as he navigated through false accusations of being a friend to terrorists. We watched as the media played the loops of his former pastor over and over again.
We watched as he was criticized for not being patriotic because he was not wearing a flag pin, or because his wife claimed that she was "now really proud to be American". But we also watched his class, composure and resolve to sustain the atacks, accusations, and death threats. And on November 4th, we all watched as the final delegates were counted and Barack Obama was named the next president of the United States of America.
Yes, We Can, and Yes, We Did!
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Settling A Medical Bill & Credit |
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Written by Gil Michel, MBA
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 Dear Gil,
I have an outstanding medical bill that a collection agency is calling
me about. They have offered a settlement. How will that be reflected
on my credit report and would it adversely effect my credit? I don't
want to accept it if will cause me more harm in the future. Please
advise. D.B.
Hi D.B., You are indeed being wise in making sure that this offer by the collection agency is working in your best interest. Depending on the creditor, the amount of your bill will either be reflected as "Paid", "Settled", or "Settled for less than full balance" on your credit report. If you are able to negotiate this, try your best to have them state this as simply "Paid". In the future, it will be the most favorable for you in terms of how other creditors view your credit report. The other thing I am sure you want to know is how this will affect not just your credit report but your credit score or FICO score, as it is technically referred to. This again depends on a number of factors. Most times when people are offered a settlement, it is only because the creditor or collection agency has deemed that the debt is almost uncollectable as it currently stands and they are looking to minimize their losses at this point. So chances are, the thing that has already hurt your score is delinquincies. If that is the case then settling on the debt can't really hurt you any further. Either way, you are going to need time to build your score back up. If what I am assuming is true, then accept the offer, and make sure to get everything in writing. Collection agencies are notorious for claiming one thing on the phone and doing another thing, altogether, when you have agreed to them verbally. I wish you all the best in settling this medical debt. Gil
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