Ilyce Glink's Blog

Welcome to Ilyce Glink's blog! Here you'll find Ilyce's latest insights on personal finance advice, real estate advice and consumer issues. Come back often for timely and interesting posts on a wide variety of topics.

Today on the Ilyce Glink Show: November 16, 2008

Only about 10 days until Thanksgiving. Here's where you can find my Turkey recipe.

Today on the show, we're going to talk about the latest happenings in the financial world (and what a doozy it was, with that 1000-point swing on Thursday and the stock market down 5 percent for the week, etc.)

I just took a call from Frank who is $55,000 in debt on his credit cards, and hasn't made a payment in four months. He and his wife were divorced (and remarried!), and carried two houses for 18 months. He's trying to dig his way out, and doesn't know what to do. He wondered if working with CCCS of Greater Atlanta would hurt his credit.

I pointed out that his credit score is already in the mid-500s. Working with CCCS of Greater Atlanta can only help him as he pays down his debt.

Are you having a huge debt problem? Call CCCS of Greater Atlanta at 404-527-7630.

Labels: CCCS, WSB

posted by Ilyce Glink at 11:30 AM 0 comments

Many 'Household CFOs' Lack Emergency Funds

A recent survey found 68 percent of "household CFOs," those responsible for managing their families' budgets, don't have an emergency fund.

Consumer Credit Counseling Services of Greater Atlanta sponsored the survey, which led the group to launch its Household CFO consumer information campaign.

The typical household CFO is female, married or in a committed relationship, a caregiver, a homeowner, holds a job, and lives in a household with a $54,000 annual income. Twelve percent of household CFOs have seven or more credit cards.

Ilyce, who's on the National Advisory Council for CCCS, offers advice on how to start an emergency fund:

"A long-range financial plan is particularly critical during times of economic uncertainty like the present. A general guideline is to save 10 percent of net income and have 6 months income available in an emergency fund or savings account. But if saving 10 percent of your net income seems impossible in a time where gas prices are rising, try to set aside five percent and build in an extra one percent each month until you've reached that 10 percent threshold."

CCCS recommends the following Web sites:

www.thinkglink.com - personal finance and real estate tips and news from Ilyce Glink

www.householdCFO.org - free webinars and financial management tools

www.myfico.com - credit score reporting and education

www.annualcreditreport.com - to get your credit report from the 3 credit reporting bureaus

www.MFEA.com - for basics on mutual fund investing

Labels: budgeting, CCCS, household CFO, Ilyce Glink

posted by Melanie G. Rogers at 4:05 PM 0 comments

Federal HOPE Housing Hotline and CCCS of Greater Atlanta Housing Counseling

If you want to see if you qualify for help, call the Federal HOPE Housing Hotline 888-995 HOPE.

You might also want to try CCCS of Greater Atlanta's Housing Counseling Service, which you find online at www.cccsatl.org or at 404-527-7630.

Labels: CCCS, Clark Howard, HOPE NOW, WSB

posted by Ilyce Glink at 1:17 PM 0 comments

Should You File Bankruptcy When You're $7,000 in Debt?

I received a call during my radio show yesterday from an older gentleman who wanted to know if he should allow the local sherriff to serve him or not. He is approximately $7,000 in debt, but he knows he is being served on part of that debt, around $4,000.

"I could avoid the server," he suggested.

"I don't think that's been working out all that well for you so far," I responded.

He wanted to know about filing for bankruptcy. I suggested that he first have a session with Consumer Credit Counseling Services. The CCCS of Greater Atlanta (he is located in Atlanta) is one of only 9 bankruptcy counseling organizations accredited by the US Bankruptcy Courts. It seems to me that while he might get served (and would have to answer that), bankruptcy isn't the answer when you have a relatively small debt.

Here's more information I received last night from another listener, a bankruptcy attorney:

Dated: 6/22/2008

Ilyce, I didn't have time to call in today, but I wanted to comment on one call. The gentlemen asking about law suit on debts and bankruptcy.

I am a bankruptcy attorney in Atlanta. I do my own consultations and hearings so I deal with 20 to 25 people a week like this guy. You said correctly to try CCCS if possible. On a $4000 debt, they may be able to work out a payment plan for him opposed to filing bankruptcy.

The other tactic I take in State Court if they can afford it is to file an answer in the case and then see if I can settle it before it gets to the judgment stage. I recomend that people do not do this pro se (without an attorney) if they can avoid it. The collection attorneys have it down on how to railroad these through on pro se defendant by summary judgment.

Usually you can settle these debts for .15 to .30 on the dollar if they have some funds available. The Debt Collectors are out of control. The are running over FDCPA without a thought. People who I talk to are getting called twenty to thirty times a day without regard to any provisions of the FDCPA. They are calling their neighbors and family members. It is driving an incredible number of people to me for bankruptcy protection just to get away from the calling and threats.

If you're looking for CCCS of Greater Atlanta (and they're one of the best of a very good bunch of credit counselors), find them online at www.cccsatl.org.

Labels: Bankruptcy, CCCS, debts

posted by Ilyce Glink at 10:10 AM 0 comments

New Year's Eve on the Ilyce Glink Show

If you want to improve your finances in 2007, consider paying a visit to CCCS of Greater Atlanta (www.cccsatl.org). They offer FREE budgeting counseling, which will help you figure out how to pay off your bills.

Labels: CCCS

posted by Ilyce Glink at 10:34 AM 0 comments

Archives