A prominent Cincinnati criminal defense lawyer was recently giving a lecture to a group of college students. As he finished his prepared speech, he opened up the discussion to questions from the group and he was surprised at the level of response he received. One of the students who seemed really interested in becoming an attorney himself was particularly curious about helping low income clients and he had many questions that pertained to how to go about preparing for that. The attorney pointed out that one way of helping people is to give them the knowledge to better take care of themselves especially when they are drowning in unpaid bills. He referenced a Cincinnati debt relief service that he had recently had the occasion to work with who was accomplishing a lot with needy people who required assistance with paying their credit bills. This company actually gave people the information needed to contact credit card companies to make special arrangements to pay off their cards as they could.
Many people are surprised that it is even possible to negotiate with a credit card company but it is easier than people think and it is done daily. The new credit card rules that just become law make it easier to know exactly how much interest is owed to the company and how long it will take to pay off the bill. One line on the statement reveals the length of time it will take to pay off the bill if the minimum payment only is made each month. This is very revealing to a lot of folks who think nothing of paying the minimum payment each month without regard to how little is going on the actual amount owed.
It can be prudent to note the amount of interest being paid on your mortgage payment each month. Sometimes this is a huge incentive to pay a little extra on your principal whenever you have any extra money in order to reduce the amount of interest paid over the long term on your mortgage. Some will argue that you should not worry about paying interest on your mortgage because it is tax deductible but why not use that money for something tangible that you can enjoy?
There is a school of thought that folks are more likely to purchase more items and pay more than they normally would when using a credit card rather than paying cash. While having a credit card is without a doubt necessary to get along these days it can still be helpful to put that card away (some advisors will tell you to put it in water and freeze it so it is not readily available to use) and use the old fashioned “envelope system” for a period of time.
When the money in the “eating out” envelope is gone there is no more eating out until payday makes it possible to replenish the money. When “grocery money” is gone, make meals with what is already in the pantry and so on. Although this is not a practical way to live for very long it is a good exercise to find out exactly where the money is going and it also encourages some creativity in stretching that dollar.
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