Mary Lynne Gibbs

If you’re buried by credit card debt, a negotiated debt settlement with your creditor may be worth checking into. Negotiated debt settlement is a general term for discharging debt in a way that appeals to the credit card holder and the card’s issuer.It’s best to negotiate from a position of strength by not having submitted late payments or having missed them, which can cause a credit score to fall. If that happens, cardholders will likely have a harder time getting concessions in a negotiated debt settlement. Instead, they should start talking to their creditor soon after realizing they’re having trouble repaying their debts.

Forbearance

There are a few types of negotiated debt settlements, and the simplest one is called forbearance. Banks offer these programs to reduce interest rates, waive late fees and extend repayment terms.Forbearance doesn’t forgive any debt, but offers better terms for repayment. Unemployed cardholders typically are approved for forbearance, and the plans should have no impact on the cardholder’s credit score.

Workout Arrangements

In these programs, card issuers lower or eliminate interest rates and fees, either temporarily or permanently until all of the debt is paid. A credit line may be reduced so that the credit card can no longer be used.Like forbearance, a workout agreement doesn’t reduce the principal owed. It can affect a credit score, depending on how the bank reports it to the credit agencies.

Lump Sum

A lump-sum settlement is where a cardholder offers to pay less than the full amount owed so that the entire debt is eliminated.These are often accepted in two or three payments and are a way for banks to avoid trying to get payment through a debt collection agency. Interest and fees are likely to be forgiven in lump-sum settlements, however the principal will still need to be paid.It can have several downsides. The bank will be charging off its loss, which will hurt the cardholder’s credit score. Also, cardholders must pay taxes on any forgiven principal of $600 or more and treat it like income.

Debt Management Program

This type of negotiated debt settlement is for people who don’t want to negotiate directly with their lender. A third party does it for a fee.Some for-profit debt management companies can be unscrupulous and charge large up-front fees. To find a reputable credit counselor, check with the National Foundation for Credit Counseling, or the Financial Counseling Association of America.

Published with permission from RISMedia.

Ask any jeweler how much money you should spend on an engagement ring and theyll likely give you the jewelry industrys long-standing rule of thumb”three months salary.

The average person spends about half that amount, according to Census data.

The jewelry industry isnt recommending three months of pay after taxes, but three months of gross pay”which adds up to about $8,500 for the average man age 25-34, according to Census data. The average person spends about $4,000 on an engagement ring.

A specific dollar amount or percentage of income shouldnt be the determining factor in how much you spend on an engagement ring. The main factor should be how much you can comfortably afford.

You can also consider your earning potential in the immediate future, as well as ways to ease the cost, such as using a family ring. Here are a few things to consider:

Your financial situation
Even if your income is high, your living expenses may be so high already that you cant afford to save much for a ring. Being in debt can make the major expense of an engagement ring more difficult to handle.

Financing a ring on a credit card can only worsen your finances if you dont pay it off within a month and pay late fees or interest charges.

If you dont have an emergency fund, an engagement ring purchase could leave you vulnerable if you lose your job or suffer another financial emergency.

Wedding expectations
If your significant other wants to get married soon, then you wont have much time to save up for an engagement ring, the wedding or anything else associated with it.

This may require you to buy a simpler ring for now and add to it or replace it later.

How to pay for the wedding ceremony, honeymoon and other things can be part of the discussion around the type of engagement ring thats appropriate for your budget.

Saving on an Engagement Ring
To save money on an engagement ring, some thoughts are to use a family ring, or buy a synthetic diamond or cubic zirconium ring, shop for a vintage ring, or buy the best ring you can afford and update it later.

Hope you enjoyed this tip. Contact me today for all your real estate questions!

Published with permission from RISMedia.

It may seem like there’s always something going on as a homeowner, from silencing a squeaky hinge to unclogging a temperamental toilet. But many household problems can be easily fixed without calling a repair service.

A can of WD-40, a toilet plunger and a bottle of vinegar are great basics to keep on hand for easing sticky fittings, clearing the toilet and making short work of common stains. Here are some simple fixes for common home problems that even the non-handy can handle:

Squeaky Floorboard
Banish that annoying squeak by sprinkling a little talcum powder over the noisy area and brushing it into the cracks.

Stained Tub
Removed stubborn stains by combining equal amounts of cream of tartar and baking soda with enough lemon juice to make a paste. Rub the mixture into the stain with your fingers or a soft cloth. Let sit for a half hour, then rinse well with water.

Stuck Sliding Windows
Loosen stuck windows by spraying a little silicon spray lubricant (found at hardware stores) onto a rag, then wiping along the tracks, whether metal, wood or plastic.

Dry and Worn Cutting Board
Revive a worn board by warming a bottle of mineral oil (available at drugstores) in a bowl of hot water, then wiping the oil onto the surface with a soft cloth. Wipe off the excess four to six hours later.

Scuffed Linoleum
Take care of scuff marks by rubbing the spot with white toothpaste and a dry cloth, or spraying WD-40 on a towel and rubbing lightly. Later, degrease the area with liquid dishwashing soap and water.

Poor Toilet Flush
Before you call a plumber, look for the water valve behind the toilet, on the wall or the floor. Turn it counter-clockwise as far as you can. Once its fully open, the tank will get its optimal water fill and power up your flush.

Torn Window Screen
If tiny tears are letting bugs in, apply clear nail polish to any tiny holes. For larger rips or tears, look for new and effective screen repair patches at the hardware store.

Published with permission from RISMedia.