Financial Literacy–Pay Your Family First Encourages Thrive Time for Teens at Toy Fair 2010
The just released ThriveTime for Teens board game gains international exposure this week as Sharon Lechter, founder and CEO of Pay Your Family First, travels to Toy Fair 2010 in New York to promote this first-of-its-kind money and life reality board game. With more than 30,000 attendees, this annual trade show serves as the perfect platform to introduce ThriveTime for Teens to buyers, reviewers and toy professionals from around the world.
Global statistics show that in this economic crisis the average credit balance in students rose to over 60 perfect, student loan balances increased by an amazing 90 percent, and there was even a 25 percent increase in students who used one card to pay off another card. Financial illiteracy is sweeping the nation among teens in this economy.
Financial literacy is so vital in our present day economy. ThriveTime for Teens offers a timely solution that prepares youths for real-life experiences where every decision either drives them to success or to debt. Financial Literacy–Pay Your Family First Promotes ThriveTime for Teens at Toy Fair 2010 in New York City.
“Right now it is more important than ever for ThriveTime for Teens to be available on an international level,” said Sharon Lechter. “We are so excited to be at Toy Fair 2010 and we feel that having a global presence will give this game the traction it needs to make a difference in the lives of youngsters across the world.”
Sharon Lechter is the author of the new bestseller “Three Feet from Gold” and co-author of the international best-seller “Rich Dad Poor Dad.” Along with her organization Pay Your Family First, ThriveTime for Teens was made, given personal care, and designed to giving teens an excellent, and exciting, experiences with credit card debt, careers, work balance, time management, and confidence and success building. A result of Lechter’s 25 years of raising three kids, the game has been given international respect from top game reviews for its simple, functional, interactive, and family-friendly fun approach to learning about finances and life. It is also endorsed by SuperCamp, the leading summer enrichment program for middle school through college students held at top colleges across the nation.
Sharon Lechter is an expert at finances for children, and also teenage confidence and credit building. She has recently promoted and created ThriveTime For Teens, a new game designed to help teens with financial crisis
Rules Governing Credit Card Debt Forgiveness
To fully understand the nature of credit card debt forgiveness, you must also determine or identify the laws surrounding it. An individual who has walked into the tangles of credit card debt may have been thinking of ways to settle the account so he can free himself of the financial burden. Or he already got in touch with a creditor and had his debt actually settled.
It is a fact that settling a debt can actually take the strain off the budget. However , there might or might not be tax consequences related to the method. There are a number of circumstances which will help you work out if you’ve a tax requirement to meet shortly after your debt has been forgiven.Of course, to settle your debt, you would need to go to a creditor and make an arrangement to pay a lower amount than your present balance.
The amount that you’ll accept is influenced both by your cleverness in negotiating and what your creditor is ready to accept. Chasing a Visa card debt forgiveness methodology permits an individual to shave off as much as fifty % of his total credit balance.Once your debt has been settled, the creditor will send you a 1099-c form, which is a cancellation of debt form. This form orders you to declare the settled debt as taxable revenue when you file your taxes.
Supposing that you have a credit card balance of $10,000 and your creditor accepts a compensation proposal of $6,500. you should report the difference of $3,500 as income on your tax forms.If you are a lucky person, you may not have to report your settled debt as a taxable income. To be exempted from this tax rule, you must have filed a petition for bankruptcy. Another scenario that will grant you leave from this obligation is when your liabilities exceeds your assets, as stated by IRS.
Before you try to calculate your insolvency, try to seek first the help of a tax professional for proper guidance and effective advice. Even if you feel that you have acquired a well-off amount of relief if your credit card debt is forgiven, there is a negative aspect of this situation.
Depending on the situation, your credit score will be noticeably reduced anywhere from 70 to 130 points. With this turn of events, you will likely have a difficult time getting a future credit application authorized. And if ever you do get licensed, you’ll have to pay a higher interest rate as well as pay a number of costs.
Looking to find the best deal on Credit Card Debt Forgiveness, then visit creditcarddebtforgiveness.net to find the best advice on Credit Debt Relief for you.
Due To New Credit Card Reforms, It Is Rougher To Give College Students Credit Cards
Due to the recent credit card remodeling that are starting up next year, card issuers will have a difficult time getting teenagers on college campuses to apply for credit cards without their parents’ knowledge. As students arrive on campus, card issuers will be there to welcome them at many schools.
“Issuers will try to continue to market to college students between now and the time the legislation takes effect,” said Bill Hardekopf, chief executive of LowCards.com, a site that tracks cards. That means educating them to budget and handle a checkbook and debit card in advance to having a credit card.
Card issuers main target goal are young adults because people tend to be attached to their first card, said Christine Lindstrom, U.S. Public Interest Research Group’s higher-education program director. Plus, young adults are more expected to carry revolving debt and pay late, creating more interest and fees for the card issuers, she said.
Card issuers also will necessitate a co-signers approval to increase credit limits of a cardholder younger than 21. And issuers won’t be permitted to offer T-shirts or trinkets to entice students. Some credit experts say students need a card to start building a credit history and score.
But there’s no need to rush this, and it can boomerang if students mismanage cards. Young adults should worry less about their credit score and focus more on implementing good financial habits between ages 16 and 21, said Craig Watts, a spokesman for FICO, the company that created a universally used credit score. “The credit score will take care of itself,” he says.
A survey announced in April by Sallie Mae denotes that many young adults aren’t experienced managers of credit. Undergraduates on average carried record card debt of $3,173, or 46 percent more than four years earlier.
Several schools, out of concern for students, don’t admit marketers to pitch cards on campus. After a few years of living on their own, paying bills and managing credit, they can apply for a credit card under their own name when they turn 21. Never co-sign, advises Janet Bodnar, author of “Raising Money Smart Kids.” Besides, she added, students are more likely to learn money skills if responsible for their own debt.
Consolidate Loans To Survive The Financial Crisis
If you have a large amount of loan debt and are concerned about the time it will take you to pay off your loans, then you should definitely consolidate loans. Consolidating loans is a wise choice in order to help you stop worrying about your financial future. Your credit score will also improve as a result of loan consolidation. These days we all need to be able to save as much money as possible and pay off our debt as quickly as possible at the same time.
You can improve your credit and your monthly budget, and have more sound sleep when you consolidate loans. If you have good credit, but are not able to save money because of your bills, then it is better to consolidate loans. Consolidation of the loan debt reduces your monthly payment so that you are able to afford the payments and save money.
Also, if you have bad credit, then you should consolidate your loans. By consolidating, you get to pay one monthly installment for all of your consolidated accounts and with the monthly payment amount lower you will be able to pay your bills on time. The loan consolidation company will negotiate with your creditors for lower interest rates and fees in order to make that monthly payment more affordable.
You can consolidate loans online too. This way you can easily do your consolidation in the comfort of your home or office. Search the internet for a free debt consolidation quote to consolidate your loan debt. A debt consolidation counselor will discuss your financial situation with you and help you get your finances in order.
Credit card debt and loan debt can be combined into one debt consolidation loan. Debt consolidation, debt management, and debt settlement are all methods that can help you fix your financial situation. Whenever you find yourself in a tough financial situation, it is always good to seek help before the situation becomes worse.
If you do not wish to take out a loan and your debt is not too great, debt management can help you budget your monthly expenses and eliminate unnecessary spending. Debt consolidation is available without a loan, so you can still combine your debts without taking a new loan. If you cannot afford debt consolidation, debt settlement is a solution that will allow you to pay off your debts in a shorter time period as well.
The debt consolidation company will help you determine the best solution for you. When you consolidate loans, take it as a lesson in personal finance management. Learn from the experience and try to live on your income and save money at the same time. When you need to consolidate loans, contact someone who can help you.
For a free debt consolidation quote, please click on the link Debt Consolidation.
How To Take Control Of Debt Guilt
Few of us are completely without debt. But if you use debt responsibly, it’s not necessarily a bad thing. Unfortunately, it’s too easy to let our debts spiral out of control.
Sometimes we end up in debt over our heads through no fault of our own. We may have a good handle on our finances until we lose our jobs or fall ill. Then a reduction in income causes us to fall behind, and we find ourselves using credit to pay for necessities.
Other times, an overabundance of debt is the result of irresponsible spending. We might use credit cards and loans to pay for extravagant wardrobes, luxury vacations and other unnecessary things. Few people do this with the intention of running up balances that they can’t repay. Most just don’t realize the consequences until it’s too late.
No matter how it occurs, getting into debt that we can’t afford can really take its toll. We often become depressed about our situation. But most of all, we feel guilty for letting things get so far. If we let it, that guilt can consume us and make us feel worthless.
But feeling guilty does us no good. In fact, it usually hinders our ability to turn the situation around. By maintaining a more positive outlook, we can see things more clearly and work toward eliminating our debt. Here are some things you can do to let go of your guilt:
* Learn from your mistakes. Take an objective look at how you ended up in so much debt, and see what you could have done differently. Don’t dwell on it, just file it away for future reference.
* Talk to your creditors before things get out of hand. If you do, they will often be willing to work with you. But if you avoid them until you’re way behind on your bills, they will often try to make you feel guilty because they think that you just aren’t interested in meeting your obligations.
* Work out a budget that will allow you to pay more than your minimum payments. Even a few extra dollars each month will allow you to pay your debts off faster.
* If you can’t do it on your own, talk to a credit counselor. He can help you come up with a workable budget and teach you about money management. And if necessary, he may be able to negotiate with your creditors to lower your payments and interest rates.
* Realize that if you have a massive amount of debt, bankruptcy may be your only chance at a fresh start. It can be a hard pill to swallow, but it will eliminate your debt worries. Accept that you tried your best to avoid it and use what you’ve learned to manage your money better in the future.
Guilt is a powerful emotion, and it can hinder our efforts to make things right. By letting go of guilt, you give yourself a better chance of recovering from debt.
Should You Just Say No To Credit Cards? Maybe.
The current economic crisis has proved conclusively that we are a nation in debt, that the banks are not engaged in lending, and that as individuals we owe more than ever before – due to credit card debt.
Why say no to credit cards? Consider the consequences of credit card debt on banks, corporations, and individuals.
The banks that were given bailout money last year have stopped lending, and are holding on to the money in anticipation of the home foreclosures and non-payment of debt expected to occur this year.
Corporations and businesses are unable to obtain loans to add to their inventory. Thus, losses are increasing and employees are either being laid off or let go.
There is no recourse either for homeowners who find they can no longer pay their mortgages and for those whose debt has put them in a deeper hole, because they cannot consolidate, apply for a loan, or find a clear path out of the darkened tunnel.
When you think back to our grandparents’ day, they never bought anything they couldn’t afford. Credit card debt was unheard of back then. Our grandparents paid for things with cash and if they didn’t have the cash, they saved.
Their lessons were not wasted on their children. It was their children’s children that would become immersed in a world where credit was king and cash was an inconvenience. It’s just to easy to do, especially when you have credit card companies seeking out people to give credit to.
Today, there are more people in debt that at any time in our history. With the economy in the tank, jobs lost on a daily basis, healthcare and food costs rising, businesses closing, and banks becoming insolvent, it is no wonder economists fear the worst.
Credit cards became an expedient form of a monetary exchange system. And now we are all paying the price. The government has already paid out over 700 billion dollars to bail out banks and businesses, and there is an additional trillion dollars that will be spent to revitalize the economy and promote new jobs.
Meanwhile, individuals and families are coping with the daunting task of paying down debt, whether it is through credit cards or mortgages. Why say no to credit cards? If you are one among millions who are currently trying to find a way to get rid of the debt you’ve incurred over the years, you are not alone.
Perhaps it’s time we return to the ways of our grandparents – when nothing could be purchased unless it was with cash and when loans and credit were taboo. Perhaps it’s time we start saying no to credit cards.
The Risks Of Living On Credit
This current state of the economy has caused a huge wave of debt and many people do not have the ability to pay down their debt. Regardless of whether it’s mortgages, credit cards, or other loans – living on credit has become the norm rather than the exception.
We all know the hidden dangers of incurring too much debt. Some may not be able to afford to pay more than the minimum monthly balance due on credit cards. This just adds more stress to an already problematic situation.
Moreover, due to the rise in unemployment many people have lost their health care insurance. This means that they may have to use their credit cards to pay for prescription drugs, doctor visits, or emergency care. Currently, according to one United States Senator, 11,000 individuals a day are losing healthcare insurance due to business closings, mergers, and the inability of major corporations to maintain their bottom line.
In December alone, there were over half a million jobs lost and this year, the projections indicate that more of the same will occur. Even as we speak, the credit crunch is causing massive layoffs. A scan of the news every day shows that more layoffs are happening. Estimates are that unemployment will reach double digits by the end of the year.
Yet, individuals may have no other choice than to use credit cards to buy even the most basic necessities such as food, clothing, and prescription drugs.
As an example, one woman was given four prescriptions by her doctor. Although she has very good healthcare insurance, her co-pay was $177.00. This is mainly due to the fact that each year a deductible has to be met. In her case, it was $200.00. Afterward, the costs will fall back to the usual $5.00 to $9.00 per prescription. Needless to say, she charged the amount on her credit card.
Given the fact that her current interest rate on the credit card is 20.99%, the cost of those prescriptions drugs is now considerably higher.
This is the hidden danger of using credit cards, especially in this current economic crisis. One could argue that she should have gone to the bank and taken out the cash to pay for the drugs. But research has shown that individuals are more likely to use a credit card than to part with their well-earned cash. Most would say her reasoning does not excuse the fact that this action will increase her debt.
There are so many instances where individuals use a credit card for items that can easily be paid for with cash. And statistics show that more and more people today are using their credit cards to pay for healthcare costs regardless of whether or not they have the cash on hand.
Credit cards are akin to Monopoly money. There is no emotional attachment to credit cards. It is a means to an end, even if that end means that a person will be paying down debt for a very long time.
If you use credit cards and find that you whip out the card for just about any purchase you make, why not stop and think about the possible consequences of those actions.